Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'BOYD GAMING CORP | ' |
Entity Central Index Key | '0000906553 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 107,815,965 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $165,803 | $192,545 |
Restricted cash | 27,191 | 22,900 |
Accounts receivable, net | 57,395 | 61,753 |
Inventories | 18,163 | 18,539 |
Prepaid expenses and other current assets | 50,191 | 48,673 |
Income taxes receivable | 1,636 | 2,875 |
Deferred income taxes and other current tax assets | 4,491 | 7,623 |
Current assets of discontinued operations | 0 | 685 |
Total current assets | 324,870 | 355,593 |
Property and equipment, net | 3,525,546 | 3,587,314 |
Assets held for development | 0 | 331,770 |
Debt financing costs, net | 82,241 | 85,468 |
Restricted investments held by variable interest entity | 0 | 21,382 |
Other assets, net | 62,415 | 98,415 |
Intangible assets, net | 1,083,080 | 1,119,638 |
Goodwill, net | 694,929 | 694,929 |
Assets of discontinued operations | 0 | 37,684 |
Total assets | 5,773,081 | 6,332,193 |
Current liabilities | ' | ' |
Current maturities of long-term debt | 29,759 | 61,570 |
Accounts payable | 72,364 | 91,156 |
Accrued liabilities | 362,525 | 363,732 |
Deferred income taxes and income taxes payable | 0 | 8,129 |
Current deferred tax liability | 7,925 | 0 |
Current maturities of non-recourse obligations of variable interest entity | 0 | 225,113 |
Current liabilities of discontinued operations | 0 | 864 |
Total current liabilities | 472,573 | 750,564 |
Long-term debt, net of current maturities | 4,312,984 | 4,827,853 |
Deferred income taxes | 153,445 | 139,943 |
Other long-term tax liabilities | 26,630 | 43,457 |
Other liabilities | 96,977 | 103,249 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders’ equity | ' | ' |
Preferred stock, $0.01 par value, 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 107,805,297 and 86,871,977 shares outstanding | 1,078 | 869 |
Additional paid-in capital | 894,222 | 655,694 |
Accumulated deficit | -384,734 | -351,810 |
Accumulated other comprehensive loss | -795 | -962 |
Total Boyd Gaming Corporation stockholders’ equity | 509,771 | 303,791 |
Noncontrolling interest | 200,701 | 163,336 |
Total stockholders’ equity | 710,472 | 467,127 |
Total liabilities and stockholders’ equity | $5,773,081 | $6,332,193 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 107,805,297 | 86,871,977 |
Common stock, shares outstanding | 107,805,297 | 86,871,977 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenues: | ' | ' | ' | ' |
Gaming | $633,237 | $516,206 | $1,893,722 | $1,564,760 |
Food and beverage | 114,397 | 106,658 | 338,975 | 317,876 |
Room | 72,299 | 69,964 | 203,308 | 205,589 |
Other | 43,808 | 38,911 | 125,017 | 110,416 |
Gross revenues | 863,741 | 731,739 | 2,561,022 | 2,198,641 |
Less promotional allowances | 125,172 | 119,349 | 348,121 | 340,512 |
Net revenues | 738,569 | 612,390 | 2,212,901 | 1,858,129 |
Operating costs and expenses: | ' | ' | ' | ' |
Gaming | 302,373 | 252,300 | 887,436 | 739,242 |
Food and beverage | 57,655 | 54,920 | 181,950 | 169,129 |
Room | 12,556 | 13,605 | 41,611 | 43,671 |
Other | 33,056 | 29,947 | 92,429 | 82,643 |
Selling, general and administrative | 122,837 | 112,393 | 373,865 | 330,711 |
Maintenance and utilities | 45,735 | 37,929 | 125,986 | 115,924 |
Depreciation and amortization | 69,002 | 50,424 | 209,358 | 151,059 |
Corporate expense | 12,084 | 10,317 | 42,588 | 36,197 |
Preopening expense | 1,675 | 1,618 | 4,829 | 5,488 |
Impairments of assets | 1,250 | 0 | 6,282 | 0 |
Asset transactions costs | -1,362 | 645 | 2,265 | 6,917 |
Other operating charges and credits, net | 3,386 | -1,095 | 5,181 | -9,316 |
Total operating costs and expenses | 660,247 | 563,003 | 1,973,780 | 1,671,665 |
Operating income | 78,322 | 49,387 | 239,121 | 186,464 |
Other expense (income): | ' | ' | ' | ' |
Interest income | -553 | -272 | -1,779 | -684 |
Interest expense, net | 83,145 | 74,115 | 266,953 | 202,731 |
Loss on early extinguishments of debt | 27,141 | 0 | 29,513 | 0 |
Other, net | 136 | 0 | -335 | 0 |
Total other expense, net | 109,869 | 73,843 | 294,352 | 202,047 |
Loss from continuing operations before income taxes | -31,547 | -24,456 | -55,231 | -15,583 |
Income taxes benefit (expense) | -3,048 | 8,050 | 3,478 | 6,427 |
Loss from continuing operations, net of tax | -34,595 | -16,406 | -51,753 | -9,156 |
Income (loss) from discontinued operations, net of tax | 0 | -676 | 10,790 | -2,142 |
Net Loss | -34,595 | -17,082 | -40,963 | -11,298 |
Less: net (income) loss attributable to noncontrolling interest | -2,672 | 1,286 | 8,039 | 2,331 |
Net loss attributable to Boyd Gaming Corporation | ($37,267) | ($15,796) | ($32,924) | ($8,967) |
Basic net loss per common share: | ' | ' | ' | ' |
Continuing operations (in USD per share) | ($0.37) | ($0.17) | ($0.47) | ($0.08) |
Discontinued operations (in USD per share) | $0 | ($0.01) | $0.12 | ($0.02) |
Basic net loss per common share (in USD per share) | ($0.37) | ($0.18) | ($0.35) | ($0.10) |
Weighted average basic shares outstanding | 101,555 | 87,643 | 93,122 | 87,587 |
Diluted net loss per common share: | ' | ' | ' | ' |
Continuing operations (in USD per share) | ($0.37) | ($0.17) | ($0.47) | ($0.08) |
Discontinued operations (in USD per share) | $0 | ($0.01) | $0.12 | ($0.02) |
Diluted net loss per common share (in USD per share) | ($0.37) | ($0.18) | ($0.35) | ($0.10) |
Weighted average diluted shares outstanding | 101,555 | 87,643 | 93,122 | 87,587 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net loss | ($34,595) | ($17,082) | ($40,963) | ($11,298) |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Fair value of derivative instruments, net | 0 | 1,234 | 0 | 3,701 |
Fair value of adjustments to available-for-sale securities, net of tax of $115 | 52 | 0 | 167 | 0 |
Comprehensive loss | -34,543 | -15,848 | -40,796 | -7,597 |
Less: other comprehensive income attributable to noncontrolling interest | 0 | 1,234 | 0 | 3,701 |
Less: net (income) loss attributable to noncontrolling interest | -2,672 | 1,286 | 8,039 | 2,331 |
Comprehensive loss attributable to Boyd Gaming Corporation | -37,215 | -15,796 | -32,757 | -8,967 |
Fair value of adjustments to available-for-sale securities, tax | $115 | $0 | $115 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2012 | $467,127 | $869 | $655,694 | ($351,810) | ($962) | $163,336 |
Balance, shares at Dec. 31, 2012 | 86,871,977 | 86,871,977 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net loss | -40,963 | ' | ' | -32,924 | ' | -8,039 |
Unrealized gain on investment available for sale | 167 | ' | ' | ' | 167 | ' |
Equity offering | 216,467 | 190 | 216,277 | ' | ' | ' |
Equity offering, shares | ' | 18,975,000 | ' | ' | ' | ' |
Stock options exercised | 13,591 | 18 | 13,573 | ' | ' | ' |
Stock options exercised, shares | ' | 1,827,723 | ' | ' | ' | ' |
RSU released/settled | -354 | 1 | -355 | ' | ' | ' |
RSU released/settled, shares | ' | 130,597 | ' | ' | ' | ' |
Share-based compensation costs | 9,033 | ' | 9,033 | ' | ' | ' |
Deconsolidation of LVE | 45,404 | ' | ' | ' | ' | 45,404 |
Balance at Sep. 30, 2013 | $710,472 | $1,078 | $894,222 | ($384,734) | ($795) | $200,701 |
Balance, shares at Sep. 30, 2013 | 107,805,297 | 107,805,297 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income (loss) | ($40,963) | ($11,298) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Loss (Gain) on discontinued operations, net of tax | -10,790 | 2,142 |
Depreciation and amortization | 209,358 | 151,059 |
Amortization of debt financing costs | 16,726 | 11,116 |
Amortization of discounts on debt | 13,862 | 2,746 |
Loss on early extinguishments of debt | 29,513 | 0 |
Share-based compensation expense | 9,033 | 7,560 |
Deferred income taxes | 7,027 | 4,572 |
Noncash asset write-downs | 8,198 | -2 |
Gain on insurance settlement | 0 | -6,323 |
Gain on insurance subrogation settlement | 0 | -3,809 |
Other operating activities | 2,455 | 6,827 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | -4,291 | -20,051 |
Accounts receivable, net | 1,529 | 7,518 |
Inventories | 375 | 782 |
Prepaid expenses and other current assets | -1,489 | -13,680 |
Current other tax asset | 4,062 | 0 |
Income taxes receivable | 584 | -3,184 |
Other long-term tax assets | 0 | 521 |
Other assets, net | 22,519 | -3,843 |
Accounts payable and accrued liabilities | -19,093 | 35,202 |
Income taxes payable | 0 | -84 |
Other long-term tax liabilities | -19,569 | -17,157 |
Other liabilities | 4,737 | -3,133 |
Net cash provided by operating activities | 233,783 | 147,481 |
Cash Flows from Investing Activities | ' | ' |
Capital expenditures | -100,618 | -101,322 |
Proceeds from sale of Echelon, net | 343,750 | 0 |
Cash paid for exercise of LVE option | -187,000 | 0 |
Proceeds from sale of other assets, net | 4,875 | 0 |
Deposit of acquisition financing proceeds into escrow | 0 | -350,000 |
Other investing activities | 198 | 4,054 |
Net cash provided by (used in) investing activities | 61,205 | -447,268 |
Cash Flows from Financing Activities | ' | ' |
Borrowings under Boyd Gaming bank credit facility | 2,711,375 | 642,600 |
Payments under Boyd Gaming bank credit facility | -2,738,325 | -836,375 |
Borrowings under Peninsula bank credit facility | 268,500 | 0 |
Payments under Peninsula bank credit facility | -296,688 | 0 |
Borrowings under Borgata bank credit facility | 297,100 | 515,300 |
Payments under Borgata bank credit facility | -300,800 | -541,800 |
Proceeds from issuance of senior notes, net of issuance costs | 0 | 338,500 |
Proceeds from acquisition financing | 0 | 350,000 |
Debt financing costs, net | -36,396 | -2,881 |
Payments on notes payable | -10,818 | 0 |
Payments on early retirements of debt | -500,272 | 0 |
Payments on non-recourse debt of variable interest entity | 0 | -755 |
Proceeds from issuance of non-recourse debt by variable interest entity | 0 | 2,668 |
Proceeds from stock options exercised | 13,591 | 0 |
Restricted stock units released, net | -354 | 0 |
Proceeds from sale of common stock | 216,467 | 0 |
Other financing activities | 0 | -427 |
Net cash (used in) provided by financing activities | -376,620 | 466,830 |
Cash Flows from Discontinued Operations | ' | ' |
Cash flows from operating activities | -2,144 | -1,636 |
Cash flows from investing activities | 56,751 | -392 |
Cash flows from financing activities | 0 | 0 |
Net cash provided by (used in) discontinued operations | 54,607 | -2,028 |
Change in cash and cash equivalents | -27,025 | 165,015 |
Cash and cash equivalents, beginning of period | 192,545 | 178,091 |
Change in cash classified as discontinued operations | 283 | 373 |
Cash and cash equivalents, end of period | 165,803 | 343,479 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Cash paid for interest | 248,862 | 160,373 |
Cash received for income taxes, net | -6,424 | -1 |
Supplemental Schedule of Noncash Investing and Financing Activities | ' | ' |
Payables incurred for capital expenditures | 7,849 | 8,707 |
Assets and Liabilities Deconsolidated (Net of Cash Paid) of Variable Interest Entity | ' | ' |
Current assets | 184,013 | 0 |
Long-term assets | 2,429 | 0 |
Total assets deconsolidated | 186,442 | 0 |
Current liabilities | 48,366 | 0 |
Noncontrolling interests | -48,924 | 0 |
Total liabilities and noncontrolling interests deconsolidated | -558 | 0 |
LVE | ' | ' |
Cash Flows from Operating Activities | ' | ' |
Net income (loss) | -443 | -864 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Loss (Gain) on discontinued operations, net of tax | $0 | $0 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Organization and Basis of Presentation [Abstract] | ' |
Organization and Basis of Presentation | ' |
ORGANIZATION AND BASIS OF PRESENTATION | |
Organization | |
Boyd Gaming Corporation (and together with its subsidiaries, the “Company,” "Boyd Gaming," “we” or “us”) was incorporated in the state of Nevada in 1988 and has been operating since 1973. The Company's common stock is traded on the New York Stock Exchange under the symbol “BYD”. | |
We are a diversified operator of 21 wholly owned gaming entertainment properties and one controlling interest in a limited liability company. Headquartered in Las Vegas, Nevada, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, and New Jersey. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”). | |
The results for the periods indicated are unaudited, but reflect all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. | |
The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its subsidiaries. Investments in unconsolidated affiliates, which are less than 50% owned and do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on March 18, 2013. | |
Revisions and Reclassifications | |
The financial information for the three and nine months ended September 30, 2012 is derived from our condensed consolidated financial statements and footnotes included in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and has been revised to reflect the results of operations and cash flows of our Dania Jai-Alai property as discontinued operations. See Note 3, Acquisitions and Dispositions, for further discussion. | |
Certain prior period amounts presented in our condensed consolidated financial statements have been reclassified to conform to the current presentation. These reclassifications related to other assets of discontinued operations that were previously accumulated in property and equipment, current assets, and current liabilities for the year ended December 31, 2012. This reclassification had no effect on our total assets as previously reported in our condensed consolidated balance sheet. In addition, asset transactions costs that were previously accumulated in other operating charges were disaggregated in our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012, respectively. This reclassification had no effect on our retained earnings or net loss as previously reported. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
Gaming revenue represents the net win from gaming activities, which is the aggregate difference between gaming wins and losses. The majority of our gaming revenue is counted in the form of cash and chips and therefore is not subject to any significant or complex estimation procedures. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gross gaming revenues. Race revenue recognition criteria are met at the time the results of the event are official. Room revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. | ||||||||||||||||
Asset Transactions Costs | ||||||||||||||||
Asset transactions costs are comprised of certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, dispositions, including, but not limited to, the sale of Echelon, and other business development activities. | ||||||||||||||||
Promotional Allowances | ||||||||||||||||
The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as a promotional allowance. Promotional allowances also include incentives such as cash, goods and services (such as complimentary rooms, food and beverages) earned in our slot bonus point program. We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time, principally for cash play, and to a lesser extent for goods or services, depending upon the property. We record the estimated retail value of these goods and services as revenue and then deduct them as a promotional allowance. | ||||||||||||||||
The amounts included in promotional allowances for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Rooms | $ | 39,296 | $ | 39,737 | $ | 109,737 | $ | 110,411 | ||||||||
Food and beverage | 52,708 | 48,975 | 153,361 | 144,094 | ||||||||||||
Other | 33,168 | 30,637 | 85,023 | 86,007 | ||||||||||||
Total promotional allowances | $ | 125,172 | $ | 119,349 | $ | 348,121 | $ | 340,512 | ||||||||
The estimated costs of providing such promotional allowances for the three and nine months ended 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Rooms | $ | 15,361 | $ | 16,980 | $ | 44,505 | $ | 46,079 | ||||||||
Food and beverage | 47,252 | 46,364 | 136,435 | 131,871 | ||||||||||||
Other | 6,499 | 6,931 | 17,058 | 18,817 | ||||||||||||
Total cost of promotional allowances | $ | 69,112 | $ | 70,275 | $ | 197,998 | $ | 196,767 | ||||||||
Gaming Taxes | ||||||||||||||||
We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $99.2 million and $67.8 million for the three months ended September 30, 2013 and 2012, respectively, and $303.3 million and $206.8 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
CRDA Investments | ||||||||||||||||
Pursuant to the New Jersey Casino Control Act ("Casino Control Act"), we are assessed as a casino licensee 1.25% of our gross gaming revenues to fund qualified investments. This assessment is made in lieu of an investment alternative tax equal to 2.5% of gross gaming revenues. Once our funds are deposited with the New Jersey Casino Reinvestment Development Authority ("CRDA"), qualified investments may be satisfied by: (i) purchase of bonds issued by the CRDA at below market rates of interest; (ii) direct investment in CRDA approved projects; or (iii) donation of funds to projects as determined by the CRDA. According to the Casino Control Act, funds on deposit with the CRDA are invested by the CRDA and the resulting income is shared two-thirds to the casino licensee and one-third to the CRDA. Further, the Casino Control Act requires that CRDA bonds be issued at statutory rates established at two-thirds of market value. | ||||||||||||||||
We are required to make quarterly deposits with the CRDA to satisfy our investment obligations. At the date the obligation arises, we record charges to expense (i) pursuant to the respective underlying agreements for obligations with identified qualified investments and (ii) by applying a one-third valuation reserve to our obligations that are available to fund qualified investment to reflect the anticipated below market return on investment. The one-third valuation reserve is adjusted accordingly when a qualified investment is identified. Our deposits with the CRDA, net of valuation reserves held by Borgata, were $3.7 million and $28.5 million as of September 30, 2013 and December 31, 2012, respectively, and are included in other assets, net, on our condensed consolidated balance sheets. | ||||||||||||||||
On May 8, 2013, we entered into an agreement with the CRDA that included a 50% donation and a 50% refund of $45.1 million of our available deposits. As a result, the carrying values of our CRDA-related accounts were reviewed and adjusted to their net realizable values resulting in a charge of $5.0 million, which is included in impairments of assets on our condensed consolidated statements of operations. On July 17, 2013, the CRDA disbursed $45.1 million from our funds on deposit with the CRDA, we received a $22.5 million refund and redeemed a portion of Borgata's 9.5% Senior Secured Notes due 2015. | ||||||||||||||||
Income Taxes | ||||||||||||||||
Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration, and tax planning alternatives. | ||||||||||||||||
For the three months and nine months ended September 30, 2013, in accordance with GAAP, we have computed our provision for income taxes by applying the actual effective tax rate, under the discrete method, to year-to-date income. Our current rate is impacted by adjustments that are largely independent of our operating results before taxes. Such adjustments relate primarily to the accrual of non-cash tax expense in connection with the tax amortization of indefinite-lived intangible assets that are not available to offset existing deferred tax assets. The deferred tax liabilities created by the tax amortization of these intangibles cannot be used to offset corresponding increases in the net operating loss deferred tax assets in determining our valuation allowance. As such, we believe this method provides the most reliable estimate of year-to-date income tax expense. | ||||||||||||||||
In the third quarter of 2013, the U.S. Treasury Department (“Treasury”) issued final regulations under Sections 162(a) and 263(a) of the Internal Revenue Code of 1986 (Code), regarding the deduction and capitalization of expenditures related to tangible property. The final regulations replace previously issued proposed and temporary regulations that were generally effective for tax years beginning in 2012; and whose effective date was subsequently changed in November 2012, to tax years beginning in 2014. Treasury also released proposed regulations under Section 168 of the Code regarding dispositions of tangible property. Although the final regulations will affect taxpayers that acquire, produce, or improve tangible property, we do not expect them to have a material impact on our consolidated financial statements. | ||||||||||||||||
Other Long Term Tax Liabilities | ||||||||||||||||
The Company's income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. | ||||||||||||||||
Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. Use of the term “more likely than not” indicates the likelihood of occurrence is greater than 50%. | ||||||||||||||||
Tax positions, failing to qualify for initial recognition, are recognized in the first subsequent interim period that they meet the “more likely than not” standard. If it is subsequently determined that a previously recognized tax position no longer meets the “more likely than not” standard, it is required that the tax position be derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. | ||||||||||||||||
Unrecognized tax benefits at September 30, 2013 and December 31, 2012 are $22.4 million and $38.4 million, respectively. Included in the $22.4 million balance of unrecognized tax benefits at September 30, 2013, are $16.8 million of benefits that, if recognized, would impact the effective tax rate. We recognize accrued interest related to unrecognized tax benefits in our income tax provision. We have accrued $9.5 million and $12.4 million of interest and penalties in our condensed consolidated balance sheet as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
In 2013, we reached agreement on certain proposed adjustments in connection with our IRS examination for tax years ended 2005 through 2009. As a result of the agreed adjustments, we reduced our unrecognized tax benefits by $16.7 million, of which $0.9 million impacted our effective tax rate. Such agreements also resulted in a reduction to the interest accrued on our unrecognized tax benefits and a corresponding benefit to our tax provision of $3.9 million. During 2012, we reached an agreement with the Appeals Division in our IRS examination for tax years ended 2001 through 2004. We reduced our federal unrecognized tax benefits, primarily related to the settlement, by approximately $20.8 million on a net basis, of which $0.1 million impacted our effective tax rate. Additionally, we reduced the interest accrued on our federal unrecognized tax benefits by approximately $4.9 million and recorded a $3.2 million benefit to our tax provision. During the third quarter of 2013, we received a refund of $4.3 million related to our 2001 through 2004 IRS examination. | ||||||||||||||||
We are in various stages of the examination and appeals process in connection with many of our audits and it is difficult to determine when these examinations will be closed; however, it is reasonably possible over the next twelve-month period, that we may experience a decrease in our unrecognized tax benefits, as of September 30, 2013, of up to $10.4 million. Approximately $8.4 million of the total reduction would impact our effective tax rate. | ||||||||||||||||
Earnings per Share | ||||||||||||||||
Basic earnings per share is computed by dividing net income applicable to Boyd Gaming Corporation's stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. | ||||||||||||||||
The weighted average number of common and common equivalent shares used in the calculations of basic and diluted earnings per share calculations for the three and nine months ended September 30, 2013 and 2012, consisted of the following amounts: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 101,555 | 87,643 | 93,122 | 87,587 | ||||||||||||
Potential dilutive effect | — | — | — | — | ||||||||||||
Diluted | 101,555 | 87,643 | 93,122 | 87,587 | ||||||||||||
Due to the net losses for all the periods presented, the effect of all potential common stock equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding. | ||||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates incorporated into our condensed consolidated financial statements include the estimated allowance for doubtful accounts receivable, the estimated useful lives for depreciable and amortizable assets, recoverability of assets held for development, measurement of the fair value of our controlling interest and the noncontrolling interest in Borgata, fair valuations of acquired assets and assumed liabilities, estimated cash flows in assessing the recoverability of long-lived assets and assumptions relative to the valuation and impairment of goodwill and intangible assets, estimated valuation allowances for deferred tax assets, accruals for slot bonus point programs, estimates of certain tax liabilities and uncertain tax positions, determination of self-insured liability reserves, computation of share-based payment valuation assumptions, estimates of fair values of assets and liabilities measured at fair value, estimates of fair values of assets and liabilities disclosed at fair value, fair values of derivative instruments and assessments of contingencies and litigation and claims. Actual results could differ from these estimates. | ||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements. | ||||||||||||||||
Accounting Standards Update 2013-02 Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("Update 2013-02") | ||||||||||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Update 2013-02 which is an amendment to Topic 220-10 of the Accounting Standards Codification ("ASC"). | ||||||||||||||||
The objective of Update 2013-02 is to amend ASC 220-10 to require entities to provide information about amounts reclassified out of other comprehensive income by component. The Company is required to present, either on the face of the financial statements or in the notes, the amounts reclassified from other comprehensive income to the respective line items in the condensed consolidated statements of comprehensive income (loss). | ||||||||||||||||
Update 2013-02 is effective for interim and annual periods beginning after December 15, 2012. In February 2013, the Company adopted Update 2013-02. Update 2013-02 did not have a material impact on our consolidated financial statements. | ||||||||||||||||
Accounting Standards Update 2013-11 Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit ("UTB") When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("Update 2013-11") | ||||||||||||||||
In July 2013, the FASB issued ASU 2013-11. | ||||||||||||||||
The objective of Update 2013-11 is to provide guidance on financial statement presentation of a UTB when a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward exists. | ||||||||||||||||
Update 2013-11 is effective for interim and annual periods beginning after December 15, 2013. We have not yet adopted Update 2013-11. Update 2013-11 is not expected to have a material impact on our consolidated financial statements. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions and Divestitures | ' | ||||||||||||
ACQUISITIONS AND DIVESTITURES | |||||||||||||
Acquisition of Peninsula Gaming | |||||||||||||
Overview | |||||||||||||
On November 20, 2012, we completed the acquisition of Peninsula Gaming, LLC ("Peninsula Gaming") pursuant to an Agreement and Plan of Merger (the "Merger Agreement") entered into on May 16, 2012. Accordingly, the acquired assets and liabilities of Peninsula Gaming are included in our condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012 and the results of its operations and cash flows are reported in our condensed consolidated statements of operations and cash flows for the three and nine months ended September 30, 2013. | |||||||||||||
Status of Purchase Price Allocation | |||||||||||||
The Company has recognized the assets acquired and liabilities assumed in the Merger based on preliminary fair value estimates as of the date of the Merger. The determination of the fair values of the acquired assets and assumed liabilities (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. As such, management has not completed its valuation analysis and calculations in sufficient detail necessary to arrive at the final estimates of the fair value of the assets acquired and liabilities assumed, along with the related allocations of goodwill and intangible assets. The fair values of certain tangible assets, intangible assets, the note payable to seller, certain contingent liabilities and residual goodwill are the most significant areas not yet finalized and therefore are subject to change. The final fair value determinations will be completed within one year of the closing date of the acquisition. The final fair value determinations may be significantly different than those reflected in the condensed consolidated balance sheets at September 30, 2013 and December 31, 2012. | |||||||||||||
Supplemental Unaudited Pro Forma Information | |||||||||||||
The following table presents pro forma results of the Company, as though Peninsula Gaming had been acquired as of January 1, 2012. The pro forma results do not necessarily represent the results that may occur in the future. The pro forma amounts include the historical operating results of the Company and Peninsula Gaming prior to the acquisition, with adjustments directly attributable to the acquisition. | |||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||
Boyd Gaming | Peninsula | Boyd Gaming | |||||||||||
Corporation | Gaming | Corporation | |||||||||||
(As Reported) | (Pro Forma) | ||||||||||||
(In thousands) | |||||||||||||
Condensed Statements of Operations | |||||||||||||
Net revenues | $ | 612,390 | $ | 130,154 | $ | 742,544 | |||||||
Net income (loss) attributable to Boyd Gaming Corporation | $ | (15,796 | ) | $ | 1,833 | $ | (13,963 | ) | |||||
Basic and diluted loss per share | $ | (0.18 | ) | $ | (0.16 | ) | |||||||
Nine Months Ended September 30, 2012 | |||||||||||||
Boyd Gaming | Peninsula | Boyd Gaming | |||||||||||
Corporation | Gaming | Corporation | |||||||||||
(As Reported) | (Pro Forma) | ||||||||||||
(In thousands) | |||||||||||||
Condensed Statements of Operations | |||||||||||||
Net revenues | $ | 1,858,129 | $ | 397,769 | $ | 2,255,898 | |||||||
Net income (loss) attributable to Boyd Gaming Corporation | $ | (8,967 | ) | $ | 5,987 | $ | (2,980 | ) | |||||
Basic and diluted loss per share | $ | (0.10 | ) | $ | (0.03 | ) | |||||||
Disposition of Echelon | |||||||||||||
On March 1, 2013, we entered into a definitive agreement to sell the Echelon site for $350 million in cash. The sale agreement included the 87-acre land parcel, as well as site improvements. The transaction was completed on March 4, 2013, and we realized approximately $157.0 million in net proceeds from the sale after consideration of direct transaction costs and after payment of a portion of the proceeds to a third party to fulfill our obligations to LVE Energy Partners, LLC (see Note 5, Deconsolidation of LVE Energy Partners, LLC.) | |||||||||||||
Discontinued Operations - Disposition of Dania Jai-Alai | |||||||||||||
On May 22, 2013, we consummated the sale of certain assets and liabilities of the Dania pari-mutuel facility ("Dania Jai-Alia"), with approximately 47 acres of related land located in Dania Beach, Broward County, Florida, for a sales price of $65.5 million. The sale was pursuant to an asset agreement (the "New Dania Agreement") that we entered into with Dania Entertainment Center, LLC ("Dania Entertainment"). As part of the New Dania Agreement, the $5 million non-refundable deposit and $2 million fees paid to us in 2011 by Dania Entertainment were applied to the sales price, and we received $58.5 million in cash and recorded a pre-tax gain of $18.9 million. We have presented the results of Dania Jai-Alai Business as discontinued operations for all periods presented in these condensed consolidated financial statements. | |||||||||||||
There were no assets and liabilities of the discontinued operation as of September 30, 2013, and the assets and liabilities of the discontinued operation as of December 31, 2012 were as follows: | |||||||||||||
31-Dec-12 | |||||||||||||
(In thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 283 | |||||||||||
Other current assets | 402 | ||||||||||||
Current assets of discontinued operations | $ | 685 | |||||||||||
Property and equipment, net | $ | 37,674 | |||||||||||
Other assets | 10 | ||||||||||||
Noncurrent assets of discontinued operations | $ | 37,684 | |||||||||||
Liabilities | |||||||||||||
Accounts payable and accrued expenses | $ | 864 | |||||||||||
Liabilities of discontinued operations | $ | 864 | |||||||||||
Net revenues, pre-tax income (loss) from operations, and income (loss), net of income taxes, presented as discontinued operations are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2012 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Operations | |||||||||||||
Net revenues | $ | 889 | $ | 2,140 | $ | 3,455 | |||||||
Income (loss) from discontinued operations before income taxes | $ | (1,039 | ) | $ | (2,200 | ) | $ | (3,295 | ) | ||||
Income taxes | 363 | 776 | 1,153 | ||||||||||
Loss (income) from discontinued operations, net of tax | $ | (676 | ) | $ | (1,424 | ) | $ | (2,142 | ) | ||||
Disposal | |||||||||||||
Gain on disposal before income taxes | $ | — | $ | 18,873 | $ | — | |||||||
Income tax expense | — | (6,659 | ) | — | |||||||||
Gain on disposal, net of tax | $ | — | $ | 12,214 | $ | — | |||||||
(Loss) income from discontinued operations, net of tax | $ | (676 | ) | $ | 10,790 | $ | (2,142 | ) | |||||
Borgata_Hotel_Casino_and_Spa
Borgata Hotel Casino and Spa (Subsidiary, Borgata) | 9 Months Ended |
Sep. 30, 2013 | |
Subsidiary, Borgata | ' |
Consolidated Entities [Line Items] | ' |
Consolidation of Certain Interests | ' |
BORGATA HOTEL CASINO AND SPA | |
The Company and MGM Resorts International ("MGM") each originally held a 50% interest in Marina District Development Holding Co., LLC (“Holding Company”). Holding Company owns all the equity interests in Marina District Development Company, LLC, d.b.a. Borgata Hotel Casino and Spa. We are the managing member of Holding Company, and we are responsible for the day-to-day operations of Borgata, including the improvement of the facility and business. As a result, we consolidate the Borgata into our financial statements. | |
On March 24, 2010, MGM transferred its interest in Holding Company ("MGM Interest") to a divestiture trust (“Divestiture Trust”) established for the purpose of selling the MGM Interest to a third party as a part of a settlement agreement between MGM and the New Jersey Department of Gaming Enforcement (the “NJDGE”). | |
On February 20, 2013, MGM announced that it had entered into an amended settlement agreement with the NJDGE, effective February 13, 2013, pursuant to which MGM was allowed to reapply to the New Jersey Casino Control Commission for licensure in New Jersey with the March 24, 2013 deadline to sell the MGM Interest deferred pending the outcome of the licensure process. |
Deconsolidation_of_LVE_Energy_
Deconsolidation of LVE Energy Partners, LLC (LVE) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
LVE | ' | |||||||||||||||
Consolidated Entities [Line Items] | ' | |||||||||||||||
Consolidation of Certain Interests | ' | |||||||||||||||
DECONSOLIDATION OF LVE ENERGY PARTNERS, LLC | ||||||||||||||||
In connection with the disposition of Echelon on March 4, 2013 (see Note 3, Acquisitions and Divestitures), we exercised an option to acquire the central energy center assets from LVE Energy Partners, LLC (“LVE”), a joint venture between Marina Energy LLC and DCO ECH Energy, LLC, for $187 million. We immediately sold these assets to the buyer of Echelon, and our agreements with LVE were terminated. | ||||||||||||||||
