Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 108,213,838 | ' |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $639.80 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $177,838 | $192,545 |
Restricted cash | 20,686 | 22,900 |
Accounts receivable, net | 65,569 | 61,753 |
Inventories | 19,719 | 18,539 |
Prepaid expenses and other current assets | 42,460 | 48,673 |
Income taxes receivable | 1,143 | 2,875 |
Deferred income taxes and current tax assets | 7,265 | 7,623 |
Current assets of discontinued operations | 0 | 685 |
Total current assets | 334,680 | 355,593 |
Property and equipment, net | 3,505,613 | 3,587,314 |
Assets held for development | 0 | 331,770 |
Debt financing costs, net | 84,209 | 85,468 |
Restricted investments held by variable interest entity | 0 | 21,382 |
Other assets, net | 61,259 | 98,415 |
Intangible assets, net | 1,070,660 | 1,119,638 |
Goodwill, net | 685,310 | 694,929 |
Assets of discontinued operations | 0 | 37,684 |
Total assets | 5,741,731 | 6,332,193 |
Current liabilities | ' | ' |
Current maturities of long-term debt | 33,559 | 61,570 |
Accounts payable | 75,478 | 91,156 |
Accrued liabilities | 341,947 | 363,732 |
Deferred income taxes and income taxes payable | 2,879 | 8,129 |
Current maturities of non-recourse obligations of variable interest entity | 0 | 225,113 |
Current liabilities of discontinued operations | 0 | 864 |
Total current liabilities | 453,863 | 750,564 |
Long-term debt, net of current maturities | 4,352,932 | 4,827,853 |
Deferred income taxes | 155,218 | 139,943 |
Other long-term tax liabilities | 42,188 | 43,457 |
Other liabilities | 87,093 | 103,249 |
Commitments and contingencies (Note 13) | ' | ' |
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; 108,155,002 and 86,871,977 shares outstanding | 1,082 | 869 |
Additional paid-in capital | 902,496 | 655,694 |
Retained earnings (accumulated deficit) | -432,074 | -351,810 |
Accumulated other comprehensive income (loss) | -1,517 | -962 |
Total Boyd Gaming Corporation stockholders’ equity | 469,987 | 303,791 |
Noncontrolling interest | 180,450 | 163,336 |
Total stockholders’ equity | 650,437 | 467,127 |
Total liabilities and stockholders’ equity | $5,741,731 | $6,332,193 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 86,871,977 | 86,572,098 |
Common stock, shares outstanding | 86,871,977 | 86,572,098 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues: | ' | ' | ' |
Gaming | $2,478,983 | $2,106,211 | $1,982,204 |
Food and beverage | 446,367 | 417,184 | 387,745 |
Room | 265,371 | 264,903 | 246,209 |
Other | 165,190 | 145,176 | 134,573 |
Gross revenues | 3,355,911 | 2,933,474 | 2,750,731 |
Less promotional allowances | 461,473 | 450,646 | 419,887 |
Net revenues | 2,894,438 | 2,482,828 | 2,330,844 |
Operating costs and expenses: | ' | ' | ' |
Gaming | 1,170,843 | 1,006,830 | 920,131 |
Food and beverage | 240,081 | 219,497 | 199,709 |
Room | 54,338 | 55,531 | 56,111 |
Other | 121,600 | 110,967 | 108,761 |
Selling, general and administrative | 490,226 | 449,286 | 392,528 |
Maintenance and utilities | 166,398 | 154,308 | 152,776 |
Depreciation and amortization | 278,413 | 214,236 | 195,192 |
Corporate expense | 63,249 | 50,719 | 48,962 |
Preopening expense | 9,032 | 11,541 | 6,634 |
Impairments of assets | 10,383 | 1,053,526 | 6,051 |
Asset transactions costs | 5,576 | 18,442 | 6,579 |
Other operating items, net | 5,998 | -11,792 | 1,428 |
Total operating costs and expenses | 2,616,137 | 3,333,091 | 2,094,862 |
Operating income (loss) | 278,301 | -850,263 | 235,982 |
Other expense (income): | ' | ' | ' |
Interest income | -2,147 | -1,169 | -46 |
Interest expense, net | 344,330 | 290,004 | 250,731 |
Loss on early extinguishments of debt | 54,202 | 0 | 14 |
Other, net | -2,090 | 137 | -4,317 |
Total other expense, net | 394,295 | 288,972 | 246,382 |
Loss from continuing operations before income taxes | -115,994 | -1,139,235 | -10,400 |
Income taxes benefit (expense) | -3,350 | 220,789 | -278 |
Loss from continuing operations, net of tax | -119,344 | -918,446 | -10,678 |
Income (loss) from discontinued operations, net of tax | 10,790 | -4,629 | 2,679 |
Net income (loss) | -108,554 | -923,075 | -7,999 |
Net (income) loss attributable to noncontrolling interest | -28,290 | -14,210 | -4,145 |
Net loss attributable to Boyd Gaming Corporation | ($80,264) | ($908,865) | ($3,854) |
Basic net income (loss) per common share (in USD per share) | ($0.83) | ($10.37) | ($0.04) |
Continuing operations | ($0.94) | ($10.32) | ($0.07) |
Discontinued operations | $0.11 | ($0.05) | $0.03 |
Diluted net income (loss) per common share (in USD per share) | ($0.83) | ($10.37) | ($0.04) |
Continuing operations | ($0.94) | ($10.32) | ($0.07) |
Discontinued operations | $0.11 | ($0.05) | $0.03 |
Weighted average diluted shares outstanding | 97,243 | 87,652 | 87,263 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | ($108,554) | ($923,075) | ($7,999) |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Fair value of derivative instruments, net | 0 | 5,539 | 11,562 |
Fair value of adjustments to available-for-sale securities | -555 | -962 | 0 |
Comprehensive income (loss) | -109,109 | -918,498 | 3,563 |
Less: other comprehensive income (loss) attributable to noncontrolling interest | 0 | 5,539 | 3,968 |
Net (income) loss attributable to noncontrolling interest | -28,290 | -14,210 | -4,145 |
Comprehensive income (loss) attributable to Boyd Gaming Corporation | ($80,819) | ($909,827) | $3,740 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings/(Accumulated Deficit) | Accumulated Other Comprehensive Loss, Net | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($7,999) | $0 | $0 | ($3,854) | $0 | ($4,145) |
Comprehensive income (loss) attributable to noncontrolling interest | 11,562 | 0 | 0 | 0 | 7,594 | 3,968 |
Unrealized loss on investment available for sale | 0 | ' | ' | ' | ' | ' |
Stock options exercised, value | 397 | 1 | 396 | 0 | 0 | 0 |
Stock options exercised, shares | ' | 72,757 | ' | ' | ' | ' |
Award of restricted stock units | -383 | 0 | -383 | 0 | 0 | 0 |
Award of restricted stock units, shares | ' | 254,363 | ' | ' | ' | ' |
Tax effect from share-based compensation arrangements | -863 | 0 | -863 | 0 | 0 | 0 |
Share-based compensation costs | 9,996 | 0 | 9,996 | 0 | 0 | 0 |
Balance at Dec. 31, 2011 | 1,374,079 | 863 | 644,174 | 557,055 | 0 | 171,987 |
Balance, shares at Dec. 31, 2011 | ' | 86,572,098 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) | -923,075 | 0 | 0 | -908,865 | 0 | -14,210 |
Capital investment attributable to noncontrolling interest | 20 | 0 | 0 | 0 | 0 | 20 |
Comprehensive income (loss) attributable to noncontrolling interest | 5,539 | 0 | 0 | 0 | 0 | 5,539 |
Unrealized loss on investment available for sale | -962 | 0 | 0 | 0 | -962 | 0 |
Stock options exercised, value | 117 | 0 | 117 | 0 | 0 | 0 |
Stock options exercised, shares | ' | 16,835 | ' | ' | ' | ' |
Award of restricted stock units | -249 | 3 | -252 | 0 | 0 | 0 |
Award of restricted stock units, shares | ' | 283,044 | ' | ' | ' | ' |
Tax effect from share-based compensation arrangements | -586 | 0 | -586 | 0 | 0 | 0 |
Share-based compensation costs | 12,247 | 0 | 12,247 | 0 | 0 | 0 |
Stockholders' Equity, Other | -3 | 3 | -6 | 0 | 0 | 0 |
Balance at Dec. 31, 2012 | 467,127 | 869 | 655,694 | -351,810 | -962 | 163,336 |
Balance, shares at Dec. 31, 2012 | 86,572,098 | 86,871,977 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) | -108,554 | 0 | 0 | -80,264 | 0 | -28,290 |
Unrealized loss on investment available for sale | -555 | 0 | 0 | 0 | -555 | 0 |
Stock options exercised, value | 13,752 | 18 | 13,734 | 0 | 0 | 0 |
Stock options exercised, shares | 18,975,000 | 1,848,222 | ' | ' | ' | ' |
Award of restricted stock units | -2,095 | 5 | -2,100 | 0 | 0 | 0 |
Award of restricted stock units, shares | ' | 459,803 | ' | ' | ' | ' |
Share-based compensation costs | 18,891 | 0 | 18,891 | 0 | 0 | 0 |
Stockholders' Equity, Other | 45,404 | 0 | 0 | 0 | 0 | 45,404 |
Balance at Dec. 31, 2013 | $650,437 | $1,082 | $902,496 | ($432,074) | ($1,517) | $180,450 |
Balance, shares at Dec. 31, 2013 | 86,871,977 | 108,155,002 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net income (loss) | ($108,554,000) | ($923,075,000) | ($7,999,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -10,790,000 | 4,629,000 | -2,679,000 |
Depreciation and amortization | 278,413,000 | 214,236,000 | 195,192,000 |
Amortization of debt financing costs | 21,381,000 | 21,616,000 | 11,853,000 |
Amortization of discounts on debt | 17,999,000 | 3,716,000 | 3,390,000 |
Share-based compensation expense | 18,891,000 | 12,247,000 | 9,996,000 |
Deferred income taxes | 2,986,000 | -214,532,000 | -2,381,000 |
Noncash impairment of assets | 11,636,000 | 1,053,526,000 | 7,764,000 |
Gain on insurance settlement | 0 | -7,098,000 | 0 |
Gain on insurance subrogation settlement | 0 | -7,694,000 | 0 |
Loss on early extinguishments of debt | 54,202,000 | 0 | 14,000 |
Bargain purchase gain | 0 | 0 | -4,582,000 |
Other operating activities | 2,424,000 | 8,959,000 | 8,392,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash | 2,214,000 | -3,858,000 | 3,741,000 |
Accounts receivable, net | -10,596,000 | 9,660,000 | -11,810,000 |
Inventories | -1,181,000 | 579,000 | 123,000 |
Prepaid expenses and other current assets | 6,245,000 | 7,155,000 | -3,676,000 |
Current other tax asset | 2,171,000 | -4,062,000 | 0 |
Income taxes receivable | 1,076,000 | 450,000 | 2,010,000 |
Other long-term tax assets | 0 | -12,537,000 | 6,601,000 |
Other assets, net | 21,559,000 | 1,065,000 | -2,839,000 |
Accounts payable and accrued liabilities | -31,321,000 | -12,347,000 | 43,097,000 |
Income taxes | 0 | 0 | -5,905,000 |
Other long-term tax liabilities | -4,011,000 | 601,000 | 5,815,000 |
Other liabilities | 2,291,000 | -6,068,000 | -5,260,000 |
Cash Flows from Investing Activities | ' | ' | ' |
Capital expenditures | -144,520,000 | -125,554,000 | -87,119,000 |
Proceeds from sale of Echelon, net | 343,750,000 | 0 | 0 |
Cash paid for exercise of LVE option | -187,000,000 | 0 | 0 |
Proceeds from sale of North Las Vegas land, net | 4,875,000 | 0 | 0 |
Cash paid for acquisitions, net of cash received | 0 | -1,324,198,000 | -278,456,000 |
Cash paid to acquire development agreement | 0 | 0 | -24,450,000 |
Change in restricted investments | 0 | 0 | 26,801,000 |
Other investing activities | 2,473,000 | 15,009,000 | 548,000 |
Net cash provided by (used in) investing activities | 19,578,000 | -1,434,743,000 | -362,676,000 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from issuance of senior notes, net | 0 | 700,000,000 | 0 |
Debt financing costs, net | -44,752,000 | -65,083,000 | -15,374,000 |
Payments on retirements of long-term debt | -875,487,000 | 0 | -8,198,000 |
Payments under note payable | -10,820,000 | 0 | 0 |
Net proceeds from issuance of term loan | 376,200,000 | 0 | 0 |
Payments on non-recourse debt of variable interest entity | 0 | 0 | -27,000,000 |
Proceeds from issuance of non-recourse debt by variable interest entity | 0 | 3,374,000 | 7,199,000 |
Payments on loans to variable interest entity's members | 0 | -928,000 | -592,000 |
Other financing activities | 13,752,000 | 0 | 0 |
Proceeds from sale of common stock, net | 216,467,000 | 0 | 0 |
Other financing activities | -2,095,000 | -627,000 | -675,000 |
Net cash provided by (used in) financing activities | -366,210,000 | 1,306,786,000 | 142,410,000 |
Cash flows from operating activities | -2,144,000 | -4,723,000 | 2,653,000 |
Cash flows from investing activities | 56,751,000 | -416,000 | -111,000 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | 54,607,000 | -5,139,000 | 2,542,000 |
Change in cash and cash equivalents | -14,990,000 | 14,072,000 | 33,133,000 |
Cash and cash equivalents, beginning of period | 192,545,000 | 178,091,000 | 144,709,000 |
Change in cash classified as discontinued operations | 283,000 | 382,000 | 249,000 |
Cash and cash equivalents, end of period | 177,838,000 | 192,545,000 | 178,091,000 |
Supplemental Disclosure of Cash Flow Information | ' | ' | ' |
Cash paid for interest, net of amounts capitalized | 319,620,000 | 239,871,000 | 233,043,000 |
Cash paid (received) for income taxes, net of refunds | -6,398,000 | 492,000 | 4,946,000 |
Supplemental Schedule of Noncash Investing and Financing Activities | ' | ' | ' |
Payables incurred for capital expenditures | 11,511,000 | 15,810,000 | 6,324,000 |
Increase (decrease) in fair value of derivative instruments | 344,330,000 | 290,004,000 | 250,731,000 |
Increase (decrease) in fair value of derivative instruments | 0 | 0 | 11,931,000 |
IP Casino Resort Spa | ' | ' | ' |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Bargain purchase gain | ' | ' | -4,600,000 |
Boyd | ' | ' | ' |
Cash Flows from Financing Activities | ' | ' | ' |
Borrowings under bank credit facility | 2,920,675,000 | 787,100,000 | 391,329,000 |
Payments under bank credit facility | -2,927,800,000 | -951,250,000 | -183,579,000 |
Peninsula | ' | ' | ' |
Cash Flows from Financing Activities | ' | ' | ' |
Borrowings under bank credit facility | 354,700,000 | 871,100,000 | 0 |
Payments under bank credit facility | -406,950,000 | -16,700,000 | 0 |
Borgata | ' | ' | ' |
Cash Flows from Financing Activities | ' | ' | ' |