Prior to these transactions, we had determined that we were the primary beneficiary of the contract with LVE, which required us to consolidate LVE for financial statement purposes. As a result of the March 4, 2013 transactions, we ceased consolidation of LVE as of that date. | ||||||||||||||||
The effects of the consolidation of LVE on our financial position as of December 31, 2012, and its impact on our results of operations for the nine months ended September 30, 2013 and for the three and nine months ended September 30, 2012 are reconciled by respective line items to amounts as reported in our condensed consolidated balance sheets and condensed consolidated statements of operations as follows: | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Boyd Gaming | ||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||
(In thousands) | ||||||||||||||||
ASSETS | ||||||||||||||||
Current assets | $ | 354,140 | $ | 1,453 | $ | — | $ | 355,593 | ||||||||
Property and equipment, net | 3,587,314 | — | — | 3,587,314 | ||||||||||||
Assets held for development | 168,251 | 163,519 | — | 331,770 | ||||||||||||
Debt financing costs, net | 83,020 | 2,448 | — | 85,468 | ||||||||||||
Restricted investments | — | 21,382 | — | 21,382 | ||||||||||||
Other assets | 98,415 | — | — | 98,415 | ||||||||||||
Intangible assets, net | 1,119,638 | — | — | 1,119,638 | ||||||||||||
Goodwill, net | 694,929 | — | — | 694,929 | ||||||||||||
Assets of discontinued operation | 37,684 | — | — | 37,684 | ||||||||||||
Total Assets | $ | 6,143,391 | $ | 188,802 | $ | — | $ | 6,332,193 | ||||||||
LIABILITIES | ||||||||||||||||
Current maturities of long-term debt | $ | 61,570 | $ | — | $ | — | $ | 61,570 | ||||||||
Accounts payable | 90,992 | 164 | — | 91,156 | ||||||||||||
Accrued and other liabilities | 355,246 | 8,486 | — | 363,732 | ||||||||||||
Income taxes payable | 8,129 | — | — | 8,129 | ||||||||||||
Non-recourse obligations of variable interest entity | — | 225,113 | — | 225,113 | ||||||||||||
Long-term debt, net of current maturities | 4,827,853 | — | — | 4,827,853 | ||||||||||||
Deferred income taxes | 139,943 | — | — | 139,943 | ||||||||||||
Long-term tax and other liabilities | 146,706 | — | — | 146,706 | ||||||||||||
Liabilities of discontinued operation | 864 | — | — | 864 | ||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||
Common stock | 869 | — | — | 869 | ||||||||||||
Additional paid-in capital | 655,694 | — | — | 655,694 | ||||||||||||
Retained earnings | (351,810 | ) | — | — | (351,810 | ) | ||||||||||
Accumulated other comprehensive income (loss) | (962 | ) | — | — | (962 | ) | ||||||||||
Noncontrolling interest | 208,297 | (44,961 | ) | — | 163,336 | |||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,143,391 | $ | 188,802 | $ | — | $ | 6,332,193 | ||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Boyd Gaming | ||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||
(In thousands) | ||||||||||||||||
REVENUES | ||||||||||||||||
Other revenue | $ | 38,911 | $ | 2,724 | $ | (2,724 | ) | $ | 38,911 | |||||||
COSTS AND EXPENSES | ||||||||||||||||
Selling, general and administrative | $ | 112,389 | $ | 4 | $ | — | $ | 112,393 | ||||||||
Preopening expenses | $ | 4,342 | $ | — | $ | (2,724 | ) | $ | 1,618 | |||||||
Operating income | $ | 46,667 | $ | 2,720 | $ | — | $ | 49,387 | ||||||||
Other expense | ||||||||||||||||
Interest expense, net | $ | 71,134 | $ | 2,981 | $ | — | $ | 74,115 | ||||||||
Loss from continuing operations before | $ | (24,195 | ) | $ | (261 | ) | $ | — | $ | (24,456 | ) | |||||
income taxes | ||||||||||||||||
Income taxes | 8,050 | — | — | 8,050 | ||||||||||||
Loss from continuing operations, net of tax | (16,145 | ) | (261 | ) | — | (16,406 | ) | |||||||||
Loss from discontinued operations, net of tax | (676 | ) | — | — | (676 | ) | ||||||||||
Net loss | (16,821 | ) | (261 | ) | — | (17,082 | ) | |||||||||
Net income attributable to noncontrolling | 1,025 | — | 261 | 1,286 | ||||||||||||
interest | ||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (15,796 | ) | $ | (261 | ) | $ | 261 | $ | (15,796 | ) | |||||
Corporation | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Boyd Gaming | ||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||
(In thousands) | ||||||||||||||||
REVENUES | ||||||||||||||||
Other revenue | $ | 125,017 | $ | 1,933 | $ | (1,933 | ) | $ | 125,017 | |||||||
COSTS AND EXPENSES | ||||||||||||||||
Selling, general and administrative | $ | 373,865 | $ | — | $ | — | $ | 373,865 | ||||||||
Preopening expenses | $ | 6,762 | $ | — | $ | (1,933 | ) | $ | 4,829 | |||||||
Operating income | $ | 237,188 | $ | 1,933 | $ | — | $ | 239,121 | ||||||||
Other expense | ||||||||||||||||
Interest expense, net | $ | 264,577 | $ | 2,376 | $ | — | $ | 266,953 | ||||||||
Loss from continuing operations before | $ | (54,788 | ) | $ | (443 | ) | $ | — | $ | (55,231 | ) | |||||
income taxes | ||||||||||||||||
Income taxes | 3,478 | — | — | 3,478 | ||||||||||||
Loss from continuing operations, net of tax | (51,310 | ) | (443 | ) | — | (51,753 | ) | |||||||||
Income from discontinued operations, net | 10,790 | — | — | 10,790 | ||||||||||||
of tax | ||||||||||||||||
Net loss | (40,520 | ) | (443 | ) | — | (40,963 | ) | |||||||||
Net income attributable to noncontrolling | 7,596 | — | 443 | 8,039 | ||||||||||||
interest | ||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (32,924 | ) | $ | (443 | ) | $ | 443 | $ | (32,924 | ) | |||||
Corporation | ||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Boyd Gaming | ||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||
(In thousands) | ||||||||||||||||
REVENUES | ||||||||||||||||
Other revenue | $ | 110,416 | $ | 8,172 | $ | (8,172 | ) | $ | 110,416 | |||||||
COSTS AND EXPENSES | ||||||||||||||||
Selling, general and administrative | $ | 330,698 | $ | 13 | $ | — | $ | 330,711 | ||||||||
Maintenance and utilities | $ | 115,924 | $ | — | $ | — | $ | 115,924 | ||||||||
Preopening expenses | $ | 13,660 | $ | — | $ | (8,172 | ) | $ | 5,488 | |||||||
Operating income | $ | 178,305 | $ | 8,159 | $ | — | $ | 186,464 | ||||||||
Other expense | ||||||||||||||||
Interest expense, net | $ | 193,708 | $ | 9,023 | $ | — | $ | 202,731 | ||||||||
Loss from continuing operations before | $ | (14,719 | ) | $ | (864 | ) | $ | — | $ | (15,583 | ) | |||||
income taxes | ||||||||||||||||
Income taxes | 6,427 | — | — | 6,427 | ||||||||||||
Loss from continuing operations, net of tax | (8,292 | ) | (864 | ) | — | (9,156 | ) | |||||||||
Loss from discontinued operations, net of tax | (2,142 | ) | — | — | (2,142 | ) | ||||||||||
Net loss | (10,434 | ) | (864 | ) | — | (11,298 | ) | |||||||||
Net income attributable to noncontrolling | 1,467 | — | 864 | 2,331 | ||||||||||||
interest | ||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (8,967 | ) | $ | (864 | ) | $ | 864 | $ | (8,967 | ) | |||||
Corporation | ||||||||||||||||
The reduction in other revenue and preopening expenses reflects the elimination of the Periodic Fee paid by Boyd Gaming to LVE. Such fee was recognized as revenue by LVE, but eliminated in consolidation completely, thereby having no impact on our consolidated other revenues. Although this Periodic Fee is eliminated in consolidation, it was actually paid to LVE directly on a monthly basis through March 4, 2013, the date we completed the Echelon transaction. |
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property and Equipment, Net | ' | |||||||
PROPERTY AND EQUIPMENT, NET | ||||||||
Property and equipment, net consists of the following: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2013 | 2012 | ||||||
Land | $ | 336,078 | $ | 341,174 | ||||
Buildings and improvements | 3,842,193 | 3,826,880 | ||||||
Furniture and equipment | 1,319,385 | 1,305,216 | ||||||
Riverboats and barges | 189,139 | 187,620 | ||||||
Construction in progress | 74,427 | 27,397 | ||||||
Other | 21,751 | 23,013 | ||||||
Total property and equipment | 5,782,973 | 5,711,300 | ||||||
Less accumulated depreciation | 2,257,427 | 2,123,986 | ||||||
Property and equipment, net | $ | 3,525,546 | $ | 3,587,314 | ||||
Other property and equipment presented in the table above relates to the net realizable value of construction materials inventory that was previously included in assets held for development at December 31, 2012, and that was not disposed of with the sale of the Echelon project. Such assets are not in service and are not currently being depreciated. | ||||||||
On May 22, 2013, we completed the sale of certain assets and liabilities of Dania Jai-Alai in Dania Beach, Broward County, Florida, to Dania Entertainment. The property and equipment table above excludes the assets related to these discontinued operations. | ||||||||
Depreciation expense for the three months ended September 30, 2013 and 2012 was $56.9 million and $48.9 million, respectively. Depreciation expense for the nine months ended September 30, 2013 and 2012 was $173.6 million and $147.3 million, respectively. |
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||
Intangible Assets | ' | |||||||||||||||||
INTANGIBLE ASSETS | ||||||||||||||||||
Intangible assets consist of the following: | ||||||||||||||||||
September 30, 2013 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
Remaining | Value | Amortization | Losses | Assets, Net | ||||||||||||||
(In thousands) | ||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 3.8 years | $ | 154,000 | $ | (57,361 | ) | $ | — | $ | 96,639 | ||||||||
Non-competition agreement | 0.2 years | 3,200 | (2,755 | ) | — | 445 | ||||||||||||
Favorable lease rates | 34.7 years | 45,370 | (9,651 | ) | — | 35,719 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
223,943 | (69,767 | ) | — | 154,176 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks and other | Indefinite | 192,405 | — | (5,000 | ) | 187,405 | ||||||||||||
Gaming license rights | Indefinite | 955,457 | (33,958 | ) | (180,000 | ) | 741,499 | |||||||||||
1,147,862 | (33,958 | ) | (185,000 | ) | 928,904 | |||||||||||||
Balance, September 30, 2013 | $ | 1,371,805 | $ | (103,725 | ) | $ | (185,000 | ) | $ | 1,083,080 | ||||||||
December 31, 2012 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
Remaining | Value | Amortization | Losses | Assets, Net | ||||||||||||||
(In thousands) | ||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 4.5 years | $ | 154,000 | $ | (23,059 | ) | $ | — | $ | 130,941 | ||||||||
Non-competition agreement | 0.9 years | 3,200 | (354 | ) | — | 2,846 | ||||||||||||
Favorable lease rates | 35.4 years | 45,370 | (8,867 | ) | — | 36,503 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
223,943 | (32,280 | ) | — | 191,663 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks | Indefinite | 191,800 | — | (5,000 | ) | 186,800 | ||||||||||||
Gaming license rights | Indefinite | 955,135 | (33,960 | ) | (180,000 | ) | 741,175 | |||||||||||
1,146,935 | (33,960 | ) | (185,000 | ) | 927,975 | |||||||||||||
Balance, December 31, 2012 | $ | 1,370,878 | $ | (66,240 | ) | $ | (185,000 | ) | $ | 1,119,638 | ||||||||
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
ACCRUED LIABILITIES | ||||||||
Accrued liabilities consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Payroll and related expenses | $ | 91,187 | $ | 86,448 | ||||
Interest | 50,120 | 67,145 | ||||||
Gaming liabilities | 82,921 | 85,561 | ||||||
Accrued liabilities | 138,297 | 124,578 | ||||||
Total accrued liabilities | $ | 362,525 | $ | 363,732 | ||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Long-Term Debt | ' | |||||||||||||||
LONG-TERM DEBT | ||||||||||||||||
Long-term debt, net of current maturities consists of the following: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Unamortized | ||||||||||||||||
Outstanding | Unamortized | Origination | Long-Term | |||||||||||||
Principal | Discount | Fees | Debt, Net | |||||||||||||
(In thousands) | ||||||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
New Credit Facility | $ | 1,447,900 | $ | — | $ | (4,500 | ) | $ | 1,443,400 | |||||||
9.125% senior notes due 2018 | 500,000 | — | (6,392 | ) | 493,608 | |||||||||||
9.00% senior notes due 2020 | 350,000 | — | — | 350,000 | ||||||||||||
HoldCo Note | 147,800 | (21,773 | ) | — | 126,027 | |||||||||||
2,445,700 | (21,773 | ) | (10,892 | ) | 2,413,035 | |||||||||||
Peninsula Gaming Debt: | ||||||||||||||||
Bank credit facility | 826,213 | — | — | 826,213 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | — | — | 350,000 | ||||||||||||
Other | 14 | — | — | 14 | ||||||||||||
1,176,227 | — | — | 1,176,227 | |||||||||||||
Total Boyd Debt | 3,621,927 | (21,773 | ) | (10,892 | ) | 3,589,262 | ||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 16,300 | — | — | 16,300 | ||||||||||||
9.50% senior secured notes due 2015 | 358,200 | (1,731 | ) | (4,064 | ) | 352,405 | ||||||||||
9.875% senior secured notes due 2018 | 393,500 | (1,887 | ) | (6,837 | ) | 384,776 | ||||||||||
768,000 | (3,618 | ) | (10,901 | ) | 753,481 | |||||||||||
Less current maturities | 29,759 | — | — | 29,759 | ||||||||||||
Long-term debt, net | $ | 4,360,168 | $ | (25,391 | ) | $ | (21,793 | ) | $ | 4,312,984 | ||||||
December 31, 2012 | ||||||||||||||||
Unamortized | ||||||||||||||||
Outstanding | Unamortized | Origination | Long-Term | |||||||||||||
Principal | Discount | Fees | Debt, Net | |||||||||||||
(In thousands) | ||||||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Prior Credit Facility | $ | 1,474,850 | $ | (5,001 | ) | $ | (3,214 | ) | $ | 1,466,635 | ||||||
9.125% senior notes due 2018 | 500,000 | — | (7,320 | ) | 492,680 | |||||||||||
9.00% senior notes due 2020 | 350,000 | — | — | 350,000 | ||||||||||||
6.75% senior subordinated notes due 2014 | 215,668 | — | — | 215,668 | ||||||||||||
7.125% senior subordinated notes due 2016 | 240,750 | — | — | 240,750 | ||||||||||||
HoldCo Note and other | 158,141 | (32,666 | ) | — | 125,475 | |||||||||||
2,939,409 | (37,667 | ) | (10,534 | ) | 2,891,208 | |||||||||||
Peninsula Gaming Debt: | ||||||||||||||||
Bank credit facility | 854,400 | — | — | 854,400 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | — | — | 350,000 | ||||||||||||
Other | 494 | (3 | ) | — | 491 | |||||||||||
1,204,894 | (3 | ) | — | 1,204,891 | ||||||||||||
Total Boyd Debt | 4,144,303 | (37,670 | ) | (10,534 | ) | 4,096,099 | ||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 20,000 | — | — | 20,000 | ||||||||||||
9.50% senior secured notes due 2015 | 398,000 | (2,525 | ) | (5,928 | ) | 389,547 | ||||||||||
9.875% senior secured notes due 2018 | 393,500 | (2,103 | ) | (7,620 | ) | 383,777 | ||||||||||
811,500 | (4,628 | ) | (13,548 | ) | 793,324 | |||||||||||
Less current maturities | 61,570 | — | — | 61,570 | ||||||||||||
Long-term debt, net | $ | 4,894,233 | $ | (42,298 | ) | $ | (24,082 | ) | $ | 4,827,853 | ||||||
Boyd Gaming Debt | ||||||||||||||||
New Credit Agreement | ||||||||||||||||
On August 14, 2013, we entered into the Third Amended and Restated Credit Agreement (the "New Credit Facility"), among the Company , certain financial institutions, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as swing line lender. The New Credit Facility replaced the Second Amended and Restated Credit Agreement (the "Prior Credit Facility") dated as of December 17, 2010. | ||||||||||||||||
The New Credit Facility provides for (i) a $600.0 million senior secured revolving credit facility (the "Revolving Credit Facility"), (ii) a $250.0 million senior secured term A loan (the "Term A Loan"), and (iii) a $900.0 million senior secured term B loan (the "Term B Loan"). The Revolving Credit Facility and Term A Loan mature in August 2018 (or earlier upon the occurrence or non-occurrence of certain events); The Term B Loan matures in August 2020 (or earlier upon occurrence or non-occurrence of certain events). The Term A Loan and Term B Loan were fully funded on the closing date. Proceeds from the New Credit Facility were used to refinance all outstanding obligations under the Prior Credit Facility and to fund transactions costs in connection with the New Credit Facility and may be used for working capital and other general corporate purposes. | ||||||||||||||||
The New Credit Facility includes an accordion feature which permits an increase in the Revolving Credit Facility and the issuance and increase of senior secured term loans in an amount up to the greater of: (i) $400.0 million to be comprised of increases to the Revolving Credit Facility and new or increased term loans plus $150.0 million of increases to the Revolving Credit Facility and (ii) the maximum amount of incremental commitments which, after giving effect thereto, would not cause the Secured Leverage Ratio (as defined in the New Credit Agreement) to exceed 4.25 to 1.00 on a pro forma basis, in each case, subject to the satisfaction of certain conditions. | ||||||||||||||||
Pursuant to the terms of the New Credit Facility (i) the loans under the Term A Loan will amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing December 31, 2013, payable on a quarterly basis, (ii) the loans under the Term B Loan will amortize in an annual amount equal to 1.00% of the original principal amount thereof, commencing December 31, 2013, payable on a quarterly basis, and (iii) beginning with the fiscal year ending December 31, 2014, the Company is required to use a portion of its annual excess cash flow to prepay loans outstanding under the New Credit Facility. | ||||||||||||||||
The interest rate on the outstanding balance from time to time of the Revolving Credit Facility and the Term A Loan is based upon, at the Company's option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with a specified pricing grid based on the total leverage ratio and ranges from 2.00% to 3.00% (if using LIBOR) and from 1.00% to 2.00% (if using the base rate). A fee of a percentage per annum (which ranges from 0.25% to 0.50% determined in accordance with a specified pricing grid based on the total leverage ratio) will be payable on the unused portions of the Revolving Credit Facility. | ||||||||||||||||
The interest rate on the outstanding balance from time to time of the Term B Loan is based upon, at the Company's option, either: (i) the Eurodollar rate (subject to a 1.00% minimum) plus 3.00%, or (ii) the base rate plus 2.00%. | ||||||||||||||||
The “base rate” under the New Credit Facility is the highest of (x) Bank of America's publicly-announced prime rate, (y) the federal funds rate plus 0.50%, or (z) the Eurodollar rate for a one month period plus 1.00%. | ||||||||||||||||
The blended interest rate for outstanding borrowings under for the New Credit Facility was 3.7% at September 30, 2013. The blended interest rate for outstanding borrowings under the Prior Credit Facility at December 31, 2012 was 3.7%. | ||||||||||||||||
Amounts outstanding under the New Credit Facility may be prepaid without premium or penalty, and the unutilized portion of the commitments may be terminated without penalty, subject to certain exceptions, including a 1.00% prepayment premium for any prepayment of the Term B Loan prior to February 14, 2014 that is accompanied by a repricing of the Term B Loan. | ||||||||||||||||
The New Credit Facility contains certain financial and other covenants, including, without limitation, various covenants (i) requiring the maintenance of a minimum consolidated interest coverage ratio, (ii) establishing a maximum permitted consolidated total leverage ratio, (iii) establishing a maximum permitted secured leverage ratio, (iv) imposing limitations on the incurrence of indebtedness, (v) imposing limitations on transfers, sales and other dispositions and (vi) imposing restrictions on investments, dividends and certain other payments. Subject to certain exceptions, the Company may be required to repay the amounts outstanding under the New Credit Facility in connection with certain asset sales and issuances of certain additional secured indebtedness. We believe that, at September 30, 2013, we were in compliance with the New Credit Facility covenants. | ||||||||||||||||
The Company's obligations under the New Credit Facility, subject to certain exceptions, are guaranteed by certain of the Company's subsidiaries and are secured by the capital stock of certain subsidiaries. In addition, subject to certain exceptions, the Company and each of the guarantors will grant the administrative agent first priority liens and security interests on substantially all of their real and personal property (other than gaming licenses and subject to certain other exceptions) as additional security for the performance of the secured obligations under the New Credit Facility. | ||||||||||||||||
During the nine months ended September 30, 2013, we recognized approximately $20.8 million on the loss on the early extinguishment of the Prior Credit Facility. | ||||||||||||||||
Amounts Outstanding | ||||||||||||||||
The net amounts outstanding under the New Credit Facility at September 30, 2013, were: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Revolving Credit Facility | $ | 290,000 | ||||||||||||||
Term A Loan | 250,000 | |||||||||||||||
Term B Loan | 900,000 | |||||||||||||||
Swing Loan | 3,400 | |||||||||||||||
Total outstanding borrowings under the New Credit Facility | $ | 1,443,400 | ||||||||||||||
After consideration of $8.5 million allocated to support various letters of credit, approximately $293.6 million of availability remained under the New Credit Facility at September 30, 2013. | ||||||||||||||||
The net amounts outstanding under the Prior Credit Facility at December 31, 2012, were: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Extended Revolving Facility | $ | 660,000 | ||||||||||||||
Initial Term Loan | 450,000 | |||||||||||||||
Increased Term Loan | 332,500 | |||||||||||||||
Swing Loan | 24,135 | |||||||||||||||
Total outstanding borrowings under the Prior Credit Facility | $ | 1,466,635 | ||||||||||||||
Senior Notes | ||||||||||||||||
9.125% Senior Notes due December 2018 | ||||||||||||||||
The notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries (as defined in the indenture governing the notes) to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. We believe that we were in compliance with these covenants at September 30, 2013. | ||||||||||||||||
Second Supplemental Indenture Relating to the 9.125% Senior Notes due 2018 | ||||||||||||||||
On August 14, 2013 the Company entered into a Second Supplemental Indenture (the “9.125% Senior Notes Supplemental Indenture”) to that certain Indenture dated as of November 10, 2010 among the Company, the Guarantors party thereto, and U.S. Bank National Association, as Trustee, as supplemented by that certain First Supplemental Indenture dated as of October 27, 2011 by and among the Company, the Guarantors party thereto, and U.S. Bank National Association, as Trustee (the “9.125% Senior Notes Indenture”), relating to the 9.125% Senior Notes due 2018 of the Company. The 9.125% Senior Notes Supplemental Indenture was entered into to add Boyd Acquisition, LLC as a Guarantor thereunder and to release Echelon Resorts, LLC as a Guarantor thereunder. | ||||||||||||||||
Senior Notes | ||||||||||||||||
9.00% Senior Notes due July 2020 | ||||||||||||||||
The notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restrictive subsidiaries (as defined in the indenture governing the notes) to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. We believe that we were in compliance with these covenants at September 30, 2013. | ||||||||||||||||
Pursuant to the registration rights agreement entered into with the initial purchasers on June 8, 2012, the date these notes were issued, we agreed that, subject to certain suspension and other rights provided in the Registration Rights Agreement, we would file a registration statement with the SEC with respect to a registered exchange offer to exchange the 2020 notes for new notes with terms substantially identical in all material respects to the 2020 notes, and consummate the exchange offer within 365 days of the issuance of the notes. We filed the registration statement with the SEC on March 22, 2013. The registration statement was declared effective on April 23, 2013 and the exchange offer was completed on May 31, 2013. | ||||||||||||||||
First Supplemental Indenture Relating to the 9% Senior Notes due 2020 | ||||||||||||||||
On August 14, 2013 the Company entered into a Supplemental Indenture (the “9% Supplemental Indenture”) to that certain Indenture dated as of June 8, 2012 among the Company, the Guarantors party thereto, and U.S. Bank National Association, as Trustee (the “9% Senior Notes Indenture”), relating to the 9% Senior Notes due 2020 of the Company. The 9% Supplemental Indenture was entered into to add Boyd Acquisition, LLC as a Guarantor thereunder and to release Echelon Resorts, LLC as a Guarantor thereunder. | ||||||||||||||||
Senior Subordinated Notes | ||||||||||||||||
6.75% Senior Subordinated Notes due April 2014 | ||||||||||||||||
On March 7, 2013, we announced that we would redeem $150 million of the notes at a redemption price of 100.00% plus accrued and unpaid interest to the redemption date, April 6, 2013, subject to the right of holders of record on April 1, 2013 to receive accrued and unpaid interest on the redemption date. The redemption was completed on April 6, 2013 and resulted in a write-off of unamortized debt fees of $0.3 million which was recognized in our second quarter 2013 financial results. | ||||||||||||||||
On April 30, 2013, we announced that we would redeem the remaining $65.7 million notes at a redemption price of 100.00% plus accrued and unpaid interest to the redemption date, May 30, 2013, subject to the right of holders of record on April 1, 2013 to receive accrued and unpaid interest on the redemption date. The redemption was completed on May 30, 2013 and resulted in a write-off of unamortized debt fees of $0.1 million, which was recognized in our second quarter 2013 financial results. | ||||||||||||||||
As a result of these redemptions, these notes have been fully extinguished. | ||||||||||||||||
Senior Subordinated Notes | ||||||||||||||||
7.125% Senior Subordinated Notes due February 2016 | ||||||||||||||||
On August 7, 2013, we issued a notice we would redeem $240.8 million notes at a redemption price of 101.188% plus accrued and unpaid interest to the redemption date. The redemption was completed on August 7, 2013 and resulted in a write-off of unamortized debt fees of $1.0 million, which was recognized in our third quarter 2013 financial results. | ||||||||||||||||
As a result of this redemption, these notes have been fully extinguished. | ||||||||||||||||
Current Maturities of Our Indebtedness | ||||||||||||||||
We classified certain non-extending balances under our New Credit Facility as a current maturity, as such amounts come due within the next twelve months. | ||||||||||||||||
Debt Service Requirements | ||||||||||||||||
Debt service requirements under our current outstanding senior subordinated notes and senior notes consist of semi-annual interest payments (based upon fixed annual interest rates ranging from 9.00% to 9.125%) and principal repayments of our 9.125% senior notes due on December 1, 2018, and our 9.00% senior notes due on July 1, 2020. | ||||||||||||||||
Peninsula Gaming Debt | ||||||||||||||||
Bank Credit Facility | ||||||||||||||||
The blended interest rate for outstanding borrowings under the Peninsula Gaming $875.0 million senior secured credit facility (the "Peninsula Credit Facility") were 4.2% and 5.7% at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013, approximately $826.2 million was outstanding under the Peninsula Credit Facility, with $5.8 million allocated to support various letters of credit, leaving remaining contractual availability of $31.8 million. | ||||||||||||||||
First Amendment to the Peninsula Credit Agreement | ||||||||||||||||
On May 1, 2013, Peninsula Gaming entered into the First Amendment to the Peninsula Credit Agreement (the “Peninsula Amendment”), among Peninsula Gaming, certain financial institutions and Bank of America, N.A. (“Bank of America”), as administrative agent (in such capacity, “Administrative Agent”) for the lenders. The Peninsula Amendment amends certain terms of the Peninsula Credit Agreement dated as of November 14, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Peninsula Credit Agreement”), among Peninsula Gaming, the lenders from time to time party thereto, the Administrative Agent, and Bank of America, as Collateral Agent, Swing Line Lender and L/C Issuer. | ||||||||||||||||
Among other things, the Peninsula Amendment: (i) decreases the applicable margin with respect to the Term Loan to 3.25% in the case of Eurodollar Rate Loans and 2.25% in the case of Base Rate Loans, (ii) reduces the minimum Eurodollar Rate with respect to the Term Loan to 1.00% per annum, (iii) requires the Company to pay a premium of 1.00% of the principal amount prepaid for full or partial repayments of Term Loans through the issuance of indebtedness having a lower interest rate than described in clause (i) above during the period of six calendar months after the effective date of the Peninsula Amendment and requires payment of an amendment fee of 1.00% during such period payable to lenders who consent to any such reduced interest rate, (iv) extends the deadline for delivery of year-end reports to 90 days after the end of each fiscal year of the Company, (v) clarifies the definition of Consolidated Adjusted EBITDA with respect to management fees, and (vi) allows quarterly amortization installments to be paid prior to the last day of the applicable quarter. | ||||||||||||||||
As a result of the Peninsula Amendment, Peninsula Gaming incurred $10.2 million of financing fees of which $8.2 million were capitalized as of September 30, 2013 and $2.0 million were expensed as incurred for the nine months ended September 30, 2013. | ||||||||||||||||
Guarantees and Collateral | ||||||||||||||||
Peninsula Gaming's obligations under the Peninsula Credit Facility, subject to certain exceptions, are guaranteed by Peninsula Gaming's subsidiaries and are secured by the capital stock and equity interests of Peninsula Gaming's subsidiaries. In addition, subject to certain exceptions, Peninsula Gaming and each of the guarantors granted the collateral agent first priority liens and security interests on substantially all of the real and personal property (other than gaming licenses and subject to certain other exceptions) of Peninsula Gaming and its subsidiaries as additional security for the performance of the obligations under the Peninsula Credit Facility. The obligations under the Revolver rank senior in right of payment to the obligations under the Term Loan. | ||||||||||||||||
Compliance with Financial and Other Covenants | ||||||||||||||||
The Peninsula Credit Facility contains certain financial and other covenants, including, without limitation, various covenants requiring the maintenance of (i) beginning with the fiscal quarter ended March 31 2013, a maximum consolidated leverage ratio over each 12-month period ending on the last fiscal day of each quarter; (ii) beginning with the fiscal quarter ended March 31, 2013, a minimum consolidated interest coverage ratio of 2.0 to 1.0 as of the end of each calendar quarter; and (iii) a maximum amount of capital expenditures for each fiscal year. Substantially all of Peninsula Gaming's net assets were restricted from distribution under the Peninsula Gaming Notes and Credit Facility subject to specific amounts allowed for certain investments and other restricted payments as well as payments under a management services agreement between Peninsula Gaming and Boyd Acquisition Sub. We believe we were in compliance with our financial covenants at September 30, 2013. | ||||||||||||||||
Senior Notes | ||||||||||||||||
8.375% Senior Notes due February 2018 | ||||||||||||||||
The notes are fully and unconditionally guaranteed, on a joint and several basis, by Peninsula Gaming, LLC's subsidiaries (other than Peninsula Gaming Corp.). The notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restrictive subsidiaries (as defined in the indenture governing the notes) to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. We believe that we were in compliance with these covenants at September 30, 2013. | ||||||||||||||||
Borgata Debt | ||||||||||||||||
Borgata Bank Credit Facility | ||||||||||||||||
On July 24, 2013, the Marina District Finance Company Inc. ("MDFC") entered into an Amended and Restated Credit Agreement (the “New Borgata Credit Facility”) with MDDC, certain financial institutions, and Wells Fargo Bank, National Association, as administrative agent, letter of credit issuer and swing line lender. The New Borgata Credit Facility replaces the Credit Agreement, dated as of August 6, 2010, among MDFC, MDDC, various lenders and Wells Fargo Bank, National Association, as administrative agent, letter of credit issuer and swing line lender, as amended (the “Prior Borgata Credit Agreement”), which provided for the Borgata bank credit facility. | ||||||||||||||||
The New Borgata Credit Facility provides for a $60 million senior secured revolving credit facility (the “Borgata Revolving Credit Facility”) which matures in February 2018 (or earlier upon the occurrence or non-occurrence of certain events). A portion of the availability under the New Borgata Credit Facility was used to repay obligations outstanding under the Prior Borgata Credit Agreement. | ||||||||||||||||
The New Borgata Credit Facility includes an accordion feature which permits: (a) an increase in the Borgata Revolving Credit Facility in an amount not to exceed $15 million and (b) the issuance of senior secured term loans to refinance the 2015 Borgata Notes and, concurrently with or after the 2015 Borgata Notes have been refinanced, to refinance MDFC's 9.875% Senior Secured Notes due 2018 (the “2018 Borgata Notes”) outstanding pursuant to the Borgata Indenture, in each case, subject to the satisfaction of certain conditions. | ||||||||||||||||
The New Borgata Credit Facility is guaranteed on a senior secured basis by MDDC and any future subsidiaries of MDDC and is secured by a first priority lien on substantially all of the assets of MDFC, MDDC and any future subsidiaries of MDDC, subject to certain exceptions. The obligations under the New Borgata Credit Facility will have priority in payment to the payment of the 2015 Borgata Notes and the 2018 Borgata Notes. Neither we nor our subsidiaries (other than MDDC) are a guarantor of the New Borgata Credit Facility. | ||||||||||||||||
Outstanding borrowings under the New Borgata Credit Facility accrue interest, at the option of MDFC, at a rate based upon either: (i) the highest of (a) the agent bank's quoted prime rate, (b) the one-month Eurodollar rate plus 1.00%, and (c) the daily federal funds rate plus 0.50%, or (ii) the Eurodollar rate, plus with respect to each of clause (i) and (ii), an applicable margin as specified in the New Borgata Credit Facility. In addition, a commitment fee is incurred on the unused portion of the Borgata Revolving Credit Facility ranging from 0.50% per annum to 0.75% per annum. | ||||||||||||||||
The blended interest rate for outstanding borrowings under the New Credit Facility was 4.1% at September 30, 2013. At September 30, 2013, approximately $16.3 million was outstanding under the credit facility, with $3.2 million allocated to support letters of credit, leaving contractual availability of $40.5 million. The blended interest rate for the outstanding borrowings under the Prior Credit Facility was 4.1% at December 31, 2012. | ||||||||||||||||
The New Borgata Credit Facility contains customary affirmative and negative covenants, including but not limited to, (i) establishing a minimum Consolidated EBITDA (as defined in the New Borgata Credit Facility) of $110 million over each trailing twelve-month period ending on the last day of each calendar quarter; (ii) imposing limitations on MDFC's and MDDC's ability to incur additional debt, create liens, enter into transactions with affiliates, merge or consolidate, and engage in unrelated business activities; and (iii) imposing restrictions on MDDC's ability to pay dividends. MDFC believes that it was in compliance with these covenants at September 30, 2013. | ||||||||||||||||
Borgata Senior Secured Notes | ||||||||||||||||
9.5% Senior Secured Notes Due 2015 | ||||||||||||||||