Borrowings under bank credit facility | 444,500,000 | 632,700,000 | 741,300,000 |
Payments under bank credit facility | -424,600,000 | -652,900,000 | -762,000,000 |
Net proceeds from issuance of term loan | $376,200,000 | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
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 of one property, Borgata Hotel Casino & Spa, in which we have controlling interest in the limited liability company. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey which we aggregate in order to present the following five reportable segments: | ||||||||||||
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, Iowa | |||||||||||
Diamond Jo Worth | Northwood, Iowa | |||||||||||
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana | |||||||||||
Amelia Belle Casino | Amelia, Louisiana | |||||||||||
Kansas Star Casino | Mulvane, Kansas | |||||||||||
Borgata | ||||||||||||
Borgata Hotel Casino & Spa | Atlantic City, New Jersey | |||||||||||
In addition to these properties, we own and operate a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii. | ||||||||||||
Basis of Presentation | ||||||||||||
The consolidated financial statements include the accounts of the Company 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 material intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand. | ||||||||||||
Restricted Cash | ||||||||||||
Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. | ||||||||||||
Accounts Receivable, net | ||||||||||||
Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. | ||||||||||||
The activity comprising our allowance for doubtful accounts during the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Beginning balance, January 1 | $ | 25,693 | $ | 28,491 | $ | 26,514 | ||||||
Additions | 2,868 | 1,549 | 5,936 | |||||||||
Deductions | (4,653 | ) | (4,347 | ) | (3,959 | ) | ||||||
Ending balance | $ | 23,908 | $ | 25,693 | $ | 28,491 | ||||||
Inventories | ||||||||||||
Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. | ||||||||||||
Property and Equipment, net | ||||||||||||
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. | ||||||||||||
The estimated useful lives of our major components of property and equipment are: | ||||||||||||
Building and improvements | 3 through 40 years | |||||||||||
Riverboats and barges | 5 through 40 years | |||||||||||
Furniture and equipment | 1 through 10 years | |||||||||||
Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. | ||||||||||||
For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. All resulting recognized impairment charges are recorded as Impairment of Assets within operating expenses. | ||||||||||||
Capitalized Interest | ||||||||||||
Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. Interest capitalized during the years ended December 31, 2013, 2012 and 2011 was $1.1 million, $1.0 million and $0.4 million, respectively. | ||||||||||||
Debt Financing Costs | ||||||||||||
Debt financing costs, which include legal, and other direct costs related to the issuance of our outstanding debt, are deferred and amortized to interest expense over the contractual term of the underlying long-term debt using the effective interest method. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt financing costs. | ||||||||||||
CRDA Investments | ||||||||||||
New Jersey state law provides, among other things, for an assessment of licensees equal to 1.25% of gross gaming revenues in lieu of an investment alternative tax equal to 2.5% of gross gaming revenues. Generally, a licensee may satisfy this investment obligation by: (i) investing in qualified eligible direct investments; (ii) making qualified contributions; or (iii) depositing funds with the New Jersey Casino Reinvestment Development Authority (“CRDA”). Funds deposited with the CRDA may be used to purchase bonds designated by the CRDA or, under certain circumstances, may be donated to the CRDA in exchange for credits against future CRDA investment obligations. Our net deposits with the CRDA, held by Borgata, eligible to be used to fund qualified investments were $4.6 million and $28.5 million as of December 31, 2013 and 2012, respectively, and are included in other assets, net, on our consolidated balance sheets. | ||||||||||||
Peninsula Investments | ||||||||||||
Peninsula has an investment in $22.1 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 ("City Bonds"). This investment is classified as available-for-sale and is recorded at fair-value. The fair value at December 31, 2013 and 2012 was $17.1 million and $17.9 million, respectively. At December 31, 2013 and 2012, $0.3 million and $0.3 million is included in other current assets, and $16.8 million and $17.6 million is included in long-term other assets, net, respectively. | ||||||||||||
Future maturities of the City Bonds, excluding the discount, at December 31, 2013 for the years ending December 31 are summarized as follows: | ||||||||||||
City Bond Maturities | (In thousands) | |||||||||||
2014 | $ | 355 | ||||||||||
2015 | 380 | |||||||||||
2016 | 410 | |||||||||||
2017 | 440 | |||||||||||
2018 | 475 | |||||||||||
Thereafter | 20,045 | |||||||||||
Total | $ | 22,105 | ||||||||||
Intangible Assets | ||||||||||||
Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks. | ||||||||||||
Amortizing Intangible Assets | ||||||||||||
Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years. Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement. | ||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||
Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance with these certain jurisdictions. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. | ||||||||||||
During the fourth quarter of 2012, the Company changed the date of its annual indefinite-lived intangible assets impairment test dates to October 1 to better align with the Company's annual financial planning process. Prior to the fourth quarter of 2012, the Company performed annual impairment tests on defined sub-sets of its indefinite-lived intangible assets on January 1, April 1 and October 1. The January 1 and April 1 tests were performed on their respective test dates during 2012, and did not result in any impairment. | ||||||||||||
Goodwill | ||||||||||||
Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances. | ||||||||||||
We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonable similar (or “guideline”) publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonable expected to be realized from the sale of the subject reporting unit. | ||||||||||||
During the fourth quarter of 2012, the Company changed the date of its annual goodwill impairment test dates to October 1. Prior to the fourth quarter of 2012, the Company performed annual impairment tests on its goodwill on April 1 and October 1 for different reporting units. The change in the impairment test dates for all reporting units to October 1 did not delay, accelerate or avoid an impairment charge. The April 1 test performed during 2012 prior to the change did not result in any impairment. Management believes that the new impairment test date is preferable because it is more closely aligned with the Company's annual financial planning and budgeting process. These financial plans are a key component utilized in the annual impairment testing process. The change in the impairment test dates constitutes a change in accounting principle under ASC 250, “Accounting for Changes and Error Corrections,” and had no impact on the Company's consolidated balance sheet, statement of operations or cash flows. The Company determined it was impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each October 1 for periods prior to October 1, 2012 without the use of hindsight. As such, the Company has prospectively applied the change in annual goodwill impairment testing date from October 1, 2012. | ||||||||||||
Slot Bonus Point Program | ||||||||||||
We have established promotional programs to encourage repeat business from frequent and active slot machine customers and patrons. Members earn points based on gaming activity and such points can be redeemed for cash, complimentary slot play, and other free goods and services. We record bonus points redeemed for complimentary slot play as a reduction to gaming revenue and bonus points redeemed for free goods and services as promotional allowances. The accruals are based on estimates and assumptions regarding the mix of cash, complimentary slot play, and other free goods and services that will be redeemed and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals. The slot bonus point accrual is included in accrued liabilities on our consolidated balance sheets. | ||||||||||||
Long-Term Debt, Net | ||||||||||||
Long-term debt is reported at amortized cost. Any discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as an adjustment to the face amount of our outstanding debt. The discount is accreted to interest expense using the effective interest method over the term of the underlying debt. | ||||||||||||
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 strategies. | ||||||||||||
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. | ||||||||||||
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 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 is 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. Accrued interest and penalties are included in the related tax long term liability balance. | ||||||||||||
Self-Insurance Reserves | ||||||||||||
We are self-insured for general liability costs and self-insured up to certain stop loss amounts for employee health coverage and workers' compensation costs. Borgata is currently self-insured with respect to each catastrophe related property damage claim, non-catastrophe related property damage claim, general liability claim, and non-union employee medical case, respectively. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets. | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 38,663 | $ | 34,500 | $ | 31,721 | ||||||
Additions | ||||||||||||
Charged to costs and expenses | 110,683 | 103,802 | 89,464 | |||||||||
Due to acquisitions | — | 359 | 1,111 | |||||||||
Payments made | 105,273 | 99,998 | 87,796 | |||||||||
Ending Balance | $ | 44,073 | $ | 38,663 | $ | 34,500 | ||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Components of the Company's comprehensive income (loss) are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income (loss). The accumulated other comprehensive income (loss) at December 31, 2013, consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value. | ||||||||||||
Noncontrolling Interest | ||||||||||||
At December 31, 2013 and 2012, noncontrolling interests are comprised of: (i) the 50% interest in Holding Company, held by a divestiture trust (the "Divestiture Trust") for the economic benefit of MGM Resorts International ("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, 100% of the members' equity interest in LVE Energy Partners, LLC ("LVE"), the variable interest entity which had been consolidated in our financial statements. | ||||||||||||
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 | ||||||||||||
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 earned in our slot bonus program such as cash, complimentary play, and the estimated retail value of goods and services (such as complimentary rooms and food and beverages). 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 complimentary play, and to a lesser extent for goods or services, depending upon the property. | ||||||||||||
The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Rooms | $ | 147,305 | $ | 144,605 | $ | 130,168 | ||||||
Food and beverage | 207,072 | 191,389 | 175,339 | |||||||||
Other | 107,096 | 114,652 | 114,380 | |||||||||
Total promotional allowances | $ | 461,473 | $ | 450,646 | $ | 419,887 | ||||||
The estimated costs of providing such promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Rooms | $ | 58,960 | $ | 62,323 | $ | 58,821 | ||||||
Food and beverage | 181,689 | 182,138 | 158,881 | |||||||||
Other | 22,667 | 21,641 | 18,092 | |||||||||
Total cost of promotional allowances | $ | 263,316 | $ | 266,102 | $ | 235,794 | ||||||
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 consolidated statements of operations. These taxes totaled approximately $393.0 million, $270.3 million and $258.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Advertising Expense | ||||||||||||
Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations and totaled $44.5 million, $38.3 million and $33.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Corporate Expense | ||||||||||||
Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations. | ||||||||||||
Preopening Expenses | ||||||||||||
Certain costs of start-up activities are expensed as incurred. The following reconciles our preopening expenses to provide the amounts incurred, net of the amounts eliminated upon the consolidation of LVE. | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Preopening expense: | ||||||||||||
Amounts incurred by Boyd Gaming Corporation | $ | 10,965 | $ | 22,437 | $ | 17,492 | ||||||
Amounts eliminated upon consolidation of LVE | (1,933 | ) | (10,896 | ) | (10,858 | ) | ||||||
Amounts reported in our consolidated statements of operations | $ | 9,032 | $ | 11,541 | $ | 6,634 | ||||||
Share-Based Compensation | ||||||||||||
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. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions. | ||||||||||||
The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected stock price volatility | 73.75 | % | 77.11 | % | 79.7 | % | ||||||
Annual dividend rate | — | — | — | |||||||||
Risk-free interest rate | 1.4 | % | 0.55 | % | 0.4 | % | ||||||
Expected option life (in years) | 5.3 | 4.3 | 3 | |||||||||
Estimated fair value per share | $ | 6.09 | $ | 3.04 | $ | 3.44 | ||||||
Net Income (loss) per Share | ||||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) applicable to Boyd Gaming Corporation 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. | ||||||||||||
Due to the net losses for the years ended December 31, 2013, 2012 and 2011, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares, 955,637, 328,838, and 255,351, respectively, were excluded from the computation of diluted weighted average shares outstanding. | ||||||||||||
Comprehensive Income (Loss) | ||||||||||||
Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). The cumulative balance as of December 31, 2013, of other comprehensive income (loss) consists of unrealized gains and losses from the available for sale investment. | ||||||||||||
Concentration of Credit Risk | ||||||||||||
Financial instruments that subject us to credit risk consist of cash equivalents, accounts receivable and interest rate swap contracts. Our interest rate swap contracts terminated on June 30, 2011. | ||||||||||||
Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits which may at times exceed federally-insured limits. | ||||||||||||
Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. | ||||||||||||
Credit valuations of counterparties to our swap contracts are performed to reflect the impact of the credit ratings of both such counterparties, based primarily upon the market value of the credit default rates of the respective parties. | ||||||||||||
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. Actual results could differ from these estimates. | ||||||||||||
Discontinued Operations and Reclassifications | ||||||||||||
The financial information for the years ended December 31, 2012 and 2011 is derived from our consolidated financial statements and footnotes included in the Annual Report on Form 10-K for the year ended December 31, 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 consolidated financial statements have been reclassified to conform to the current year 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 consolidated statements of operations for the years ended December 31, 2012 and 2011. This reclassification had no effect on our retained earnings or net loss as previously reported. | ||||||||||||
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 the financial statement presentation of an Unrecognized Tax Benefit (“UTB”) when a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward exists. The Company is required to present an UTB in the financial statements as a reduction to a deferred tax asset for a NOL carryforward, a similar tax loss, or a tax credit carryforward. | ||||||||||||
Update 2013-11 is effective for interim and annual periods beginning after December 15, 2013 although early adoption is permitted. We have applied a methodology consistent with Update 2013-11 in our consolidated financial statements since adoption of FASB Interpretation No. 48 on January 1, 2007. |
Asset_Acquisitions
Asset Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Asset Acquisitions | ' | ||||||||||||
ACQUISITIONS AND DIVESTITURES | |||||||||||||
Peninsula Gaming | |||||||||||||
Overview | |||||||||||||
On November 20, 2012, we completed the acquisition of Peninsula Gaming, LLC ("Peninsula") pursuant to an Agreement and Plan of Merger (the "Merger Agreement") entered into on May 16, 2012, by and among the Company, Boyd Acquisition II, LLC, Boyd Acquisition Sub, LLC, Peninsula Gaming Partners, LLC and Peninsula, under which an indirect wholly owned subsidiary of the Company acquired 100% of the outstanding common shares of Peninsula, the assets and assumed the liabilities. The acquisition added five properties from three different states including Kansas, Iowa and Louisiana. Peninsula owns and operates Diamond Jo Casino in Dubuque, Iowa, Evangeline Downs Racetrack and Casino, in St. Landry Parish, Louisiana, various off track betting facilities in Louisiana, Diamond Jo Casino in Northwood, Iowa, Amelia Belle Casino in Amelia, Louisiana, and the Kansas Star Casino, Hotel and Event Center ("Kansas Star") near Wichita, Kansas. Accordingly, the acquired assets and liabilities of Peninsula are included in our consolidated balance sheet as of December 31, 2013 and 2012 and the results of its operations and cash flows are reported in our consolidated statements of operations and cash flows for the year ended December 31, 2013, and from November 20, 2012 through December 31, 2012, during the year ended December 31, 2012. As a result of this acquisition, the Company has expanded its operations to new geographical areas. The net purchase price, after adjustment for working capital and other items was approximately $1.47 billion. | |||||||||||||
Consideration Transferred | |||||||||||||
The fair value of the consideration transferred on the acquisition date, and as retrospectively adjusted, included the purchase price of the net assets transferred and certain liabilities incurred on behalf of the sellers. Total consideration was comprised of the following, reflecting reductions in the HoldCo Note, further defined in Note 10, Long-Term Debt, and contingent consideration of $3.7 million and $6.4 million, respectively: | |||||||||||||
(In thousands) | Total Consideration | ||||||||||||
Cash Paid to Seller | $ | 1,353,737 | |||||||||||
HoldCo Note | 109,908 | ||||||||||||
Contingent consideration - Kansas Star earn out | 3,450 | ||||||||||||
Gross Consideration | $ | 1,467,095 | |||||||||||
Contingent Consideration | |||||||||||||
The Company is required to make a contingent payment to the sellers in 2016 if the 2015 EBITDA of Kansas Star exceeds $105.0 million. The payout is 7.5 times each dollar in excess of EBITDA greater than $105.0 million in the calendar year 2015. The fair value of the contingent consideration was calculated using a probability-based model, which requires management to forecast EBITDA for 2015 and to estimate the probability of EBITDA exceeding the defined amount. The fair value of the contingent consideration arrangement at the acquisition date was estimated to be $3.5 million. The actual payout will be determined based on actual EBITDA of Kansas Star for calendar year 2015, and payments are not limited by a maximum value. If the actual EBITDA of Kansas Star is less than the target, the Company is not required to make any additional consideration payout. | |||||||||||||
Acquisition Method of Accounting | |||||||||||||
The Company followed the acquisition method of accounting per ASC 805 guidance. In accordance with ASC 805, the Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their fair values, which were determined primarily by management with assistance from third-party appraisals. The excess of the purchase price over those fair values was recorded as goodwill. The following table summarizes the allocation of the purchase price. | |||||||||||||
The purchase price allocation below represents Peninsula’s opening balance sheet on November 20, 2012, which was initially reported in our Form 10−K for the year ended December 31, 2012. During the measurement period which ended November 20, 2013, opening balance sheet adjustments were made to finalize the preliminary fair value estimate related to goodwill. The measurement period adjustment and the related tax impact were immaterial to our consolidated financial statements. Accordingly, the effects have not been retrospectively applied. | |||||||||||||
The following table presents the components and allocation of the purchase price, including the measurement period adjustments. | |||||||||||||
(In thousands) | Preliminary purchase price allocation | Adjustments | Final purchase price allocation | ||||||||||
Current assets | $ | 48,610 | $ | — | $ | 48,610 | |||||||
Property and equipment, net | 430,093 | — | 430,093 | ||||||||||
Intangible assets | 577,501 | — | 577,501 | ||||||||||
Other assets | 49,339 | — | 49,339 | ||||||||||
Total acquired assets | 1,105,543 | — | 1,105,543 | ||||||||||
Current liabilities | 67,396 | 423 | 67,819 | ||||||||||
Other liabilities | 42,363 | — | 42,363 | ||||||||||
Total liabilities assumed | 109,759 | 423 | 110,182 | ||||||||||
Net identifiable assets acquired | 995,784 | (423 | ) | 995,361 | |||||||||
Goodwill | 481,353 | (9,619 | ) | 471,734 | |||||||||
Net assets acquired | $ | 1,477,137 | $ | (10,042 | ) | $ | 1,467,095 | ||||||
The following table summarizes the acquired property and equipment and weighted average useful lives. | |||||||||||||
(In thousands) | Useful Lives | As Recorded, at Fair Value | |||||||||||
Land | $ | 39,240 | |||||||||||
Buildings and improvements | 3 through 40 years | 283,391 | |||||||||||
Furniture and equipment | 1 through 12 years | 88,069 | |||||||||||
Riverboat | 5 through 40 years | 19,393 | |||||||||||
Total property and equipment acquired | $ | 430,093 | |||||||||||
The following table summarizes the acquired intangible assets and weighted average useful lives of definite-lived intangible assets. | |||||||||||||
(In thousands) | Useful Lives | As Recorded, at Fair Value | |||||||||||
Customer relationships | 4.9 years | $ | 136,300 | ||||||||||
Non-compete agreement | 0.9 years | 3,200 | |||||||||||
Trademark | Indefinite | 50,800 | |||||||||||
Gaming license rights | Indefinite | 387,201 | |||||||||||
Total intangible assets acquired | $ | 577,501 | |||||||||||
The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of Peninsula. All of the $471.7 million of goodwill was assigned to the Peninsula reportable segment. All of the goodwill is expected to be deductible for income tax purposes. As further discussed in Note 6, Intangible Assets, in 2013 there was a $3.2 million impairment charge recorded against the value assigned to the trademarks resulting from the acquisition of Peninsula. | |||||||||||||
Consolidated Statement of Operations for the period from November 20, 2012 through December 31, 2012 | |||||||||||||
The following supplemental information presents the financial results of Peninsula included in the Company's consolidated statement of operations for the year ended December 31, 2012. | |||||||||||||
Period from | |||||||||||||
November 20 to | |||||||||||||
(In thousands) | 31-Dec-12 | ||||||||||||
Consolidated Statement of Operations | |||||||||||||
Net revenues | $ | 56,925 | |||||||||||
Net loss | $ | (5,225 | ) | ||||||||||
IP Casino Resort Spa | |||||||||||||
Overview | |||||||||||||
On October 4, 2011, we completed the acquisition of IP Casino Resort Spa ("IP") in Biloxi, Mississippi pursuant to an Agreement for Purchase and Sale, under which the seller agreed to sell and transfer, and the Company agreed to purchase and assume, certain assets and liabilities, respectively, related to the IP, on an as-is basis. | |||||||||||||
Consideration Transferred | |||||||||||||
The fair value of the consideration transferred on the acquisition date, and included the purchase price of the net assets transferred and certain liabilities incurred on behalf of the sellers. Total consideration was comprised of the following: | |||||||||||||
(In thousands) | Total Consideration | ||||||||||||
Purchase price | $ | 287,000 | |||||||||||
Liabilities assumed on behalf of the seller | 1,881 | ||||||||||||
Working capital adjustments | (8,252 | ) | |||||||||||
Total consideration | $ | 280,629 | |||||||||||
In addition to this total consideration, the Company is in the process of performing certain capital improvement projects with respect to the property at an estimated cost of $44 million. Pursuant to the terms of the agreement, to the extent that the costs of the capital improvements exceed the original cost estimate, the Company will be solely responsible for the additional costs; however, to the extent that costs are less than the original cost estimate, the Company is obligated to pay the seller an amount equal to one-half of the difference between the actual costs and the original estimated costs. The Company has not recorded any contingent consideration as a result; however, as it is presently likely that these capital improvements will require the entire $44 million spend. During the year ended December 31, 2013, the Company has incurred $13.9 million in capital improvement expenditures related to these projects. Cumulative total project expenditures were $43.4 million through December 31, 2013. | |||||||||||||
Acquisition Method of Accounting | |||||||||||||