The notes are guaranteed on a senior secured basis by MDDC and any future restricted subsidiaries of MDDC. The notes contain covenants that, among other things, limit MDFC's ability and the ability of MDDC to (i) incur additional indebtedness or liens; (ii) pay dividends or make distributions; (iii) make certain investments; (iv) sell or merge with other companies; and (v) enter into certain types of transactions. MDFC believes that it was in compliance with these covenants at September 30, 2013. In August 2013, MDFC redeemed $39.8 million of its 9.5% Senior Notes at a premium of 103.00% and recognized a loss on early extinguishments of debt of approximately $2.0 million. | ||||||||||||||||
Borgata Senior Secured Notes | ||||||||||||||||
9.875% Senior Secured Notes Due 2018 | ||||||||||||||||
The notes are guaranteed on a senior secured basis by MDDC and any future restricted subsidiaries of MDDC. The notes contain covenants that, among other things, limit MDFC's ability and the ability of MDDC to (i) incur additional indebtedness or liens; (ii) pay dividends or make distributions; (iii) make certain investments; (iv) sell or merge with other companies; and (v) enter into certain types of transactions. MDFC believes that it was in compliance with these covenants at September 30, 2013. | ||||||||||||||||
As a result of the Borgata Amendment, Borgata incurred approximately $2.1 million of financing fees. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Commitments | |
There have been no material changes to our commitments described under Note 13, Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 18, 2013. | |
Contingencies | |
Copeland | |
Alvin C. Copeland, the sole shareholder (deceased) of an unsuccessful applicant for a riverboat license at the location of our Treasure Chest Casino (“Treasure Chest”), has made several attempts to have the Treasure Chest license revoked and awarded to his company. In 1999 and 2000, Copeland unsuccessfully opposed the renewal of the Treasure Chest license and has brought two separate legal actions against Treasure Chest. In November 1993, Copeland objected to the relocation of Treasure Chest from the Mississippi River to its current site on Lake Pontchartrain. The predecessor to the Louisiana Gaming Control Board allowed the relocation over Copeland's objection. Copeland then filed an appeal of the agency's decision with the Nineteenth Judicial District Court. Through a number of amendments to the appeal, Copeland unsuccessfully attempted to transform the appeal into a direct action suit and sought the revocation of the Treasure Chest license. Treasure Chest intervened in the matter in order to protect its interests. The appeal/suit, as it related to Treasure Chest, was dismissed by the District Court and that dismissal was upheld on appeal by the First Circuit Court of Appeal. Additionally, in 1999, Copeland filed a direct action against Treasure Chest and certain other parties seeking the revocation of Treasure Chest's license, an award of the license to him, and monetary damages. The suit was dismissed by the trial court, citing that Copeland failed to state a claim on which relief could be granted. The dismissal was appealed by Copeland to the Louisiana First Circuit Court of Appeal. On June 21, 2002, the First Circuit Court of Appeal reversed the trial court's decision and remanded the matter to the trial court. On January 14, 2003, we filed a motion to dismiss the matter and that motion was partially denied. The Court of Appeal refused to reverse the denial of the motion to dismiss. In May 2004, we filed additional motions to dismiss on other grounds. There was no activity regarding this matter during 2005 and 2006, and the case was set to be dismissed by the court for failure to prosecute by the plaintiffs in mid-May 2007; however on May 1, 2007, the plaintiff filed a motion to set a hearing date related to the motions to dismiss. The hearing was scheduled for September 10, 2007, at which time all parties agreed to postpone the hearing indefinitely. The hearing has not yet been rescheduled. Mr. Copeland has since passed away and his son, the executor of his estate, has petitioned the court to be substituted as plaintiff in the case. On June 9, 2009, the plaintiff filed to have the exceptions set for hearing. The parties decided to submit the exceptions to the court on the previously filed briefs. The court issued a ruling denying the exceptions on August 9, 2010. Copeland's counsel indicated a desire to move forward with the litigation and requested that the parties respond to outstanding discovery. Subsequently, on August 11, 2010, Robert J. Guidry, the co-defendant, filed a third party demand against the U.S. Attorney's Office seeking enforcement of Guidry's plea agreement which would limit Guidry's exposure in the case. On September 9, 2010, the U.S. Attorney's Office removed the suit to the U.S. District Court, Middle District of Louisiana. Guidry then filed a motion to dismiss for failing to state a cause of action, asserting the same arguments he tried in state court, which we joined. The U.S. Attorney filed a motion to dismiss for lack of subject matter jurisdiction. The U.S. District Court heard the motions on March 16, 2011. On April 1, 2011, the U.S. Attorney's Office moved for summary judgment, maintaining its jurisdictional argument as well as seeking substantive relief. On September 2, 2011, the judge issued an Order stating that the case should be remanded to state district court. A Remand Order was issued on September 15, 2011, sending the case back to the 19th Judicial District Court, East Baton Rouge Parish, State of Louisiana. Guidry filed a motion for partial summary judgment on November 14, 2011 to limit the damages in the case. Treasure Chest joined in the motion. The hearing on the Motion for Partial Summary Judgment was held on September 10, 2012. On October 3, 2012, Judge Clark granted the motion which effectively struck Copeland's demands for lost profits, the value of the Treasure Chest license and the value of Treasure Chest's success. On October 26, 2012, Copeland filed a supervisory writ application with the First Circuit Court of Appeal asking that the partial summary judgment be reversed. Treasure Chest and Guidry opposed the writ. On February 13, 2013, the writ was denied leaving intact the partial summary judgment. Discovery is proceeding with mediation scheduled on November 20, 2013. We are vigorously defending the lawsuit. If this matter ultimately results in the Treasure Chest license being revoked, it could have a significant adverse effect on Treasure Chest's business, financial condition and results of operations. | |
Nevada Use Tax Refund Claims | |
On March 27, 2008, the Nevada Supreme Court issued a decision in Sparks Nugget, Inc. vs. The State of Nevada Department of Taxation (the “Department”), holding that food purchased for subsequent use in the provision of complimentary and/or employee meals was exempt from use tax. As a result of this decision, refund claims were filed for use taxes paid, over the period November 2000 through May 2008, on food purchased for subsequent use in complimentary and employee meals at our Nevada casino properties. The estimated refund, as of May 30, 2013 was in the range of $19.1 million to $21.6 million, including interest. In 2009, the Department audited and denied our refund claim while simultaneously issuing a $12.3 million sales tax deficiency assessment, plus interest of $7.5 million. We appealed both the denial of the refund claim as well as the deficiency assessment in a hearing before the Nevada Administrative Law Judge ("ALJ") in September 2010. In April 2011, the judge issued a split decision, granting a refund on employee meals and applying a sales tax measure on complimentary meals; however, the ruling barred retroactive application of the sales tax measure to all years in the refund claim period, effectively overturning the Department's 2009 deficiency assessment. Both we and the Department appealed the decision to the Nevada State Tax Commission (the "Commission"). On August 8, 2011, the Commission remanded the case back for a second administrative hearing, which was held on September 26, 2011, to allow for the introduction of additional supporting documentation. The ALJ issued a decision on November 8, 2011, reversing her position on the employee meal refund claim while also affirming the denial of the complimentary meal refund, as well as the denial of a retroactive application of the sales tax measure to both employee and complimentary meals. The ALJ's decision was affirmed in a Commission hearing on January 23, 2012. On February 15, 2012 we filed a petition for judicial review in Clark County District Court. We received a split decision at our District Court hearing on October 17, 2012. The District Court Judge (the “Judge”) affirmed the ALJ decision that sales tax was applicable to complimentary meals and reversed the decision on employee meals, concluding that such meals were exempt from sales tax. The Department has asserted that, although the statute of limitations prohibits their ability to collect incremental sales tax on complimentary meals, the statutes provide for an offset of the incremental sales tax against refunds due on employee meals. As such, the Department believes that it is not required to pay the employee meal refunds. The Judge did not issue a decision with respect to the refund claim offset. We appealed the decision on complimentary meals to the Nevada State Supreme Court and the Department appealed the decision on employee meals. The State Supreme Court suspended our briefing schedule and remanded the case back to District Court for a remedy on the offset issue. In May 2013 we executed a settlement agreement with the Department and Commission. Under the terms of the agreement, we would withdraw our refund claims and dismiss the related litigation, contingent on the enactment of prospective legislation that exempted complimentary and employee meals from sales tax. The Department agreed not to assess sales tax on such meals prior to the date of the legislation's enactment. The legislation exempting complimentary and employee meals from sales tax was passed on May 30, 2013 and signed into law by the Governor of Nevada on June 13, 2013.The agreement further provides a claw-back provision whereby the State of Nevada would be required to refund a pro-rata portion of the withdrawn claims in the event future legislation was enacted, prior to February 1, 2019, subjecting complimentary and employee meals to sales tax. As the terms of the agreement were met upon enactment of the legislation, we intend to file a stipulation for dismissal of our claims in District Court and all contingent liabilities associated with sales tax on complimentary and employee meals have been eliminated. | |
Blue Chip Property Taxes | |
Blue Chip received a property tax assessment for its 2010 and 2011 tax year in January 2013 and August 2013, respectively, but has not received valuation notices or final tax rates for years 2012 and 2013. The 2010 and 2011 tax assessments increased the taxable property value approximately 46% over the settlement valuation agreed to in Blue Chip's 2009 appeal. We have made the minimum required payment against provisional bills received for tax years 2010 and 2011, both of which were based on our 2009 settlement valuation. We have not received tax assessment notices for tax years 2012 or 2013. We have appealed the 2010 and 2011 tax assessment and believe the assessments for the period from January 1, 2010 through September 30, 2013 could result in a total property tax obligation, net of previous payments, ranging between $5.4 million and $14.7 million. We have accrued, net of the payment of the minimum requirements discussed above, approximately $14.7 million for this property tax liability as of September 30, 2013, based on what we believe to be the most likely outcome within our range, once all valuations have been received and all tax rates have been finalized; however, we can provide no assurances that the estimated amount accrued will approximate the actual amount assessed. The final tax assessment notices for the period January 1, 2012 through September 30, 2013, could result in further adjustment to our estimated property tax liability at Blue Chip. | |
Borgata Property Taxes | |
Borgata has filed tax appeal complaints, in connection with its property tax assessments for tax years 2009 through 2013, in New Jersey Tax Court (“Court”). The trial for tax years 2009 and 2010 was held during the second quarter of 2013 and a decision was issued on October 18, 2013. The assessor valued Borgata’s real property at approximately $2.3 billion. The Court found in favor of the Borgata and reduced the real property valuation to $880 million and $870 million for tax years 2009 and 2010, respectively. The City of Atlantic City has indicated that they will appeal the appeal the decision. Borgata has paid its property tax obligations consistent with the assessor’s valuation and based on the Court’s decision, we estimate the 2009 and 2010 property tax refunds and related statutory interest will be approximately $48.0 million and $9.0 million, respectively. The trial for tax years 2011 through 2013 is scheduled to be held in January 2014 and we continue to pay our property tax obligations in accordance with the assessor’s valuation. We can provide no assurances that the Court’s decision will be upheld at the appellate level, nor can we be certain that we will receive a favorable decision in the 2011 through 2013 appeal. Due to the uncertainty surrounding the ultimate resolution of the City’s expected appeal, we will not record any gain until a final, non-appealable decision has been rendered. The final resolution of our appeals for the period January 1, 2009 through September 30, 2013 could result in adjustment to our estimated property tax liability at Borgata. | |
Legal Matters | |
We are also parties to various legal proceedings arising in the ordinary course of business. We believe that, except for the Copeland matter discussed above, all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position or results of operations. |
Stockholders_Equity_and_Stock_
Stockholders' Equity and Stock Incentive Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stockholders' Equity and Stock Incentive Plans | ' | |||||||||||||||
STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS | ||||||||||||||||
Issuance of Common Stock | ||||||||||||||||
On August 1, 2013, we entered into an underwriting agreement with Deutsche Bank Securities and J.P. Morgan Securities, LLC (the "Representatives") and the other underwriters of the party thereto (together with the Representatives, the "Underwriters"), pursuant to which we sold 18,975,000 shares of our common stock (the "Shares") to the Underwriters, which included the full exercise of the Underwriters' option to purchase additional shares of common stock. All of the Shares were sold by the Company on August 7, 2013. The net proceeds received by the Company after the underwriting discount, but before expenses, were approximately $216.7 million. | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. | ||||||||||||||||
The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Gaming | $ | 59 | $ | 59 | $ | 176 | $ | 176 | ||||||||
Food and beverage | 12 | 11 | 34 | 34 | ||||||||||||
Room | 5 | 5 | 16 | 16 | ||||||||||||
Selling, general and administrative | 298 | 298 | 894 | 894 | ||||||||||||
Corporate expense | 1,675 | 1,234 | 7,913 | 6,440 | ||||||||||||
Total shared-based compensation expense | $ | 2,049 | $ | 1,607 | $ | 9,033 | $ | 7,560 | ||||||||
Noncontrolling_Interest
Noncontrolling Interest | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Noncontrolling Interest | ' | |||||||||||||||
NONCONTROLLING INTEREST | ||||||||||||||||
Noncontrolling interest represents: (i) the 50% interest in Holding Company, held by the Divestiture Trust for the economic benefit of MGM, which was initially recorded at fair value at the date of the effective change in control, on March 24, 2010; and (ii) until the Echelon transaction, which closed on March 4, 2013, all 100% of the members' equity interest in LVE, the variable interest entity which had been consolidated in our financial statements, but in which we did not hold an equity interest. | ||||||||||||||||
Changes in the noncontrolling interest during the nine months ended September 30, 2013 are as follows: | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Holding Company | LVE | Other | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Balance, January 1, 2013 | $ | 208,277 | $ | (44,961 | ) | $ | 20 | $ | 163,336 | |||||||
Attributable net loss | (7,596 | ) | (443 | ) | — | (8,039 | ) | |||||||||
Deconsolidation of LVE on March 4, 2013 | — | 45,404 | — | 45,404 | ||||||||||||
Balance, September 30, 2013 | $ | 200,681 | $ | — | $ | 20 | $ | 200,701 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. | ||||||||||||||||
These inputs create the following fair value hierarchy: | ||||||||||||||||
Level 1: Quoted prices for identical instruments in active markets. | ||||||||||||||||
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | ||||||||||||||||
Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||||||||
As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||||||
Balances Measured at Fair Value | ||||||||||||||||
The following tables show the fair values of certain of our financial instruments. | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 165,803 | $ | 165,803 | $ | — | $ | — | ||||||||
Restricted cash | 27,191 | 27,191 | — | — | ||||||||||||
CRDA deposits | 3,726 | — | — | 3,726 | ||||||||||||
Investment available for sale | 17,937 | — | — | 17,937 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 8,983 | $ | — | $ | — | $ | 8,983 | ||||||||
Contingent payments | 4,447 | — | — | 4,447 | ||||||||||||
December 31, 2012 | ||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 192,545 | $ | 192,545 | $ | — | $ | — | ||||||||
Restricted cash | 22,900 | 22,900 | — | — | ||||||||||||
CRDA deposits | 28,464 | — | — | 28,464 | ||||||||||||
Investment available for sale | 17,907 | — | — | 17,907 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 9,800 | $ | — | $ | — | $ | 9,800 | ||||||||
Contingent payments | 4,563 | — | — | 4,563 | ||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||||||
The fair value of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks at September 30, 2013 and December 31, 2012. | ||||||||||||||||
CRDA Deposits | ||||||||||||||||
The fair value of Borgata's CRDA deposits, classified in the fair value hierarchy as Level 3, is based on estimates of the realizable value applied to the balances on statements received from the CRDA at September 30, 2013 and December 31, 2012. | ||||||||||||||||
Investment Available for Sale | ||||||||||||||||
We have an investment in a single municipal bond issuance of $22.1 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities, and degrees of risk and a discounted cash flows analysis as of September 30, 2013 and December 31, 2012. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the condensed consolidated balance sheets. At September 30, 2013 and December 31, 2012, $0.4 million and $0.3 million, respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at September 30, 2013 and December 31, 2012, $17.6 million is included in investment on the condensed consolidated balance sheets. The discount associated with this investment of $3.5 million and $3.6 million as of September 30, 2013 and December 31, 2012, respectively, is netted with the investment on the condensed consolidated balance sheets and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the condensed consolidated statements of comprehensive income (loss). | ||||||||||||||||
Merger Earnout | ||||||||||||||||
Under the terms of the Merger Agreement, Boyd Acquisition II, LLC, an indirect wholly owned subsidiary of Boyd, is obligated to make an additional payment to PGP in 2016 if Kansas Star Casino's ("KSC") EBITDA, as defined in the Merger Agreement, for 2015 exceeds $105.0 million. The additional payment would be equal to 7.5 times the amount by which KSC's 2015 EBITDA exceeds $105.0 million. The actual payout will be determined based on actual EBITDA of KSC for calendar year 2015, and payments are not limited by a maximum value. If the actual 2015 EBITDA of KSC is less than the target, the Company is not required to make any additional consideration payment. The liability was initially recorded upon consummation of the Merger, at the estimated fair value of the earnout determined in conjunction with the preliminary purchase price allocation using the modified Black-Scholes option pricing model, which requires the following assumptions: expected EBITDA volatility, forecasted 2015 EBITDA, risk-free interest rates and risk adjusted discount rate. The fair value of the earnout liability is not yet finalized and is therefore subject to change. We formed our preliminary valuation assumptions using historical experience in the gaming industry and observable market conditions. The contingent consideration agreement will be fair valued periodically with updated assumptions and any change in the fair value of the obligation will be included in the consolidated statements of comprehensive income (loss). At September 30, 2013 and December 31, 2012, there were outstanding liabilities of $9.0 million and $9.8 million, respectively, related to the merger earnout which are included in other liabilities on the condensed consolidated balance sheets. | ||||||||||||||||
Contingent Payments | ||||||||||||||||
In connection with KSC’s acquisition of the land upon which KSC’s casino was developed, KSC agreed to pay a former casino project developer and option holder 1% of KSC’s EBITDA each month for a period of ten years commencing December 20, 2011. The liability was initially recorded upon consummation of the Merger, at the estimated fair value of the contingent land purchase price using a discounted cash flows approach. At each of September 30, 2013 and December 31, 2012, there was a current liability of $0.9 million related to this agreement which was recorded in accrued liabilities on the respective condensed consolidated balance sheets and long-term obligations of $3.5 million and $3.6 million, respectively, which were included in other liabilities on the respective condensed consolidated balance sheets. | ||||||||||||||||
The following table summarizes the fair value of the Company's Level 3 assets and liabilities for the three and nine months ended September 30, 2013. | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Investment | CRDA | Merger | Contingent | |||||||||||||
Available for | Deposits | Earnout | Payments | |||||||||||||
Sale | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at July 1, 2013 | $ | 17,742 | $ | 25,114 | $ | (8,983 | ) | $ | (4,470 | ) | ||||||
Deposits | — | 1,738 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 28 | (581 | ) | — | (191 | ) | ||||||||||
Included in other comprehensive income (loss) | 167 | — | — | — | ||||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | — | (22,545 | ) | — | 214 | |||||||||||
Ending balance at September 30, 2013 | $ | 17,937 | $ | 3,726 | $ | (8,983 | ) | $ | (4,447 | ) | ||||||
Gains (losses) included in earnings attributable to the change in | ||||||||||||||||
unrealized gains relating to assets and liabilities still held at | ||||||||||||||||
the reporting date: | ||||||||||||||||
Included in interest income | $ | 28 | $ | — | $ | — | $ | — | ||||||||
Included in interest expense | — | — | — | (191 | ) | |||||||||||
Included in non-operating income | — | — | — | — | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Investment | CRDA | Merger | Contingent | |||||||||||||
Available for | Deposits | Earnout | Payments | |||||||||||||
Sale | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at January 1, 2013 | $ | 17,907 | $ | 28,464 | $ | (9,800 | ) | $ | (14,363 | ) | ||||||
Deposits | — | 5,145 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 78 | (7,338 | ) | 817 | (578 | ) | ||||||||||
Included in other comprehensive income (loss) | 282 | — | — | — | ||||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | (330 | ) | (22,545 | ) | — | 10,494 | ||||||||||
Ending balance at September 30, 2013 | $ | 17,937 | $ | 3,726 | $ | (8,983 | ) | $ | (4,447 | ) | ||||||
Gains (losses) included in earnings attributable to the change in | ||||||||||||||||
unrealized gains relating to assets and liabilities still held at | ||||||||||||||||
the reporting date: | ||||||||||||||||
Included in interest income | $ | 78 | $ | — | $ | — | $ | 167 | ||||||||
Included in interest expense | — | — | — | (578 | ) | |||||||||||
Included in non-operating income | — | — | 817 | — | ||||||||||||
The table below summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities: | ||||||||||||||||
Valuation | Unobservable | Rate | ||||||||||||||
Technique | Input | |||||||||||||||
Investment available for sale | Discounted cash flow | Discount rate | 10.5 | % | ||||||||||||
CRDA deposits | Valuation Allowance | Reserves | 33.3 | % | ||||||||||||
Merger earnout | Option Model | Risk-free interest rate | 0.4 | % | ||||||||||||
Risk-adjusted discount rate | 14.5 | % | ||||||||||||||
EBITDA volatility | 21.3 | % | ||||||||||||||
Contingent payments | Discounted cash flow | Discount rate | 18.5 | % | ||||||||||||
Balances Disclosed at Fair Value | ||||||||||||||||
The following tables provide the fair value measurement information about our note receivable, obligation under minimum assessment agreements and other financial instruments at September 30, 2013 and December 31, 2012. | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Note receivable | $ | 2,524 | $ | 2,524 | $ | 2,524 | Level 3 | |||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 37,750 | $ | 28,779 | $ | 28,531 | Level 3 | |||||||||
Other financial instruments | 400 | 336 | 336 | Level 3 | ||||||||||||
December 31, 2012 | ||||||||||||||||
Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Note receivable | $ | 2,470 | $ | 2,470 | $ | 2,470 | Level 3 | |||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 38,787 | $ | 29,335 | $ | 29,113 | Level 3 | |||||||||
Other financial instruments | 500 | 413 | 413 | Level 3 | ||||||||||||
The following tables provide the fair value measurement information about our long-term debt at September 30, 2013 and December 31, 2012. | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | |||||||||||||
(In thousands) | ||||||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
New Credit Facility | $ | 1,447,900 | $ | 1,443,400 | $ | 1,454,820 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 493,608 | 547,500 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 381,500 | Level 1 | ||||||||||||
Other | 147,800 | 126,027 | 122,287 | Level 3 | ||||||||||||
2,445,700 | 2,413,035 | 2,506,107 | ||||||||||||||
Peninsula Gaming Debt: | ||||||||||||||||
Bank credit facility | 826,213 | 826,213 | 833,375 | Level 2 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | 350,000 | 381,500 | Level 1 | ||||||||||||
Other | 14 | 14 | 14 | Level 3 | ||||||||||||
1,176,227 | 1,176,227 | 1,214,889 | ||||||||||||||
Total Boyd debt | 3,621,927 | 3,589,262 | 3,720,996 | |||||||||||||
Borgata Debt: | ||||||||||||||||
Borgata bank credit facility | 16,300 | 16,300 | 16,300 | Level 2 | ||||||||||||
Borgata 9.50% Senior Secured Notes due 2015 | 358,200 | 352,405 | 370,737 | Level 1 | ||||||||||||
Borgata 9.875% Senior Secured Notes due 2018 | 393,500 | 384,776 | 410,224 | Level 1 | ||||||||||||
Total Borgata debt | 768,000 | 753,481 | 797,261 | |||||||||||||
Total debt | $ | 4,389,927 | $ | 4,342,743 | $ | 4,518,257 | ||||||||||
December 31, 2012 | ||||||||||||||||
Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | |||||||||||||
(In thousands) | ||||||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Prior Credit Facility | $ | 1,474,850 | $ | 1,466,635 | $ | 1,508,516 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 492,680 | 523,995 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 347,158 | Level 1 | ||||||||||||
6.75% Senior Subordinated Notes due 2014 | 215,668 | 215,668 | 216,460 | Level 1 | ||||||||||||
7.125% Senior Subordinated Notes due 2016 | 240,750 | 240,750 | 236,537 | Level 1 | ||||||||||||
Other | 158,141 | 125,475 | 123,424 | Level 3 | ||||||||||||
2,939,409 | 2,891,208 | 2,956,090 | ||||||||||||||
Peninsula Gaming Debt: | ||||||||||||||||
Bank credit facility | 854,400 | 854,400 | 868,838 | Level 2 | ||||||||||||
8.375% Senior Notes due 2018 | 350,000 | 350,000 | 367,721 | Level 1 | ||||||||||||
Other | 494 | 491 | 494 | Level 3 | ||||||||||||
1,204,894 | 1,204,891 | 1,237,053 | ||||||||||||||
Total Boyd Debt | 4,144,303 | 4,096,099 | 4,193,143 | |||||||||||||
Borgata Debt: | ||||||||||||||||
Borgata bank credit facility | 20,000 | 20,000 | 20,000 | Level 2 | ||||||||||||
Borgata 9.50% Senior Secured Notes due 2015 | 398,000 | 389,547 | 402,275 | Level 1 | ||||||||||||
Borgata 9.875% Senior Secured Notes due 2018 | 393,500 | 383,777 | 373,825 | Level 1 | ||||||||||||
Total Borgata debt | 811,500 | 793,324 | 796,100 | |||||||||||||
Total debt | $ | 4,955,803 | $ | 4,889,423 | $ | 4,989,243 | ||||||||||
The estimated fair value of the New Credit Facility is based on a relative value analysis performed on or about September 30, 2013. The estimated fair value of the Prior Credit Facility is based on a relative value analysis performed on or about December 31, 2012. The estimated fair value of the Peninsula Credit Facility is based on the relative value analysis performed on or about September 30, 2013 and December 31, 2012. The estimated fair value of Borgata's bank credit facility at September 30, 2013 and December 31, 2012 approximates its carrying value due to the short-term nature and variable repricing of the underlying Eurodollar loans comprising the Borgata bank credit facility. The estimated fair values of our senior subordinated and senior notes and Borgata's senior secured notes are based on quoted market prices as of September 30, 2013 and December 31, 2012, respectively. Debt included in the “Other” category has an escalating interest rate debt that is not traded and does not have an observable market input; therefore, we have estimated its fair value based on the short-term nature of the note (maturing is less than five years) after giving consideration to the changes in market rates of interest, creditworthiness of both parties, and credit spreads. | ||||||||||||||||
There were no transfers between Level 1, Level 2 and Level 3 measurements during the nine months ended September 30, 2013 or 2012. | ||||||||||||||||
Fair Value of Non-Recourse Obligations of Variable Interest Entity | ||||||||||||||||
At December 31, 2012, the carrying value of LVE's long-term debt approximated its fair value due to the prevailing interest rates on the debt, which are comparable to market. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
We have aggregated certain of our properties in order to present five Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest and South; (iv) Peninsula; and (v) Atlantic City. The table below lists the classification of each of our properties. | ||||||||||||||||
Las Vegas Locals | ||||||||||||||||
Gold Coast Hotel and Casino | Las Vegas, Nevada | |||||||||||||||
The Orleans Hotel and Casino | Las Vegas, Nevada | |||||||||||||||
Sam's Town Hotel and Gambling Hall | Las Vegas, Nevada | |||||||||||||||
Suncoast Hotel and Casino | Las Vegas, Nevada | |||||||||||||||
Eldorado Casino | Henderson, Nevada | |||||||||||||||
Jokers Wild Casino | Henderson, Nevada | |||||||||||||||
Downtown Las Vegas | ||||||||||||||||
California Hotel and Casino | Las Vegas, Nevada | |||||||||||||||
Fremont Hotel and Casino | Las Vegas, Nevada | |||||||||||||||
Main Street Station Casino, Brewery and Hotel | Las Vegas, Nevada | |||||||||||||||
Midwest and South | ||||||||||||||||
Sam's Town Hotel and Gambling Hall | Tunica, Mississippi | |||||||||||||||
IP Casino Resort Spa | Biloxi, Mississippi | |||||||||||||||
Par-A-Dice Hotel Casino | East Peoria, Illinois | |||||||||||||||
Blue Chip Casino, Hotel & Spa | Michigan City, Indiana | |||||||||||||||
Treasure Chest Casino | Kenner, Louisiana | |||||||||||||||
Delta Downs Racetrack Casino & Hotel | Vinton, Louisiana | |||||||||||||||
Sam's Town Hotel and Casino | Shreveport, Louisiana | |||||||||||||||
Peninsula | ||||||||||||||||
Diamond Jo Dubuque | Dubuque, Iowa | |||||||||||||||
Diamond Jo Worth | Northwood, Iowa | |||||||||||||||
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana | |||||||||||||||
Amelia Belle Casino | Amelia, Louisiana | |||||||||||||||
Kansas Star Casino | Mulvane, Kansas | |||||||||||||||
Atlantic City | ||||||||||||||||
Borgata Hotel Casino & Spa | Atlantic City, New Jersey | |||||||||||||||
Results of Operations | ||||||||||||||||
We determine each of our wholly owned property's profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, preopening expenses, other operating charges, net, share-based compensation expense, deferred rent, change in value of derivative instruments, and gain/loss on early retirements of debt, as applicable. Reportable Segment Adjusted EBITDA is the aggregate sum of the Property EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest and South, and Peninsula segments, and also includes our share of Borgata's operating income before net amortization, preopening and other items. | ||||||||||||||||
Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company. | ||||||||||||||||
We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations. Other operating costs and expenses include deferred rent, and share-based compensation expense charged to our Reportable Segments. | ||||||||||||||||
The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Net Revenues | ||||||||||||||||
Las Vegas Locals | $ | 140,291 | $ | 138,787 | $ | 442,808 | $ | 442,563 | ||||||||
Downtown Las Vegas | 52,674 | 53,547 | 162,884 | 166,494 | ||||||||||||
Midwest and South | 214,831 | 232,965 | 668,221 | 710,415 | ||||||||||||
Peninsula | 130,722 | — | 400,416 | — | ||||||||||||
Atlantic City | 200,051 | 187,091 | 538,572 | 538,657 | ||||||||||||
Reportable Segment Net Revenues | $ | 738,569 | $ | 612,390 | $ | 2,212,901 | $ | 1,858,129 | ||||||||
Reportable Segment Adjusted EBITDA | ||||||||||||||||
Las Vegas Locals | $ | 26,350 | $ | 24,271 | $ | 104,278 | $ | 97,292 | ||||||||
Downtown Las Vegas | 5,534 | 6,356 | 21,942 | 22,897 | ||||||||||||
Midwest and South | 41,936 | 48,708 | 140,243 | 157,841 | ||||||||||||
Peninsula | 45,274 | — | 144,309 | — | ||||||||||||
Atlantic City | 46,592 | 33,350 | 102,844 | 102,966 | ||||||||||||
Reportable Segment Adjusted EBITDA | 165,686 | 112,685 | 513,616 | 380,996 | ||||||||||||
Other operating costs and expenses | ||||||||||||||||
Corporate expense | 10,409 | 9,082 | 34,675 | 29,756 | ||||||||||||
Deferred rent | 956 | 996 | 2,872 | 2,988 | ||||||||||||
Depreciation and amortization | 69,002 | 50,424 | 209,358 | 151,059 | ||||||||||||
Preopening expense | 1,675 | 1,618 | 4,829 | 5,488 | ||||||||||||
Share-based compensation expense | 2,048 | 1,607 | 9,033 | 7,560 | ||||||||||||
Impairment of assets | 1,250 | — | 6,282 | — | ||||||||||||
Asset transaction costs | (1,362 | ) | 645 | 2,265 | 6,917 | |||||||||||
Other operating charges, net | 3,386 | (1,074 | ) | 5,181 | (9,236 | ) | ||||||||||
Total other operating costs and expenses | 87,364 | 63,298 | 274,495 | 194,532 | ||||||||||||
Operating income | $ | 78,322 | $ | 49,387 | $ | 239,121 | $ | 186,464 | ||||||||
Total Assets | ||||||||||||||||
The Company's total assets by Reportable Segment consisted of the following amounts at September 30, 2013 and December 31, 2012: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Las Vegas Locals | $ | 1,190,711 | $ | 1,215,494 | ||||||||||||
Downtown Las Vegas | 132,462 | 133,689 | ||||||||||||||
Midwest and South | 1,336,878 | 1,367,063 | ||||||||||||||
Peninsula | 1,550,006 | 1,604,778 | ||||||||||||||
Atlantic City | 1,330,547 | 1,388,562 | ||||||||||||||
Total Reportable Segment assets | 5,540,604 | 5,709,586 | ||||||||||||||
Corporate | 232,477 | 395,436 | ||||||||||||||