The Company followed the acquisition method of accounting per ASC 805 guidance. In accordance with ASC 805, the Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their fair values, which were determined primarily by management with assistance from third-party appraisals. The excess of the purchase price over those fair values was recorded as goodwill. The fair values set forth below are preliminary. The following table summarizes the allocation of the purchase price. | |||||||||||||
Consolidated Balance Sheet Impact | |||||||||||||
The following table summarizes the recognized fair values of the assets acquired and liabilities assumed as of October 4, 2011. | |||||||||||||
(In thousands) | As Recorded, at Fair Value | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 2,173 | |||||||||||
Accounts receivable, net | 1,230 | ||||||||||||
Inventories | 1,579 | ||||||||||||
Prepaid expenses and other current assets | 6,638 | ||||||||||||
Total current assets | 11,620 | ||||||||||||
Property and equipment, net | 264,703 | ||||||||||||
Intangible assets | 28,600 | ||||||||||||
Total acquired assets | 304,923 | ||||||||||||
Liabilities | |||||||||||||
Accounts payable | 3,018 | ||||||||||||
Accrued liabilities | 14,182 | ||||||||||||
Total current liabilities | 17,200 | ||||||||||||
Other liabilities | 2,512 | ||||||||||||
Total liabilities assumed | 19,712 | ||||||||||||
Net identifiable assets | $ | 285,211 | |||||||||||
The fair value of the current assets acquired and current liabilities assumed was presumed to be historical acquired value, based on the relatively short term nature of these assets and liabilities. | |||||||||||||
Bargain Purchase Gain | |||||||||||||
The business combination resulted in a bargain purchase gain of $4.6 million reported in other income in our consolidated statement of operations during the year ended December 31, 2011, due to the excess fair value of net identifiable assets over the total consideration. | |||||||||||||
Consolidated Statements of Operations | |||||||||||||
for the period from October 4, 2011 through December 31, 2011 | |||||||||||||
The following supplemental information presents the financial results of IP included in the Company's consolidated statement of operations for the year ended December 31, 2011. | |||||||||||||
Period from | |||||||||||||
October 4 to | |||||||||||||
(In thousands) | 31-Dec-11 | ||||||||||||
Consolidated Statement of Operations | |||||||||||||
Net revenues | $ | 44,627 | |||||||||||
Net income | $ | 3,203 | |||||||||||
Supplemental Unaudited Pro Forma Information | |||||||||||||
The following table presents pro forma results of the Company, as though Peninsula 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 prior to the acquisition, with adjustments directly attributable to the acquisition. | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Boyd Gaming | Boyd Gaming | ||||||||||||
Corporation | Peninsula | Corporation | |||||||||||
(In thousands) | (As Reported) | (Pro Forma) | |||||||||||
Net revenues | $ | 2,487,426 | $ | 465,188 | $ | 2,952,614 | |||||||
Net loss attributable to Boyd Gaming Corporation | $ | (908,865 | ) | $ | (43,210 | ) | $ | (952,075 | ) | ||||
Basic and diluted net loss per share | $ | (10.37 | ) | $ | (10.86 | ) | |||||||
The following table presents pro forma results of the Company, as though IP and Peninsula had been acquired as of the beginning of the earliest period presented, January 1, 2011. 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, Peninsula and IP combined prior to the acquisition, with adjustments directly attributable to the acquisition. | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Boyd Gaming | Boyd Gaming | ||||||||||||
Corporation | Combined | Corporation | |||||||||||
(In thousands) | (As Reported) | (Historical) | (Pro Forma) | ||||||||||
Net revenues | $ | 2,336,238 | $ | 457,934 | $ | 2,794,172 | |||||||
Net loss attributable to Boyd Gaming Corporation | $ | (3,854 | ) | $ | (17,063 | ) | $ | (20,917 | ) | ||||
Basic and diluted net loss per share | $ | (0.04 | ) | $ | (0.24 | ) | |||||||
Pro Forma and Other Adjustments | |||||||||||||
The unaudited pro forma results, as presented above, include adjustments to record: (i) the net incremental depreciation expense for the adjustment of property and equipment to fair value and the allocation of a portion of the purchase price to amortizing intangible assets; (ii) the elimination of the historical management fee paid by Peninsula to an affiliate; (iii) the increase in interest expense incurred on the incremental borrowings incurred by Boyd to fund the acquisition; (iv) the estimated tax effect of the pro forma adjustments and on the historical taxable income of Peninsula; and (v) miscellaneous adjustments as a result of the preliminary purchase price allocation on the amortization of certain assets and liabilities. | |||||||||||||
Other Acquisitions | |||||||||||||
Development Agreement | |||||||||||||
In September 2011, the Company acquired the membership interests of a limited liability company (the "LLC") for a purchase price of $24.5 million. The primary asset of the LLC was a previously executed development agreement (the "Development Agreement") with a Native American tribe (the "Tribe"). The purchase price was allocated primarily to an intangible asset associated with the Company's rights under the agreement to assist the Tribe in the development and management of a gaming facility on the Tribe's land. | |||||||||||||
In July 2012, the Company and the Tribe amended and replaced the agreement with a new development agreement and a management agreement (the "Agreements"). The Agreements obligate us to fund certain pre-development costs, which are estimated to be approximately $1 million to $2 million annually, for the next several years and to assist the Tribe in its development and oversight of the gaming facility construction. Upon opening, we will manage the gaming facility. The pre-development costs funded by us are reimbursable to us with future cash flows from the operations of the gaming facility under terms of a note receivable from the Tribe. | |||||||||||||
The Agreements provide that the Company will receive future revenue for its services to the Tribe contingent upon successful development of the gaming facility and based on future net revenues at the gaming facility. Development is in the preliminary stages and no time schedule has been established as to when the Tribe will be able to formalize plans and begin construction. | |||||||||||||
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. | |||||||||||||
Discontinued Operations - Disposition of Dania Jai-Alai | |||||||||||||
On May 22, 2013, we consummated the sale of certain assets and liabilities of the Dania Jai-Alia 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 as discontinued operations for all periods presented in these condensed consolidated financial statements. |
Consolidation_of_Certain_Inter
Consolidation of Certain Interests | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Consolidation of Certain Interests | ' | |||||||||||
CONSOLIDATION OF CERTAIN INTERESTS | ||||||||||||
Controlling Interest | ||||||||||||
Borgata Hotel Casino and Spa | ||||||||||||
Overview | ||||||||||||
The Company and MGM each originally held a 50% interest in Marina District Development Holding Co., LLC (“Holding Company”). The Holding Company owns all the equity interests in Marina District Development Company, LLC, d.b.a. Borgata Hotel Casino and Spa. | ||||||||||||
In February 2010, we entered into an agreement with MGM to amend the operating agreement to, among other things, facilitate the transfer of MGM's interest in the Holding Company ("MGM Interest") to the Divestiture Trust established for the purpose of selling the MGM Interest to a third party. The proposed sale of the MGM Interest through the Divestiture Trust was a part of a then-proposed settlement agreement between MGM and the New Jersey Department of Gaming Enforcement (the “NJDGE”). | ||||||||||||
On March 17, 2010, MGM announced that its settlement agreement with the NJDGE had been approved by the New Jersey Casino Control Commission ("NJCCC"). Under the terms of the settlement agreement, MGM agreed to transfer the MGM Interest into the Divestiture Trust and further agreed to sell such interest within a 30-month period. During the first 18 months of such period, MGM has the power to direct the trustee to sell the MGM Interest, subject to the approval of the NJCCC. If the sale has not occurred by such time, the trustee will be solely responsible for the sale of the MGM Interest. The MGM Interest was transferred to the Divestiture Trust on March 24, 2010. | ||||||||||||
MGM has subsequently announced that it has entered into an amendment with respect to its settlement agreement with the NJDGE, as approved by the NJCCC. The agreement provided that until March 24, 2013, MGM had the right to direct the Divestiture Trust to sell the MGM Interest. If a sale was not concluded by that time, the Divestiture Trust was to be responsible for selling MGM's Interest during the following 12- month period, or not later than March 24, 2014. Subsequent to a Joint Petition of MGM, Boyd and Marina District Development Company, LLC ("MDDC"), the NJCCC, on February 13, 2013, approved amendments to the Stipulation of Settlement and Trust Agreement which permits MGM to file an application for a statement of compliance, which, if approved, could permit MGM to reacquire its interest in MDDC. The deadline requiring MGM and the Divestiture Trust to sell the MGM Interest has been tolled to allow the NJCCC to complete a review of the application. The Company has a right of first refusal on any sale of the MGM Interest. | ||||||||||||
Effective Change in Control | ||||||||||||
In connection with the amendments to the operating agreements MGM relinquished all of its specific participating rights under the operating agreement, and we retained all authority to manage the day-to-day operations of Borgata. MGM's relinquishment of its participating rights effectively provided us with direct control of Borgata. Accordingly, on March 24, 2010, we effectively obtained control of Borgata. This resulting change in control required acquisition method of accounting in accordance with the authoritative accounting guidance for business combinations. | ||||||||||||
Acquisition Method of Accounting | ||||||||||||
The application of the acquisition method of accounting guidance had the following effects on our consolidated financial statements: (i) our previously held equity interest was measured at a provisional fair value at the date control was obtained; (ii) we recognized and measured the identifiable assets and liabilities in accordance with promulgated valuation recognition and measurement provisions; and (iii) we recorded the noncontrolling interest held in trust for the economic benefit of MGM as a separate component of our stockholders' equity. The provisional fair value measurements and estimates of these items were estimated as of the date we effectively obtained control. | ||||||||||||
Results of Borgata | ||||||||||||
The results of Borgata are included in our consolidated balance sheets as of December 31, 2013 and 2012 and our consolidated statements of operations and cash flows for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Borgata Distributions | ||||||||||||
Borgata's bank credit facility allows for certain limited distributions to be made to its joint venture partners. We have not received distributions from Borgata in the years ending December 2013, 2012 and 2011. | ||||||||||||
Deconsolidation of Variable Interest | ||||||||||||
LVE Energy Partners, LLC | ||||||||||||
LVE was a joint venture between Marina Energy LLC and DCO ECH Energy, LLC. Through our wholly-owned subsidiary, Echelon Resorts, LLC ("Echelon Resorts"), we had entered into an Energy Sales Agreement ("ESA") with LVE to design, build, own and operate a central energy center and related distribution system for our planned Echelon resort development. | ||||||||||||
Accounting guidance required us to consolidate LVE for financial statement purposes, as we determined that we were the primary beneficiary of the executory contract, the ESA, giving rise to the variable interest. | ||||||||||||
In connection with the disposition of Echelon on March 4, 2013, (see Note 2, Acquisitions and Divestitures), we exercised an option to acquire the central energy center assets from LVE for $187.0 million. We immediately sold these assets to the buyer of Echelon and the ESA agreement was terminated. As a result, we ceased consolidation of LVE as of that date. | ||||||||||||
The assets and liabilities of LVE which are included in our consolidated balance sheet as of December 31, 2012 are as follows: | ||||||||||||
(In thousands) | Year Ended December 31, 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets | $ | 1,453 | ||||||||||
Assets held for development | 163,519 | |||||||||||
Debt financing costs, net | 2,448 | |||||||||||
Restricted investments | 21,382 | |||||||||||
Total Assets | $ | 188,802 | ||||||||||
LIABILITIES | ||||||||||||
Accounts payable | $ | 164 | ||||||||||
Accrued and other liabilities | 8,486 | |||||||||||
Current non-recourse obligations of variable interest entity | 225,113 | |||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Noncontrolling interest | (44,961 | ) | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 188,802 | ||||||||||
The summarized impact of LVE on our consolidated statement of operations, net of consolidating entries, for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Cost and expenses | ||||||||||||
Selling, general and administrative | $ | — | $ | 54 | $ | — | ||||||
Preopening expenses | (1,933 | ) | (10,896 | ) | (10,858 | ) | ||||||
Operating income | 1,933 | 10,842 | 10,858 | |||||||||
Other expense | ||||||||||||
Interest expense, net of amounts capitalized | 2,377 | 12,323 | 16,753 | |||||||||
Net income (loss) | (444 | ) | (1,481 | ) | (5,895 | ) | ||||||
Net (income) loss attributable to noncontrolling interest | 444 | 1,481 | 5,895 | |||||||||
Net income (loss) attributable to Boyd Gaming Corporation | $ | — | $ | — | $ | — | ||||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property and Equipment, Net | ' | |||||||
PROPERTY AND EQUIPMENT, NET | ||||||||
Property and equipment, net consists of the following: | ||||||||
December 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Land | $ | 336,079 | $ | 341,174 | ||||
Buildings and improvements | 3,852,039 | 3,826,880 | ||||||
Furniture and equipment | 1,332,090 | 1,305,216 | ||||||
Riverboats and barges | 189,175 | 187,620 | ||||||
Construction in progress | 72,141 | 27,397 | ||||||
Other | 21,750 | 23,013 | ||||||
Total property and equipment | 5,803,274 | 5,711,300 | ||||||
Less accumulated depreciation | 2,297,661 | 2,123,986 | ||||||
Property and equipment, net | $ | 3,505,613 | $ | 3,587,314 | ||||
Other property and equipment presented in the table above relates to the net realizable value of construction materials inventory 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 years ended December 31, 2013, 2012 and 2011 was $232.0 million, $199.5 million and $190.6 million, respectively. |
Assets_Held_for_Development
Assets Held for Development | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Assets Held for Development [Abstract] | ' | |||
Assets Held For Development | ' | |||
ASSETS HELD FOR DEVELOPMENT | ||||
Assets held for development, which was comprised of assets associated with the site of our Echelon project, consisted of the following: | ||||
December 31, | ||||
(In thousands) | 2012 | |||
Echelon Project Infrastructure | ||||
Land | $ | 453,013 | ||
Construction and development costs | 499,842 | |||
Project management and other costs | 115,712 | |||
Professional and design fees | 93,545 | |||
Central Energy Facility | ||||
Construction and development costs | 163,519 | |||
Total assets held for development | 1,325,631 | |||
Impairment | 993,861 | |||
Total assets held for development, net of impairment | $ | 331,770 | ||
At December 31, 2012, the capitalized costs related to the Echelon project included land and related costs. The construction and development costs consist primarily of site preparation work, underground utility installation and infrastructure and common area development. Professional and design fees include architectural design, development and permitting fees, inspections, consulting and legal fees. The capitalized construction costs of the central energy facility include labor, materials, construction overhead and capitalized interest, all of which has been directly incurred by LVE. The assets of the central energy facility were pledged as collateral to the outstanding debt obligations of LVE, as further discussed in Note 9, Non-recourse Obligations of Variable Interest Entity. | ||||
In December 2012, we reconsidered our commitment to complete the Echelon project and concluded that we would not resume development. As a result of this decision, no additional project costs were capitalized and the capitalized costs related to the Echelon project and the value of certain additional parcels of land adjacent to the Echelon site that were sold were reclassified to assets held for development at December 31, 2012 for presentation purposes. Additionally, we recognized an impairment of $993.9 million |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||||||
INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
Intangible assets consist of the following: | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||||||||||||
Customer relationships | 3.6 years | $ | 154,000 | $ | (68,733 | ) | $ | — | $ | 85,267 | ||||||||||||||||||
Non-competition agreement | — | 3,200 | (3,200 | ) | — | — | ||||||||||||||||||||||
Favorable lease rates | 34.4 years | 45,370 | (9,912 | ) | — | 35,458 | ||||||||||||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||||||||||||
223,943 | (81,845 | ) | — | 142,098 | ||||||||||||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||||||||||||
Trademarks | Indefinite | 196,487 | — | (8,200 | ) | 188,287 | ||||||||||||||||||||||
Gaming license rights | Indefinite | 955,135 | (33,960 | ) | (180,900 | ) | 740,275 | |||||||||||||||||||||
1,151,622 | (33,960 | ) | (189,100 | ) | 928,562 | |||||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,375,565 | $ | (115,805 | ) | $ | (189,100 | ) | $ | 1,070,660 | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||||||||||||
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 | ||||||||||||||||||
Amortizing Intangible Assets | ||||||||||||||||||||||||||||
Customer Relationships | ||||||||||||||||||||||||||||
Customer relationships represent the value of repeat business associated with our customer loyalty programs. The value of customer relationships is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these customers, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: revenue of our rated customers, based on expected level of play; promotional allowances provided to these existing customers; attrition rate related to these customers; operating expenses; general and administrative expenses; trademark expense; discount rate; and the present value of tax benefit. | ||||||||||||||||||||||||||||
Favorable Lease Rates | ||||||||||||||||||||||||||||
Favorable lease rates represent the rental rates for assumed land leases that are favorable to comparable market rates. The fair value is determined on a technique whereby the difference between the lease rate and the then current market rate for the remaining contractual term is discounted to present value. The assumptions underlying this computation include the actual lease rates, the expected remaining lease term, including renewal options, based on the existing lease; current rates of rent for leases on comparable properties with similar terms obtained from market data and analysis; and an assumed discount rate. The estimates underlying the result covered a term of 41 to 52 years. | ||||||||||||||||||||||||||||
Development Agreement | ||||||||||||||||||||||||||||
Development agreement is an acquired contract under which a gaming facility will be developed on the Tribe's land. This asset although amortizable, is not amortized until development is completed, which at December 31, 2013 remains indeterminate. In the interim, this asset is subject to periodic impairment reviews. | ||||||||||||||||||||||||||||
Indefinite Lived Intangible Assets | ||||||||||||||||||||||||||||
Trademarks | ||||||||||||||||||||||||||||
Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademark, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the trade name. We used the following significant projections and assumptions to determine value under the relief from royalty method: revenue from gaming and hotel activities; royalty rate; tax expense; terminal growth rate; discount rate; and the present value of tax benefit. | ||||||||||||||||||||||||||||
Gaming License Rights | ||||||||||||||||||||||||||||
Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. In the majority of cases, the value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to future gaming revenue, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: gaming revenues; gaming operating expenses; general and administrative expenses; tax expense; terminal value; and discount rate. In two instances, we determine the value of our gaming licenses by applying a cost approach. Our primary consideration in the application of this methodology is the initial statutory fee associated with acquiring a gaming license in the jurisdiction. | ||||||||||||||||||||||||||||
Activity for the Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||||||||||||||
The following table sets forth the changes in these intangible assets during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
(In thousands) | Customer Relationships | Non-competition Agreement | Favorable Lease Rates | Development Agreements | Trademarks | Gaming License Rights | Intangible Assets, Net | |||||||||||||||||||||
Balance, January 1, 2011 | $ | 14,000 | $ | — | $ | 38,588 | $ | — | $ | 115,700 | $ | 371,426 | $ | 539,714 | ||||||||||||||
Additions | 3,300 | — | — | 21,373 | 25,300 | — | 49,973 | |||||||||||||||||||||
Impairments | — | — | — | — | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||||
Amortization | (9,626 | ) | — | (1,043 | ) | — | — | — | (10,669 | ) | ||||||||||||||||||
Balance, December 31, 2011 | 7,674 | — | 37,545 | 21,373 | 136,000 | 371,426 | 574,018 | |||||||||||||||||||||
Additions | 136,300 | 3,200 | — | — | 50,800 | 387,249 | 577,549 | |||||||||||||||||||||
Impairments | — | — | — | — | — | (17,500 | ) | (17,500 | ) | |||||||||||||||||||
Amortization | (13,033 | ) | (354 | ) | (1,042 | ) | — | — | — | (14,429 | ) | |||||||||||||||||
Balance, December 31, 2012 | 130,941 | 2,846 | 36,503 | 21,373 | 186,800 | 741,175 | 1,119,638 | |||||||||||||||||||||
Additions | — | — | — | — | 4,687 | — | 4,687 | |||||||||||||||||||||
Impairments | — | — | — | — | (3,200 | ) | (900 | ) | (4,100 | ) | ||||||||||||||||||
Amortization | (45,674 | ) | (2,846 | ) | (1,045 | ) | — | — | — | (49,565 | ) | |||||||||||||||||
Balance, December 31, 2013 | $ | 85,267 | $ | — | $ | 35,458 | $ | 21,373 | $ | 188,287 | $ | 740,275 | $ | 1,070,660 | ||||||||||||||
Future Amortization | ||||||||||||||||||||||||||||
Customer relationships are being amortized on an accelerated basis over an approximate remaining five-year period. Favorable lease rates are being amortized on a straight-line basis over a weighted-average original useful life of 43.8 years. Future amortization is as follows: | ||||||||||||||||||||||||||||
(In thousands) | Customer Relationships | Favorable Lease Rates | Total | |||||||||||||||||||||||||
For the year ending December 31, | ||||||||||||||||||||||||||||
2014 | $ | 33,309 | $ | 1,043 | $ | 34,352 | ||||||||||||||||||||||
2015 | 25,652 | 1,043 | 26,695 | |||||||||||||||||||||||||
2016 | 14,870 | 1,043 | 15,913 | |||||||||||||||||||||||||
2017 | 11,436 | 1,043 | 12,479 | |||||||||||||||||||||||||
2018 | — | 1,043 | 1,043 | |||||||||||||||||||||||||
Thereafter | — | 30,243 | 30,243 | |||||||||||||||||||||||||
Total future amortization | $ | 85,267 | $ | 35,458 | $ | 120,725 | ||||||||||||||||||||||
Trademarks and gaming license rights are not subject to amortization, as we have determined that they have an indefinite useful life; however, these assets are subject to an annual impairment test. | ||||||||||||||||||||||||||||
Impairment Considerations | ||||||||||||||||||||||||||||
Indefinite lived intangible assets are not subject to amortization, but they are subject to an annual impairment test each year and between annual test dates in certain circumstances. | ||||||||||||||||||||||||||||
As a result of our annual impairment testing in the fourth quarter of 2013, we recognized a non-cash impairment charge of $3.2 million in trademarks and $0.9 million in gaming license rights included in impairments of assets in the consolidated statements of operations for the year ended December 31, 2013. | ||||||||||||||||||||||||||||
During the year ended 2012, we recognized a non-cash impairment charge of $17.5 million, related to our gaming license rights at our Sam's Town Shreveport location. | ||||||||||||||||||||||||||||
During the first quarter of 2011, we performed an interim impairment test of the Borgata trademark asset we recorded in connection with the valuation of Borgata due to our consideration of certain facts and circumstances surrounding an adverse change in the business climate in Atlantic City. We believe our actual results had been adversely impacted by increased regional competition and that, in addition, our projected future results would be further impacted by the opening of a new property in Atlantic City, which was announced in February 2011. We also believe the refinancing of Borgata's debt and recapitalization of its member equity contributed to the results of this impairment test. As a result of the impairment test, we recorded a $5.0 million impairment charge in the first quarter of 2011, representing the amount by which the carrying amount exceeded its fair value. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
GOODWILL | ||||||||||||||||
Goodwill consists of the following: | ||||||||||||||||
(In thousands) | Gross Carrying Value | Cumulative Amortization | Cumulative Impairment Losses | Goodwill, Net | ||||||||||||