Other | — | 227,171 | ||||||||||||||
Total assets | $ | 5,773,081 | $ | 6,332,193 | ||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ||||||||||||||||||||||||
Separate condensed consolidating financial information for our subsidiary guarantors and non-guarantors of our 9.125% Senior Notes due December 2018 and 9.00% Senior Notes due July 2020 is presented below. The notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The non-guarantors primarily represent special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries. | ||||||||||||||||||||||||
The tables below present the condensed consolidating balance sheets as of September 30, 2013 and December 31, 2012 and the condensed consolidating statements of operations for the three and nine months ended September 30, 2013 and 2012 and the condensed consolidating statements of cash flows for the nine months ended September 30, 2013 and 2012. The Company has corrected certain prior year amounts in the current year presentation to reflect certain intercompany activities between the parent and the sub-groups that had previously been excluded from the presentation, and to properly record the impact of certain reclassification entries within the correct sub-group. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 99,487 | $ | 30,866 | $ | 35,450 | $ | — | $ | 165,803 | ||||||||||||
Other current assets | 90,894 | (15,574 | ) | 37,657 | 45,955 | 135 | 159,067 | |||||||||||||||||
Property and equipment, net | 63,431 | 1,839,262 | 448,036 | 1,174,817 | — | 3,525,546 | ||||||||||||||||||
Investments in subsidiaries | 3,158,525 | 268,870 | 8,213 | 311 | (3,435,919 | ) | — | |||||||||||||||||
Intercompany receivable | — | 563,945 | 47,096 | — | (611,041 | ) | — | |||||||||||||||||
Other assets, net | 38,440 | 12,724 | 79,411 | 14,081 | — | 144,656 | ||||||||||||||||||
Intangible assets, net | — | 466,676 | 556,060 | 60,344 | — | 1,083,080 | ||||||||||||||||||
Goodwill, net | — | 212,795 | 482,134 | — | — | 694,929 | ||||||||||||||||||
Total assets | $ | 3,351,290 | $ | 3,448,185 | $ | 1,689,473 | $ | 1,330,958 | $ | (4,046,825 | ) | $ | 5,773,081 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,259 | $ | — | $ | — | $ | 29,759 | ||||||||||||
Other current liabilities | 57,662 | 214,282 | 68,169 | 103,274 | (573 | ) | 442,814 | |||||||||||||||||
Intercompany payable | 485,232 | — | 125,398 | 103 | (610,733 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,265,508 | — | 1,293,995 | 753,481 | — | 4,312,984 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 11,617 | 186,586 | 47,832 | 30,925 | 92 | 277,052 | ||||||||||||||||||
Common stock | 1,078 | 31,124 | — | — | (31,124 | ) | 1,078 | |||||||||||||||||
Additional paid-in capital | 894,222 | 2,736,895 | 244,003 | 480,833 | (3,461,731 | ) | 894,222 | |||||||||||||||||
Retained earnings (deficit) | (384,734 | ) | 279,298 | (97,388 | ) | (37,658 | ) | (144,252 | ) | (384,734 | ) | |||||||||||||
Accumulated other | (795 | ) | — | (795 | ) | — | 795 | (795 | ) | |||||||||||||||
comprehensive loss | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 509,771 | 3,047,317 | 145,820 | 443,175 | (3,636,312 | ) | 509,771 | |||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 200,701 | 200,701 | ||||||||||||||||||
Total stockholders' equity | 509,771 | 3,047,317 | 145,820 | 443,175 | (3,435,611 | ) | 710,472 | |||||||||||||||||
Total liabilities and stockholders' | $ | 3,351,290 | $ | 3,448,185 | $ | 1,689,473 | $ | 1,330,958 | $ | (4,046,825 | ) | $ | 5,773,081 | |||||||||||
equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,520 | $ | 118,714 | $ | 36,619 | $ | 34,692 | $ | — | $ | 192,545 | ||||||||||||
Other current assets | 87,493 | (4,371 | ) | 32,460 | 50,751 | (3,970 | ) | 162,363 | ||||||||||||||||
Current assets from discontinued | — | — | 685 | — | — | 685 | ||||||||||||||||||
operation | ||||||||||||||||||||||||
Property and equipment, net | 67,500 | 1,691,120 | 462,986 | 1,365,708 | — | 3,587,314 | ||||||||||||||||||
Assets held for development | 775 | 330,995 | — | — | — | 331,770 | ||||||||||||||||||
Investments in subsidiaries | 3,089,125 | 267,777 | 4,103 | — | (3,361,005 | ) | — | |||||||||||||||||
Intercompany receivable | (134,385 | ) | 264,686 | 10 | (224 | ) | (130,087 | ) | — | |||||||||||||||
Other assets, net | 45,880 | 12,791 | 81,846 | 64,748 | — | 205,265 | ||||||||||||||||||
Intangible assets, net | — | 468,229 | 589,845 | 61,564 | — | 1,119,638 | ||||||||||||||||||
Goodwill, net | — | 212,795 | 482,134 | — | — | 694,929 | ||||||||||||||||||
Noncurrent assets from discontinued | — | — | 37,684 | — | — | 37,684 | ||||||||||||||||||
operation | ||||||||||||||||||||||||
Total assets | $ | 3,158,908 | $ | 3,362,736 | $ | 1,728,372 | $ | 1,577,239 | $ | (3,495,062 | ) | $ | 6,332,193 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 42,500 | $ | 10,341 | $ | 8,729 | $ | — | $ | — | $ | 61,570 | ||||||||||||
Non-recourse debt | — | — | — | 225,113 | — | 225,113 | ||||||||||||||||||
Other current liabilities | 66,121 | 208,399 | 79,928 | 109,442 | (873 | ) | 463,017 | |||||||||||||||||
Current liabilities from discontinued | — | — | 70,864 | — | (70,000 | ) | 864 | |||||||||||||||||
operation | ||||||||||||||||||||||||
Intercompany payable | — | — | 58,198 | — | (58,198 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,723,234 | — | 1,311,295 | 793,324 | — | 4,827,853 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 23,262 | 185,717 | 41,289 | 36,350 | 31 | 286,649 | ||||||||||||||||||
Preferred stock | — | — | — | — | — | |||||||||||||||||||
Common stock | 869 | 31,128 | — | — | (31,128 | ) | 869 | |||||||||||||||||
Additional paid-in capital | 655,694 | 2,756,184 | 250,504 | 480,833 | (3,487,521 | ) | 655,694 | |||||||||||||||||
Retained earnings (deficit) | (351,810 | ) | 170,967 | (91,473 | ) | (67,823 | ) | (11,671 | ) | (351,810 | ) | |||||||||||||
Accumulated other | (962 | ) | — | (962 | ) | — | 962 | (962 | ) | |||||||||||||||
comprehensive loss | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 303,791 | 2,958,279 | 158,069 | 413,010 | (3,529,358 | ) | 303,791 | |||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 163,336 | 163,336 | ||||||||||||||||||
Total stockholders' equity | 303,791 | 2,958,279 | 158,069 | 413,010 | (3,366,022 | ) | 467,127 | |||||||||||||||||
Total liabilities and stockholders' | $ | 3,158,908 | $ | 3,362,736 | $ | 1,728,372 | $ | 1,577,239 | $ | (3,495,062 | ) | $ | 6,332,193 | |||||||||||
equity | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net revenues | $ | 32,018 | $ | 395,991 | $ | 147,905 | $ | 200,051 | $ | (37,396 | ) | $ | 738,569 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 462 | 223,748 | 80,857 | 100,573 | — | 405,640 | ||||||||||||||||||
Selling, general and | 11,698 | 58,809 | 15,510 | 36,830 | (10 | ) | 122,837 | |||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 25,639 | 4,040 | 16,056 | — | 45,735 | ||||||||||||||||||
Depreciation and amortization | 1,610 | 30,281 | 22,774 | 14,337 | — | 69,002 | ||||||||||||||||||
Corporate expense | 11,423 | (7 | ) | 668 | — | — | 12,084 | |||||||||||||||||
Preopening expense | (537 | ) | — | 1,883 | 329 | — | 1,675 | |||||||||||||||||
Impairments of assets | — | 1,250 | — | — | — | 1,250 | ||||||||||||||||||
Asset transactions costs | (1,692 | ) | 399 | 132 | (201 | ) | — | (1,362 | ) | |||||||||||||||
Other operating charges and credits, net | 134 | 43 | 63 | 3,146 | — | 3,386 | ||||||||||||||||||
Intercompany expenses | 301 | 26,885 | 10,200 | — | (37,386 | ) | — | |||||||||||||||||
Total costs and expenses | 23,399 | 367,047 | 136,127 | 171,070 | (37,396 | ) | 660,247 | |||||||||||||||||
Equity in earnings of subsidiaries | 11,012 | (4,291 | ) | — | — | (6,721 | ) | — | ||||||||||||||||
Operating income (loss) | 19,631 | 24,653 | 11,778 | 28,981 | (6,721 | ) | 78,322 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 36,936 | 2,270 | 23,104 | 20,282 | — | 82,592 | ||||||||||||||||||
Loss on early extinguishments of debt | 24,605 | — | — | 2,536 | — | 27,141 | ||||||||||||||||||
Other, net | 136 | — | — | — | — | 136 | ||||||||||||||||||
Total other expense, net | 61,677 | 2,270 | 23,104 | 22,818 | — | 109,869 | ||||||||||||||||||
Income (loss) from continuing | (42,046 | ) | 22,383 | (11,326 | ) | 6,163 | (6,721 | ) | (31,547 | ) | ||||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 4,779 | (1,336 | ) | (5,760 | ) | (731 | ) | — | (3,048 | ) | ||||||||||||||
Income (loss) from continuing | (37,267 | ) | 21,047 | (17,086 | ) | 5,432 | (6,721 | ) | (34,595 | ) | ||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | — | — | — | — | ||||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (37,267 | ) | 21,047 | (17,086 | ) | 5,432 | (6,721 | ) | (34,595 | ) | ||||||||||||||
Net loss attributable to | — | — | — | — | (2,672 | ) | (2,672 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (37,267 | ) | $ | 21,047 | $ | (17,086 | ) | $ | 5,432 | $ | (9,393 | ) | $ | (37,267 | ) | ||||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (37,215 | ) | $ | 21,047 | $ | (17,034 | ) | $ | 5,432 | $ | (6,773 | ) | $ | (34,543 | ) | ||||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net revenues | $ | 27,949 | $ | 413,281 | $ | 12,554 | $ | 189,815 | $ | (31,209 | ) | $ | 612,390 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 456 | 235,163 | 12,796 | 102,357 | — | 350,772 | ||||||||||||||||||
Selling, general and | 11,331 | 63,579 | 2,008 | 35,475 | — | 112,393 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 21,532 | 483 | 15,914 | — | 37,929 | ||||||||||||||||||
Depreciation and amortization | 1,925 | 31,567 | 624 | 16,308 | — | 50,424 | ||||||||||||||||||
Corporate expense | 9,877 | 25 | 415 | — | — | 10,317 | ||||||||||||||||||
Preopening expense | 589 | 3,493 | 260 | — | (2,724 | ) | 1,618 | |||||||||||||||||
Asset transactions costs | 645 | — | — | — | — | 645 | ||||||||||||||||||
Other operating charges and credits, net | — | 524 | 5 | (1,624 | ) | — | (1,095 | ) | ||||||||||||||||
Intercompany expenses | 346 | 27,644 | 495 | — | (28,485 | ) | — | |||||||||||||||||
Total costs and expenses | 25,169 | 383,527 | 17,086 | 168,430 | (31,209 | ) | 563,003 | |||||||||||||||||
Equity in earnings of subsidiaries | 10,122 | (2,584 | ) | — | — | (7,538 | ) | — | ||||||||||||||||
Operating income (loss) | 12,902 | 27,170 | (4,532 | ) | 21,385 | (7,538 | ) | 49,387 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 43,415 | 3,350 | 3,342 | 23,736 | — | 73,843 | ||||||||||||||||||
Total other expense, net | 43,415 | 3,350 | 3,342 | 23,736 | — | 73,843 | ||||||||||||||||||
Income (loss) from continuing | (30,513 | ) | 23,820 | (7,874 | ) | (2,351 | ) | (7,538 | ) | (24,456 | ) | |||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 14,717 | (7,828 | ) | 1,124 | 37 | 8,050 | ||||||||||||||||||
Income (loss) from continuing | (15,796 | ) | 15,992 | (6,750 | ) | (2,314 | ) | (7,538 | ) | (16,406 | ) | |||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | (676 | ) | — | — | (676 | ) | ||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (15,796 | ) | 15,992 | (7,426 | ) | (2,314 | ) | (7,538 | ) | (17,082 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 1,286 | 1,286 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (15,796 | ) | $ | 15,992 | $ | (7,426 | ) | $ | (2,314 | ) | $ | (6,252 | ) | $ | (15,796 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (15,796 | ) | $ | 15,992 | $ | (7,426 | ) | $ | (1,080 | ) | $ | (7,538 | ) | $ | (15,848 | ) | |||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net revenues | $ | 106,132 | $ | 1,238,422 | $ | 452,555 | $ | 540,505 | $ | (124,713 | ) | $ | 2,212,901 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,386 | 680,970 | 241,394 | 279,676 | — | 1,203,426 | ||||||||||||||||||
Selling, general and | 35,183 | 179,365 | 48,131 | 111,227 | (41 | ) | 373,865 | |||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 70,087 | 11,073 | 44,826 | — | 125,986 | ||||||||||||||||||
Depreciation and amortization | 5,008 | 90,992 | 67,910 | 45,448 | — | 209,358 | ||||||||||||||||||
Corporate expense | 39,463 | 87 | 3,038 | — | — | 42,588 | ||||||||||||||||||
Preopening expense | 563 | 2,892 | 2,920 | 387 | (1,933 | ) | 4,829 | |||||||||||||||||
Impairments of assets | — | 13,984 | — | 5,032 | (12,734 | ) | 6,282 | |||||||||||||||||
Asset transactions costs | 1,043 | 724 | 293 | 205 | — | 2,265 | ||||||||||||||||||
Other operating charges and credits, net | 412 | 1,396 | 227 | 3,146 | — | 5,181 | ||||||||||||||||||
Intercompany expenses | 912 | 90,132 | 31,695 | — | (122,739 | ) | — | |||||||||||||||||
Total costs and expenses | 83,970 | 1,130,629 | 406,681 | 489,947 | (137,447 | ) | 1,973,780 | |||||||||||||||||
Equity in earnings of subsidiaries | 84,122 | 13,379 | — | — | (97,501 | ) | — | |||||||||||||||||
Operating income (loss) | 106,284 | 121,172 | 45,874 | 50,558 | (84,767 | ) | 239,121 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 121,004 | 7,632 | 72,262 | 64,276 | — | 265,174 | ||||||||||||||||||
Loss on early extinguishments of debt | 25,001 | — | 1,976 | 2,536 | — | 29,513 | ||||||||||||||||||
Other, net | 136 | — | (471 | ) | — | — | (335 | ) | ||||||||||||||||
Total other expense, net | 146,141 | 7,632 | 73,767 | 66,812 | — | 294,352 | ||||||||||||||||||
Income (loss) from continuing | (39,857 | ) | 113,540 | (27,893 | ) | (16,254 | ) | (84,767 | ) | (55,231 | ) | |||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 6,933 | (4,260 | ) | 103 | 702 | — | 3,478 | |||||||||||||||||
Income (loss) from continuing | (32,924 | ) | 109,280 | (27,790 | ) | (15,552 | ) | (84,767 | ) | (51,753 | ) | |||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | 23,524 | — | (12,734 | ) | 10,790 | |||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (32,924 | ) | 109,280 | (4,266 | ) | (15,552 | ) | (97,501 | ) | (40,963 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 8,039 | 8,039 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (32,924 | ) | $ | 109,280 | $ | (4,266 | ) | $ | (15,552 | ) | $ | (89,462 | ) | $ | (32,924 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (32,757 | ) | $ | 109,280 | $ | (4,099 | ) | $ | (15,552 | ) | $ | (97,668 | ) | $ | (40,796 | ) | |||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net revenues | $ | 91,626 | $ | 1,281,805 | $ | 39,303 | $ | 546,829 | $ | (101,434 | ) | $ | 1,858,129 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,367 | 705,224 | 40,047 | 288,047 | — | 1,034,685 | ||||||||||||||||||
Selling, general and administrative | 34,010 | 187,481 | 6,206 | 103,014 | — | 330,711 | ||||||||||||||||||
Maintenance and utilities | — | 70,070 | 1,209 | 44,645 | — | 115,924 | ||||||||||||||||||
Depreciation and amortization | 6,152 | 95,529 | 1,926 | 47,452 | — | 151,059 | ||||||||||||||||||
Corporate expense | 35,272 | (32 | ) | 957 | — | — | 36,197 | |||||||||||||||||
Preopening expense | 1,494 | 11,317 | 609 | 240 | (8,172 | ) | 5,488 | |||||||||||||||||
Asset transactions costs | 6,917 | — | — | — | — | 6,917 | ||||||||||||||||||
Other operating charges and credits, net | — | (5,509 | ) | 5 | (3,812 | ) | — | (9,316 | ) | |||||||||||||||
Intercompany expenses | 1,011 | 90,766 | 1,485 | — | (93,262 | ) | — | |||||||||||||||||
Total costs and expenses | 86,223 | 1,154,846 | 52,444 | 479,586 | (101,434 | ) | 1,671,665 | |||||||||||||||||
Equity in earnings of subsidiaries | 61,297 | (6,104 | ) | — | — | (55,193 | ) | — | ||||||||||||||||
Operating income (loss) | 66,700 | 120,855 | (13,141 | ) | 67,243 | (55,193 | ) | 186,464 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 117,503 | 10,703 | 2,933 | 70,908 | — | 202,047 | ||||||||||||||||||
Total other expense, net | 117,503 | 10,703 | 2,933 | 70,908 | — | 202,047 | ||||||||||||||||||
Income (loss) from continuing | (50,803 | ) | 110,152 | (16,074 | ) | (3,665 | ) | (55,193 | ) | (15,583 | ) | |||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 41,836 | (38,456 | ) | 3,183 | (136 | ) | — | 6,427 | ||||||||||||||||
Income (loss) from continuing | (8,967 | ) | 71,696 | (12,891 | ) | (3,801 | ) | (55,193 | ) | (9,156 | ) | |||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | (2,142 | ) | — | — | (2,142 | ) | ||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (8,967 | ) | 71,696 | (15,033 | ) | (3,801 | ) | (55,193 | ) | (11,298 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 2,331 | 2,331 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (8,967 | ) | $ | 71,696 | $ | (15,033 | ) | $ | (3,801 | ) | $ | (52,862 | ) | $ | (8,967 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (8,967 | ) | $ | 71,696 | $ | (15,033 | ) | $ | (100 | ) | $ | (55,193 | ) | $ | (7,597 | ) | |||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | 143,937 | $ | 16,964 | $ | 12,695 | $ | 64,420 | $ | (4,233 | ) | $ | 233,783 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (22,922 | ) | (36,191 | ) | (25,107 | ) | (16,398 | ) | — | (100,618 | ) | |||||||||||||
Proceeds from sale of Echelon | 343,750 | — | — | — | — | 343,750 | ||||||||||||||||||
Cash paid for exercise of LVE option | (187,000 | ) | (187,000 | ) | ||||||||||||||||||||
Proceeds from sale of other assets, net | 4,875 | 4,875 | ||||||||||||||||||||||
Investment in subsidiaries | (4,233 | ) | — | — | — | 4,233 | — | |||||||||||||||||
Other investing activities | — | — | 222 | (24 | ) | 198 | ||||||||||||||||||
Net cash from investing activities | 134,470 | (36,191 | ) | (24,885 | ) | (16,422 | ) | 4,233 | 61,205 | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 2,711,375 | — | 268,500 | 297,100 | 3,276,975 | |||||||||||||||||||
Payments under bank credit facility | (2,738,325 | ) | — | (296,688 | ) | (300,800 | ) | (3,335,813 | ) | |||||||||||||||
Debt financing costs, net | (23,562 | ) | — | (10,288 | ) | (2,546 | ) | (36,396 | ) | |||||||||||||||
Payments on notes payable | (10,341 | ) | — | (477 | ) | — | (10,818 | ) | ||||||||||||||||
Payments on early retirement of debt | (459,278 | ) | — | — | (40,994 | ) | (500,272 | ) | ||||||||||||||||
Distribution to parent | 9,500 | — | (9,500 | ) | — | — | — | |||||||||||||||||
Proceeds from stock options exercised | 13,591 | — | — | — | 13,591 | |||||||||||||||||||
Restricted stock units released, net | (354 | ) | — | — | — | (354 | ) | |||||||||||||||||
Proceeds from sale of common stock, net | 216,467 | — | — | — | 216,467 | |||||||||||||||||||
Net cash from financing activities | (280,927 | ) | — | (48,453 | ) | (47,240 | ) | — | (376,620 | ) | ||||||||||||||
Cash flows from discontinued | ||||||||||||||||||||||||
operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | (2,144 | ) | — | — | (2,144 | ) | ||||||||||||||||
Cash flows from investing activities | — | — | 56,751 | — | — | 56,751 | ||||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash flows from discontinued | — | — | 54,607 | — | — | 54,607 | ||||||||||||||||||
operations | ||||||||||||||||||||||||
Net change in cash and cash | (2,520 | ) | (19,227 | ) | (6,036 | ) | 758 | — | (27,025 | ) | ||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | 2,520 | 118,714 | 36,619 | 34,692 | — | 192,545 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 283 | — | — | 283 | ||||||||||||||||||
Cash and cash equivalents, end of | $ | — | $ | 99,487 | $ | 30,866 | $ | 35,450 | $ | — | $ | 165,803 | ||||||||||||
period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | (101,627 | ) | $ | 17,141 | $ | 190,413 | $ | 41,554 | $ | — | $ | 147,481 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (40,641 | ) | (26,807 | ) | 120 | (33,994 | ) | — | (101,322 | ) | ||||||||||||||
Deposit of acquisition financing proceeds into escrow | — | — | (350,000 | ) | — | — | (350,000 | ) | ||||||||||||||||
Investment in subsidiaries | 88 | — | — | (88 | ) | — | — | |||||||||||||||||
Other investing activities | — | 225 | 20 | 3,809 | — | 4,054 | ||||||||||||||||||
Net cash from investing activities | (40,553 | ) | (26,582 | ) | (349,860 | ) | (30,273 | ) | — | (447,268 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 642,600 | — | — | 515,300 | — | 1,157,900 | ||||||||||||||||||
Payments under bank credit facility | (836,375 | ) | — | — | (541,800 | ) | — | (1,378,175 | ) | |||||||||||||||
Debt financing costs, net | (2,664 | ) | — | — | (217 | ) | — | (2,881 | ) | |||||||||||||||
Proceeds from issuance of debt | 338,500 | — | — | 2,668 | — | 341,168 | ||||||||||||||||||
Proceeds from acquisition financing | — | — | 350,000 | — | — | 350,000 | ||||||||||||||||||
Payments on non-recourse debt of variable interest entity | — | — | — | (755 | ) | — | (755 | ) | ||||||||||||||||
Other financing activities | 117 | (544 | ) | — | — | — | (427 | ) | ||||||||||||||||
Net cash from financing activities | 142,178 | (544 | ) | 350,000 | (24,804 | ) | — | 466,830 | ||||||||||||||||
Cash flows from discontinued | ||||||||||||||||||||||||
operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | (1,636 | ) | — | — | (1,636 | ) | ||||||||||||||||
Cash flows from investing activities | — | — | (392 | ) | — | — | (392 | ) | ||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash from discontinued | — | — | (2,028 | ) | — | — | (2,028 | ) | ||||||||||||||||
operations | ||||||||||||||||||||||||
Net change in cash and cash | (2 | ) | (9,985 | ) | 188,525 | (13,523 | ) | — | 165,015 | |||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | 364 | 128,185 | 3,279 | 46,263 | — | 178,091 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 373 | — | — | 373 | ||||||||||||||||||
Cash and cash equivalents, end of | $ | 362 | $ | 118,200 | $ | 192,177 | $ | 32,740 | $ | — | $ | 343,479 | ||||||||||||
period | ||||||||||||||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
We have evaluated all events or transactions that occurred after September 30, 2013. During this period, up to the filing date, we did not identify any subsequent events, the effects of which would require disclosure or adjustment to our financial position or results of operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Revenue Recognition | ' |
Revenue Recognition | |
Gaming revenue represents the net win from gaming activities, which is the aggregate difference between gaming wins and losses. The majority of our gaming revenue is counted in the form of cash and chips and therefore is not subject to any significant or complex estimation procedures. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gross gaming revenues. Race revenue recognition criteria are met at the time the results of the event are official. Room revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. | |
Promotional Allowances | ' |
Promotional Allowances | |
The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as a promotional allowance. Promotional allowances also include incentives such as cash, goods and services (such as complimentary rooms, food and beverages) earned in our slot bonus point program. We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time, principally for cash play, and to a lesser extent for goods or services, depending upon the property. We record the estimated retail value of these goods and services as revenue and then deduct them as a promotional allowance. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration, and tax planning alternatives. | |
For the three months and nine months ended September 30, 2013, in accordance with GAAP, we have computed our provision for income taxes by applying the actual effective tax rate, under the discrete method, to year-to-date income. Our current rate is impacted by adjustments that are largely independent of our operating results before taxes. Such adjustments relate primarily to the accrual of non-cash tax expense in connection with the tax amortization of indefinite-lived intangible assets that are not available to offset existing deferred tax assets. The deferred tax liabilities created by the tax amortization of these intangibles cannot be used to offset corresponding increases in the net operating loss deferred tax assets in determining our valuation allowance. As such, we believe this method provides the most reliable estimate of year-to-date income tax expense. | |
In the third quarter of 2013, the U.S. Treasury Department (“Treasury”) issued final regulations under Sections 162(a) and 263(a) of the Internal Revenue Code of 1986 (Code), regarding the deduction and capitalization of expenditures related to tangible property. The final regulations replace previously issued proposed and temporary regulations that were generally effective for tax years beginning in 2012; and whose effective date was subsequently changed in November 2012, to tax years beginning in 2014. Treasury also released proposed regulations under Section 168 of the Code regarding dispositions of tangible property. Although the final regulations will affect taxpayers that acquire, produce, or improve tangible property, we do not expect them to have a material impact on our consolidated financial statements. | |
Other Long Term Tax Liabilities | |
The Company's income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. | |
Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. Use of the term “more likely than not” indicates the likelihood of occurrence is greater than 50%. | |
Tax positions, failing to qualify for initial recognition, are recognized in the first subsequent interim period that they meet the “more likely than not” standard. If it is subsequently determined that a previously recognized tax position no longer meets the “more likely than not” standard, it is required that the tax position be derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. | |
Unrecognized tax benefits at September 30, 2013 and December 31, 2012 are $22.4 million and $38.4 million, respectively. Included in the $22.4 million balance of unrecognized tax benefits at September 30, 2013, are $16.8 million of benefits that, if recognized, would impact the effective tax rate. We recognize accrued interest related to unrecognized tax benefits in our income tax provision. | |
Earnings per Share | ' |
Earnings per Share | |
Basic earnings per share is computed by dividing net income applicable to Boyd Gaming Corporation's stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates incorporated into our condensed consolidated financial statements include the estimated allowance for doubtful accounts receivable, the estimated useful lives for depreciable and amortizable assets, recoverability of assets held for development, measurement of the fair value of our controlling interest and the noncontrolling interest in Borgata, fair valuations of acquired assets and assumed liabilities, estimated cash flows in assessing the recoverability of long-lived assets and assumptions relative to the valuation and impairment of goodwill and intangible assets, estimated valuation allowances for deferred tax assets, accruals for slot bonus point programs, estimates of certain tax liabilities and uncertain tax positions, determination of self-insured liability reserves, computation of share-based payment valuation assumptions, estimates of fair values of assets and liabilities measured at fair value, estimates of fair values of assets and liabilities disclosed at fair value, fair values of derivative instruments and assessments of contingencies and litigation and claims. Actual results could differ from these estimates. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements. | |
Accounting Standards Update 2013-02 Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("Update 2013-02") | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Update 2013-02 which is an amendment to Topic 220-10 of the Accounting Standards Codification ("ASC"). | |
The objective of Update 2013-02 is to amend ASC 220-10 to require entities to provide information about amounts reclassified out of other comprehensive income by component. The Company is required to present, either on the face of the financial statements or in the notes, the amounts reclassified from other comprehensive income to the respective line items in the condensed consolidated statements of comprehensive income (loss). | |
Update 2013-02 is effective for interim and annual periods beginning after December 15, 2012. In February 2013, the Company adopted Update 2013-02. Update 2013-02 did not have a material impact on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule of Weighted Average Number of Shares | ' | |||||||||||||||
The weighted average number of common and common equivalent shares used in the calculations of basic and diluted earnings per share calculations for the three and nine months ended September 30, 2013 and 2012, consisted of the following amounts: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 101,555 | 87,643 | 93,122 | 87,587 | ||||||||||||
Potential dilutive effect | — | — | — | — | ||||||||||||
Diluted | 101,555 | 87,643 | 93,122 | 87,587 | ||||||||||||
Schedule of Promotional Allowances | ' | |||||||||||||||
The amounts included in promotional allowances for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Rooms | $ | 39,296 | $ | 39,737 | $ | 109,737 | $ | 110,411 | ||||||||
Food and beverage | 52,708 | 48,975 | 153,361 | 144,094 | ||||||||||||
Other | 33,168 | 30,637 | 85,023 | 86,007 | ||||||||||||
Total promotional allowances | $ | 125,172 | $ | 119,349 | $ | 348,121 | $ | 340,512 | ||||||||
The estimated costs of providing such promotional allowances for the three and nine months ended 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Rooms | $ | 15,361 | $ | 16,980 | $ | 44,505 | $ | 46,079 | ||||||||
Food and beverage | 47,252 | 46,364 | 136,435 | 131,871 | ||||||||||||
Other | 6,499 | 6,931 | 17,058 | 18,817 | ||||||||||||
Total cost of promotional allowances | $ | 69,112 | $ | 70,275 | $ | 197,998 | $ | 196,767 | ||||||||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Supplemental Unaudited Pro Forma Information | ' | ||||||||||||
The following table presents pro forma results of the Company, as though Peninsula Gaming had been acquired as of January 1, 2012. The pro forma results do not necessarily represent the results that may occur in the future. The pro forma amounts include the historical operating results of the Company and Peninsula Gaming prior to the acquisition, with adjustments directly attributable to the acquisition. | |||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||
Boyd Gaming | Peninsula | Boyd Gaming | |||||||||||
Corporation | Gaming | Corporation | |||||||||||
(As Reported) | (Pro Forma) | ||||||||||||
(In thousands) | |||||||||||||
Condensed Statements of Operations | |||||||||||||
Net revenues | $ | 612,390 | $ | 130,154 | $ | 742,544 | |||||||
Net income (loss) attributable to Boyd Gaming Corporation | $ | (15,796 | ) | $ | 1,833 | $ | (13,963 | ) | |||||
Basic and diluted loss per share | $ | (0.18 | ) | $ | (0.16 | ) | |||||||
Nine Months Ended September 30, 2012 | |||||||||||||
Boyd Gaming | Peninsula | Boyd Gaming | |||||||||||
Corporation | Gaming | Corporation | |||||||||||
(As Reported) | (Pro Forma) | ||||||||||||
(In thousands) | |||||||||||||
Condensed Statements of Operations | |||||||||||||
Net revenues | $ | 1,858,129 | $ | 397,769 | $ | 2,255,898 | |||||||
Net income (loss) attributable to Boyd Gaming Corporation | $ | (8,967 | ) | $ | 5,987 | $ | (2,980 | ) | |||||
Basic and diluted loss per share | $ | (0.10 | ) | $ | (0.03 | ) | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
There were no assets and liabilities of the discontinued operation as of September 30, 2013, and the assets and liabilities of the discontinued operation as of December 31, 2012 were as follows: | |||||||||||||
31-Dec-12 | |||||||||||||
(In thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 283 | |||||||||||
Other current assets | 402 | ||||||||||||
Current assets of discontinued operations | $ | 685 | |||||||||||
Property and equipment, net | $ | 37,674 | |||||||||||
Other assets | 10 | ||||||||||||
Noncurrent assets of discontinued operations | $ | 37,684 | |||||||||||
Liabilities | |||||||||||||
Accounts payable and accrued expenses | $ | 864 | |||||||||||
Liabilities of discontinued operations | $ | 864 | |||||||||||
Net revenues, pre-tax income (loss) from operations, and income (loss), net of income taxes, presented as discontinued operations are as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2012 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Operations | |||||||||||||
Net revenues | $ | 889 | $ | 2,140 | $ | 3,455 | |||||||
Income (loss) from discontinued operations before income taxes | $ | (1,039 | ) | $ | (2,200 | ) | $ | (3,295 | ) | ||||
Income taxes | 363 | 776 | 1,153 | ||||||||||
Loss (income) from discontinued operations, net of tax | $ | (676 | ) | $ | (1,424 | ) | $ | (2,142 | ) | ||||
Disposal | |||||||||||||
Gain on disposal before income taxes | $ | — | $ | 18,873 | $ | — | |||||||
Income tax expense | — | (6,659 | ) | — | |||||||||
Gain on disposal, net of tax | $ | — | $ | 12,214 | $ | — | |||||||
(Loss) income from discontinued operations, net of tax | $ | (676 | ) | $ | 10,790 | $ | (2,142 | ) | |||||
Peninsula Gaming | ' | ||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Supplemental Unaudited Pro Forma Information | ' | ||||||||||||
The following table presents pro forma results of the Company, as though Peninsula Gaming had been acquired as of January 1, 2012. The pro forma results do not necessarily represent the results that may occur in the future. The pro forma amounts include the historical operating results of the Company and Peninsula Gaming prior to the acquisition, with adjustments directly attributable to the acquisition. | |||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||
Boyd Gaming | Peninsula | Boyd Gaming | |||||||||||
Corporation | Gaming | Corporation | |||||||||||
(As Reported) | (Pro Forma) | ||||||||||||
(In thousands) | |||||||||||||
Condensed Statements of Operations | |||||||||||||
Net revenues | $ | 612,390 | $ | 130,154 | $ | 742,544 | |||||||
Net income (loss) attributable to Boyd Gaming Corporation | $ | (15,796 | ) | $ | 1,833 | $ | (13,963 | ) | |||||
Basic and diluted loss per share | $ | (0.18 | ) | $ | (0.16 | ) | |||||||
Deconsolidation_of_LVE_Energy_1
Deconsolidation of LVE Energy Partners, LLC (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 99,487 | $ | 30,866 | $ | 35,450 | $ | — | $ | 165,803 | ||||||||||||
Other current assets | 90,894 | (15,574 | ) | 37,657 | 45,955 | 135 | 159,067 | |||||||||||||||||
Property and equipment, net | 63,431 | 1,839,262 | 448,036 | 1,174,817 | — | 3,525,546 | ||||||||||||||||||
Investments in subsidiaries | 3,158,525 | 268,870 | 8,213 | 311 | (3,435,919 | ) | — | |||||||||||||||||
Intercompany receivable | — | 563,945 | 47,096 | — | (611,041 | ) | — | |||||||||||||||||
Other assets, net | 38,440 | 12,724 | 79,411 | 14,081 | — | 144,656 | ||||||||||||||||||
Intangible assets, net | — | 466,676 | 556,060 | 60,344 | — | 1,083,080 | ||||||||||||||||||
Goodwill, net | — | 212,795 | 482,134 | — | — | 694,929 | ||||||||||||||||||
Total assets | $ | 3,351,290 | $ | 3,448,185 | $ | 1,689,473 | $ | 1,330,958 | $ | (4,046,825 | ) | $ | 5,773,081 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,259 | $ | — | $ | — | $ | 29,759 | ||||||||||||
Other current liabilities | 57,662 | 214,282 | 68,169 | 103,274 | (573 | ) | 442,814 | |||||||||||||||||
Intercompany payable | 485,232 | — | 125,398 | 103 | (610,733 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,265,508 | — | 1,293,995 | 753,481 | — | 4,312,984 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 11,617 | 186,586 | 47,832 | 30,925 | 92 | 277,052 | ||||||||||||||||||
Common stock | 1,078 | 31,124 | — | — | (31,124 | ) | 1,078 | |||||||||||||||||
Additional paid-in capital | 894,222 | 2,736,895 | 244,003 | 480,833 | (3,461,731 | ) | 894,222 | |||||||||||||||||
Retained earnings (deficit) | (384,734 | ) | 279,298 | (97,388 | ) | (37,658 | ) | (144,252 | ) | (384,734 | ) | |||||||||||||
Accumulated other | (795 | ) | — | (795 | ) | — | 795 | (795 | ) | |||||||||||||||
comprehensive loss | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 509,771 | 3,047,317 | 145,820 | 443,175 | (3,636,312 | ) | 509,771 | |||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 200,701 | 200,701 | ||||||||||||||||||
Total stockholders' equity | 509,771 | 3,047,317 | 145,820 | 443,175 | (3,435,611 | ) | 710,472 | |||||||||||||||||