Goodwill, net by Reportable Segment: | ||||||||||||||||
Las Vegas Locals | $ | 378,192 | $ | — | $ | (165,479 | ) | $ | 212,713 | |||||||
Downtown Las Vegas | 6,997 | (6,134 | ) | — | 863 | |||||||||||
Midwest and South | 50,671 | — | (50,671 | ) | — | |||||||||||
Peninsula | 471,734 | — | — | 471,734 | ||||||||||||
Balance, December 31, 2013 | $ | 907,594 | $ | (6,134 | ) | $ | (216,150 | ) | $ | 685,310 | ||||||
Changes in Goodwill | ||||||||||||||||
During the year ended December 31, 2012, we recorded $481.4 million of goodwill due to our acquisition of Peninsula on November 20, 2012. During fourth quarter of 2013 the purchase price allocation was finalized and resulted in a decrease to goodwill in an amount equal to the purchase price reduction of $9.6 million. | ||||||||||||||||
The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||
(In thousands) | Goodwill, Net | |||||||||||||||
Balance, January 1, 2011 | $ | 213,576 | ||||||||||||||
Additions | — | |||||||||||||||
Impairments | — | |||||||||||||||
Balance, December 31, 2011 | 213,576 | |||||||||||||||
Additions | 481,353 | |||||||||||||||
Impairments | — | |||||||||||||||
Balance, December 31, 2012 | 694,929 | |||||||||||||||
Additions | — | |||||||||||||||
Impairments | — | |||||||||||||||
Final purchase price adjustment | (9,619 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 685,310 | ||||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
ACCRUED LIABILITIES | ||||||||
Accrued liabilities consist of the following: | ||||||||
December 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Payroll and related expenses | $ | 90,602 | $ | 86,448 | ||||
Interest | 47,497 | 67,145 | ||||||
Gaming liabilities | 83,304 | 85,561 | ||||||
Accrued expenses and other liabilities | 120,544 | 124,578 | ||||||
Total accrued liabilities | $ | 341,947 | $ | 363,732 | ||||
NonRecourse_Obligations_of_Var
Non-Recourse Obligations of Variable Interest Entity | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Non Recourse Obligations of Variable Interest Entity [Abstract] | ' | |||
Non-Recourse Obligations of Variable Interest Entity | ' | |||
NON-RECOURSE OBLIGATIONS OF VARIABLE INTEREST ENTITY | ||||
The non-recourse obligations of variable interest entity represent the outstanding debt of LVE and is comprised of the following: | ||||
December 31, | ||||
(In thousands) | 2012 | |||
Non-recourse obligations of variable interest entity, current: | ||||
Notes payable to members | $ | 33,061 | ||
Construction and term loan facility | 119,052 | |||
Tax-exempt variable rate bonds | 73,000 | |||
Total non-recourse obligations of variable interest entity | $ | 225,113 | ||
Assets serving as collateral for these debt obligations, primarily consist of certain assets held for development with a carrying value of $163.5 million and restricted investments of $21.4 million at December 31, 2012. | ||||
As discussed in Note 2, Acquisitions and Divestitures, in connection with the disposition of Echelon we exercised an option to acquire the assets of LVE and immediately sold those assets to the buyer of Echelon. As a result, we ceased consolidation of LVE as of that date. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Long-Term Debt | ' | |||||||||||||||
LONG-TERM DEBT | ||||||||||||||||
Long-term debt, net of current maturities consists of the following: | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Unamortized | ||||||||||||||||
Outstanding | Unamortized | Origination | Long-Term | |||||||||||||
(In thousands) | Principal | Discount | Fees | Debt, Net | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
New Credit Facility | $ | 1,467,725 | $ | (4,233 | ) | $ | — | $ | 1,463,492 | |||||||
9.125% senior notes due 2018 | 500,000 | — | (6,082 | ) | 493,918 | |||||||||||
9.00% senior notes due 2020 | 350,000 | — | — | 350,000 | ||||||||||||
HoldCo Note | 143,030 | (17,371 | ) | — | 125,659 | |||||||||||
2,460,755 | (21,604 | ) | (6,082 | ) | 2,433,069 | |||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 802,150 | — | — | 802,150 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | — | — | 350,000 | ||||||||||||
Other | 12 | — | — | 12 | ||||||||||||
1,152,162 | — | — | 1,152,162 | |||||||||||||
Total Boyd Debt | 3,612,917 | (21,604 | ) | (6,082 | ) | 3,585,231 | ||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 39,900 | — | — | 39,900 | ||||||||||||
Incremental term loan | 380,000 | (3,766 | ) | — | 376,234 | |||||||||||
9.875% senior secured notes due 2018 | 393,500 | (6,563 | ) | (1,811 | ) | 385,126 | ||||||||||
Total Borgata Debt | 813,400 | (10,329 | ) | (1,811 | ) | 801,260 | ||||||||||
Less current maturities | 33,559 | — | — | 33,559 | ||||||||||||
Long-term debt, net | $ | 4,392,758 | $ | (31,933 | ) | $ | (7,893 | ) | $ | 4,352,932 | ||||||
December 31, 2012 | ||||||||||||||||
Unamortized | ||||||||||||||||
Outstanding | Unamortized | Origination | Long-Term | |||||||||||||
(In thousands) | Principal | Discount | Fees | Debt, Net | ||||||||||||
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 Segment 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 | ||||||||||
Total Borgata Debt | 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 Facility | ||||||||||||||||
Credit Agreement | ||||||||||||||||
On August 14, 2013, we entered into a 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 including a $100.0 million swing loan sublimit (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. During the year ended December 31, 2013, we recognized approximately $20.8 million of loss on the early extinguishment of the Prior Credit Facility. | ||||||||||||||||
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. | ||||||||||||||||
Amounts Outstanding | ||||||||||||||||
The net amounts outstanding under the New Credit Facility at December 31, 2013, were: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Revolving Credit Facility | $ | 295,000 | ||||||||||||||
Term A Loan | 246,875 | |||||||||||||||
Term B Loan | 897,750 | |||||||||||||||
Swing Loan | 23,867 | |||||||||||||||
Total outstanding borrowings under the New Credit Facility | $ | 1,463,492 | ||||||||||||||
After consideration of $8.5 million allocated to support various letters of credit, approximately $268.4 million of availability remained under the New Credit Facility at December 31, 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 | ||||||||||||||
Interest and Fees | ||||||||||||||||
The interest rate on the outstanding balance of the Revolving Credit Facility, Swing Loans 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 the Eurodollar rate) 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 3.1% at December 31, 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. | ||||||||||||||||
Guarantees and Collateral | ||||||||||||||||
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. | ||||||||||||||||
Financial and Other Covenants | ||||||||||||||||
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 1.75 to 1.00, (ii) establishing a maximum permitted consolidated total leverage ratio (discussed below), (iii) establishing a maximum permitted secured leverage ratio (discussed below), (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. | ||||||||||||||||
The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the New Credit Facility. | ||||||||||||||||
Maximum Total | ||||||||||||||||
For the Four Fiscal Quarters Ending | Leverage Ratio | |||||||||||||||
September 30, 2013 through December 31, 2015 | 8.5 | to | 1 | |||||||||||||
March 31, 2016 through December 31, 2016 | 8.25 | to | 1 | |||||||||||||
March 31, 2017 through December 31, 2017 | 8 | to | 1 | |||||||||||||
March 31, 2018 and thereafter | 7.75 | to | 1 | |||||||||||||
The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the New Credit Facility. | ||||||||||||||||
Maximum Secured | ||||||||||||||||
For the Four Fiscal Quarters Ending | Leverage Ratio | |||||||||||||||
September 30, 2013 through December 31, 2014 | 5 | to | 1 | |||||||||||||
March 31, 2015 through December 31, 2016 | 4.75 | to | 1 | |||||||||||||
March 31, 2017 through December 31, 2017 | 4.5 | to | 1 | |||||||||||||
March 31, 2018 and thereafter | 4.25 | to | 1 | |||||||||||||
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. | ||||||||||||||||
Senior Notes | ||||||||||||||||
9.125% Senior Notes due December 2018 | ||||||||||||||||
Significant Terms | ||||||||||||||||
On November 10, 2010, we issued, through a private placement, $500 million aggregate principal amount of 9.125% senior notes due December 2018. The notes require semi-annual interest payments on December 1 and June 1 of each year, which commenced on June 1, 2011. The notes will mature on December 1, 2018 and 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. In addition, upon the occurrence of a change of control (as defined in the indenture governing the notes), we will be required, unless certain conditions are met, to offer to repurchase the notes at a price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to offer to purchase the notes. | ||||||||||||||||
At any time prior to December 1, 2014, we may redeem the notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. Subsequent to December 1, 2014, we may redeem all or a portion of the notes at redemption prices (expressed as percentages of the principal amount) ranging from 104.563% in 2014 to 100% in 2016 and thereafter, plus accrued and unpaid interest. | ||||||||||||||||
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 as a Guarantor thereunder. | ||||||||||||||||
Senior Notes | ||||||||||||||||
9.00% Senior Notes due July 2020 | ||||||||||||||||
Significant Terms | ||||||||||||||||
On June 8, 2012, we issued $350 million aggregate principal amount of 9.00% senior notes due July 2020 (the "2020 Notes"). The 2020 Notes require semiannual interest payments on January 1 and July 1 of each year, commencing on January 1, 2013. The 2020 Notes will mature on July 1, 2020 and 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 2020 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. In addition, upon the occurrence of a change in control (as defined in the indenture governing the notes), we will be required, unless certain conditions are met, to offer to repurchase the notes at a price equal to 101% of the principal amount of the 2020 Notes, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to purchase the notes. | ||||||||||||||||
At any time prior to July 1, 2015, we may redeem up to 35% of the aggregate principal amount of the 2020 Notes at a redemption price equal to 109% of the principal amount thereof, plus accrued and unpaid interest and additional interest (as defined in the indenture), if any, up to, but excluding, the applicable redemption date, with the net cash proceeds that we raise in one or more equity offerings. In addition, prior to July 1, 2016, we may redeem the 2020 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to but excluding, the applicable redemption date, plus a make whole premium. Subsequent to July 1, 2016, we may redeem all or a portion of the 2020 Notes at redemption prices (expressed as percentages of the principal amount) ranging from 104.50% in 2016 to 100% in 2018 and thereafter, plus accrued and unpaid interest. | ||||||||||||||||
Registration Rights Agreement | ||||||||||||||||
Pursuant to the registration rights agreement entered into with the initial purchasers of the 2020 Notes 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 2020 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 2020 Notes | ||||||||||||||||
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 2020 Notes. 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 our 6.75% Senior Subordinated Notes due April 2014 (the "2014 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 of the 2014 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, the 2014 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 of our 7.125% Senior Subordinated Notes due February 2016 (the "2016 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, the 2016 Notes have been fully extinguished. | ||||||||||||||||
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 repayment of our 9.125% and 9.00% senior notes due on December 1, 2018 and July 1, 2020, respectively. | ||||||||||||||||
HoldCo Note | ||||||||||||||||
As part of the consideration tendered in the acquisition of Peninsula, HoldCo issued a promissory note to PGP (the "HoldCo Note"). The principal balance assigned to the HoldCo Note as of the date of the Peninsula Acquisition was $147.8 million. As a result of certain adjustments to the note balance that were made during the purchase accounting period as contemplated in the Merger Agreement, the principal balance was subsequently reduced to $143.0 million. The related discount of the HoldCo Note was also adjusted from an original balance of $34.2 million to $31.1 million. The unamortized discount on the HoldCo Note at December 31, 2013, was $17.4 million. The HoldCo Note provides for interest at a per annum rate equal to (i) from the issue date to, but excluding the first anniversary of the issue date, zero percent, (ii) from the first anniversary of the issue date to but excluding the second anniversary of the issue date, six percent, (iii) from the second anniversary of the issue date to but excluding the third anniversary of the issue date, eight percent, and (iv) from and after the third anniversary of the issue date, ten percent. At the option of HoldCo, interest may be paid in cash or paid-in-kind. Accrued but unpaid interest is added to the principal balance of the HoldCo Note semi-annually. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months. HoldCo may prepay the obligations under the HoldCo Note at any time, in whole or in part, without premium or penalty. | ||||||||||||||||