Total liabilities and stockholders' | $ | 3,351,290 | $ | 3,448,185 | $ | 1,689,473 | $ | 1,330,958 | $ | (4,046,825 | ) | $ | 5,773,081 | |||||||||||
equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,520 | $ | 118,714 | $ | 36,619 | $ | 34,692 | $ | — | $ | 192,545 | ||||||||||||
Other current assets | 87,493 | (4,371 | ) | 32,460 | 50,751 | (3,970 | ) | 162,363 | ||||||||||||||||
Current assets from discontinued | — | — | 685 | — | — | 685 | ||||||||||||||||||
operation | ||||||||||||||||||||||||
Property and equipment, net | 67,500 | 1,691,120 | 462,986 | 1,365,708 | — | 3,587,314 | ||||||||||||||||||
Assets held for development | 775 | 330,995 | — | — | — | 331,770 | ||||||||||||||||||
Investments in subsidiaries | 3,089,125 | 267,777 | 4,103 | — | (3,361,005 | ) | — | |||||||||||||||||
Intercompany receivable | (134,385 | ) | 264,686 | 10 | (224 | ) | (130,087 | ) | — | |||||||||||||||
Other assets, net | 45,880 | 12,791 | 81,846 | 64,748 | — | 205,265 | ||||||||||||||||||
Intangible assets, net | — | 468,229 | 589,845 | 61,564 | — | 1,119,638 | ||||||||||||||||||
Goodwill, net | — | 212,795 | 482,134 | — | — | 694,929 | ||||||||||||||||||
Noncurrent assets from discontinued | — | — | 37,684 | — | — | 37,684 | ||||||||||||||||||
operation | ||||||||||||||||||||||||
Total assets | $ | 3,158,908 | $ | 3,362,736 | $ | 1,728,372 | $ | 1,577,239 | $ | (3,495,062 | ) | $ | 6,332,193 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 42,500 | $ | 10,341 | $ | 8,729 | $ | — | $ | — | $ | 61,570 | ||||||||||||
Non-recourse debt | — | — | — | 225,113 | — | 225,113 | ||||||||||||||||||
Other current liabilities | 66,121 | 208,399 | 79,928 | 109,442 | (873 | ) | 463,017 | |||||||||||||||||
Current liabilities from discontinued | — | — | 70,864 | — | (70,000 | ) | 864 | |||||||||||||||||
operation | ||||||||||||||||||||||||
Intercompany payable | — | — | 58,198 | — | (58,198 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,723,234 | — | 1,311,295 | 793,324 | — | 4,827,853 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 23,262 | 185,717 | 41,289 | 36,350 | 31 | 286,649 | ||||||||||||||||||
Preferred stock | — | — | — | — | — | |||||||||||||||||||
Common stock | 869 | 31,128 | — | — | (31,128 | ) | 869 | |||||||||||||||||
Additional paid-in capital | 655,694 | 2,756,184 | 250,504 | 480,833 | (3,487,521 | ) | 655,694 | |||||||||||||||||
Retained earnings (deficit) | (351,810 | ) | 170,967 | (91,473 | ) | (67,823 | ) | (11,671 | ) | (351,810 | ) | |||||||||||||
Accumulated other | (962 | ) | — | (962 | ) | — | 962 | (962 | ) | |||||||||||||||
comprehensive loss | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 303,791 | 2,958,279 | 158,069 | 413,010 | (3,529,358 | ) | 303,791 | |||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 163,336 | 163,336 | ||||||||||||||||||
Total stockholders' equity | 303,791 | 2,958,279 | 158,069 | 413,010 | (3,366,022 | ) | 467,127 | |||||||||||||||||
Total liabilities and stockholders' | $ | 3,158,908 | $ | 3,362,736 | $ | 1,728,372 | $ | 1,577,239 | $ | (3,495,062 | ) | $ | 6,332,193 | |||||||||||
equity | ||||||||||||||||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Boyd Gaming | ||||||||||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Other revenue | $ | 38,911 | $ | 2,724 | $ | (2,724 | ) | $ | 38,911 | |||||||||||||||
COSTS AND EXPENSES | ||||||||||||||||||||||||
Selling, general and administrative | $ | 112,389 | $ | 4 | $ | — | $ | 112,393 | ||||||||||||||||
Preopening expenses | $ | 4,342 | $ | — | $ | (2,724 | ) | $ | 1,618 | |||||||||||||||
Operating income | $ | 46,667 | $ | 2,720 | $ | — | $ | 49,387 | ||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense, net | $ | 71,134 | $ | 2,981 | $ | — | $ | 74,115 | ||||||||||||||||
Loss from continuing operations before | $ | (24,195 | ) | $ | (261 | ) | $ | — | $ | (24,456 | ) | |||||||||||||
income taxes | ||||||||||||||||||||||||
Income taxes | 8,050 | — | — | 8,050 | ||||||||||||||||||||
Loss from continuing operations, net of tax | (16,145 | ) | (261 | ) | — | (16,406 | ) | |||||||||||||||||
Loss from discontinued operations, net of tax | (676 | ) | — | — | (676 | ) | ||||||||||||||||||
Net loss | (16,821 | ) | (261 | ) | — | (17,082 | ) | |||||||||||||||||
Net income attributable to noncontrolling | 1,025 | — | 261 | 1,286 | ||||||||||||||||||||
interest | ||||||||||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (15,796 | ) | $ | (261 | ) | $ | 261 | $ | (15,796 | ) | |||||||||||||
Corporation | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Boyd Gaming | ||||||||||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Other revenue | $ | 125,017 | $ | 1,933 | $ | (1,933 | ) | $ | 125,017 | |||||||||||||||
COSTS AND EXPENSES | ||||||||||||||||||||||||
Selling, general and administrative | $ | 373,865 | $ | — | $ | — | $ | 373,865 | ||||||||||||||||
Preopening expenses | $ | 6,762 | $ | — | $ | (1,933 | ) | $ | 4,829 | |||||||||||||||
Operating income | $ | 237,188 | $ | 1,933 | $ | — | $ | 239,121 | ||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense, net | $ | 264,577 | $ | 2,376 | $ | — | $ | 266,953 | ||||||||||||||||
Loss from continuing operations before | $ | (54,788 | ) | $ | (443 | ) | $ | — | $ | (55,231 | ) | |||||||||||||
income taxes | ||||||||||||||||||||||||
Income taxes | 3,478 | — | — | 3,478 | ||||||||||||||||||||
Loss from continuing operations, net of tax | (51,310 | ) | (443 | ) | — | (51,753 | ) | |||||||||||||||||
Income from discontinued operations, net | 10,790 | — | — | 10,790 | ||||||||||||||||||||
of tax | ||||||||||||||||||||||||
Net loss | (40,520 | ) | (443 | ) | — | (40,963 | ) | |||||||||||||||||
Net income attributable to noncontrolling | 7,596 | — | 443 | 8,039 | ||||||||||||||||||||
interest | ||||||||||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (32,924 | ) | $ | (443 | ) | $ | 443 | $ | (32,924 | ) | |||||||||||||
Corporation | ||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Boyd Gaming | ||||||||||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Other revenue | $ | 110,416 | $ | 8,172 | $ | (8,172 | ) | $ | 110,416 | |||||||||||||||
COSTS AND EXPENSES | ||||||||||||||||||||||||
Selling, general and administrative | $ | 330,698 | $ | 13 | $ | — | $ | 330,711 | ||||||||||||||||
Maintenance and utilities | $ | 115,924 | $ | — | $ | — | $ | 115,924 | ||||||||||||||||
Preopening expenses | $ | 13,660 | $ | — | $ | (8,172 | ) | $ | 5,488 | |||||||||||||||
Operating income | $ | 178,305 | $ | 8,159 | $ | — | $ | 186,464 | ||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense, net | $ | 193,708 | $ | 9,023 | $ | — | $ | 202,731 | ||||||||||||||||
Loss from continuing operations before | $ | (14,719 | ) | $ | (864 | ) | $ | — | $ | (15,583 | ) | |||||||||||||
income taxes | ||||||||||||||||||||||||
Income taxes | 6,427 | — | — | 6,427 | ||||||||||||||||||||
Loss from continuing operations, net of tax | (8,292 | ) | (864 | ) | — | (9,156 | ) | |||||||||||||||||
Loss from discontinued operations, net of tax | (2,142 | ) | — | — | (2,142 | ) | ||||||||||||||||||
Net loss | (10,434 | ) | (864 | ) | — | (11,298 | ) | |||||||||||||||||
Net income attributable to noncontrolling | 1,467 | — | 864 | 2,331 | ||||||||||||||||||||
interest | ||||||||||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (8,967 | ) | $ | (864 | ) | $ | 864 | $ | (8,967 | ) | |||||||||||||
Corporation | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net revenues | $ | 32,018 | $ | 395,991 | $ | 147,905 | $ | 200,051 | $ | (37,396 | ) | $ | 738,569 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 462 | 223,748 | 80,857 | 100,573 | — | 405,640 | ||||||||||||||||||
Selling, general and | 11,698 | 58,809 | 15,510 | 36,830 | (10 | ) | 122,837 | |||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 25,639 | 4,040 | 16,056 | — | 45,735 | ||||||||||||||||||
Depreciation and amortization | 1,610 | 30,281 | 22,774 | 14,337 | — | 69,002 | ||||||||||||||||||
Corporate expense | 11,423 | (7 | ) | 668 | — | — | 12,084 | |||||||||||||||||
Preopening expense | (537 | ) | — | 1,883 | 329 | — | 1,675 | |||||||||||||||||
Impairments of assets | — | 1,250 | — | — | — | 1,250 | ||||||||||||||||||
Asset transactions costs | (1,692 | ) | 399 | 132 | (201 | ) | — | (1,362 | ) | |||||||||||||||
Other operating charges and credits, net | 134 | 43 | 63 | 3,146 | — | 3,386 | ||||||||||||||||||
Intercompany expenses | 301 | 26,885 | 10,200 | — | (37,386 | ) | — | |||||||||||||||||
Total costs and expenses | 23,399 | 367,047 | 136,127 | 171,070 | (37,396 | ) | 660,247 | |||||||||||||||||
Equity in earnings of subsidiaries | 11,012 | (4,291 | ) | — | — | (6,721 | ) | — | ||||||||||||||||
Operating income (loss) | 19,631 | 24,653 | 11,778 | 28,981 | (6,721 | ) | 78,322 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 36,936 | 2,270 | 23,104 | 20,282 | — | 82,592 | ||||||||||||||||||
Loss on early extinguishments of debt | 24,605 | — | — | 2,536 | — | 27,141 | ||||||||||||||||||
Other, net | 136 | — | — | — | — | 136 | ||||||||||||||||||
Total other expense, net | 61,677 | 2,270 | 23,104 | 22,818 | — | 109,869 | ||||||||||||||||||
Income (loss) from continuing | (42,046 | ) | 22,383 | (11,326 | ) | 6,163 | (6,721 | ) | (31,547 | ) | ||||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 4,779 | (1,336 | ) | (5,760 | ) | (731 | ) | — | (3,048 | ) | ||||||||||||||
Income (loss) from continuing | (37,267 | ) | 21,047 | (17,086 | ) | 5,432 | (6,721 | ) | (34,595 | ) | ||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | — | — | — | — | ||||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (37,267 | ) | 21,047 | (17,086 | ) | 5,432 | (6,721 | ) | (34,595 | ) | ||||||||||||||
Net loss attributable to | — | — | — | — | (2,672 | ) | (2,672 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (37,267 | ) | $ | 21,047 | $ | (17,086 | ) | $ | 5,432 | $ | (9,393 | ) | $ | (37,267 | ) | ||||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (37,215 | ) | $ | 21,047 | $ | (17,034 | ) | $ | 5,432 | $ | (6,773 | ) | $ | (34,543 | ) | ||||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net revenues | $ | 27,949 | $ | 413,281 | $ | 12,554 | $ | 189,815 | $ | (31,209 | ) | $ | 612,390 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 456 | 235,163 | 12,796 | 102,357 | — | 350,772 | ||||||||||||||||||
Selling, general and | 11,331 | 63,579 | 2,008 | 35,475 | — | 112,393 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 21,532 | 483 | 15,914 | — | 37,929 | ||||||||||||||||||
Depreciation and amortization | 1,925 | 31,567 | 624 | 16,308 | — | 50,424 | ||||||||||||||||||
Corporate expense | 9,877 | 25 | 415 | — | — | 10,317 | ||||||||||||||||||
Preopening expense | 589 | 3,493 | 260 | — | (2,724 | ) | 1,618 | |||||||||||||||||
Asset transactions costs | 645 | — | — | — | — | 645 | ||||||||||||||||||
Other operating charges and credits, net | — | 524 | 5 | (1,624 | ) | — | (1,095 | ) | ||||||||||||||||
Intercompany expenses | 346 | 27,644 | 495 | — | (28,485 | ) | — | |||||||||||||||||
Total costs and expenses | 25,169 | 383,527 | 17,086 | 168,430 | (31,209 | ) | 563,003 | |||||||||||||||||
Equity in earnings of subsidiaries | 10,122 | (2,584 | ) | — | — | (7,538 | ) | — | ||||||||||||||||
Operating income (loss) | 12,902 | 27,170 | (4,532 | ) | 21,385 | (7,538 | ) | 49,387 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 43,415 | 3,350 | 3,342 | 23,736 | — | 73,843 | ||||||||||||||||||
Total other expense, net | 43,415 | 3,350 | 3,342 | 23,736 | — | 73,843 | ||||||||||||||||||
Income (loss) from continuing | (30,513 | ) | 23,820 | (7,874 | ) | (2,351 | ) | (7,538 | ) | (24,456 | ) | |||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 14,717 | (7,828 | ) | 1,124 | 37 | 8,050 | ||||||||||||||||||
Income (loss) from continuing | (15,796 | ) | 15,992 | (6,750 | ) | (2,314 | ) | (7,538 | ) | (16,406 | ) | |||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | (676 | ) | — | — | (676 | ) | ||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (15,796 | ) | 15,992 | (7,426 | ) | (2,314 | ) | (7,538 | ) | (17,082 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 1,286 | 1,286 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (15,796 | ) | $ | 15,992 | $ | (7,426 | ) | $ | (2,314 | ) | $ | (6,252 | ) | $ | (15,796 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (15,796 | ) | $ | 15,992 | $ | (7,426 | ) | $ | (1,080 | ) | $ | (7,538 | ) | $ | (15,848 | ) | |||||||
LVE | ' | |||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Boyd Gaming | ||||||||||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | $ | 354,140 | $ | 1,453 | $ | — | $ | 355,593 | ||||||||||||||||
Property and equipment, net | 3,587,314 | — | — | 3,587,314 | ||||||||||||||||||||
Assets held for development | 168,251 | 163,519 | — | 331,770 | ||||||||||||||||||||
Debt financing costs, net | 83,020 | 2,448 | — | 85,468 | ||||||||||||||||||||
Restricted investments | — | 21,382 | — | 21,382 | ||||||||||||||||||||
Other assets | 98,415 | — | — | 98,415 | ||||||||||||||||||||
Intangible assets, net | 1,119,638 | — | — | 1,119,638 | ||||||||||||||||||||
Goodwill, net | 694,929 | — | — | 694,929 | ||||||||||||||||||||
Assets of discontinued operation | 37,684 | — | — | 37,684 | ||||||||||||||||||||
Total Assets | $ | 6,143,391 | $ | 188,802 | $ | — | $ | 6,332,193 | ||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 61,570 | $ | — | $ | — | $ | 61,570 | ||||||||||||||||
Accounts payable | 90,992 | 164 | — | 91,156 | ||||||||||||||||||||
Accrued and other liabilities | 355,246 | 8,486 | — | 363,732 | ||||||||||||||||||||
Income taxes payable | 8,129 | — | — | 8,129 | ||||||||||||||||||||
Non-recourse obligations of variable interest entity | — | 225,113 | — | 225,113 | ||||||||||||||||||||
Long-term debt, net of current maturities | 4,827,853 | — | — | 4,827,853 | ||||||||||||||||||||
Deferred income taxes | 139,943 | — | — | 139,943 | ||||||||||||||||||||
Long-term tax and other liabilities | 146,706 | — | — | 146,706 | ||||||||||||||||||||
Liabilities of discontinued operation | 864 | — | — | 864 | ||||||||||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Common stock | 869 | — | — | 869 | ||||||||||||||||||||
Additional paid-in capital | 655,694 | — | — | 655,694 | ||||||||||||||||||||
Retained earnings | (351,810 | ) | — | — | (351,810 | ) | ||||||||||||||||||
Accumulated other comprehensive income (loss) | (962 | ) | — | — | (962 | ) | ||||||||||||||||||
Noncontrolling interest | 208,297 | (44,961 | ) | — | 163,336 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,143,391 | $ | 188,802 | $ | — | $ | 6,332,193 | ||||||||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property and Equipment | ' | |||||||
Property and equipment, net consists of the following: | ||||||||
September 30, | December 31, | |||||||
(In thousands) | 2013 | 2012 | ||||||
Land | $ | 336,078 | $ | 341,174 | ||||
Buildings and improvements | 3,842,193 | 3,826,880 | ||||||
Furniture and equipment | 1,319,385 | 1,305,216 | ||||||
Riverboats and barges | 189,139 | 187,620 | ||||||
Construction in progress | 74,427 | 27,397 | ||||||
Other | 21,751 | 23,013 | ||||||
Total property and equipment | 5,782,973 | 5,711,300 | ||||||
Less accumulated depreciation | 2,257,427 | 2,123,986 | ||||||
Property and equipment, net | $ | 3,525,546 | $ | 3,587,314 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||
Schedule of Intangible Assets | ' | |||||||||||||||||
Intangible assets consist of the following: | ||||||||||||||||||
September 30, 2013 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
Remaining | Value | Amortization | Losses | Assets, Net | ||||||||||||||
(In thousands) | ||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 3.8 years | $ | 154,000 | $ | (57,361 | ) | $ | — | $ | 96,639 | ||||||||
Non-competition agreement | 0.2 years | 3,200 | (2,755 | ) | — | 445 | ||||||||||||
Favorable lease rates | 34.7 years | 45,370 | (9,651 | ) | — | 35,719 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
223,943 | (69,767 | ) | — | 154,176 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks and other | Indefinite | 192,405 | — | (5,000 | ) | 187,405 | ||||||||||||
Gaming license rights | Indefinite | 955,457 | (33,958 | ) | (180,000 | ) | 741,499 | |||||||||||
1,147,862 | (33,958 | ) | (185,000 | ) | 928,904 | |||||||||||||
Balance, September 30, 2013 | $ | 1,371,805 | $ | (103,725 | ) | $ | (185,000 | ) | $ | 1,083,080 | ||||||||
December 31, 2012 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
Remaining | Value | Amortization | Losses | Assets, Net | ||||||||||||||
(In thousands) | ||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 4.5 years | $ | 154,000 | $ | (23,059 | ) | $ | — | $ | 130,941 | ||||||||
Non-competition agreement | 0.9 years | 3,200 | (354 | ) | — | 2,846 | ||||||||||||
Favorable lease rates | 35.4 years | 45,370 | (8,867 | ) | — | 36,503 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
223,943 | (32,280 | ) | — | 191,663 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks | Indefinite | 191,800 | — | (5,000 | ) | 186,800 | ||||||||||||
Gaming license rights | Indefinite | 955,135 | (33,960 | ) | (180,000 | ) | 741,175 | |||||||||||
1,146,935 | (33,960 | ) | (185,000 | ) | 927,975 | |||||||||||||
Balance, December 31, 2012 | $ | 1,370,878 | $ | (66,240 | ) | $ | (185,000 | ) | $ | 1,119,638 | ||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Payroll and related expenses | $ | 91,187 | $ | 86,448 | ||||
Interest | 50,120 | 67,145 | ||||||
Gaming liabilities | 82,921 | 85,561 | ||||||
Accrued liabilities | 138,297 | 124,578 | ||||||
Total accrued liabilities | $ | 362,525 | $ | 363,732 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||
Long-term debt, net of current maturities consists of the following: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Unamortized | ||||||||||||||||
Outstanding | Unamortized | Origination | Long-Term | |||||||||||||
Principal | Discount | Fees | Debt, Net | |||||||||||||
(In thousands) | ||||||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
New Credit Facility | $ | 1,447,900 | $ | — | $ | (4,500 | ) | $ | 1,443,400 | |||||||
9.125% senior notes due 2018 | 500,000 | — | (6,392 | ) | 493,608 | |||||||||||
9.00% senior notes due 2020 | 350,000 | — | — | 350,000 | ||||||||||||
HoldCo Note | 147,800 | (21,773 | ) | — | 126,027 | |||||||||||
2,445,700 | (21,773 | ) | (10,892 | ) | 2,413,035 | |||||||||||
Peninsula Gaming Debt: | ||||||||||||||||
Bank credit facility | 826,213 | — | — | 826,213 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | — | — | 350,000 | ||||||||||||
Other | 14 | — | — | 14 | ||||||||||||
1,176,227 | — | — | 1,176,227 | |||||||||||||
Total Boyd Debt | 3,621,927 | (21,773 | ) | (10,892 | ) | 3,589,262 | ||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 16,300 | — | — | 16,300 | ||||||||||||
9.50% senior secured notes due 2015 | 358,200 | (1,731 | ) | (4,064 | ) | 352,405 | ||||||||||
9.875% senior secured notes due 2018 | 393,500 | (1,887 | ) | (6,837 | ) | 384,776 | ||||||||||
768,000 | (3,618 | ) | (10,901 | ) | 753,481 | |||||||||||
Less current maturities | 29,759 | — | — | 29,759 | ||||||||||||
Long-term debt, net | $ | 4,360,168 | $ | (25,391 | ) | $ | (21,793 | ) | $ | 4,312,984 | ||||||
December 31, 2012 | ||||||||||||||||
Unamortized | ||||||||||||||||
Outstanding | Unamortized | Origination | Long-Term | |||||||||||||
Principal | Discount | Fees | Debt, Net | |||||||||||||
(In thousands) | ||||||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Prior Credit Facility | $ | 1,474,850 | $ | (5,001 | ) | $ | (3,214 | ) | $ | 1,466,635 | ||||||
9.125% senior notes due 2018 | 500,000 | — | (7,320 | ) | 492,680 | |||||||||||
9.00% senior notes due 2020 | 350,000 | — | — | 350,000 | ||||||||||||
6.75% senior subordinated notes due 2014 | 215,668 | — | — | 215,668 | ||||||||||||
7.125% senior subordinated notes due 2016 | 240,750 | — | — | 240,750 | ||||||||||||
HoldCo Note and other | 158,141 | (32,666 | ) | — | 125,475 | |||||||||||
2,939,409 | (37,667 | ) | (10,534 | ) | 2,891,208 | |||||||||||
Peninsula Gaming Debt: | ||||||||||||||||
Bank credit facility | 854,400 | — | — | 854,400 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | — | — | 350,000 | ||||||||||||
Other | 494 | (3 | ) | — | 491 | |||||||||||
1,204,894 | (3 | ) | — | 1,204,891 | ||||||||||||
Total Boyd Debt | 4,144,303 | (37,670 | ) | (10,534 | ) | 4,096,099 | ||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 20,000 | — | — | 20,000 | ||||||||||||
9.50% senior secured notes due 2015 | 398,000 | (2,525 | ) | (5,928 | ) | 389,547 | ||||||||||
9.875% senior secured notes due 2018 | 393,500 | (2,103 | ) | (7,620 | ) | 383,777 | ||||||||||
811,500 | (4,628 | ) | (13,548 | ) | 793,324 | |||||||||||
Less current maturities | 61,570 | — | — | 61,570 | ||||||||||||
Long-term debt, net | $ | 4,894,233 | $ | (42,298 | ) | $ | (24,082 | ) | $ | 4,827,853 | ||||||
Schedule of Line of Credit Facilities | ' | |||||||||||||||
The net amounts outstanding under the New Credit Facility at September 30, 2013, were: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Revolving Credit Facility | $ | 290,000 | ||||||||||||||
Term A Loan | 250,000 | |||||||||||||||
Term B Loan | 900,000 | |||||||||||||||
Swing Loan | 3,400 | |||||||||||||||
Total outstanding borrowings under the New Credit Facility | $ | 1,443,400 | ||||||||||||||
Stockholders_Equity_and_Stock_1
Stockholders' Equity and Stock Incentive Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||||||||||||
The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Gaming | $ | 59 | $ | 59 | $ | 176 | $ | 176 | ||||||||
Food and beverage | 12 | 11 | 34 | 34 | ||||||||||||
Room | 5 | 5 | 16 | 16 | ||||||||||||
Selling, general and administrative | 298 | 298 | 894 | 894 | ||||||||||||
Corporate expense | 1,675 | 1,234 | 7,913 | 6,440 | ||||||||||||
Total shared-based compensation expense | $ | 2,049 | $ | 1,607 | $ | 9,033 | $ | 7,560 | ||||||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Schedule of Changes in Noncontrolling Interest | ' | |||||||||||||||
Changes in the noncontrolling interest during the nine months ended September 30, 2013 are as follows: | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Holding Company | LVE | Other | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Balance, January 1, 2013 | $ | 208,277 | $ | (44,961 | ) | $ | 20 | $ | 163,336 | |||||||
Attributable net loss | (7,596 | ) | (443 | ) | — | (8,039 | ) | |||||||||
Deconsolidation of LVE on March 4, 2013 | — | 45,404 | — | 45,404 | ||||||||||||
Balance, September 30, 2013 | $ | 200,681 | $ | — | $ | 20 | $ | 200,701 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||
Balances Measured at Fair Value | ||||||||||||||||
The following tables show the fair values of certain of our financial instruments. | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 165,803 | $ | 165,803 | $ | — | $ | — | ||||||||
Restricted cash | 27,191 | 27,191 | — | — | ||||||||||||
CRDA deposits | 3,726 | — | — | 3,726 | ||||||||||||
Investment available for sale | 17,937 | — | — | 17,937 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 8,983 | $ | — | $ | — | $ | 8,983 | ||||||||
Contingent payments | 4,447 | — | — | 4,447 | ||||||||||||
December 31, 2012 | ||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 192,545 | $ | 192,545 | $ | — | $ | — | ||||||||
Restricted cash | 22,900 | 22,900 | — | — | ||||||||||||
CRDA deposits | 28,464 | — | — | 28,464 | ||||||||||||
Investment available for sale | 17,907 | — | — | 17,907 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 9,800 | $ | — | $ | — | $ | 9,800 | ||||||||
Contingent payments | 4,563 | — | — | 4,563 | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The following table summarizes the fair value of the Company's Level 3 assets and liabilities for the three and nine months ended September 30, 2013. | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Investment | CRDA | Merger | Contingent | |||||||||||||
Available for | Deposits | Earnout | Payments | |||||||||||||
Sale | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at July 1, 2013 | $ | 17,742 | $ | 25,114 | $ | (8,983 | ) | $ | (4,470 | ) | ||||||
Deposits | — | 1,738 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 28 | (581 | ) | — | (191 | ) | ||||||||||
Included in other comprehensive income (loss) | 167 | — | — | — | ||||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | — | (22,545 | ) | — | 214 | |||||||||||
Ending balance at September 30, 2013 | $ | 17,937 | $ | 3,726 | $ | (8,983 | ) | $ | (4,447 | ) | ||||||
Gains (losses) included in earnings attributable to the change in | ||||||||||||||||
unrealized gains relating to assets and liabilities still held at | ||||||||||||||||
the reporting date: | ||||||||||||||||
Included in interest income | $ | 28 | $ | — | $ | — | $ | — | ||||||||
Included in interest expense | — | — | — | (191 | ) | |||||||||||
Included in non-operating income | — | — | — | — | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Investment | CRDA | Merger | Contingent | |||||||||||||
Available for | Deposits | Earnout | Payments | |||||||||||||
Sale | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at January 1, 2013 | $ | 17,907 | $ | 28,464 | $ | (9,800 | ) | $ | (14,363 | ) | ||||||
Deposits | — | 5,145 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 78 | (7,338 | ) | 817 | (578 | ) | ||||||||||
Included in other comprehensive income (loss) | 282 | — | — | — | ||||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | (330 | ) | (22,545 | ) | — | 10,494 | ||||||||||
Ending balance at September 30, 2013 | $ | 17,937 | $ | 3,726 | $ | (8,983 | ) | $ | (4,447 | ) | ||||||
Gains (losses) included in earnings attributable to the change in | ||||||||||||||||
unrealized gains relating to assets and liabilities still held at | ||||||||||||||||
the reporting date: | ||||||||||||||||
Included in interest income | $ | 78 | $ | — | $ | — | $ | 167 | ||||||||
Included in interest expense | — | — | — | (578 | ) | |||||||||||
Included in non-operating income | — | — | 817 | — | ||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ' | |||||||||||||||
The table below summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities: | ||||||||||||||||
Valuation | Unobservable | Rate | ||||||||||||||
Technique | Input | |||||||||||||||
Investment available for sale | Discounted cash flow | Discount rate | 10.5 | % | ||||||||||||
CRDA deposits | Valuation Allowance | Reserves | 33.3 | % | ||||||||||||
Merger earnout | Option Model | Risk-free interest rate | 0.4 | % | ||||||||||||
Risk-adjusted discount rate | 14.5 | % | ||||||||||||||
EBITDA volatility | 21.3 | % | ||||||||||||||
Contingent payments | Discounted cash flow | Discount rate | 18.5 | % | ||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | ' | |||||||||||||||
Balances Disclosed at Fair Value | ||||||||||||||||
The following tables provide the fair value measurement information about our note receivable, obligation under minimum assessment agreements and other financial instruments at September 30, 2013 and December 31, 2012. | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Note receivable | $ | 2,524 | $ | 2,524 | $ | 2,524 | Level 3 | |||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 37,750 | $ | 28,779 | $ | 28,531 | Level 3 | |||||||||
Other financial instruments | 400 | 336 | 336 | Level 3 | ||||||||||||
December 31, 2012 | ||||||||||||||||
Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Note receivable | $ | 2,470 | $ | 2,470 | $ | 2,470 | Level 3 | |||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 38,787 | $ | 29,335 | $ | 29,113 | Level 3 | |||||||||
Other financial instruments | 500 | 413 | 413 | Level 3 | ||||||||||||
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | ' | |||||||||||||||
September 30, 2013 | ||||||||||||||||
Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | |||||||||||||
(In thousands) | ||||||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
New Credit Facility | $ | 1,447,900 | $ | 1,443,400 | $ | 1,454,820 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 493,608 | 547,500 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 381,500 | Level 1 | ||||||||||||
Other | 147,800 | 126,027 | 122,287 | Level 3 | ||||||||||||
2,445,700 | 2,413,035 | 2,506,107 | ||||||||||||||
Peninsula Gaming Debt: | ||||||||||||||||
Bank credit facility | 826,213 | 826,213 | 833,375 | Level 2 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | 350,000 | 381,500 | Level 1 | ||||||||||||
Other | 14 | 14 | 14 | Level 3 | ||||||||||||
1,176,227 | 1,176,227 | 1,214,889 | ||||||||||||||
Total Boyd debt | 3,621,927 | 3,589,262 | 3,720,996 | |||||||||||||
Borgata Debt: | ||||||||||||||||
Borgata bank credit facility | 16,300 | 16,300 | 16,300 | Level 2 | ||||||||||||
Borgata 9.50% Senior Secured Notes due 2015 | 358,200 | 352,405 | 370,737 | Level 1 | ||||||||||||
Borgata 9.875% Senior Secured Notes due 2018 | 393,500 | 384,776 | 410,224 | Level 1 | ||||||||||||
Total Borgata debt | 768,000 | 753,481 | 797,261 | |||||||||||||
Total debt | $ | 4,389,927 | $ | 4,342,743 | $ | 4,518,257 | ||||||||||
December 31, 2012 | ||||||||||||||||
Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | |||||||||||||
(In thousands) | ||||||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Prior Credit Facility | $ | 1,474,850 | $ | 1,466,635 | $ | 1,508,516 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 492,680 | 523,995 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 347,158 | Level 1 | ||||||||||||
6.75% Senior Subordinated Notes due 2014 | 215,668 | 215,668 | 216,460 | Level 1 | ||||||||||||
7.125% Senior Subordinated Notes due 2016 | 240,750 | 240,750 | 236,537 | Level 1 | ||||||||||||
Other | 158,141 | 125,475 | 123,424 | Level 3 | ||||||||||||
2,939,409 | 2,891,208 | 2,956,090 | ||||||||||||||
Peninsula Gaming Debt: | ||||||||||||||||
Bank credit facility | 854,400 | 854,400 | 868,838 | Level 2 | ||||||||||||
8.375% Senior Notes due 2018 | 350,000 | 350,000 | 367,721 | Level 1 | ||||||||||||
Other | 494 | 491 | 494 | Level 3 | ||||||||||||
1,204,894 | 1,204,891 | 1,237,053 | ||||||||||||||
Total Boyd Debt | 4,144,303 | 4,096,099 | 4,193,143 | |||||||||||||
Borgata Debt: | ||||||||||||||||
Borgata bank credit facility | 20,000 | 20,000 | 20,000 | Level 2 | ||||||||||||
Borgata 9.50% Senior Secured Notes due 2015 | 398,000 | 389,547 | 402,275 | Level 1 | ||||||||||||
Borgata 9.875% Senior Secured Notes due 2018 | 393,500 | 383,777 | 373,825 | Level 1 | ||||||||||||
Total Borgata debt | 811,500 | 793,324 | 796,100 | |||||||||||||
Total debt | $ | 4,955,803 | $ | 4,889,423 | $ | 4,989,243 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ' | ||||||||||||||||
Schedule of Composition of Segments | ' | ' | ||||||||||||||||
The table below lists the classification of each of our properties. | ||||||||||||||||||
Las Vegas Locals | ||||||||||||||||||
Gold Coast Hotel and Casino | Las Vegas, Nevada | |||||||||||||||||
The Orleans Hotel and Casino | Las Vegas, Nevada | |||||||||||||||||
Sam's Town Hotel and Gambling Hall | Las Vegas, Nevada | |||||||||||||||||
Suncoast Hotel and Casino | Las Vegas, Nevada | |||||||||||||||||
Eldorado Casino | Henderson, Nevada | |||||||||||||||||
Jokers Wild Casino | Henderson, Nevada | |||||||||||||||||
Downtown Las Vegas | ||||||||||||||||||
California Hotel and Casino | Las Vegas, Nevada | |||||||||||||||||
Fremont Hotel and Casino | Las Vegas, Nevada | |||||||||||||||||
Main Street Station Casino, Brewery and Hotel | Las Vegas, Nevada | |||||||||||||||||
Midwest and South | ||||||||||||||||||
Sam's Town Hotel and Gambling Hall | Tunica, Mississippi | |||||||||||||||||
IP Casino Resort Spa | Biloxi, Mississippi | |||||||||||||||||
Par-A-Dice Hotel Casino | East Peoria, Illinois | |||||||||||||||||
Blue Chip Casino, Hotel & Spa | Michigan City, Indiana | |||||||||||||||||
Treasure Chest Casino | Kenner, Louisiana | |||||||||||||||||
Delta Downs Racetrack Casino & Hotel | Vinton, Louisiana | |||||||||||||||||
Sam's Town Hotel and Casino | Shreveport, Louisiana | |||||||||||||||||
Peninsula | ||||||||||||||||||
Diamond Jo Dubuque | Dubuque, Iowa | |||||||||||||||||
Diamond Jo Worth | Northwood, Iowa | |||||||||||||||||
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana | |||||||||||||||||
Amelia Belle Casino | Amelia, Louisiana | |||||||||||||||||
Kansas Star Casino | Mulvane, Kansas | |||||||||||||||||
Atlantic City | ||||||||||||||||||
Borgata Hotel Casino & Spa | Atlantic City, New Jersey | |||||||||||||||||
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated | ' | ' | ||||||||||||||||
The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||||
Net Revenues | ||||||||||||||||||
Las Vegas Locals | $ | 140,291 | $ | 138,787 | $ | 442,808 | $ | 442,563 | ||||||||||
Downtown Las Vegas | 52,674 | 53,547 | 162,884 | 166,494 | ||||||||||||||
Midwest and South | 214,831 | 232,965 | 668,221 | 710,415 | ||||||||||||||
Peninsula | 130,722 | — | 400,416 | — | ||||||||||||||
Atlantic City | 200,051 | 187,091 | 538,572 | 538,657 | ||||||||||||||
Reportable Segment Net Revenues | $ | 738,569 | $ | 612,390 | $ | 2,212,901 | $ | 1,858,129 | ||||||||||
Reportable Segment Adjusted EBITDA | ||||||||||||||||||
Las Vegas Locals | $ | 26,350 | $ | 24,271 | $ | 104,278 | $ | 97,292 | ||||||||||
Downtown Las Vegas | 5,534 | 6,356 | 21,942 | 22,897 | ||||||||||||||
Midwest and South | 41,936 | 48,708 | 140,243 | 157,841 | ||||||||||||||
Peninsula | 45,274 | — | 144,309 | — | ||||||||||||||
Atlantic City | 46,592 | 33,350 | 102,844 | 102,966 | ||||||||||||||
Reportable Segment Adjusted EBITDA | 165,686 | 112,685 | 513,616 | 380,996 | ||||||||||||||
Other operating costs and expenses | ||||||||||||||||||
Corporate expense | 10,409 | 9,082 | 34,675 | 29,756 | ||||||||||||||
Deferred rent | 956 | 996 | 2,872 | 2,988 | ||||||||||||||
Depreciation and amortization | 69,002 | 50,424 | 209,358 | 151,059 | ||||||||||||||
Preopening expense | 1,675 | 1,618 | 4,829 | 5,488 | ||||||||||||||
Share-based compensation expense | 2,048 | 1,607 | 9,033 | 7,560 | ||||||||||||||
Impairment of assets | 1,250 | — | 6,282 | — | ||||||||||||||
Asset transaction costs | (1,362 | ) | 645 | 2,265 | 6,917 | |||||||||||||
Other operating charges, net | 3,386 | (1,074 | ) | 5,181 | (9,236 | ) | ||||||||||||
Total other operating costs and expenses | 87,364 | 63,298 | 274,495 | 194,532 | ||||||||||||||
Operating income | $ | 78,322 | $ | 49,387 | $ | 239,121 | $ | 186,464 | ||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ' | ||||||||||||||||
The Company's total assets by Reportable Segment consisted of the following amounts at September 30, 2013 and December 31, 2012: | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Assets | ||||||||||||||||||
Las Vegas Locals | $ | 1,190,711 | $ | 1,215,494 | ||||||||||||||
Downtown Las Vegas | 132,462 | 133,689 | ||||||||||||||||
Midwest and South | 1,336,878 | 1,367,063 | ||||||||||||||||
Peninsula | 1,550,006 | 1,604,778 | ||||||||||||||||
Atlantic City | 1,330,547 | 1,388,562 | ||||||||||||||||
Total Reportable Segment assets | 5,540,604 | 5,709,586 | ||||||||||||||||
Corporate | 232,477 | 395,436 | ||||||||||||||||
Other | — | 227,171 | ||||||||||||||||
Total assets | $ | 5,773,081 | $ | 6,332,193 | ||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 99,487 | $ | 30,866 | $ | 35,450 | $ | — | $ | 165,803 | ||||||||||||
Other current assets | 90,894 | (15,574 | ) | 37,657 | 45,955 | 135 | 159,067 | |||||||||||||||||
Property and equipment, net | 63,431 | 1,839,262 | 448,036 | 1,174,817 | — | 3,525,546 | ||||||||||||||||||
Investments in subsidiaries | 3,158,525 | 268,870 | 8,213 | 311 | (3,435,919 | ) | — | |||||||||||||||||
Intercompany receivable | — | 563,945 | 47,096 | — | (611,041 | ) | — | |||||||||||||||||
Other assets, net | 38,440 | 12,724 | 79,411 | 14,081 | — | 144,656 | ||||||||||||||||||
Intangible assets, net | — | 466,676 | 556,060 | 60,344 | — | 1,083,080 | ||||||||||||||||||
Goodwill, net | — | 212,795 | 482,134 | — | — | 694,929 | ||||||||||||||||||
Total assets | $ | 3,351,290 | $ | 3,448,185 | $ | 1,689,473 | $ | 1,330,958 | $ | (4,046,825 | ) | $ | 5,773,081 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,259 | $ | — | $ | — | $ | 29,759 | ||||||||||||
Other current liabilities | 57,662 | 214,282 | 68,169 | 103,274 | (573 | ) | 442,814 | |||||||||||||||||