Peninsula Segment Debt | ||||||||||||||||
Bank Credit Facility | ||||||||||||||||
Credit Agreement | ||||||||||||||||
On November 20, 2012, Boyd completed its previously announced acquisition of Peninsula pursuant to the Merger Agreement and Merger Sub entered into a Credit Agreement (the "Peninsula Credit Agreement") dated as of November 14, 2012, with the lenders party thereto and Bank of America, N.A., as administrative agent, collateral agent, swing line lender, and L/C issuer. Pursuant to the terms of the Merger Agreement, upon consummation of the Merger, Peninsula assumed all assets and liabilities of Merger Sub and became the borrower under the Credit Agreement (as defined below) and, together with Peninsula Gaming Corp. upon consummation of the Finance Company Merger, the issuer of Peninsula Senior Notes (as defined below) | ||||||||||||||||
The Peninsula Credit Agreement provides for a $875.0 million senior secured credit facility (the “Peninsula Credit Facility”), which consists of (a) a term loan facility of $825.0 million (the “Peninsula Term Loan”) and (b) a revolving credit facility of $50.0 million including a $15.0 million swing loan sublimit (the “Peninsula Revolver”). The Peninsula Term Loan was fully funded concurrently with the closing of the Peninsula Merger. A portion of the Peninsula Revolver was funded concurrently with the closing of the acquisition. The maturity date for obligations under the Peninsula Credit Facility is November 17, 2017. | ||||||||||||||||
First Amendment to the Peninsula Credit Agreement | ||||||||||||||||
On May 1, 2013, Peninsula entered into the First Amendment to the Peninsula Credit Agreement (the “Peninsula Amendment”), among Peninsula, 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, 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. | ||||||||||||||||
Amounts Outstanding | ||||||||||||||||
The net amounts outstanding under the Peninsula Credit Facility are comprised of the following: | ||||||||||||||||
December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||||||
Term Loan | $ | 784,750 | $ | 825,000 | ||||||||||||
Revolving Facility | 8,000 | 18,000 | ||||||||||||||
Swing Loan | 9,400 | 11,400 | ||||||||||||||
Total outstanding borrowings under the Peninsula Credit Facility | $ | 802,150 | $ | 854,400 | ||||||||||||
At December 31, 2013, approximately $802.2 million was outstanding under the Peninsula Credit Facility. In addition, $5.8 million was allocated to support various letters of credit, leaving remaining contractual availability of approximately $26.8 million. | ||||||||||||||||
Interest and Fees | ||||||||||||||||
The interest rate on the outstanding balance of the Peninsula Term Loan is based upon, at Peninsula's option either: (i) the Eurodollar rate plus 3.25%, or (ii) the base rate plus 2.25%. The interest rate on the outstanding balance from time to time of the Revolving Loans and Swing Loans are based upon, at Peninsula's option either: (i) the Eurodollar rate plus 4.00%, or (ii) the base rate plus 3.00%. The base rate under the Peninsula 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 Peninsula Credit Facility also establishes, with respect to outstanding balances under the Term Loan, a minimum Eurodollar rate for any interest period of 1.25%. In addition, Peninsula will incur a commitment fee on the unused portion of the Peninsula Credit Facility at a per annum rate of 0.50%. | ||||||||||||||||
The blended interest rate for outstanding borrowings under our Peninsula Credit Facility was 4.2% and 5.7% at December 31, 2013 and 2012, respectively. | ||||||||||||||||
Guarantees and Collateral | ||||||||||||||||
Peninsula's obligations under the Peninsula Credit Facility, subject to certain exceptions, are guaranteed by Peninsula's subsidiaries and are secured by the capital stock and equity interests of Peninsula's subsidiaries. In addition, subject to certain exceptions, Peninsula 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 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. | ||||||||||||||||
Optional and Mandatory Prepayments | ||||||||||||||||
The Credit Facility requires that the Company prepay the loans with proceeds of any significant asset sale or event of loss. In addition, the Credit Facility requires fixed quarterly amortization of principal equal to 0.25% of the original aggregate principal amount of the Term Loan beginning March 31, 2013 and requires that the Company use a portion of its annual excess cash flow to prepay the loans. The Revolver can be terminated without premium or penalty, upon payment of the outstanding amounts owed with respect thereto. The Term Loan can be prepaid without premium or penalty, except that a 1.0% premium would have been payable in connection with prepayments of the Term Loan during the period of six calendar months after the effective date of the Amendment through the issuance of indebtedness having a lower interest rate than the interest rate payable in respect of the Term Loan. | ||||||||||||||||
During the year ended December 31, 2013, the Company paid $8.3 million in mandatory principal payments and $32.0 million in optional principal prepayments, which were not subject to any prepayment premium. | ||||||||||||||||
Financial and Other Covenants | ||||||||||||||||
The Peninsula Credit Facility contains customary affirmative and negative covenants (and are subject to customary exceptions). Peninsula is required to maintain (i) maximum consolidated interest coverage ratio over each twelve month period ending on the last fiscal day of each quarter (discussed below), (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. | ||||||||||||||||
The minimum consolidated Interest Coverage Ratio is calculated as (a) the twelve-month trailing Consolidated EBITDA (as defined in the Peninsula Credit Agreement), to (b) consolidated interest expense. | ||||||||||||||||
The maximum permitted Consolidated Leverage Ratio (as defined in the Peninsula Credit Agreement) is calculated as Consolidated Fund Indebtedness less Excess Cash to twelve-month trailing Consolidated EBITDA. The following table provides our maximum Consolidated Leverage Ratio during the remaining term of the Peninsula Credit Facility. | ||||||||||||||||
Maximum Consolidated | ||||||||||||||||
For the Trailing Four Quarters Ending | Leverage Ratio | |||||||||||||||
December 31 2013 through June 30, 2014 | 7 | to | 1 | |||||||||||||
September 30, 2014 through December 31, 2014 | 6.75 | to | 1 | |||||||||||||
March 31, 2015 through June 30, 2015 | 6.5 | to | 1 | |||||||||||||
September 30, 2015 through December 31, 2015 | 6.25 | to | 1 | |||||||||||||
March 31, 2016 through June 30, 2016 | 6 | to | 1 | |||||||||||||
September 30, 2016 through December 31, 2016 | 5.75 | to | 1 | |||||||||||||
March 31, 2107 through June 30, 2017 | 5.5 | to | 1 | |||||||||||||
September 30, 2017 and thereafter | 5.25 | to | 1 | |||||||||||||
Capital Expenditures should not be made by Peninsula or any of its Restricted Subsidiaries (excluding (i) capital expenditures which adds to or improves any existing property and (ii) capital expenditures made prior to the first anniversary of the Funding Date relating to integration and/or transition of business systems) in an aggregate amount in excess of $20.0 million in any fiscal year; provided that no default has occurred and is continuing or would result from such expenditure. | ||||||||||||||||
Debt Financing Costs | ||||||||||||||||
In conjunction with the Peninsula Credit Facility and Amendment, we incurred approximately $33.8 million and $8.2 million, respectively, which has been deferred as debt financing costs and is being amortized over the term of the Peninsula Credit Facility using the effective interest method. We also incurred $2.0 million in other fees that were expensed upon execution of the Amendment and are included in other non-operating items in the consolidated statements of operations for the year ended December 31, 2013. | ||||||||||||||||
As a result of optional prepayments made during the year ended December 31, 2013, we wrote-off $1.4 million in deferred | ||||||||||||||||
debt financing costs representing the pro rated reduction in borrowing capacity. | ||||||||||||||||
Senior Notes | ||||||||||||||||
Peninsula 8.375% Senior Notes Due 2018 | ||||||||||||||||
Significant Terms | ||||||||||||||||
On August 16, 2012, we closed an offering of $350 million aggregate principal amount of 8.375% senior notes due February 2018 (the "2018 Notes") by Merger Sub and Boyd Acquisition Finance Corp. (“Boyd Finance Co.,” and together with Merger Sub, the “Issuers”), a direct wholly owned subsidiary of Merger Sub. The 2018 Notes were issued pursuant to an Indenture dated August 16, 2012 (the "Indenture") by and among the Issuers, and U.S. Bank National Association, as trustee (the "Trustee"). The consummation of the acquisition of Peninsula occurred on November 20, 2012, at which time, Peninsula and Peninsula Gaming Corporation assumed the obligations of the Merger Sub and Boyd Finance Co. and became the Issuers under the Indenture. The Indenture provides that the 2018 Notes bear interest at a rate of 8.375% per annum. The Notes mature on February 15, 2018. | ||||||||||||||||
Prior to the consummation of the acquisition, the 2018 Notes were not guaranteed. Upon the consummation of the acquisition, the 2018 Notes are fully and unconditionally guaranteed, on a joint and several basis, by Peninsula's subsidiaries (other than PGP). The 2018 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) to incur additional indebtedness or liens, pay dividends or make distributions, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change of control (as defined in the Indenture), we will be required, unless certain conditions are met, to offer to repurchase the notes at a price equal to 101% of the principal amount of the 2018 Notes, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required, under certain circumstances, to offer to purchase the 2018 Notes. | ||||||||||||||||
At any time prior to August 15, 2014, the Issuers may redeem up to 35% of the aggregate principal amount of the 2018 Notes at a redemption price equal to 108.375% of the principal amount thereof, plus accrued and unpaid interest, up to, but excluding, the applicable redemption date, with the net cash proceeds that the Issuers raise in one or more equity offerings. In addition, prior to August 15, 2014, the Issuers may redeem the 2018 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. Subsequent to August 15, 2014, we may redeem all or a portion of the 2018 Notes at a redemption prices (expressed as percentages of the principal amount) ranging from 106.281% in 2014 to 100% in 2016 and thereafter, plus accrued and unpaid interest. | ||||||||||||||||
The 2018 Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, (the “Securities Act”) and will be offered only to: (i) qualified institutional buyers as defined in Rule 144A under the Securities Act; and (ii) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. | ||||||||||||||||
Debt Financing Costs | ||||||||||||||||
In conjunction with the issuance of the 2018 Notes, we incurred approximately $14.2 million in debt financing costs that have been deferred and are being amortized over the term of the 2018 Notes using the effective interest method. | ||||||||||||||||
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 including a $15.0 million swing loan sublimit (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 MDFC's 9.5% Senior Secured Notes Due 2015 (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. | ||||||||||||||||
Amounts Outstanding | ||||||||||||||||
The net amounts outstanding under the New Borgata Credit Facility at December 31, 2013, were: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Revolving Credit Facility | $ | 35,000 | ||||||||||||||
Swing Loan | 4,900 | |||||||||||||||
Total outstanding borrowings under the New Borgata Credit Facility | $ | 39,900 | ||||||||||||||
After consideration of $3.2 million allocated to support various letters of credit, approximately $16.9 million of availability remained under the New Borgata Credit Facility at December 31, 2013. | ||||||||||||||||
At December 31, 2012, the outstanding balance under the previous Borgata bank credit facility was $20.0 million, comprised entirely from borrowings under the revolving credit facility. | ||||||||||||||||
Interest and Fees | ||||||||||||||||