Intercompany payable | 485,232 | — | 125,398 | 103 | (610,733 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,265,508 | — | 1,293,995 | 753,481 | — | 4,312,984 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 11,617 | 186,586 | 47,832 | 30,925 | 92 | 277,052 | ||||||||||||||||||
Common stock | 1,078 | 31,124 | — | — | (31,124 | ) | 1,078 | |||||||||||||||||
Additional paid-in capital | 894,222 | 2,736,895 | 244,003 | 480,833 | (3,461,731 | ) | 894,222 | |||||||||||||||||
Retained earnings (deficit) | (384,734 | ) | 279,298 | (97,388 | ) | (37,658 | ) | (144,252 | ) | (384,734 | ) | |||||||||||||
Accumulated other | (795 | ) | — | (795 | ) | — | 795 | (795 | ) | |||||||||||||||
comprehensive loss | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 509,771 | 3,047,317 | 145,820 | 443,175 | (3,636,312 | ) | 509,771 | |||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 200,701 | 200,701 | ||||||||||||||||||
Total stockholders' equity | 509,771 | 3,047,317 | 145,820 | 443,175 | (3,435,611 | ) | 710,472 | |||||||||||||||||
Total liabilities and stockholders' | $ | 3,351,290 | $ | 3,448,185 | $ | 1,689,473 | $ | 1,330,958 | $ | (4,046,825 | ) | $ | 5,773,081 | |||||||||||
equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,520 | $ | 118,714 | $ | 36,619 | $ | 34,692 | $ | — | $ | 192,545 | ||||||||||||
Other current assets | 87,493 | (4,371 | ) | 32,460 | 50,751 | (3,970 | ) | 162,363 | ||||||||||||||||
Current assets from discontinued | — | — | 685 | — | — | 685 | ||||||||||||||||||
operation | ||||||||||||||||||||||||
Property and equipment, net | 67,500 | 1,691,120 | 462,986 | 1,365,708 | — | 3,587,314 | ||||||||||||||||||
Assets held for development | 775 | 330,995 | — | — | — | 331,770 | ||||||||||||||||||
Investments in subsidiaries | 3,089,125 | 267,777 | 4,103 | — | (3,361,005 | ) | — | |||||||||||||||||
Intercompany receivable | (134,385 | ) | 264,686 | 10 | (224 | ) | (130,087 | ) | — | |||||||||||||||
Other assets, net | 45,880 | 12,791 | 81,846 | 64,748 | — | 205,265 | ||||||||||||||||||
Intangible assets, net | — | 468,229 | 589,845 | 61,564 | — | 1,119,638 | ||||||||||||||||||
Goodwill, net | — | 212,795 | 482,134 | — | — | 694,929 | ||||||||||||||||||
Noncurrent assets from discontinued | — | — | 37,684 | — | — | 37,684 | ||||||||||||||||||
operation | ||||||||||||||||||||||||
Total assets | $ | 3,158,908 | $ | 3,362,736 | $ | 1,728,372 | $ | 1,577,239 | $ | (3,495,062 | ) | $ | 6,332,193 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 42,500 | $ | 10,341 | $ | 8,729 | $ | — | $ | — | $ | 61,570 | ||||||||||||
Non-recourse debt | — | — | — | 225,113 | — | 225,113 | ||||||||||||||||||
Other current liabilities | 66,121 | 208,399 | 79,928 | 109,442 | (873 | ) | 463,017 | |||||||||||||||||
Current liabilities from discontinued | — | — | 70,864 | — | (70,000 | ) | 864 | |||||||||||||||||
operation | ||||||||||||||||||||||||
Intercompany payable | — | — | 58,198 | — | (58,198 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,723,234 | — | 1,311,295 | 793,324 | — | 4,827,853 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 23,262 | 185,717 | 41,289 | 36,350 | 31 | 286,649 | ||||||||||||||||||
Preferred stock | — | — | — | — | — | |||||||||||||||||||
Common stock | 869 | 31,128 | — | — | (31,128 | ) | 869 | |||||||||||||||||
Additional paid-in capital | 655,694 | 2,756,184 | 250,504 | 480,833 | (3,487,521 | ) | 655,694 | |||||||||||||||||
Retained earnings (deficit) | (351,810 | ) | 170,967 | (91,473 | ) | (67,823 | ) | (11,671 | ) | (351,810 | ) | |||||||||||||
Accumulated other | (962 | ) | — | (962 | ) | — | 962 | (962 | ) | |||||||||||||||
comprehensive loss | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 303,791 | 2,958,279 | 158,069 | 413,010 | (3,529,358 | ) | 303,791 | |||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 163,336 | 163,336 | ||||||||||||||||||
Total stockholders' equity | 303,791 | 2,958,279 | 158,069 | 413,010 | (3,366,022 | ) | 467,127 | |||||||||||||||||
Total liabilities and stockholders' | $ | 3,158,908 | $ | 3,362,736 | $ | 1,728,372 | $ | 1,577,239 | $ | (3,495,062 | ) | $ | 6,332,193 | |||||||||||
equity | ||||||||||||||||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Boyd Gaming | ||||||||||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Other revenue | $ | 38,911 | $ | 2,724 | $ | (2,724 | ) | $ | 38,911 | |||||||||||||||
COSTS AND EXPENSES | ||||||||||||||||||||||||
Selling, general and administrative | $ | 112,389 | $ | 4 | $ | — | $ | 112,393 | ||||||||||||||||
Preopening expenses | $ | 4,342 | $ | — | $ | (2,724 | ) | $ | 1,618 | |||||||||||||||
Operating income | $ | 46,667 | $ | 2,720 | $ | — | $ | 49,387 | ||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense, net | $ | 71,134 | $ | 2,981 | $ | — | $ | 74,115 | ||||||||||||||||
Loss from continuing operations before | $ | (24,195 | ) | $ | (261 | ) | $ | — | $ | (24,456 | ) | |||||||||||||
income taxes | ||||||||||||||||||||||||
Income taxes | 8,050 | — | — | 8,050 | ||||||||||||||||||||
Loss from continuing operations, net of tax | (16,145 | ) | (261 | ) | — | (16,406 | ) | |||||||||||||||||
Loss from discontinued operations, net of tax | (676 | ) | — | — | (676 | ) | ||||||||||||||||||
Net loss | (16,821 | ) | (261 | ) | — | (17,082 | ) | |||||||||||||||||
Net income attributable to noncontrolling | 1,025 | — | 261 | 1,286 | ||||||||||||||||||||
interest | ||||||||||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (15,796 | ) | $ | (261 | ) | $ | 261 | $ | (15,796 | ) | |||||||||||||
Corporation | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Boyd Gaming | ||||||||||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Other revenue | $ | 125,017 | $ | 1,933 | $ | (1,933 | ) | $ | 125,017 | |||||||||||||||
COSTS AND EXPENSES | ||||||||||||||||||||||||
Selling, general and administrative | $ | 373,865 | $ | — | $ | — | $ | 373,865 | ||||||||||||||||
Preopening expenses | $ | 6,762 | $ | — | $ | (1,933 | ) | $ | 4,829 | |||||||||||||||
Operating income | $ | 237,188 | $ | 1,933 | $ | — | $ | 239,121 | ||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense, net | $ | 264,577 | $ | 2,376 | $ | — | $ | 266,953 | ||||||||||||||||
Loss from continuing operations before | $ | (54,788 | ) | $ | (443 | ) | $ | — | $ | (55,231 | ) | |||||||||||||
income taxes | ||||||||||||||||||||||||
Income taxes | 3,478 | — | — | 3,478 | ||||||||||||||||||||
Loss from continuing operations, net of tax | (51,310 | ) | (443 | ) | — | (51,753 | ) | |||||||||||||||||
Income from discontinued operations, net | 10,790 | — | — | 10,790 | ||||||||||||||||||||
of tax | ||||||||||||||||||||||||
Net loss | (40,520 | ) | (443 | ) | — | (40,963 | ) | |||||||||||||||||
Net income attributable to noncontrolling | 7,596 | — | 443 | 8,039 | ||||||||||||||||||||
interest | ||||||||||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (32,924 | ) | $ | (443 | ) | $ | 443 | $ | (32,924 | ) | |||||||||||||
Corporation | ||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Boyd Gaming | ||||||||||||||||||||||||
Boyd Gaming | Corporation | |||||||||||||||||||||||
Corporation | LVE, LLC | Eliminations | (as consolidated) | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Other revenue | $ | 110,416 | $ | 8,172 | $ | (8,172 | ) | $ | 110,416 | |||||||||||||||
COSTS AND EXPENSES | ||||||||||||||||||||||||
Selling, general and administrative | $ | 330,698 | $ | 13 | $ | — | $ | 330,711 | ||||||||||||||||
Maintenance and utilities | $ | 115,924 | $ | — | $ | — | $ | 115,924 | ||||||||||||||||
Preopening expenses | $ | 13,660 | $ | — | $ | (8,172 | ) | $ | 5,488 | |||||||||||||||
Operating income | $ | 178,305 | $ | 8,159 | $ | — | $ | 186,464 | ||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense, net | $ | 193,708 | $ | 9,023 | $ | — | $ | 202,731 | ||||||||||||||||
Loss from continuing operations before | $ | (14,719 | ) | $ | (864 | ) | $ | — | $ | (15,583 | ) | |||||||||||||
income taxes | ||||||||||||||||||||||||
Income taxes | 6,427 | — | — | 6,427 | ||||||||||||||||||||
Loss from continuing operations, net of tax | (8,292 | ) | (864 | ) | — | (9,156 | ) | |||||||||||||||||
Loss from discontinued operations, net of tax | (2,142 | ) | — | — | (2,142 | ) | ||||||||||||||||||
Net loss | (10,434 | ) | (864 | ) | — | (11,298 | ) | |||||||||||||||||
Net income attributable to noncontrolling | 1,467 | — | 864 | 2,331 | ||||||||||||||||||||
interest | ||||||||||||||||||||||||
Net income (loss) attributable to Boyd Gaming | $ | (8,967 | ) | $ | (864 | ) | $ | 864 | $ | (8,967 | ) | |||||||||||||
Corporation | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net revenues | $ | 32,018 | $ | 395,991 | $ | 147,905 | $ | 200,051 | $ | (37,396 | ) | $ | 738,569 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 462 | 223,748 | 80,857 | 100,573 | — | 405,640 | ||||||||||||||||||
Selling, general and | 11,698 | 58,809 | 15,510 | 36,830 | (10 | ) | 122,837 | |||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 25,639 | 4,040 | 16,056 | — | 45,735 | ||||||||||||||||||
Depreciation and amortization | 1,610 | 30,281 | 22,774 | 14,337 | — | 69,002 | ||||||||||||||||||
Corporate expense | 11,423 | (7 | ) | 668 | — | — | 12,084 | |||||||||||||||||
Preopening expense | (537 | ) | — | 1,883 | 329 | — | 1,675 | |||||||||||||||||
Impairments of assets | — | 1,250 | — | — | — | 1,250 | ||||||||||||||||||
Asset transactions costs | (1,692 | ) | 399 | 132 | (201 | ) | — | (1,362 | ) | |||||||||||||||
Other operating charges and credits, net | 134 | 43 | 63 | 3,146 | — | 3,386 | ||||||||||||||||||
Intercompany expenses | 301 | 26,885 | 10,200 | — | (37,386 | ) | — | |||||||||||||||||
Total costs and expenses | 23,399 | 367,047 | 136,127 | 171,070 | (37,396 | ) | 660,247 | |||||||||||||||||
Equity in earnings of subsidiaries | 11,012 | (4,291 | ) | — | — | (6,721 | ) | — | ||||||||||||||||
Operating income (loss) | 19,631 | 24,653 | 11,778 | 28,981 | (6,721 | ) | 78,322 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 36,936 | 2,270 | 23,104 | 20,282 | — | 82,592 | ||||||||||||||||||
Loss on early extinguishments of debt | 24,605 | — | — | 2,536 | — | 27,141 | ||||||||||||||||||
Other, net | 136 | — | — | — | — | 136 | ||||||||||||||||||
Total other expense, net | 61,677 | 2,270 | 23,104 | 22,818 | — | 109,869 | ||||||||||||||||||
Income (loss) from continuing | (42,046 | ) | 22,383 | (11,326 | ) | 6,163 | (6,721 | ) | (31,547 | ) | ||||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 4,779 | (1,336 | ) | (5,760 | ) | (731 | ) | — | (3,048 | ) | ||||||||||||||
Income (loss) from continuing | (37,267 | ) | 21,047 | (17,086 | ) | 5,432 | (6,721 | ) | (34,595 | ) | ||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | — | — | — | — | ||||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (37,267 | ) | 21,047 | (17,086 | ) | 5,432 | (6,721 | ) | (34,595 | ) | ||||||||||||||
Net loss attributable to | — | — | — | — | (2,672 | ) | (2,672 | ) | ||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (37,267 | ) | $ | 21,047 | $ | (17,086 | ) | $ | 5,432 | $ | (9,393 | ) | $ | (37,267 | ) | ||||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (37,215 | ) | $ | 21,047 | $ | (17,034 | ) | $ | 5,432 | $ | (6,773 | ) | $ | (34,543 | ) | ||||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net revenues | $ | 27,949 | $ | 413,281 | $ | 12,554 | $ | 189,815 | $ | (31,209 | ) | $ | 612,390 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 456 | 235,163 | 12,796 | 102,357 | — | 350,772 | ||||||||||||||||||
Selling, general and | 11,331 | 63,579 | 2,008 | 35,475 | — | 112,393 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 21,532 | 483 | 15,914 | — | 37,929 | ||||||||||||||||||
Depreciation and amortization | 1,925 | 31,567 | 624 | 16,308 | — | 50,424 | ||||||||||||||||||
Corporate expense | 9,877 | 25 | 415 | — | — | 10,317 | ||||||||||||||||||
Preopening expense | 589 | 3,493 | 260 | — | (2,724 | ) | 1,618 | |||||||||||||||||
Asset transactions costs | 645 | — | — | — | — | 645 | ||||||||||||||||||
Other operating charges and credits, net | — | 524 | 5 | (1,624 | ) | — | (1,095 | ) | ||||||||||||||||
Intercompany expenses | 346 | 27,644 | 495 | — | (28,485 | ) | — | |||||||||||||||||
Total costs and expenses | 25,169 | 383,527 | 17,086 | 168,430 | (31,209 | ) | 563,003 | |||||||||||||||||
Equity in earnings of subsidiaries | 10,122 | (2,584 | ) | — | — | (7,538 | ) | — | ||||||||||||||||
Operating income (loss) | 12,902 | 27,170 | (4,532 | ) | 21,385 | (7,538 | ) | 49,387 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 43,415 | 3,350 | 3,342 | 23,736 | — | 73,843 | ||||||||||||||||||
Total other expense, net | 43,415 | 3,350 | 3,342 | 23,736 | — | 73,843 | ||||||||||||||||||
Income (loss) from continuing | (30,513 | ) | 23,820 | (7,874 | ) | (2,351 | ) | (7,538 | ) | (24,456 | ) | |||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 14,717 | (7,828 | ) | 1,124 | 37 | 8,050 | ||||||||||||||||||
Income (loss) from continuing | (15,796 | ) | 15,992 | (6,750 | ) | (2,314 | ) | (7,538 | ) | (16,406 | ) | |||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | (676 | ) | — | — | (676 | ) | ||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (15,796 | ) | 15,992 | (7,426 | ) | (2,314 | ) | (7,538 | ) | (17,082 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 1,286 | 1,286 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (15,796 | ) | $ | 15,992 | $ | (7,426 | ) | $ | (2,314 | ) | $ | (6,252 | ) | $ | (15,796 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (15,796 | ) | $ | 15,992 | $ | (7,426 | ) | $ | (1,080 | ) | $ | (7,538 | ) | $ | (15,848 | ) | |||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | 143,937 | $ | 16,964 | $ | 12,695 | $ | 64,420 | $ | (4,233 | ) | $ | 233,783 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (22,922 | ) | (36,191 | ) | (25,107 | ) | (16,398 | ) | — | (100,618 | ) | |||||||||||||
Proceeds from sale of Echelon | 343,750 | — | — | — | — | 343,750 | ||||||||||||||||||
Cash paid for exercise of LVE option | (187,000 | ) | (187,000 | ) | ||||||||||||||||||||
Proceeds from sale of other assets, net | 4,875 | 4,875 | ||||||||||||||||||||||
Investment in subsidiaries | (4,233 | ) | — | — | — | 4,233 | — | |||||||||||||||||
Other investing activities | — | — | 222 | (24 | ) | 198 | ||||||||||||||||||
Net cash from investing activities | 134,470 | (36,191 | ) | (24,885 | ) | (16,422 | ) | 4,233 | 61,205 | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 2,711,375 | — | 268,500 | 297,100 | 3,276,975 | |||||||||||||||||||
Payments under bank credit facility | (2,738,325 | ) | — | (296,688 | ) | (300,800 | ) | (3,335,813 | ) | |||||||||||||||
Debt financing costs, net | (23,562 | ) | — | (10,288 | ) | (2,546 | ) | (36,396 | ) | |||||||||||||||
Payments on notes payable | (10,341 | ) | — | (477 | ) | — | (10,818 | ) | ||||||||||||||||
Payments on early retirement of debt | (459,278 | ) | — | — | (40,994 | ) | (500,272 | ) | ||||||||||||||||
Distribution to parent | 9,500 | — | (9,500 | ) | — | — | — | |||||||||||||||||
Proceeds from stock options exercised | 13,591 | — | — | — | 13,591 | |||||||||||||||||||
Restricted stock units released, net | (354 | ) | — | — | — | (354 | ) | |||||||||||||||||
Proceeds from sale of common stock, net | 216,467 | — | — | — | 216,467 | |||||||||||||||||||
Net cash from financing activities | (280,927 | ) | — | (48,453 | ) | (47,240 | ) | — | (376,620 | ) | ||||||||||||||
Cash flows from discontinued | ||||||||||||||||||||||||
operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | (2,144 | ) | — | — | (2,144 | ) | ||||||||||||||||
Cash flows from investing activities | — | — | 56,751 | — | — | 56,751 | ||||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash flows from discontinued | — | — | 54,607 | — | — | 54,607 | ||||||||||||||||||
operations | ||||||||||||||||||||||||
Net change in cash and cash | (2,520 | ) | (19,227 | ) | (6,036 | ) | 758 | — | (27,025 | ) | ||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | 2,520 | 118,714 | 36,619 | 34,692 | — | 192,545 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 283 | — | — | 283 | ||||||||||||||||||
Cash and cash equivalents, end of | $ | — | $ | 99,487 | $ | 30,866 | $ | 35,450 | $ | — | $ | 165,803 | ||||||||||||
period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | (101,627 | ) | $ | 17,141 | $ | 190,413 | $ | 41,554 | $ | — | $ | 147,481 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (40,641 | ) | (26,807 | ) | 120 | (33,994 | ) | — | (101,322 | ) | ||||||||||||||
Deposit of acquisition financing proceeds into escrow | — | — | (350,000 | ) | — | — | (350,000 | ) | ||||||||||||||||
Investment in subsidiaries | 88 | — | — | (88 | ) | — | — | |||||||||||||||||
Other investing activities | — | 225 | 20 | 3,809 | — | 4,054 | ||||||||||||||||||
Net cash from investing activities | (40,553 | ) | (26,582 | ) | (349,860 | ) | (30,273 | ) | — | (447,268 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 642,600 | — | — | 515,300 | — | 1,157,900 | ||||||||||||||||||
Payments under bank credit facility | (836,375 | ) | — | — | (541,800 | ) | — | (1,378,175 | ) | |||||||||||||||
Debt financing costs, net | (2,664 | ) | — | — | (217 | ) | — | (2,881 | ) | |||||||||||||||
Proceeds from issuance of debt | 338,500 | — | — | 2,668 | — | 341,168 | ||||||||||||||||||
Proceeds from acquisition financing | — | — | 350,000 | — | — | 350,000 | ||||||||||||||||||
Payments on non-recourse debt of variable interest entity | — | — | — | (755 | ) | — | (755 | ) | ||||||||||||||||
Other financing activities | 117 | (544 | ) | — | — | — | (427 | ) | ||||||||||||||||
Net cash from financing activities | 142,178 | (544 | ) | 350,000 | (24,804 | ) | — | 466,830 | ||||||||||||||||
Cash flows from discontinued | ||||||||||||||||||||||||
operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | (1,636 | ) | — | — | (1,636 | ) | ||||||||||||||||
Cash flows from investing activities | — | — | (392 | ) | — | — | (392 | ) | ||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash from discontinued | — | — | (2,028 | ) | — | — | (2,028 | ) | ||||||||||||||||
operations | ||||||||||||||||||||||||
Net change in cash and cash | (2 | ) | (9,985 | ) | 188,525 | (13,523 | ) | — | 165,015 | |||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | 364 | 128,185 | 3,279 | 46,263 | — | 178,091 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 373 | — | — | 373 | ||||||||||||||||||
Cash and cash equivalents, end of | $ | 362 | $ | 118,200 | $ | 192,177 | $ | 32,740 | $ | — | $ | 343,479 | ||||||||||||
period | ||||||||||||||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | 3 Months Ended | |
Sep. 30, 2013 | Jan. 31, 2010 | |
property | Affiliated Entity | |
entity | ||
Consolidated Entities [Line Items] | ' | ' |
Number of gaming entertainment properties | 21 | ' |
Number of controlling interests held | 1 | ' |
Equity Method Investment, Ownership Percentage | ' | 50.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Promotional Allowances) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowances [Line Items] | ' | ' | ' | ' |
Promotional allowances | $125,172 | $119,349 | $348,121 | $340,512 |
Cost of promotional allowances | 69,112 | 70,275 | 197,998 | 196,767 |
Rooms | ' | ' | ' | ' |
Allowances [Line Items] | ' | ' | ' | ' |
Promotional allowances | 39,296 | 39,737 | 109,737 | 110,411 |
Cost of promotional allowances | 15,361 | 16,980 | 44,505 | 46,079 |
Food and Beverage | ' | ' | ' | ' |
Allowances [Line Items] | ' | ' | ' | ' |
Promotional allowances | 52,708 | 48,975 | 153,361 | 144,094 |
Cost of promotional allowances | 47,252 | 46,364 | 136,435 | 131,871 |
Other Products and Services | ' | ' | ' | ' |
Allowances [Line Items] | ' | ' | ' | ' |
Promotional allowances | 33,168 | 30,637 | 85,023 | 86,007 |
Cost of promotional allowances | $6,499 | $6,931 | $17,058 | $18,817 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Weighted Average Shares Outstanding) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 101,555 | 87,643 | 93,122 | 87,587 |
Potential dilutive effect | 0 | 0 | 0 | 0 |
Weighted average diluted shares outstanding | 101,555 | 87,643 | 93,122 | 87,587 |
potential weighted average diluted shares outstanding | 101,555 | ' | 93,122 | 87,587 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Gaming Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Gaming taxes | $99.20 | $67.80 | $303.30 | $206.80 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (CRDA) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | |
New Jersey Casino Reinvestment Development Authority (CRDA) | New Jersey Casino Reinvestment Development Authority (CRDA) | Other Assets | Other Assets | State of New Jersey | Subsidiary, Borgata | |||||
New Jersey Casino Reinvestment Development Authority (CRDA) | New Jersey Casino Reinvestment Development Authority (CRDA) | |||||||||
Schedule of CRDA Deposits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State Gaming Licenses, Annual Fee, Percentage of Licensee Gross Gaming Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' |
State Alternative Investment Tax, Percentage of Gross Gaming Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' |
Deposits with CRDA | ' | ' | ' | ' | ' | ' | $3,700,000 | $28,500,000 | ' | ' |
Deposit assets included in CRDA settlement agreement to be donated, percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Deposit assets included in settlement agreement to be refunded, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Deposit assets included in CRDA settlement agreement | ' | ' | ' | ' | ' | 45,100,000 | ' | ' | ' | ' |
Impairments of assets | $1,250,000 | $0 | $6,282,000 | $0 | $5,000,000 | ' | ' | ' | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Unrecognized Tax Benefits) (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits | $22.40 | ' | $38.40 |
Income Tax Penalties and Interest Accrued | 9.5 | ' | 12.4 |
Decreases in Unrecognized Tax Benefits Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate | 0.9 | ' | ' |
Reduction in Interest Accrual Resulting from Income Tax Examination | 3.9 | 4.9 | ' |
Decreases in Unrecognized Tax Benefits Resulting from Settlements with Taxing Authorities | 16.7 | ' | ' |
Income Tax Expense (Benefit) Resulting from Income Tax Examination Settlement | ' | 3.2 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 10.4 | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible that Would Impact Effective Tax Rate | 8.4 | ' | ' |
Internal Revenue Service (IRS) | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 16.8 | ' | ' |
Decreases in Unrecognized Tax Benefits Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate | ' | 0.1 | ' |
Decreases in Unrecognized Tax Benefits Resulting from Settlements with Taxing Authorities | ' | $20.80 | ' |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures (Acquisitions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net revenues | $738,569 | $612,390 | $2,212,901 | $1,858,129 |
Net income (loss) attributable to Boyd Gaming Corporation | -37,267 | -15,796 | -32,924 | -8,967 |
Basic and diluted loss per share (in USD per share) | ' | ($0.18) | ' | ($0.10) |
Pro forma basic and diluted loss per share (in USD per share) | ' | ' | ' | ($0.03) |
Pro Forma, Peninsula Gaming | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Pro forma net revenues | ' | 130,154 | ' | 397,769 |
Pro forma net income (loss) attributable to Boyd Gaming Corporation | ' | 1,833 | ' | 5,987 |
Pro Forma | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Pro forma net revenues | ' | 742,544 | ' | 2,255,898 |
Pro forma net income (loss) attributable to Boyd Gaming Corporation | ' | ($13,963) | ' | ($2,980) |
Pro forma basic and diluted loss per share (in USD per share) | ' | ($0.16) | ' | ' |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures (Real Estate Dispositions) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
23-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 01, 2013 | Mar. 04, 2013 | 23-May-13 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
Echelon Development | Echelon Development | Dania Jai-Alai | Dania Jai-Alai | Dania Jai-Alai | Dania Jai-Alai | Dania Jai-Alai | Dania Jai-Alai | Dania Jai-Alai | |||||||
acre | acre | acre | |||||||||||||
Disposition of Echelon | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposition of Real Estate Development, Consideration Received, Gross | ' | ' | ' | ' | ' | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Land Sold | ' | ' | ' | ' | ' | ' | ' | 87 | ' | 47 | ' | 47 | ' | ' | ' |
Disposition of Real Estate Development, Consideration Received, Net of Consideration Transferred to Variable Interest Entity and Transaction Costs | ' | ' | ' | ' | ' | ' | 157,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Disposition of Dania Jai-Alai | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Divestiture of Business Unit, Consideration Received | ' | ' | ' | ' | ' | ' | ' | ' | 65,500,000 | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Intercompany Amounts with Discontinued Operation before Disposal Transaction, Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | ' | ' | ' | ' | 58,500,000 | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 18,873,000 | 0 | ' | ' |
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposition of Real Estate Development, Consideration Received, Gross | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Land Sold | ' | ' | ' | ' | ' | ' | ' | 87 | ' | 47 | ' | 47 | ' | ' | ' |
Disposition of Real Estate Development, Consideration Received, Net of Consideration Transferred to Variable Interest Entity and Transaction Costs | ' | ' | ' | ' | ' | ' | 157,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance Sheet Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283,000 |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402,000 |
Current assets of discontinued operations | ' | 0 | ' | 0 | ' | 685,000 | ' | ' | ' | ' | ' | ' | ' | ' | 685,000 |
Property and equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,674,000 |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 |
Noncurrent assets of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,684,000 |
Accounts payable and accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 864,000 |
Liabilities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 864,000 |
Income Statement Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 889,000 | 2,140,000 | 3,455,000 | ' | ' |
Income (loss) from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,039,000 | -2,200,000 | -3,295,000 | ' | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 363,000 | 776,000 | 1,153,000 | ' | ' |
Loss (income) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -676,000 | -1,424,000 | -2,142,000 | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | -6,659,000 | 0 | ' | ' |
Gain on disposal, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 12,214,000 | 0 | ' | ' |
(Loss) income from discontinued operations, net of tax | ' | $0 | ($676,000) | $10,790,000 | ($2,142,000) | ' | ' | ' | ' | ' | ($676,000) | $10,790,000 | ($2,142,000) | ' | ' |
Borgata_Hotel_Casino_and_Spa_N
Borgata Hotel Casino and Spa (Narrative) (Details) (Subsidiary, Borgata) | Jan. 31, 2010 |
Subsidiary, Borgata | ' |
Consolidated Entities [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 50.00% |
Deconsolidation_of_LVE_Energy_2
Deconsolidation of LVE Energy Partners, LLC Condensed Balance Sheets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | $324,870 | $355,593 |
Property and equipment, net | 3,525,546 | 3,587,314 |
Assets held for development | 0 | 331,770 |
Debt financing costs, net | 82,241 | 85,468 |
Restricted investments | 0 | 21,382 |
Other assets | 62,415 | 98,415 |
Intangible assets, net | 1,083,080 | 1,119,638 |
Goodwill, net | 694,929 | 694,929 |
Assets of discontinued operation | 0 | 37,684 |
Total assets | 5,773,081 | 6,332,193 |
Current maturities of long-term debt | 29,759 | 61,570 |
Accounts payable | 72,364 | 91,156 |
Accrued liabilities | 362,525 | 363,732 |
Deferred income taxes and income taxes payable | 0 | 8,129 |
Current maturities of non-recourse obligations of variable interest entity | 0 | 225,113 |
Long-term debt, net of current maturities | 4,312,984 | 4,827,853 |
Deferred income taxes | 153,445 | 139,943 |
Long-term tax and other liabilities | ' | 146,706 |
Liabilities of discontinued operation | 0 | 864 |
Common stock | 1,078 | 869 |
Additional paid-in capital | 894,222 | 655,694 |
Accumulated deficit | -384,734 | -351,810 |
Accumulated other comprehensive income (loss) | -795 | -962 |
Noncontrolling interest | 200,701 | 163,336 |
Total liabilities and stockholders’ equity | 5,773,081 | 6,332,193 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | ' | 354,140 |
Property and equipment, net | ' | 3,587,314 |
Assets held for development | ' | 168,251 |
Debt financing costs, net | ' | 83,020 |
Restricted investments | ' | 0 |
Other assets | ' | 98,415 |
Intangible assets, net | ' | 1,119,638 |
Goodwill, net | ' | 694,929 |
Assets of discontinued operation | ' | 37,684 |
Total assets | ' | 6,143,391 |
Current maturities of long-term debt | ' | 61,570 |
Accounts payable | ' | 90,992 |
Accrued liabilities | ' | 355,246 |
Deferred income taxes and income taxes payable | ' | 8,129 |
Current maturities of non-recourse obligations of variable interest entity | ' | 0 |
Long-term debt, net of current maturities | ' | 4,827,853 |
Deferred income taxes | ' | 139,943 |
Long-term tax and other liabilities | ' | 146,706 |
Liabilities of discontinued operation | ' | 864 |
Common stock | ' | 869 |
Additional paid-in capital | ' | 655,694 |
Accumulated deficit | ' | -351,810 |
Accumulated other comprehensive income (loss) | ' | -962 |
Noncontrolling interest | ' | 208,297 |
Total liabilities and stockholders’ equity | ' | 6,143,391 |
LVE | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | ' | 1,453 |
Property and equipment, net | ' | 0 |
Assets held for development | ' | 163,519 |
Debt financing costs, net | ' | 2,448 |
Restricted investments | ' | 21,382 |
Other assets | ' | 0 |
Intangible assets, net | ' | 0 |
Goodwill, net | ' | 0 |
Assets of discontinued operation | ' | 0 |
Total assets | ' | 188,802 |
Current maturities of long-term debt | ' | 0 |
Accounts payable | ' | 164 |
Accrued liabilities | ' | 8,486 |
Deferred income taxes and income taxes payable | ' | 0 |
Current maturities of non-recourse obligations of variable interest entity | ' | 225,113 |
Long-term debt, net of current maturities | ' | 0 |
Deferred income taxes | ' | 0 |
Long-term tax and other liabilities | ' | 0 |
Liabilities of discontinued operation | ' | 0 |
Common stock | ' | 0 |
Additional paid-in capital | ' | 0 |
Accumulated deficit | ' | 0 |
Accumulated other comprehensive income (loss) | ' | 0 |
Noncontrolling interest | 0 | -44,961 |
Total liabilities and stockholders’ equity | ' | 188,802 |
Consolidation, Eliminations Related to Variable Interest Entity | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | ' | 0 |
Property and equipment, net | ' | 0 |
Assets held for development | ' | 0 |
Debt financing costs, net | ' | 0 |
Restricted investments | ' | 0 |
Intangible assets, net | ' | 0 |
Goodwill, net | ' | 0 |
Assets of discontinued operation | ' | 0 |
Total assets | ' | 0 |
Accounts payable | ' | 0 |
Accrued liabilities | ' | 0 |
Deferred income taxes and income taxes payable | ' | 0 |
Current maturities of non-recourse obligations of variable interest entity | ' | 0 |
Long-term debt, net of current maturities | ' | 0 |
Deferred income taxes | ' | 0 |
Long-term tax and other liabilities | ' | 0 |
Liabilities of discontinued operation | ' | 0 |
Common stock | ' | 0 |
Additional paid-in capital | ' | 0 |
Accumulated deficit | ' | 0 |
Accumulated other comprehensive income (loss) | ' | 0 |
Noncontrolling interest | ' | 0 |
Total liabilities and stockholders’ equity | ' | $0 |
Deconsolidation_of_LVE_Energy_3
Deconsolidation of LVE Energy Partners, LLC Condensed Income Statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Other | $43,808 | $38,911 | $125,017 | $110,416 |
Maintenance and utilities | 45,735 | 37,929 | 125,986 | 115,924 |
Selling, general and administrative | 122,837 | 112,393 | 373,865 | 330,711 |
Preopening expenses | 1,675 | 1,618 | 4,829 | 5,488 |
Preopening expense | 1,675 | 1,618 | 4,829 | 5,488 |
Operating Income (Loss) | 78,322 | 49,387 | 239,121 | 186,464 |
Interest Expense | 83,145 | 74,115 | 266,953 | 202,731 |
Loss from continuing operations before income taxes | -31,547 | -24,456 | -55,231 | -15,583 |
Income taxes benefit (expense) | -3,048 | 8,050 | 3,478 | 6,427 |
Income (Loss) from Continuing Operations Attributable to Parent | ' | -16,406 | -51,753 | -9,156 |
Loss from continuing operations, net of tax | -34,595 | -16,406 | -51,753 | -9,156 |
Income (Loss) from Discontinued Operations, Net of Tax | 0 | ' | 10,790 | -2,142 |
Income (loss) from discontinued operations, net of tax | 0 | -676 | 10,790 | -2,142 |
Net loss | -34,595 | -17,082 | -40,963 | -11,298 |
Net Income (Loss) Attributable to Parent | -37,267 | -15,796 | -32,924 | -8,967 |
Attributable net loss | -2,672 | 1,286 | 8,039 | 2,331 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Other | ' | 38,911 | 125,017 | 110,416 |
Maintenance and utilities | ' | 112,389 | ' | 115,924 |
Selling, general and administrative | ' | ' | 373,865 | 330,698 |
Preopening expenses | ' | 4,342 | 6,762 | 13,660 |
Operating Income (Loss) | ' | 46,667 | 237,188 | 178,305 |
Interest Expense | ' | 71,134 | 264,577 | 193,708 |
Loss from continuing operations before income taxes | ' | -24,195 | -54,788 | -14,719 |
Income taxes benefit (expense) | ' | 8,050 | -3,478 | 6,427 |
Income (Loss) from Continuing Operations Attributable to Parent | ' | -16,145 | -51,310 | -8,292 |
Income (Loss) from Discontinued Operations, Net of Tax | ' | -676 | 10,790 | -2,142 |
Net loss | ' | -16,821 | -40,520 | -10,434 |
Net Income (Loss) Attributable to Parent | ' | -15,796 | -32,924 | -8,967 |
Attributable net loss | ' | 1,025 | -7,596 | -1,467 |
LVE | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Other | ' | 2,724 | 1,933 | 8,172 |
Maintenance and utilities | ' | 4 | ' | 0 |
Selling, general and administrative | ' | ' | 0 | 13 |
Preopening expenses | ' | 0 | 0 | 0 |
Operating Income (Loss) | ' | 2,720 | 1,933 | 8,159 |
Interest Expense | ' | 2,981 | 2,376 | 9,023 |
Loss from continuing operations before income taxes | ' | -261 | -443 | -864 |
Income taxes benefit (expense) | ' | 0 | 0 | 0 |
Income (Loss) from Continuing Operations Attributable to Parent | ' | -261 | -443 | -864 |
Income (Loss) from Discontinued Operations, Net of Tax | ' | 0 | 0 | 0 |
Net loss | ' | -261 | -443 | -864 |
Net Income (Loss) Attributable to Parent | ' | -261 | -443 | -864 |
Attributable net loss | ' | 0 | 0 | 0 |
Consolidation, Eliminations Related to Variable Interest Entity | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Other | ' | -2,724 | -1,933 | -8,172 |
Maintenance and utilities | ' | 0 | ' | 0 |
Selling, general and administrative | ' | ' | 0 | 0 |
Preopening expenses | ' | -2,724 | -1,933 | -8,172 |
Operating Income (Loss) | ' | 0 | 0 | 0 |
Interest Expense | ' | 0 | 0 | 0 |
Loss from continuing operations before income taxes | ' | 0 | 0 | 0 |
Income taxes benefit (expense) | ' | 0 | 0 | 0 |
Income (Loss) from Continuing Operations Attributable to Parent | ' | 0 | 0 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax | ' | 0 | 0 | 0 |
Net loss | ' | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | ' | 261 | 443 | 864 |
Attributable net loss | ' | $261 | ($443) | ($864) |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, gross | $5,782,973,000 | ' | $5,782,973,000 | ' | $5,711,300,000 |
Less accumulated depreciation | 2,257,427,000 | ' | 2,257,427,000 | ' | 2,123,986,000 |
Property and equipment, net | 3,525,546,000 | ' | 3,525,546,000 | ' | 3,587,314,000 |
Depreciation expense | 56,900,000 | 48,900,000 | 173,600,000 | 147,300,000 | ' |
Land | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, gross | 336,078,000 | ' | 336,078,000 | ' | 341,174,000 |
Buildings and Improvements | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, gross | 3,842,193,000 | ' | 3,842,193,000 | ' | 3,826,880,000 |
Furniture and Equipment | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, gross | 1,319,385,000 | ' | 1,319,385,000 | ' | 1,305,216,000 |
Riverboats and Barges | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, gross | 189,139,000 | ' | 189,139,000 | ' | 187,620,000 |
Construction in Progress | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, gross | 74,427,000 | ' | 74,427,000 | ' | 27,397,000 |
Other | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment, gross | $21,751,000 | ' | $21,751,000 | ' | $23,013,000 |
Intangible_Assets_Summary_of_A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Intangible Assets [Line Items] | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | $17,500,000 |
Intangible assets, gross | 1,371,805,000 | 1,370,878,000 |
Intangible assets, cumulative amortization | -103,725,000 | -66,240,000 |
Intangible assets, cumulative impairment | -185,000,000 | -185,000,000 |
Intangible assets, net | 1,083,080,000 | 1,119,638,000 |
Amortizing intangibles: | ' | ' |
Gross carrying value | 223,943,000 | 223,943,000 |
Cumulative amortization | -69,767,000 | -32,280,000 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 154,176,000 | 191,663,000 |
Indefinite lived intangible assets: | ' | ' |
Gross carrying value | 1,147,862,000 | 1,146,935,000 |
Cumulative amortization | -33,958,000 | -33,960,000 |
Cumulative impairment losses | -185,000,000 | -185,000,000 |
Intangible assets, net | 928,904,000 | 927,975,000 |
Customer Relationships | ' | ' |
Amortizing intangibles: | ' | ' |
Weighted average life | '3 years 9 months 21 days | '4 years 6 months |
Gross carrying value | 154,000,000 | 154,000,000 |
Cumulative amortization | -57,361,000 | -23,059,000 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 96,639,000 | 130,941,000 |
Non-Competition Agreement | ' | ' |
Amortizing intangibles: | ' | ' |
Weighted average life | '2 months 10 days | '10 months 24 days |
Gross carrying value | 3,200,000 | 3,200,000 |
Cumulative amortization | -2,755,000 | -354,000 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 445,000 | 2,846,000 |
Favorable Lease Rates | ' | ' |
Amortizing intangibles: | ' | ' |
Weighted average life | '34 years 8 months 10 days | '35 years 4 months 24 days |
Gross carrying value | 45,370,000 | 45,370,000 |
Cumulative amortization | -9,651,000 | -8,867,000 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 35,719,000 | 36,503,000 |
Development Agreement | ' | ' |
Amortizing intangibles: | ' | ' |
Weighted average life | '0 years | '0 years |
Gross carrying value | 21,373,000 | 21,373,000 |
Cumulative amortization | 0 | 0 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 21,373,000 | 21,373,000 |
Trademarks | ' | ' |
Indefinite lived intangible assets: | ' | ' |
Gross carrying value | 192,405,000 | 191,800,000 |
Cumulative amortization | 0 | 0 |
Cumulative impairment losses | -5,000,000 | -5,000,000 |
Intangible assets, net | 187,405,000 | 186,800,000 |
Gaming License Rights | ' | ' |
Indefinite lived intangible assets: | ' | ' |
Gross carrying value | 955,457,000 | 955,135,000 |
Cumulative amortization | -33,958,000 | -33,960,000 |
Cumulative impairment losses | -180,000,000 | -180,000,000 |
Intangible assets, net | $741,499,000 | $741,175,000 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Payroll and related expenses | $91,187 | $86,448 |
Interest | 50,120 | 67,145 |
Gaming liabilities | 82,921 | 85,561 |
Accrued liabilities | 138,297 | 124,578 |
Total accrued liabilities | $362,525 | $363,732 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Unamortized discount | ($25,391,000) | ($42,298,000) |
Unamortized origination fees | -21,793,000 | -24,082,000 |
Current maturities of long-term debt | 29,759,000 | 61,570,000 |
Long-term debt, gross, excluding current maturities | 4,360,168,000 | 4,894,233,000 |
Long-term debt, net of current maturities | 4,312,984,000 | 4,827,853,000 |
Parent | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 3,621,927,000 | 4,144,303,000 |
Unamortized discount | -21,773,000 | -37,670,000 |
Unamortized origination fees | -10,892,000 | -10,534,000 |
Long-term debt, net | 3,589,262,000 | 4,096,099,000 |
Current maturities of long-term debt | 21,500,000 | 42,500,000 |
Long-term debt, net of current maturities | 2,265,508,000 | 2,723,234,000 |
Parent | Bank Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount outstanding | 1,443,400,000 | 1,466,635,000 |
Remaining borrowing capacity | 293,600,000 | ' |
Long-term Debt, Gross | ' | 1,474,850,000 |
Unamortized discount | ' | -5,001,000 |
Unamortized origination fees | ' | -3,214,000 |
Long-term debt, net | ' | 1,466,635,000 |
Parent | Senior Notes | 9.125% Senior Notes Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | ' | 500,000,000 |
Unamortized discount | ' | 0 |
Unamortized origination fees | ' | -7,320,000 |
Long-term debt, net | ' | 492,680,000 |
Parent | Senior Subordinated Notes | 6.75% Senior Subordinated Notes Due 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | ' | 215,668,000 |
Unamortized discount | ' | 0 |
Unamortized origination fees | ' | 0 |
Long-term debt, net | ' | 215,668,000 |
Parent | Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | ' | 240,750,000 |
Unamortized discount | ' | 0 |
Unamortized origination fees | ' | 0 |
Long-term debt, net | ' | 240,750,000 |
Parent | Other | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | ' | 158,141,000 |
Unamortized discount | ' | -32,666,000 |
Unamortized origination fees | ' | 0 |
Long-term debt, net | ' | 125,475,000 |
Subsidiary, Borgata | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 768,000,000 | 811,500,000 |
Unamortized discount | -3,618,000 | -4,628,000 |
Unamortized origination fees | -10,901,000 | -13,548,000 |
Long-term debt, net | 753,481,000 | 793,324,000 |
Subsidiary, Borgata | Bank Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 16,300,000 | 20,000,000 |
Unamortized discount | 0 | 0 |
Unamortized origination fees | 0 | 0 |
Long-term debt, net | 16,300,000 | 20,000,000 |
Subsidiary, Borgata | Senior Secured Notes | 9.50% Senior Secured Notes Due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 358,200,000 | 398,000,000 |
Unamortized discount | -1,731,000 | -2,525,000 |
Unamortized origination fees | -4,064,000 | -5,928,000 |
Long-term debt, net | 352,405,000 | 389,547,000 |
Subsidiary, Borgata | Senior Secured Notes | 9.875% Senior Secured Notes Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 393,500,000 | 393,500,000 |
Unamortized discount | -1,887,000 | -2,103,000 |
Unamortized origination fees | -6,837,000 | -7,620,000 |
Long-term debt, net | 384,776,000 | 383,777,000 |
Standard Financing | Parent | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 2,445,700,000 | 2,939,409,000 |
Unamortized discount | -21,773,000 | -37,667,000 |
Unamortized origination fees | -10,892,000 | ' |
Long-term debt, net | 2,413,035,000 | 2,891,208,000 |
Standard Financing | Parent | Bank Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 1,447,900,000 | ' |
Unamortized discount | 0 | ' |
Unamortized origination fees | -4,500,000 | ' |
Long-term debt, net | 1,443,400,000 | ' |
Standard Financing | Parent | Senior Notes | 9.125% Senior Notes Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 500,000,000 | ' |
Unamortized discount | 0 | ' |
Unamortized origination fees | -6,392,000 | ' |
Long-term debt, net | 493,608,000 | ' |
Standard Financing | Parent | Senior Notes | 9.00% Senior Notes Due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 350,000,000 | 350,000,000 |
Unamortized discount | 0 | 0 |
Unamortized origination fees | 0 | 0 |
Long-term debt, net | 350,000,000 | 350,000,000 |
Standard Financing | Parent | Other | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 147,800,000 | ' |
Unamortized discount | -21,773,000 | ' |
Unamortized origination fees | 0 | ' |
Long-term debt, net | 126,027,000 | ' |
Acquisition Financing | Parent | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 1,176,227,000 | 1,204,894,000 |
Unamortized discount | 0 | 3,000 |
Unamortized origination fees | 0 | 0 |
Long-term debt, net | 1,176,227,000 | 1,204,891,000 |
Acquisition Financing | Parent | Bank Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | ' | 854,400,000 |
Unamortized discount | 0 | 0 |
Unamortized origination fees | 0 | 0 |
Long-term debt, net | 826,213,000 | 854,400,000 |
Acquisition Financing | Parent | Senior Notes | 8.375% Senior Notes due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 350,000,000 | 350,000,000 |
Unamortized discount | 0 | 0 |
Unamortized origination fees | 0 | 0 |
Long-term debt, net | 350,000,000 | 350,000,000 |
Acquisition Financing | Parent | Other | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Gross | 14,000 | 494,000 |
Unamortized discount | 0 | -3,000 |
Unamortized origination fees | 0 | 0 |
Long-term debt, net | $14,000 | $491,000 |
LongTerm_Debt_Schedule_of_Boyd
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 1-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 08, 2013 | Aug. 08, 2013 | Sep. 30, 2013 | Aug. 08, 2013 | Sep. 30, 2013 | Aug. 08, 2013 | Sep. 30, 2013 | Aug. 08, 2013 | 1-May-13 | Aug. 08, 2013 | Aug. 08, 2013 | 1-May-13 | 1-May-13 | Sep. 30, 2013 | Aug. 08, 2013 | Aug. 08, 2013 | Aug. 08, 2013 | Sep. 30, 2013 | Aug. 08, 2013 | Aug. 08, 2013 | |
Parent | Parent | Subsidiary, Peninsula Gaming | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Incremental Term Loan | Incremental Term Loan | Incremental Term Loan | Initial Term Loan | Initial Term Loan | Initial Term Loan | Base Rate | Base Rate | Federal Funds Rate [Member] | Eurodollar Rate | Eurodollar Rate | Eurodollar Rate | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | |||||
Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Term Loan | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Incremental Term Loan | Revolving Credit Facility [Member] | Base Rate | Eurodollar Rate | Eurodollar Rate | Revolving Credit Facility [Member] | Base Rate | Eurodollar Rate | ||||||||
Initial Term Loan | Initial Term Loan | Incremental Term Loan | Incremental Term Loan | Swing Loan | Swing Loan | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Subsidiary, Peninsula Gaming | Parent | Parent | Subsidiary, Peninsula Gaming | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Incremental Term Loan | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | ||||||||||||
Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Subsidiary, Peninsula Gaming | Parent | Parent | Parent | Bank Credit Facility | Parent | Parent | Parent | ||||||||||||||||||||||||||
Term Loan | Term Loan | Term Loan | Parent | Term Loan | Term Loan | |||||||||||||||||||||||||||||||||
Term Loan | ||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $875,000,000 | ' | ' | $600,000,000 | $900,000,000 | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | 1,443,400,000 | 1,466,635,000 | 250,000,000 | 450,000,000 | 900,000,000 | 332,500,000 | 3,400,000 | 24,135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Increase, Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Maximum Secured Leverage Ratio Allowed | ' | ' | ' | ' | 4.25 | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.25% | ' | ' | 3.25% | 3.00% | ' | 1.00% | 2.00% | 1.00% | ' | 2.00% | 3.00% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Blended interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | 3.70% | ' | ' | ' | ' | ' | ' | 4.20% | 5.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Prepayment Fee, Percentage | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | 0.50% | ' | ' |
Loss on early extinguishments of debt | $27,141,000 | $0 | $29,513,000 | $0 | $24,605,000 | $25,001,000 | ' | ($20,800,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Boyd_Bank_Credit
Long-Term Debt (Boyd Bank Credit Facility Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 30-May-13 | Apr. 06, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Subsidiary, Borgata | Subsidiary, Borgata | |||||
Senior Subordinated Notes | Senior Subordinated Notes | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Bank Credit Facility | Letter of Credit | ||||||||
6.75% Senior Subordinated Notes Due 2014 | 6.75% Senior Subordinated Notes Due 2014 | Extended Revolving Facility | Initial Term Loan | Initial Term Loan | Incremental Term Loan | Incremental Term Loan | ||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early retirements of debt | ($27,141,000) | $0 | ($29,513,000) | $0 | ($24,605,000) | ($25,001,000) | $100,000 | $300,000 | $20,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Minimum Consolidated Interest Coverage Ratio Required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Blended interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.70% | ' | ' | ' | ' | ' | ' | ' | 4.20% | 5.70% | ' | 4.90% | ' |
Amount outstanding, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 826,200,000 | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 1,443,400,000 | 1,466,635,000 | 660,000,000 | 250,000,000 | 450,000,000 | 900,000,000 | 332,500,000 | 8,500,000 | ' | ' | ' | 5,800,000 | ' | 3,200,000 |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 293,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 31,800,000 | ' | ' | ' | ' |
Extended Revolving Facility: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $875,000,000 | ' | ' | ' | ' |
LongTerm_Debt_Boyd_Senior_and_
Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 10, 2010 | Jun. 08, 2012 | 30-May-13 | Apr. 06, 2013 | Aug. 08, 2013 | |
Senior Notes | Senior Notes | Parent | Parent | Parent | Parent | Parent | Parent | Parent | |||||
9.125% Senior Notes Due 2018 | 9.00% Senior Notes Due 2020 | Senior Notes | Senior Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | |||||||
9.125% Senior Notes Due 2018 | 9.00% Senior Notes Due 2020 | 6.75% Senior Subordinated Notes Due 2014 | 6.75% Senior Subordinated Notes Due 2014 | 7.125% Senior Subordinated Notes Due 2016 | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | 9.13% | 9.00% | ' | ' | 9.13% | 9.00% | ' | ' | ' |
Ownership percentage of subsidiaries | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65,700,000 | $150,000,000 | $240,800,000 |
Redemption price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 101.19% |
Loss on early retirements of debt | ($27,141,000) | $0 | ($29,513,000) | $0 | ' | ' | ($24,605,000) | ($25,001,000) | ' | ' | $100,000 | $300,000 | $1,000,000 |
LongTerm_Debt_Peninsula_Bank_C
Long-Term Debt (Peninsula Bank Credit Facility Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 1-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 1-May-13 | Aug. 08, 2013 | 1-May-13 |
Parent | Parent | Parent | Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Eurodollar Rate | Eurodollar Rate | Base Rate | Base Rate | |
Bank Credit Facility | Bank Credit Facility | Letter of Credit | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Term Loan | Term Loan | Term Loan | Term Loan | |||
Subsidiary, Peninsula Gaming | Subsidiary, Peninsula Gaming | Parent | Subsidiary, Peninsula Gaming | |||||||||
Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | $875,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | 3.70% | ' | ' | ' | 4.20% | 5.70% | ' | ' | ' | ' | ' |
Amount outstanding, gross | ' | ' | ' | ' | ' | 826,200,000 | ' | ' | ' | ' | ' | ' |
Amount outstanding | 1,443,400,000 | 1,466,635,000 | 8,500,000 | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' |
Remaining borrowing capacity | 293,600,000 | ' | ' | ' | ' | 31,800,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 2.00% | 2.25% |
Debt Instrument, Reference Rate, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Debt Instrument, Prepayment Fee, Percentage | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Amendment Fee, Percentage | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Financing Fees | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized Debt Issuance Expense | ' | ' | ' | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Related Commitment Fees and Debt Issuance Costs | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Minimum Consolidated Interest Coverage Ratio Required | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Borgata_Debt_Nar
Long-Term Debt (Borgata Debt Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 24, 2013 | |
Subsidiary, Borgata | Subsidiary, Borgata | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Revolving Credit Facility [Member] | 9.50% Senior Secured Notes Due 2015 | 9.50% Senior Secured Notes Due 2015 | 9.875% Senior Secured Notes Due 2018 | One-month Eurodollar | |||||
Bank Credit Facility | Letter of Credit | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Parent Company | Subsidiary, Borgata | Parent Company | Subsidiary, Borgata | Borgata Bank Credit Facility Amendment | |||||||
Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Subsidiary, Borgata | ||||||||||||
Minimum | Minimum | Maximum | Bank Credit Facility | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | 1,443,400,000 | 1,466,635,000 | 8,500,000 | ' | 16,300,000 | ' | ' | ' | ' | 290,000,000 | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | 4.90% | ' | ' | ' | ' | 3.70% | ' | ' | 4.10% | 4.10% | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 293,600,000 | ' | ' | ' | 40,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | 9.88% | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,800,000 | ' | ' |
Redemption price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.00% | ' | ' |
Loss on early retirements of debt | -27,141,000 | 0 | -29,513,000 | 0 | ' | ' | -24,605,000 | -25,001,000 | 20,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Debt Instrument, Increase, Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.75% | ' | ' | ' | ' | ' |
Debt Instrument, Covenant Terms, Consolidated EBITDA Required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' |
Financing Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Gain Contingency) (Details) (USD $) | Dec. 31, 2008 | Dec. 31, 2008 | Sep. 30, 2013 |
In Millions, unless otherwise specified | State of Nevada Department of Taxation | State of Nevada Department of Taxation | Subsidiary, Borgata |
Minimum | Maximum | Real Estate Taxes [Member] | |
Reduction in State Use Taxes | Reduction in State Use Taxes | ||
Gain Contingencies [Line Items] | ' | ' | ' |
Estimated refund claimed | $19.10 | $21.60 | $48 |
Gain Contingency, Unrecorded Amount, Interest | ' | ' | $9 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Loss Contingency) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2010 | Dec. 31, 2009 |
In Millions, unless otherwise specified | action | Property Tax Assessment | State of Nevada Department of Taxation | State of New Jersey | Subsidiary, Borgata | Subsidiary, Borgata |
Sales and Use Tax Deficiency | Real Estate Taxes [Member] | Property Tax Assessment | Property Tax Assessment | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Number of legal actions brought against company to date | 2 | ' | ' | ' | ' | ' |
Amount of assessment by taxing authority | ' | ' | $12.30 | $2,300 | ' | ' |
Amount of interest assessed by taxing authority | ' | ' | 7.5 | ' | ' | ' |
Increase in assessed property value, percentage | ' | 46.00% | ' | ' | ' | ' |
Range of possible additional property tax obligation, minimum | ' | 5.4 | ' | ' | ' | ' |
Range of possible additional tax obligation, maximum | ' | 14.7 | ' | ' | 870 | 880 |
Accrual for potential property tax obligation | ' | $14.70 | ' | ' | ' | ' |
Stockholders_Equity_and_Stock_2
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $2,049 | $1,607 | $9,033 | $7,560 |
Gaming | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 59 | 59 | 176 | 176 |
Food and Beverage | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 12 | 11 | 34 | 34 |
Room | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 5 | 5 | 16 | 16 |
Selling, General and Administrative | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 298 | 298 | 894 | 894 |
Corporate Expense | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $1,675 | $1,234 | $7,913 | $6,440 |
Stockholders_Equity_and_Stock_3
Stockholders' Equity and Stock Incentive Plans Shareholders Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 18,975,000 | ' | ' |
Proceeds from sale of common stock | $216,700 | $216,467 | $0 |
Noncontrolling_Interest_Narrat
Noncontrolling Interest (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 04, 2013 |
In Thousands, unless otherwise specified | Subsidiary, Borgata | Subsidiary, Borgata | LVE | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' |
Noncontrolling interest | $200,701 | $163,336 | $200,681 | $208,277 | ' |
Ownership percentage by noncontrolling owners | ' | ' | 50.00% | ' | 100.00% |
Noncontrolling_Interest_Change
Noncontrolling Interest (Changes in Noncontrolling Interest) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Subsidiary, Borgata | Consolidation, Eliminations Related to Variable Interest Entity | Consolidation, Eliminations Related to Variable Interest Entity | Consolidation, Eliminations Related to Variable Interest Entity | LVE | LVE | LVE | Other | Other | |||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, January 1, 2013 | ' | ' | $163,336 | ' | $208,277 | ' | $0 | ' | ' | ($44,961) | ' | $20 | $20 |
Attributable net loss | -2,672 | 1,286 | 8,039 | 2,331 | 7,596 | 261 | -443 | -864 | 0 | 0 | 0 | ' | ' |
Deconsolidation of LVE on March 4, 2013 | ' | ' | 45,404 | ' | ' | ' | ' | ' | ' | 45,404 | ' | ' | ' |
Balance, September 30, 2013 | $200,701 | ' | $200,701 | ' | $200,681 | ' | ' | ' | ' | $0 | ' | $20 | $20 |
Fair_Value_Measurements_Balanc
Fair Value Measurements (Balance Measured at Fair Value) (Details) (Fair Value, Measurements, Recurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | $165,803 | $192,545 |
Restricted cash | 27,191 | 22,900 |
CRDA deposits | 0 | 0 |
Investment available for sale | 0 | 0 |
Liabilities | ' | ' |
Merger earnout | 0 | 0 |
Contingent payments | 0 | 0 |
Level 2 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
CRDA deposits | 0 | 0 |
Investment available for sale | 0 | 0 |
Liabilities | ' | ' |
Merger earnout | 0 | 0 |
Contingent payments | 0 | 0 |
Level 3 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
CRDA deposits | 3,726 | 28,464 |
Investment available for sale | 17,937 | 17,907 |
Liabilities | ' | ' |
Merger earnout | 8,983 | 9,800 |
Contingent payments | 4,447 | 4,563 |
Balance | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 165,803 | 192,545 |
Restricted cash | 27,191 | 22,900 |
CRDA deposits | 3,726 | 28,464 |
Investment available for sale | 17,937 | 17,907 |
Liabilities | ' | ' |
Merger earnout | 8,983 | 9,800 |
Contingent payments | $4,447 | $4,563 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative-Balances Measured at Fair Value) (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 20, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Kansas Star | Merger Earnout | Peninsula Gaming | Peninsula Gaming | |
Kansas Star | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Earnout Threshold, EBITDA of Certain Properties | ' | $105 | ' | ' |
Earnout Multiple | ' | 7.5 | ' | ' |
Contingent Consideration, Kansas Star earnout | ' | ' | 9 | 9.8 |
Payment to Option Holder, Percentage of EBITDA | 1.00% | ' | ' | ' |
Payment to Option Holder, Term | '10 years | ' | ' | ' |
Contingent Consideration, Liability for Payments to Option Holder, Current | ' | ' | 0.9 | ' |
Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | ' | ' | $3.50 | $3.60 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Settlements | $0 | ($330) | ' |
Merger Earnout | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Beginning Balance | ' | -9,800 | -8,983 |
Included in Earnings | 0 | 817 | ' |
Included in Other Comprehensive Income (Loss) | 0 | 0 | ' |
Transfers, Net | 0 | 0 | ' |
Ending Balance | -8,983 | -8,983 | -8,983 |
Contingent Payments | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Beginning Balance | ' | -14,363 | -4,470 |
Included in Earnings | -191 | -578 | ' |
Included in Other Comprehensive Income (Loss) | 0 | 0 | ' |
Transfers, Net | 0 | 0 | ' |
Settlements | 214 | 10,494 | ' |
Ending Balance | -4,447 | -4,447 | -4,470 |
Investment Available for Sale | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Beginning Balance | ' | 17,907 | 17,742 |
Included in Earnings | 28 | 78 | ' |
Included in Other Comprehensive Income (Loss) | 167 | 282 | ' |
Transfers, Net | 0 | 0 | ' |
Ending Balance | 17,937 | 17,937 | 17,742 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Beginning Balance | ' | 17,907 | 17,742 |
Included in Earnings | 28 | 78 | ' |
Included in Other Comprehensive Income (Loss) | 167 | 282 | ' |
Transfers, Net | 0 | 0 | ' |
Ending Balance | 17,937 | 17,937 | 17,742 |
CRDA Deposits | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,738 | 5,145 | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Beginning Balance | ' | 28,464 | 25,114 |
Included in Earnings | -581 | -7,338 | ' |
Included in Other Comprehensive Income (Loss) | 0 | 0 | ' |
Transfers, Net | 0 | 0 | ' |
Ending Balance | 3,726 | 3,726 | 25,114 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Settlements | -22,545 | -22,545 | ' |
Beginning Balance | ' | 28,464 | 25,114 |
Included in Earnings | -581 | -7,338 | ' |
Included in Other Comprehensive Income (Loss) | 0 | 0 | ' |
Transfers, Net | 0 | 0 | ' |
Ending Balance | 3,726 | 3,726 | 25,114 |
Interest Income | Merger Earnout | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Interest Income | Contingent Payments | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 167 | ' |
Interest Income | Investment Available for Sale | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 28 | 78 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 28 | 78 | ' |
Interest Income | CRDA Deposits | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Interest Expense | Merger Earnout | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Interest Expense | Contingent Payments | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | -191 | -578 | ' |
Interest Expense | Investment Available for Sale | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Interest Expense | CRDA Deposits | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Non-operating Income | Merger Earnout | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 817 | ' |
Non-operating Income | Contingent Payments | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Non-operating Income | Investment Available for Sale | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Non-operating Income | CRDA Deposits | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | 0 | 0 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Included in Earnings | $0 | $0 | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value, by Balance Sheet Grouping) (Details) (Parent, Level 3, Fair Value, Measurements, Nonrecurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable | $2,524 | $2,470 |
Obligation Under Assessment Arrangements | 37,750 | 38,787 |
Other Financial Instruments | 400 | 500 |
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable | 2,524 | 2,470 |
Obligation Under Assessment Arrangements | 28,779 | 29,335 |
Other Financial Instruments | 336 | 413 |
Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable | 2,524 | 2,470 |
Obligation Under Assessment Arrangements | 28,531 | 29,113 |
Other Financial Instruments | $336 | $413 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $2,445,700 | $2,939,409 |
Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 2,506,107 | 2,956,090 |
Parent | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 2,413,035 | 2,891,208 |
Subsidiary, Peninsula Gaming | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,176,227 | 1,204,894 |
Subsidiary, Peninsula Gaming | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 1,176,227 | 1,204,891 |
Subsidiary, Peninsula Gaming | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,214,889 | 1,237,053 |
Consolidated, Excluding Borgata | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 3,621,927 | 4,144,303 |
Consolidated, Excluding Borgata | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 3,589,262 | 4,096,099 |
Consolidated, Excluding Borgata | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 3,720,996 | 4,193,143 |
Subsidiary, Borgata | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 768,000 | 811,500 |
Long-term debt, net | 753,481 | 793,324 |
Subsidiary, Borgata | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 768,000 | 811,500 |
Subsidiary, Borgata | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 753,481 | 793,324 |
Subsidiary, Borgata | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 797,261 | 796,100 |
Subsidiary, Borgata | Bank Credit Facility | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 16,300 | 20,000 |
Long-term debt, net | 16,300 | 20,000 |
Fair Value, Measurements, Nonrecurring | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 4,389,927 | 4,955,803 |
Fair Value, Measurements, Nonrecurring | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 4,342,743 | 4,889,423 |
Fair Value, Measurements, Nonrecurring | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 4,518,257 | 4,989,243 |
Level 1 | Peninsula Senior Notes due 2018 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Senior Notes | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 350,000 | 350,000 |
Level 1 | Peninsula Senior Notes due 2018 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 350,000 | 350,000 |
Level 1 | Peninsula Senior Notes due 2018 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Senior Notes | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 381,500 | 367,721 |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 500,000 | 500,000 |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 493,608 | 492,680 |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 547,500 | 523,995 |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 350,000 | 350,000 |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 350,000 | 350,000 |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 381,500 | 347,158 |
Level 1 | 6.75% Senior Subordinated Notes Due 2014 | Fair Value, Measurements, Nonrecurring | Parent | Senior Subordinated Notes | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | 215,668 |
Level 1 | 6.75% Senior Subordinated Notes Due 2014 | Fair Value, Measurements, Nonrecurring | Parent | Senior Subordinated Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | 215,668 |
Level 1 | 6.75% Senior Subordinated Notes Due 2014 | Fair Value, Measurements, Nonrecurring | Parent | Senior Subordinated Notes | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | 216,460 |
Level 1 | 7.125% Senior Subordinated Notes Due 2016 | Fair Value, Measurements, Nonrecurring | Parent | Senior Subordinated Notes | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | 240,750 |
Level 1 | 7.125% Senior Subordinated Notes Due 2016 | Fair Value, Measurements, Nonrecurring | Parent | Senior Subordinated Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | 240,750 |
Level 1 | 7.125% Senior Subordinated Notes Due 2016 | Fair Value, Measurements, Nonrecurring | Parent | Senior Subordinated Notes | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | 236,537 |
Level 1 | 9.50% Senior Secured Notes Due 2015 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 358,200 | 398,000 |
Level 1 | 9.50% Senior Secured Notes Due 2015 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 352,405 | 389,547 |
Level 1 | 9.50% Senior Secured Notes Due 2015 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 370,737 | 402,275 |
Level 1 | 9.875% Senior Secured Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 393,500 | 393,500 |
Level 1 | 9.875% Senior Secured Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 384,776 | 383,777 |
Level 1 | 9.875% Senior Secured Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 410,224 | 373,825 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Parent | Bank Credit Facility | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,447,900 | 1,474,850 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Parent | Bank Credit Facility | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,443,400 | 1,466,635 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Parent | Bank Credit Facility | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,454,820 | 1,508,516 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Bank Credit Facility | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | 854,400 |
Long-term Debt, Gross | 826,213 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Bank Credit Facility | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 826,213 | 854,400 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Bank Credit Facility | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 833,375 | 868,838 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Bank Credit Facility | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 16,300 | 20,000 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Bank Credit Facility | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 16,300 | 20,000 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Bank Credit Facility | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 16,300 | 20,000 |
Level 3 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Other | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 14 | 494 |
Level 3 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Other | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 14 | 491 |
Level 3 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming | Other | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 14 | 494 |
Level 3 | Debt Due March 2013 | Fair Value, Measurements, Nonrecurring | Parent | Fixed Rate Debt | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 147,800 | 158,141 |
Level 3 | Debt Due March 2013 | Fair Value, Measurements, Nonrecurring | Parent | Fixed Rate Debt | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 126,027 | 125,475 |
Level 3 | Debt Due March 2013 | Fair Value, Measurements, Nonrecurring | Parent | Fixed Rate Debt | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $122,287 | $123,424 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value, Recurring and Nonrecurring, Valuation Techniques) (Details) (USD $) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Discount Rate | Discount Rate | CRDA Reserves | Risk-free Interest Rate | Risk-adjusted Discount Rate | EBITDA volatility | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Peninsula Gaming | Peninsula Gaming | |
Contingent Payments | Available-for-sale Securities | CRDA Deposits | Merger Earnout | Merger Earnout | Merger Earnout | Carrying Value | Level 3 | Level 3 | |||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | $3,600,000 |
Investment available for sale | ' | ' | ' | ' | ' | ' | 22,100,000 | 17,937,000 | 17,907,000 | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 18.50% | 10.50% | 33.30% | 0.40% | 14.50% | 21.30% | ' | ' | ' | ' | ' |
Debt Security, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' |
Available-for-sale Securities, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 300,000 |
Available-for-sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,600,000 | 17,600,000 |
Fair Value, Discount Amount, Available for sales securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | $3,600,000 |
Segment_Information_Certain_Se
Segment Information (Certain Segment Operating Data and Other) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | $738,569 | $612,390 | $2,212,901 | $1,858,129 |
Corporate expense | 12,084 | 10,317 | 42,588 | 36,197 |
Preopening expense | 1,675 | 1,618 | 4,829 | 5,488 |
Share-based compensation expense | ' | ' | 9,033 | 7,560 |
Impairments of assets | 1,250 | 0 | 6,282 | 0 |
Asset transaction costs | -1,362 | 645 | 2,265 | 6,917 |
Other operating charges, net | 3,386 | -1,095 | 5,181 | -9,316 |
Operating income | 78,322 | 49,387 | 239,121 | 186,464 |
Reportable Segment | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 738,569 | 612,390 | 2,212,901 | 1,858,129 |
Adjusted EBITDA | 165,686 | 112,685 | 513,616 | 380,996 |
Las Vegas Locals | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 140,291 | 138,787 | 442,808 | 442,563 |
Adjusted EBITDA | 26,350 | 24,271 | 104,278 | 97,292 |
Downtown Las Vegas | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 52,674 | 53,547 | 162,884 | 166,494 |
Adjusted EBITDA | 5,534 | 6,356 | 21,942 | 22,897 |
Midwest and South | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 214,831 | 232,965 | 668,221 | 710,415 |
Adjusted EBITDA | 41,936 | 48,708 | 140,243 | 157,841 |
Peninsula | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 130,722 | 0 | 400,416 | 0 |
Adjusted EBITDA | 45,274 | 0 | 144,309 | 0 |
Atlantic City | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Net revenues | 200,051 | 187,091 | 538,572 | 538,657 |
Adjusted EBITDA | 46,592 | 33,350 | 102,844 | 102,966 |
Unallocated to Segment | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Corporate expense | 10,409 | 9,082 | 34,675 | 29,756 |
Deferred rent | 956 | 996 | 2,872 | 2,988 |
Depreciation and amortization | 69,002 | 50,424 | 209,358 | 151,059 |
Preopening expense | 1,675 | 1,618 | 4,829 | 5,488 |
Share-based compensation expense | 2,048 | 1,607 | 9,033 | 7,560 |
Impairments of assets | 1,250 | ' | 6,282 | ' |
Asset transaction costs | -1,362 | 645 | 2,265 | 6,917 |
Other operating charges, net | 3,386 | -1,074 | 5,181 | -9,236 |
Total other operating costs and expenses | $87,364 | $63,298 | $274,495 | $194,532 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $5,773,081 | $6,332,193 |
Reportable Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 5,540,604 | 5,709,586 |
Las Vegas Locals | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,190,711 | 1,215,494 |
Downtown Las Vegas | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 132,462 | 133,689 |
Midwest and South | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,336,878 | 1,367,063 |
Peninsula | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,550,006 | 1,604,778 |
Atlantic City | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 1,330,547 | 1,388,562 |
Corporate | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 232,477 | 395,436 |
Other | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $0 | $227,171 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $165,803 | $165,803 | $192,545 | $343,479 | $343,479 | $178,091 |
Other current assets | 159,067 | ' | 162,363 | ' | ' | ' |
Current assets of discontinued operations | 0 | ' | 685 | ' | ' | ' |
Property and equipment, net | 3,525,546 | ' | 3,587,314 | ' | ' | ' |
Assets held for development | 0 | ' | 331,770 | ' | ' | ' |
Investments in subsidiaries | 0 | ' | 0 | ' | ' | ' |
Intercompany receivable | 0 | ' | 0 | ' | ' | ' |
Other assets, net | 144,656 | ' | 205,265 | ' | ' | ' |
Intangible assets, net | 1,083,080 | ' | 1,119,638 | ' | ' | ' |
Goodwill, net | 694,929 | ' | 694,929 | ' | ' | ' |
Assets of discontinued operation | 0 | ' | 37,684 | ' | ' | ' |
Total assets | 5,773,081 | ' | 6,332,193 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 29,759 | ' | 61,570 | ' | ' | ' |
Current maturities of non-recourse obligations of variable interest entity | 0 | ' | 225,113 | ' | ' | ' |
Current liabilities | 442,814 | ' | 463,017 | ' | ' | ' |
Current liabilities of discontinued operations | 0 | ' | 864 | ' | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' | ' |
Long-term debt, net of current maturities | 4,312,984 | ' | 4,827,853 | ' | ' | ' |
Other long-term liabilities | 277,052 | ' | 286,649 | ' | ' | ' |
Preferred stock | 0 | ' | 0 | ' | ' | 0 |
Common stock | 1,078 | ' | 869 | ' | ' | ' |
Additional paid-in capital | 894,222 | ' | 655,694 | ' | ' | ' |
Retained earnings (deficit) | -384,734 | ' | -351,810 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -795 | ' | -962 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 509,771 | ' | 303,791 | ' | ' | ' |
Noncontrolling interest | 200,701 | ' | 163,336 | ' | ' | ' |
Total stockholders’ equity | 710,472 | ' | 467,127 | ' | ' | ' |
Total liabilities and stockholders’ equity | 5,773,081 | ' | 6,332,193 | ' | ' | ' |
Parent | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 2,520 | ' | 362 | 364 |
Other current assets | 90,894 | ' | 87,493 | ' | ' | ' |
Current assets of discontinued operations | ' | ' | 0 | ' | ' | ' |
Property and equipment, net | 63,431 | ' | 67,500 | ' | ' | ' |
Assets held for development | ' | ' | 775 | ' | ' | ' |
Investments in subsidiaries | 3,158,525 | ' | 3,089,125 | ' | ' | ' |
Intercompany receivable | 0 | ' | -134,385 | ' | ' | ' |
Other assets, net | 38,440 | ' | 45,880 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Goodwill, net | 0 | ' | 0 | ' | ' | ' |
Assets of discontinued operation | ' | ' | 0 | ' | ' | ' |
Total assets | 3,351,290 | ' | 3,158,908 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 21,500 | ' | 42,500 | ' | ' | ' |
Current maturities of non-recourse obligations of variable interest entity | ' | ' | 0 | ' | ' | ' |
Current liabilities | 57,662 | ' | 66,121 | ' | ' | ' |
Current liabilities of discontinued operations | ' | ' | 0 | ' | ' | ' |
Intercompany payable | 485,232 | ' | 0 | ' | ' | ' |
Long-term debt, net of current maturities | 2,265,508 | ' | 2,723,234 | ' | ' | ' |
Other long-term liabilities | 11,617 | ' | 23,262 | ' | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | 0 |
Common stock | 1,078 | ' | 869 | ' | ' | ' |
Additional paid-in capital | 894,222 | ' | 655,694 | ' | ' | ' |
Retained earnings (deficit) | -384,734 | ' | -351,810 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -795 | ' | -962 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 509,771 | ' | 303,791 | ' | ' | ' |
Noncontrolling interest | 0 | ' | 0 | ' | ' | ' |
Total stockholders’ equity | 509,771 | ' | 303,791 | ' | ' | ' |
Total liabilities and stockholders’ equity | 3,351,290 | ' | 3,158,908 | ' | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 99,487 | 99,487 | 118,714 | ' | 118,200 | 128,185 |
Other current assets | -15,574 | ' | -4,371 | ' | ' | ' |
Current assets of discontinued operations | ' | ' | 0 | ' | ' | ' |
Property and equipment, net | 1,839,262 | ' | 1,691,120 | ' | ' | ' |
Assets held for development | ' | ' | 330,995 | ' | ' | ' |
Investments in subsidiaries | 268,870 | ' | 267,777 | ' | ' | ' |
Intercompany receivable | 563,945 | ' | 264,686 | ' | ' | ' |
Other assets, net | 12,724 | ' | 12,791 | ' | ' | ' |
Intangible assets, net | 466,676 | ' | 468,229 | ' | ' | ' |
Goodwill, net | 212,795 | ' | 212,795 | ' | ' | ' |
Assets of discontinued operation | ' | ' | 0 | ' | ' | ' |
Total assets | 3,448,185 | ' | 3,362,736 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | ' | 10,341 | ' | ' | ' |
Current maturities of non-recourse obligations of variable interest entity | ' | ' | 0 | ' | ' | ' |
Current liabilities | 214,282 | ' | 208,399 | ' | ' | ' |
Current liabilities of discontinued operations | ' | ' | 0 | ' | ' | ' |
Intercompany payable | 0 | ' | 0 | ' | ' | ' |
Long-term debt, net of current maturities | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 186,586 | ' | 185,717 | ' | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | 0 |
Common stock | 31,124 | ' | 31,128 | ' | ' | ' |
Additional paid-in capital | 2,736,895 | ' | 2,756,184 | ' | ' | ' |
Retained earnings (deficit) | 279,298 | ' | 170,967 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 0 | ' | 0 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 3,047,317 | ' | 2,958,279 | ' | ' | ' |
Noncontrolling interest | 0 | ' | 0 | ' | ' | ' |
Total stockholders’ equity | 3,047,317 | ' | 2,958,279 | ' | ' | ' |
Total liabilities and stockholders’ equity | 3,448,185 | ' | 3,362,736 | ' | ' | ' |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 30,866 | 30,866 | 36,619 | ' | 192,177 | 3,279 |
Other current assets | 37,657 | ' | 32,460 | ' | ' | ' |
Current assets of discontinued operations | ' | ' | 685 | ' | ' | ' |
Property and equipment, net | 448,036 | ' | 462,986 | ' | ' | ' |
Assets held for development | ' | ' | 0 | ' | ' | ' |
Investments in subsidiaries | 8,213 | ' | 4,103 | ' | ' | ' |
Intercompany receivable | 47,096 | ' | 10 | ' | ' | ' |
Other assets, net | 79,411 | ' | 81,846 | ' | ' | ' |
Intangible assets, net | 556,060 | ' | 589,845 | ' | ' | ' |
Goodwill, net | 482,134 | ' | 482,134 | ' | ' | ' |
Assets of discontinued operation | ' | ' | 37,684 | ' | ' | ' |
Total assets | 1,689,473 | ' | 1,728,372 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 8,259 | ' | 8,729 | ' | ' | ' |
Current maturities of non-recourse obligations of variable interest entity | ' | ' | 0 | ' | ' | ' |
Current liabilities | 68,169 | ' | 79,928 | ' | ' | ' |
Current liabilities of discontinued operations | ' | ' | 70,864 | ' | ' | ' |
Intercompany payable | 125,398 | ' | 58,198 | ' | ' | ' |
Long-term debt, net of current maturities | 1,293,995 | ' | 1,311,295 | ' | ' | ' |
Other long-term liabilities | 47,832 | ' | 41,289 | ' | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | 0 |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid-in capital | 244,003 | ' | 250,504 | ' | ' | ' |
Retained earnings (deficit) | -97,388 | ' | -91,473 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -795 | ' | -962 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 145,820 | ' | 158,069 | ' | ' | ' |
Noncontrolling interest | 0 | ' | 0 | ' | ' | ' |
Total stockholders’ equity | 145,820 | ' | 158,069 | ' | ' | ' |
Total liabilities and stockholders’ equity | 1,689,473 | ' | 1,728,372 | ' | ' | ' |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 35,450 | 35,450 | 34,692 | ' | 32,740 | 46,263 |
Other current assets | 45,955 | ' | 50,751 | ' | ' | ' |
Current assets of discontinued operations | ' | ' | 0 | ' | ' | ' |
Property and equipment, net | 1,174,817 | ' | 1,365,708 | ' | ' | ' |
Assets held for development | ' | ' | 0 | ' | ' | ' |
Investments in subsidiaries | 311 | ' | 0 | ' | ' | ' |
Intercompany receivable | 0 | ' | -224 | ' | ' | ' |
Other assets, net | 14,081 | ' | 64,748 | ' | ' | ' |
Intangible assets, net | 60,344 | ' | 61,564 | ' | ' | ' |
Goodwill, net | 0 | ' | 0 | ' | ' | ' |
Assets of discontinued operation | ' | ' | 0 | ' | ' | ' |
Total assets | 1,330,958 | ' | 1,577,239 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | ' | 0 | ' | ' | ' |
Current maturities of non-recourse obligations of variable interest entity | ' | ' | 225,113 | ' | ' | ' |
Current liabilities | 103,274 | ' | 109,442 | ' | ' | ' |
Current liabilities of discontinued operations | ' | ' | 0 | ' | ' | ' |
Intercompany payable | 103 | ' | 0 | ' | ' | ' |
Long-term debt, net of current maturities | 753,481 | ' | 793,324 | ' | ' | ' |
Other long-term liabilities | 30,925 | ' | 36,350 | ' | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | 0 |
Common stock | 0 | ' | 0 | ' | ' | ' |
Additional paid-in capital | 480,833 | ' | 480,833 | ' | ' | ' |
Retained earnings (deficit) | -37,658 | ' | -67,823 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 0 | ' | 0 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 443,175 | ' | 413,010 | ' | ' | ' |
Noncontrolling interest | 0 | ' | 0 | ' | ' | ' |
Total stockholders’ equity | 443,175 | ' | 413,010 | ' | ' | ' |
Total liabilities and stockholders’ equity | 1,330,958 | ' | 1,577,239 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' | 0 | 0 |
Other current assets | 135 | ' | -3,970 | ' | ' | ' |
Current assets of discontinued operations | ' | ' | 0 | ' | ' | ' |
Property and equipment, net | 0 | ' | 0 | ' | ' | ' |
Assets held for development | ' | ' | 0 | ' | ' | ' |
Investments in subsidiaries | -3,435,919 | ' | -3,361,005 | ' | ' | ' |
Intercompany receivable | -611,041 | ' | -130,087 | ' | ' | ' |
Other assets, net | 0 | ' | 0 | ' | ' | ' |
Intangible assets, net | 0 | ' | 0 | ' | ' | ' |
Goodwill, net | 0 | ' | 0 | ' | ' | ' |
Assets of discontinued operation | ' | ' | 0 | ' | ' | ' |
Total assets | -4,046,825 | ' | -3,495,062 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | ' | 0 | ' | ' | ' |
Current maturities of non-recourse obligations of variable interest entity | ' | ' | 0 | ' | ' | ' |
Current liabilities | -573 | ' | -873 | ' | ' | ' |
Current liabilities of discontinued operations | ' | ' | -70,000 | ' | ' | ' |
Intercompany payable | -610,733 | ' | -58,198 | ' | ' | ' |
Long-term debt, net of current maturities | 0 | ' | 0 | ' | ' | ' |
Other long-term liabilities | 92 | ' | 31 | ' | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | ' |
Common stock | -31,124 | ' | -31,128 | ' | ' | ' |
Additional paid-in capital | -3,461,731 | ' | -3,487,521 | ' | ' | ' |
Retained earnings (deficit) | -144,252 | ' | -11,671 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 795 | ' | 962 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | -3,636,312 | ' | -3,529,358 | ' | ' | ' |
Noncontrolling interest | 200,701 | ' | 163,336 | ' | ' | ' |
Total stockholders’ equity | -3,435,611 | ' | -3,366,022 | ' | ' | ' |
Total liabilities and stockholders’ equity | ($4,046,825) | ' | ($3,495,062) | ' | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Income Statements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | $738,569 | $612,390 | $2,212,901 | $1,858,129 |
Costs and Expenses | ' | ' | ' | ' |
Operating | 405,640 | 350,772 | 1,203,426 | 1,034,685 |
Selling, general and administrative | 122,837 | 112,393 | 373,865 | 330,711 |
Maintenance and utilities | 45,735 | 37,929 | 125,986 | 115,924 |
Depreciation and amortization | 69,002 | 50,424 | 209,358 | 151,059 |
Corporate expense | 12,084 | 10,317 | 42,588 | 36,197 |
Preopening expenses | 1,675 | 1,618 | 4,829 | 5,488 |
Impairments of assets | 1,250 | 0 | 6,282 | 0 |
Asset transactions costs | -1,362 | 645 | 2,265 | 6,917 |
Other operating charges, net | 3,386 | -1,095 | 5,181 | -9,316 |
Intercompany Expense | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 660,247 | 563,003 | 1,973,780 | 1,671,665 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income | 78,322 | 49,387 | 239,121 | 186,464 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 82,592 | 73,843 | 265,174 | 202,047 |
Loss on early extinguishments of debt | 27,141 | 0 | 29,513 | 0 |
Other, net | 136 | 0 | -335 | 0 |
Total other expense, net | -109,869 | -73,843 | -294,352 | -202,047 |
Loss from continuing operations before income taxes | -31,547 | -24,456 | -55,231 | -15,583 |
Income taxes benefit (expense) | -3,048 | 8,050 | 3,478 | 6,427 |
Income (loss) from continuing operations, net of tax | -34,595 | -16,406 | -51,753 | -9,156 |
Income (Loss) from Discontinued Operations, Net of Tax | 0 | ' | 10,790 | -2,142 |
Income (loss) from discontinued operations, net of tax | 0 | -676 | 10,790 | -2,142 |
Net loss | -34,595 | -17,082 | -40,963 | -11,298 |
Attributable net loss | -2,672 | 1,286 | 8,039 | 2,331 |
Net Income (Loss) Attributable to Parent | -37,267 | -15,796 | -32,924 | -8,967 |
Comprehensive income (loss) | 34,543 | 15,848 | 40,796 | 7,597 |
Parent | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 32,018 | 27,949 | 106,132 | 91,626 |
Costs and Expenses | ' | ' | ' | ' |
Operating | 462 | 456 | 1,386 | 1,367 |
Selling, general and administrative | 11,698 | 11,331 | 35,183 | 34,010 |
Maintenance and utilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 1,610 | 1,925 | 5,008 | 6,152 |
Corporate expense | 11,423 | 9,877 | 39,463 | 35,272 |
Preopening expenses | -537 | 589 | 563 | 1,494 |
Impairments of assets | 0 | ' | ' | ' |
Asset transactions costs | -1,692 | 645 | 1,043 | 6,917 |
Other operating charges, net | 134 | 0 | 412 | 0 |
Intercompany Expense | 301 | 346 | 912 | 1,011 |
Total operating costs and expenses | 23,399 | 25,169 | 83,970 | 86,223 |
Equity in earnings of subsidiaries | 11,012 | 10,122 | 84,122 | 61,297 |
Operating income | 19,631 | 12,902 | 106,284 | 66,700 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 36,936 | 43,415 | 121,004 | 117,503 |
Loss on early extinguishments of debt | 24,605 | ' | 25,001 | ' |
Other, net | 136 | ' | 136 | ' |
Total other expense, net | -61,677 | -43,415 | -146,141 | -117,503 |
Loss from continuing operations before income taxes | -42,046 | -30,513 | -39,857 | -50,803 |
Income taxes benefit (expense) | 4,779 | 14,717 | 6,933 | 41,836 |
Income (loss) from continuing operations, net of tax | -37,267 | -15,796 | -32,924 | -8,967 |
Income (loss) from discontinued operations, net of tax | ' | 0 | 0 | 0 |
Net loss | -37,267 | -15,796 | -32,924 | -8,967 |
Attributable net loss | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | -37,267 | -15,796 | -32,924 | -8,967 |
Comprehensive income (loss) | 37,215 | 15,796 | -32,757 | -8,967 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 395,991 | 413,281 | 1,238,422 | 1,281,805 |
Costs and Expenses | ' | ' | ' | ' |
Operating | 223,748 | 235,163 | 680,970 | 705,224 |
Selling, general and administrative | 58,809 | 63,579 | 179,365 | 187,481 |
Maintenance and utilities | 25,639 | 21,532 | 70,087 | 70,070 |
Depreciation and amortization | 30,281 | 31,567 | 90,992 | 95,529 |
Corporate expense | -7 | 25 | 87 | -32 |
Preopening expenses | 0 | 3,493 | 2,892 | 11,317 |
Impairments of assets | 1,250 | ' | 13,984 | ' |
Asset transactions costs | 399 | ' | 724 | ' |
Other operating charges, net | 43 | 524 | 1,396 | -5,509 |
Intercompany Expense | 26,885 | 27,644 | 90,132 | 90,766 |
Total operating costs and expenses | 367,047 | 383,527 | 1,130,629 | 1,154,846 |
Equity in earnings of subsidiaries | -4,291 | -2,584 | 13,379 | -6,104 |
Operating income | 24,653 | 27,170 | 121,172 | 120,855 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 2,270 | 3,350 | -7,632 | 10,703 |
Loss on early extinguishments of debt | 0 | ' | 0 | ' |
Other, net | 0 | ' | 0 | ' |
Total other expense, net | -2,270 | -3,350 | 7,632 | -10,703 |
Loss from continuing operations before income taxes | 22,383 | 23,820 | 113,540 | 110,152 |
Income taxes benefit (expense) | -1,336 | -7,828 | 4,260 | -38,456 |
Income (loss) from continuing operations, net of tax | 21,047 | 15,992 | 109,280 | 71,696 |
Income (loss) from discontinued operations, net of tax | ' | 0 | 0 | 0 |
Net loss | 21,047 | 15,992 | 109,280 | 71,696 |
Attributable net loss | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 21,047 | 15,992 | 109,280 | 71,696 |
Comprehensive income (loss) | -21,047 | -15,992 | -109,280 | -71,696 |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 147,905 | 12,554 | 452,555 | 39,303 |
Costs and Expenses | ' | ' | ' | ' |
Operating | 80,857 | 12,796 | 241,394 | 40,047 |
Selling, general and administrative | 15,510 | 2,008 | 48,131 | 6,206 |
Maintenance and utilities | 4,040 | 483 | 11,073 | 1,209 |
Depreciation and amortization | 22,774 | 624 | 67,910 | 1,926 |
Corporate expense | 668 | 415 | 3,038 | 957 |
Preopening expenses | 1,883 | 260 | 2,920 | 609 |
Impairments of assets | 0 | ' | ' | ' |
Asset transactions costs | 132 | ' | 293 | ' |
Other operating charges, net | 63 | 5 | 227 | 5 |
Intercompany Expense | 10,200 | 495 | 31,695 | 1,485 |
Total operating costs and expenses | 136,127 | 17,086 | 406,681 | 52,444 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income | 11,778 | -4,532 | 45,874 | -13,141 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 23,104 | 3,342 | 72,262 | 2,933 |
Loss on early extinguishments of debt | 0 | ' | 1,976 | ' |
Other, net | 0 | ' | -471 | ' |
Total other expense, net | -23,104 | -3,342 | -73,767 | -2,933 |
Loss from continuing operations before income taxes | -11,326 | -7,874 | -27,893 | -16,074 |
Income taxes benefit (expense) | -5,760 | 1,124 | -103 | 3,183 |
Income (loss) from continuing operations, net of tax | -17,086 | -6,750 | -27,790 | -12,891 |
Income (Loss) from Discontinued Operations, Net of Tax | 0 | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | ' | -676 | 23,524 | -2,142 |
Net loss | -17,086 | -7,426 | -4,266 | -15,033 |
Attributable net loss | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | -17,086 | -7,426 | -4,266 | -15,033 |
Comprehensive income (loss) | 17,034 | 7,426 | 4,099 | 15,033 |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 200,051 | 189,815 | 540,505 | 546,829 |
Costs and Expenses | ' | ' | ' | ' |
Operating | 100,573 | 102,357 | 279,676 | 288,047 |
Selling, general and administrative | 36,830 | 35,475 | 111,227 | 103,014 |
Maintenance and utilities | 16,056 | 15,914 | 44,826 | 44,645 |
Depreciation and amortization | 14,337 | 16,308 | 45,448 | 47,452 |
Corporate expense | 0 | 0 | 0 | 0 |
Preopening expenses | 329 | 0 | 387 | 240 |
Impairments of assets | 0 | ' | 5,032 | ' |
Asset transactions costs | -201 | ' | 205 | ' |
Other operating charges, net | 3,146 | -1,624 | 3,146 | -3,812 |
Intercompany Expense | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 171,070 | 168,430 | 489,947 | 479,586 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income | 28,981 | 21,385 | 50,558 | 67,243 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 20,282 | 23,736 | 64,276 | 70,908 |
Loss on early extinguishments of debt | 2,536 | ' | 2,536 | ' |
Other, net | 0 | ' | 0 | ' |
Total other expense, net | -22,818 | -23,736 | -66,812 | -70,908 |
Loss from continuing operations before income taxes | 6,163 | -2,351 | -16,254 | -3,665 |
Income taxes benefit (expense) | -731 | 37 | -702 | -136 |
Income (loss) from continuing operations, net of tax | 5,432 | -2,314 | -15,552 | -3,801 |
Income (loss) from discontinued operations, net of tax | ' | 0 | 0 | 0 |
Net loss | 5,432 | -2,314 | -15,552 | -3,801 |
Attributable net loss | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 5,432 | -2,314 | -15,552 | -3,801 |
Comprehensive income (loss) | -5,432 | 1,080 | 15,552 | 100 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | -37,396 | -31,209 | -124,713 | -101,434 |
Costs and Expenses | ' | ' | ' | ' |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | -10 | 0 | -41 | 0 |
Maintenance and utilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Corporate expense | 0 | 0 | 0 | 0 |
Preopening expenses | 0 | -2,724 | -1,933 | -8,172 |
Impairments of assets | 0 | ' | -12,734 | ' |
Asset transactions costs | 0 | ' | ' | ' |
Other operating charges, net | 0 | 0 | 0 | 0 |
Intercompany Expense | -37,386 | -28,485 | -122,739 | -93,262 |
Total operating costs and expenses | -37,396 | -31,209 | -137,447 | -101,434 |
Equity in earnings of subsidiaries | -6,721 | -7,538 | -97,501 | -55,193 |
Operating income | -6,721 | -7,538 | -84,767 | -55,193 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 |
Loss on early extinguishments of debt | 0 | ' | 0 | ' |
Other, net | 0 | ' | 0 | ' |
Total other expense, net | 0 | 0 | 0 | 0 |
Loss from continuing operations before income taxes | -6,721 | -7,538 | -84,767 | -55,193 |
Income taxes benefit (expense) | 0 | ' | 0 | 0 |
Income (loss) from continuing operations, net of tax | -6,721 | -7,538 | -84,767 | -55,193 |
Income (Loss) from Discontinued Operations, Net of Tax | 0 | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | ' | 0 | -12,734 | 0 |
Net loss | -6,721 | -7,538 | -97,501 | -55,193 |
Attributable net loss | -2,672 | 1,286 | -8,039 | 2,331 |
Net Income (Loss) Attributable to Parent | -9,393 | -6,252 | -89,462 | -52,862 |
Comprehensive income (loss) | $6,773 | $7,538 | $97,668 | $55,193 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Cash Flows) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | $147,481 | $233,783 | ' | $233,783 | $147,481 | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Capital expenditures | -101,322 | -100,618 | ' | -100,618 | -101,322 | ' |
Escrow Deposit Disbursements Related to Property Acquisition | ' | ' | ' | 0 | 350,000 | ' |
Proceeds from sale of Echelon, net | ' | 343,750 | ' | 343,750 | 0 | ' |
Cash paid for exercise of LVE option | ' | -187,000 | ' | -187,000 | 0 | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' | ' |
Other investing activities | 4,054 | 198 | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | -447,268 | 61,205 | ' | 61,205 | -447,268 | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Borrowings under bank credit facility | 1,157,900 | 3,276,975 | ' | ' | ' | ' |
Payments under bank credit facility | -1,378,175 | -3,335,813 | ' | ' | ' | ' |
Payments on long-term debt | -2,881 | ' | ' | ' | ' | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | 341,168 | ' | ' | 0 | 2,668 | ' |
proceeds from issuance of acquisition financing | ' | ' | ' | 0 | -350,000 | ' |
Debt financing costs, net | ' | -36,396 | ' | -36,396 | -2,881 | ' |
Payments on notes payable | ' | -10,818 | ' | -10,818 | 0 | ' |
Payments on early retirements of debt | ' | -500,272 | ' | -500,272 | 0 | ' |
Proceeds from stock options exercised | ' | 13,591 | ' | 13,591 | 0 | ' |
Other financing activities | -427 | -354 | ' | ' | ' | ' |
Net cash used in financing activities | 466,830 | -376,620 | ' | -376,620 | 466,830 | ' |
Cash Flows from Discontinued Operations | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | -2,144 | -1,636 | -2,144 | -1,636 | ' |
Cash flows from investing activities | ' | 56,751 | -392 | 56,751 | -392 | ' |
Cash flows from financing activities | ' | 0 | 0 | 0 | 0 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 54,607 | -2,028 | 54,607 | -2,028 | ' |
Cash and cash equivalents, beginning of period | 178,091 | 192,545 | 178,091 | 192,545 | 178,091 | ' |
Change in cash classified as discontinued operations | ' | 283 | ' | 283 | 373 | 373 |
Cash and cash equivalents, end of period | 343,479 | 165,803 | ' | 165,803 | 343,479 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | 165,015 | -27,025 | ' | -27,025 | 165,015 | ' |
Parent | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | -101,627 | 143,937 | ' | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Capital expenditures | -40,641 | -22,922 | ' | ' | ' | ' |
Proceeds from sale of Echelon, net | ' | 343,750 | ' | ' | ' | ' |
Cash paid for exercise of LVE option | ' | -187,000 | ' | ' | ' | ' |
Investment in subsidiaries | 88 | -4,233 | ' | ' | ' | ' |
Other investing activities | 0 | 0 | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | -40,553 | 134,470 | ' | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Borrowings under bank credit facility | 642,600 | 2,711,375 | ' | ' | ' | ' |
Payments under bank credit facility | -836,375 | -2,738,325 | ' | ' | ' | ' |
Payments on long-term debt | -2,664 | ' | ' | ' | ' | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | 338,500 | ' | ' | ' | ' | ' |
Debt financing costs, net | ' | -23,562 | ' | ' | ' | ' |
Payments on notes payable | ' | -10,341 | ' | ' | ' | ' |
Payments on early retirements of debt | ' | 459,278 | ' | ' | ' | ' |
Proceeds from Contributions from Affiliates | ' | 9,500 | ' | ' | ' | ' |
Proceeds from stock options exercised | ' | 13,591 | ' | ' | ' | ' |
Other financing activities | 117 | -354 | ' | ' | ' | ' |
Net cash used in financing activities | 142,178 | -280,927 | ' | ' | ' | ' |
Cash Flows from Discontinued Operations | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | 0 | 0 | ' | ' | ' |
Cash flows from investing activities | ' | 0 | 0 | ' | ' | ' |
Cash flows from financing activities | ' | 0 | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 0 | 0 | ' | ' | ' |
Cash and cash equivalents, beginning of period | 364 | 2,520 | 364 | 2,520 | 364 | ' |
Change in cash classified as discontinued operations | ' | 0 | ' | ' | ' | 0 |
Cash and cash equivalents, end of period | 362 | 0 | ' | 0 | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | -2 | -2,520 | ' | ' | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 17,141 | 16,964 | ' | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Capital expenditures | -26,807 | -36,191 | ' | ' | ' | ' |
Proceeds from sale of Echelon, net | ' | 0 | ' | ' | ' | ' |
Cash paid for exercise of LVE option | ' | ' | ' | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' | ' |
Other investing activities | 225 | 0 | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | -26,582 | -36,191 | ' | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Borrowings under bank credit facility | 0 | 0 | ' | ' | ' | ' |
Payments under bank credit facility | 0 | 0 | ' | ' | ' | ' |
Payments on long-term debt | 0 | ' | ' | ' | ' | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | 0 | ' | ' | ' | ' | ' |
Debt financing costs, net | ' | 0 | ' | ' | ' | ' |
Payments on notes payable | ' | 0 | ' | ' | ' | ' |
Other financing activities | -544 | 0 | ' | ' | ' | ' |
Net cash used in financing activities | -544 | 0 | ' | ' | ' | ' |
Cash Flows from Discontinued Operations | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | 0 | 0 | ' | ' | ' |
Cash flows from investing activities | ' | 0 | 0 | ' | ' | ' |
Cash flows from financing activities | ' | 0 | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 0 | 0 | ' | ' | ' |
Cash and cash equivalents, beginning of period | 128,185 | 118,714 | 128,185 | 118,714 | 128,185 | ' |
Change in cash classified as discontinued operations | ' | 0 | ' | ' | ' | 0 |
Cash and cash equivalents, end of period | 118,200 | 99,487 | ' | 99,487 | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | -9,985 | -19,227 | ' | ' | ' | ' |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 190,413 | 12,695 | ' | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Capital expenditures | 120 | -25,107 | ' | ' | ' | ' |
Escrow Deposit Disbursements Related to Property Acquisition | ' | ' | ' | ' | -350,000 | ' |
Proceeds from sale of Echelon, net | ' | 0 | ' | ' | ' | ' |
Cash paid for exercise of LVE option | ' | ' | ' | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' | ' |
Other investing activities | 20 | 222 | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | -349,860 | -24,885 | ' | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Borrowings under bank credit facility | 0 | 268,500 | ' | ' | ' | ' |
Payments under bank credit facility | 0 | -296,688 | ' | ' | ' | ' |
Payments on long-term debt | 0 | ' | ' | ' | ' | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | 0 | ' | ' | ' | ' | ' |
proceeds from issuance of acquisition financing | ' | ' | ' | ' | 350,000 | ' |
Debt financing costs, net | ' | -10,288 | ' | ' | ' | ' |
Payments on notes payable | ' | -477 | ' | ' | ' | ' |
Proceeds from Contributions from Affiliates | ' | -9,500 | ' | ' | ' | ' |
Other financing activities | 0 | 0 | ' | ' | ' | ' |
Net cash used in financing activities | 350,000 | -48,453 | ' | ' | ' | ' |
Cash Flows from Discontinued Operations | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | -2,144 | -1,636 | ' | ' | ' |
Cash flows from investing activities | ' | 56,751 | -392 | ' | ' | ' |
Cash flows from financing activities | ' | 0 | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 54,607 | -2,028 | ' | ' | ' |
Cash and cash equivalents, beginning of period | 3,279 | 36,619 | 3,279 | 36,619 | 3,279 | ' |
Change in cash classified as discontinued operations | ' | 283 | ' | ' | ' | 373 |
Cash and cash equivalents, end of period | 192,177 | 30,866 | ' | 30,866 | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | 188,525 | -6,036 | ' | ' | ' | ' |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 41,554 | 64,420 | ' | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Capital expenditures | -33,994 | -16,398 | ' | ' | ' | ' |
Proceeds from sale of Echelon, net | ' | 0 | ' | ' | ' | ' |
Cash paid for exercise of LVE option | ' | ' | ' | ' | ' | ' |
Investment in subsidiaries | -88 | 0 | ' | ' | ' | ' |
Other investing activities | 3,809 | -24 | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | -30,273 | -16,422 | ' | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Borrowings under bank credit facility | 515,300 | 297,100 | ' | ' | ' | ' |
Payments under bank credit facility | -541,800 | -300,800 | ' | ' | ' | ' |
Payments on long-term debt | -217 | ' | ' | ' | ' | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | 2,668 | ' | ' | ' | ' | ' |
Debt financing costs, net | ' | -2,546 | ' | ' | ' | ' |
Payments on notes payable | ' | 0 | ' | ' | ' | ' |
Other financing activities | 0 | 0 | ' | ' | ' | ' |
Net cash used in financing activities | -24,804 | -47,240 | ' | ' | ' | ' |
Cash Flows from Discontinued Operations | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | 0 | 0 | ' | ' | ' |
Cash flows from investing activities | ' | 0 | 0 | ' | ' | ' |
Cash flows from financing activities | ' | 0 | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 0 | 0 | ' | ' | ' |
Cash and cash equivalents, beginning of period | 46,263 | 34,692 | 46,263 | 34,692 | 46,263 | ' |
Change in cash classified as discontinued operations | ' | 0 | ' | ' | ' | 0 |
Cash and cash equivalents, end of period | 32,740 | 35,450 | ' | 35,450 | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | -13,523 | 758 | ' | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 0 | -4,233 | ' | ' | ' | ' |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' |
Capital expenditures | 0 | 0 | ' | ' | ' | ' |
Proceeds from sale of Echelon, net | ' | 0 | ' | ' | ' | ' |
Cash paid for exercise of LVE option | ' | ' | ' | ' | ' | ' |
Investment in subsidiaries | 0 | 4,233 | ' | ' | ' | ' |
Other investing activities | 0 | ' | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | 0 | 4,233 | ' | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' |
Borrowings under bank credit facility | 0 | ' | ' | ' | ' | ' |
Payments under bank credit facility | 0 | ' | ' | ' | ' | ' |
Payments on long-term debt | 0 | ' | ' | ' | ' | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | 0 | ' | ' | ' | ' | ' |
Debt financing costs, net | ' | ' | ' | ' | ' | ' |
Payments on notes payable | ' | ' | ' | ' | ' | ' |
Other financing activities | 0 | ' | ' | ' | ' | ' |
Net cash used in financing activities | 0 | 0 | ' | ' | ' | ' |
Cash Flows from Discontinued Operations | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | 0 | 0 | ' | ' | ' |
Cash flows from investing activities | ' | 0 | 0 | ' | ' | ' |
Cash flows from financing activities | ' | 0 | 0 | ' | ' | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 0 | 0 | ' | ' | ' |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 | 0 | ' |
Change in cash classified as discontinued operations | ' | 0 | ' | ' | ' | 0 |
Cash and cash equivalents, end of period | 0 | 0 | ' | 0 | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | $0 | $0 | ' | ' | ' | ' |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Narrative) (Details) (Senior Notes) | Jun. 30, 2013 |
9.125% Senior Notes Due 2018 | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, interest rate, stated percentage | 9.13% |
9.00% Senior Notes Due 2020 | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, interest rate, stated percentage | 9.00% |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | 30-May-13 | Apr. 06, 2013 | Dec. 31, 2012 | Aug. 08, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jul. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Parent | Parent | Subsidiary, Borgata | Subsidiary, Borgata | Subsequent Event | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | New Jersey Casino Reinvestment Development Authority (CRDA) | Borgata Bank Credit Facility Amendment | Standard Financing | Standard Financing | Standard Financing | ||
Subsidiary, Borgata | 9.50% Senior Secured Notes Due 2015 | 9.50% Senior Secured Notes Due 2015 | 9.50% Senior Secured Notes Due 2015 | 6.75% Senior Subordinated Notes Due 2014 | 6.75% Senior Subordinated Notes Due 2014 | 6.75% Senior Subordinated Notes Due 2014 | 7.125% Senior Subordinated Notes Due 2016 | 7.125% Senior Subordinated Notes Due 2016 | Parent | Subsidiary, Borgata | Subsidiary, Borgata | Bank Credit Facility | Parent | Parent | Bank Credit Facility | |||||||
Parent | Subsidiary, Borgata | Subsidiary, Borgata | Parent | Parent | Parent | Parent | Parent | Subsidiary, Borgata | Parent | |||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposit assets included in CRDA settlement agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45,100,000 | ' | ' | ' | ' |
Deposit assets included in CRDA settlement agreement to be refunded | ' | ' | ' | ' | ' | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redeemed | ' | ' | ' | ' | ' | ' | 39,800,000 | ' | ' | 65,700,000 | 150,000,000 | ' | 240,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, percentage | ' | ' | ' | ' | ' | ' | 103.00% | ' | ' | 100.00% | 100.00% | ' | 101.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 18,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | $3,621,927,000 | $4,144,303,000 | $768,000,000 | $811,500,000 | ' | ' | $358,200,000 | $398,000,000 | ' | ' | $215,668,000 | ' | $240,750,000 | $1,474,850,000 | $16,300,000 | $20,000,000 | ' | ' | $2,445,700,000 | $2,939,409,000 | $1,447,900,000 |