Outstanding borrowings under the New Borgata Credit Facility including those borrowings under the swing loan 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 Borgata Credit Facility was 3.9% at December 31, 2013. The blended interest rate for the outstanding borrowings under the Prior Credit Facility was 4.1% at December 31, 2012. | ||||||||||||||||
Guarantees and Collateral | ||||||||||||||||
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. | ||||||||||||||||
Financial and Other Covenants | ||||||||||||||||
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. | ||||||||||||||||
Debt Financing Costs | ||||||||||||||||
In conjunction with the Borgata bank credit facility and the amendment thereto, during the years ended December 31, 2013, 2012 and 2011, we incurred incremental debt financing costs of $10.1 million, $0.4 million and $1.2 million, respectively, related to the Borgata bank credit facility in incremental debt financing costs, which have been deferred and are being amortized over the remaining term of the Borgata bank credit facility. | ||||||||||||||||
Borgata Incremental Term Loan | ||||||||||||||||
On December 16, 2013, MDFC entered into a Lender Joint Agreement (the "Incremental Term Loan"), among the Company, Wells Fargo Bank, National Association, as administrative agent, and Deutsche Bank AG New York Branch, as incremental term lender. The Incremental Term Loan increases the term commitments under the Borgata bank credit facility by an aggregate amount of $380.0 million. The Incremental Term Loan was fully funded on December 16, 2013, and proceeds were used to repay MDFC’s outstanding 9.5% Senior Secured Notes due 2015. | ||||||||||||||||
The interest rate per annum applicable to the Incremental Term Loan is either (a) the Effective Eurodollar Rate (the greater of the Eurodollar Rate in effect for such interest period an 1.00%) plus the Term Loan Applicable Rate (ranging from 5.50% to 5.75%) if and to the extent the Incremental Term Loan is a Eurodollar Rate Loan under the Credit Agreement, or (b) the Base Rate (Effective Eurodollar Rate for one month plus 1.00%) plus the Term Loan Applicable Rate (ranging from 4.50% to 4.75%) if and to the extent the Incremental Term Loan is a Base Rate Loan under the Credit Agreement. The Incremental Term Loan was issued with 1.00% of original issue discount. | ||||||||||||||||
The Incremental Term Loan requires fixed quarterly amortization of principal equal to 0.25% of the original principal amount of the Incremental Term Loan beginning March 31, 2014. The remaining outstanding principal amount of the Incremental Term Loan is required to be paid on August 15, 2018. | ||||||||||||||||
With some exceptions, in the event of a full or partial prepayment of the Incremental Term Loan prior to the second anniversary of the funding of the Incremental Term Loan, such prepayment will include a premium in an amount equal to (a) 2.00% of the principal amount so prepaid, in the case of any such prepayment prior to the first anniversary of the funding of the Incremental Term Loan and (b) 1.00% of the principal amount so prepaid, in the case of any such prepayment on or after the first anniversary of the funding of the Incremental Term Loan but prior to the second anniversary of the funding of the Incremental Term Loan. | ||||||||||||||||
Original Issue Discount | ||||||||||||||||
The original issue discount has been recorded as an offset to the principal amount of the Incremental Term Loan and is being accreted to interest expense over the term of the loan using the effective interest method. At December 31, 2013, the effective interest rate on the Incremental Term Loan was 6.82%. | ||||||||||||||||
Borgata Senior Secured Notes | ||||||||||||||||
9.875% Senior Secured Notes Due 2018 | ||||||||||||||||
Significant Terms | ||||||||||||||||
In August 2010, MDFC issued, through a private placement, $400 million principal amount of 2018 Borgata Notes, at an issue price of 99.315%, resulting in an original issue discount of $2.7 million. The 2018 Borgata Notes require semi-annual interest payments on February 15 and August 15, commencing February 15, 2011. The 2018 Borgata Notes are guaranteed on a senior secured basis by MDDC and any future restricted subsidiaries of MDDC. The 2018 Borgata 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. | ||||||||||||||||
At any time prior to August 15, 2014, the 2018 Borgata Notes may be redeemed at 100% of the principal amount thereof, plus a “make-whole premium” and accrued and unpaid interest. In addition, MDFC shall have the option to redeem the 2018 Borgata Notes, in whole or in part, at redemption prices (expressed as percentages of the principal amount) ranging from 104.938% beginning on August 15, 2014, to 102.469% beginning on August 15, 2015, to 100% beginning on August 15, 2016 and thereafter, plus accrued and unpaid interest, to the applicable redemption date. | ||||||||||||||||
Original Issue Discount | ||||||||||||||||
The original issue discount has been recorded as an offset to the principal amount of the 2018 Borgata Notes and is being accreted to interest expense over the term of the notes using the effective interest method. At December 31, 2013, the effective interest rate on the 2018 Borgata Notes was 10.3%. | ||||||||||||||||
Borgata Senior Secured Notes | ||||||||||||||||
9.5% Senior Secured Notes Due 2015 | ||||||||||||||||
Repurchase of Senior Secured Notes | ||||||||||||||||
During August 2013, MDFC repurchased and retired $39.8 million, principal amount, in total, of their 2015 Borgata Notes at a premium of 103.00% and recognized a loss on early extinguishments of debt of approximately $2.0 million. | ||||||||||||||||
On November 15, 2013, MDFC issued a notice that they would redeem all of the outstanding 2015 Borgata Notes at a redemption price of 104.750% plus accrued and unpaid interest to the redemption date. The redemption was completed on December 16, 2013, and resulted in a loss on early extinguishment of debt of approximately $23.3 million. | ||||||||||||||||
As a result of this redemption, the 2015 Borgata Notes have been fully extinguished. | ||||||||||||||||
Indenture | ||||||||||||||||
The indenture governing the 2018 Borgata Notes allows for the incurrence of additional indebtedness, if after giving effect to such incurrence, our coverage ratio (as defined in the indenture, essentially a ratio of consolidated EBITDA to fixed charges, including interest) for a trailing four quarter period on a pro forma basis would be at least 2.0 to 1.0. Such pro forma coverage ratio was above 2.0 to 1.0 at the date the 2018 Borgata Notes were issued; however, at December 31, 2013, our coverage ratio (as defined in the indenture) is below 2.0 to 1.0. Accordingly, the indenture prohibits us from incurring new indebtedness; however, we may still borrow under the $60 million senior secured credit facility. At December 31, 2013, the outstanding balance under the Borgata bank credit facility was $30.9 million leaving contractual availability of $20.1 million. | ||||||||||||||||
Covenant Compliance | ||||||||||||||||
As of December 31, 2013, we believe that Boyd Gaming, Peninsula and MDFC were in compliance with the financial and other covenants of their respective debt instruments. | ||||||||||||||||
Scheduled Maturities of Long-Term Debt | ||||||||||||||||
The scheduled maturities of long-term debt, as discussed above, are as follows: | ||||||||||||||||
(In thousands) | Boyd Gaming | Peninsula Segment | Borgata | Total | ||||||||||||
For the year ending December 31, | ||||||||||||||||
2014 | $ | 21,500 | $ | 8,259 | $ | 3,800 | $ | 33,559 | ||||||||
2015 | 21,500 | 8,253 | 3,800 | 33,553 | ||||||||||||
2016 | 21,500 | 8,250 | 3,800 | 33,550 | ||||||||||||
2017 | 21,500 | 777,400 | 3,800 | 802,700 | ||||||||||||
2018 | 1,172,005 | 350,000 | 798,200 | 2,320,205 | ||||||||||||
Thereafter | 1,202,750 | — | — | 1,202,750 | ||||||||||||
Total outstanding principal of long-term debt | $ | 2,460,755 | $ | 1,152,162 | $ | 813,400 | $ | 4,426,317 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Deferred Tax Assets and Liabilities | ||||||||||||
Deferred tax assets and liabilities are provided to record the effects of temporary differences between the tax basis of an asset or liability and its amount as reported in our consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. | ||||||||||||
Deferred tax assets and liabilities presented on the consolidated balance sheets are as follows: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Current deferred tax liability | $ | 2,879 | $ | 7,473 | ||||||||
Non-current deferred tax liability | 155,218 | 139,943 | ||||||||||
Current deferred tax asset | 5,374 | 3,561 | ||||||||||
Net deferred tax liability | $ | 152,723 | $ | 143,855 | ||||||||
The components comprising our deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Deferred tax assets | ||||||||||||
Federal net operating loss carryforwards | $ | 367,182 | $ | 39,996 | ||||||||
State net operating loss carryforwards | 43,785 | 26,230 | ||||||||||
Share-based compensation | 30,317 | 28,532 | ||||||||||
Reserve for employee benefits | 16,996 | 14,647 | ||||||||||
Preopening expense | 8,544 | 8,155 | ||||||||||
Tax credit carryforwards | 6,635 | 4,309 | ||||||||||
Provision for doubtful accounts | 3,731 | 3,709 | ||||||||||
Reserve differential for gaming activities | 40 | 2,510 | ||||||||||
Difference between book and tax basis of property | — | 114,742 | ||||||||||
Other | 14,478 | 16,322 | ||||||||||
Gross deferred tax assets | 491,708 | 259,152 | ||||||||||
Valuation allowance | (243,448 | ) | (204,583 | ) | ||||||||
Deferred tax assets, net of valuation allowance | 248,260 | 54,569 | ||||||||||
Deferred tax liabilities | ||||||||||||
Difference between book and tax basis of property | 185,535 | — | ||||||||||
Difference between book and tax basis of intangible assets | 175,964 | 161,214 | ||||||||||
State tax liability, net of federal benefit | 23,073 | 19,389 | ||||||||||
Prepaid services and supplies | 9,523 | 11,068 | ||||||||||
Gain on early retirement of debt | 6,732 | 6,731 | ||||||||||
Other | 156 | 22 | ||||||||||
Gross deferred tax liabilities | 400,983 | 198,424 | ||||||||||
Deferred tax liabilities, net | $ | 152,723 | $ | 143,855 | ||||||||
At December 31, 2013, we have unused federal general business tax credits of approximately $6.6 million which may be carried forward or used until expiration beginning in 2030. We have a federal income tax net operating loss of approximately $1.1 billion, which may be carried forward or used until expiration beginning in 2031. We also have state income tax net operating loss carryforwards of approximately $581.1 million, which may be used to reduce future state income taxes. The state net operating loss carryforwards will expire in various years ranging from 2014 to 2033, if not fully utilized. | ||||||||||||
As a result of certain realization requirements of ASC 718, Compensation - Stock Compensation, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by approximately $3.1 million if and when such deferred tax assets are ultimately realized. The Company uses ASC 740 ordering when determining when excess tax benefits have been realized. | ||||||||||||
Valuation Allowance on Deferred Tax Assets | ||||||||||||
Management assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In evaluating our ability to recover deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations. A significant piece of objective negative evidence evaluated was the cumulative losses incurred over the three-year periods ended December 31, 2013 and 2012. | ||||||||||||
As of December 31, 2013, we concluded that it was more likely than not that the benefit from certain deferred tax assets would not be realized. As a result of our analysis, a valuation allowance of $213.2 million has been recorded on our federal income tax net operating loss carryforwards and certain other deferred tax assets at December 31, 2013. The amount of the deferred tax assets at December 31, 2013 considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth. A valuation allowance in the amount of $30.2 million has also been recorded on a material portion of our state income tax operating losses, along with certain other state deferred tax assets, which are not presently expected to be realized. | ||||||||||||
Provision (Benefit) for Income Taxes | ||||||||||||
A summary of the provision (benefit) for income taxes is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Current | ||||||||||||
Federal | $ | — | $ | (235 | ) | $ | (550 | ) | ||||
State | 368 | 286 | 2,603 | |||||||||
Total current taxes provision (benefit) | 368 | 51 | 2,053 | |||||||||
Deferred | ||||||||||||
Federal | 5,666 | (215,711 | ) | (4,730 | ) | |||||||
State | (2,684 | ) | (5,129 | ) | 2,955 | |||||||
Total deferred taxes provision (benefit) | 2,982 | (220,840 | ) | (1,775 | ) | |||||||
Provision (benefit) for income taxes from continuing operations | $ | 3,350 | $ | (220,789 | ) | $ | 278 | |||||
Provision (benefit) for income taxes included on the consolidated statement of operations | ||||||||||||
Provision (benefit) for income taxes from continuing operations | $ | 3,350 | $ | (220,789 | ) | $ | 278 | |||||
Provision (benefit) for income taxes from discontinued operations | 5,884 | 17 | 1,443 | |||||||||
Provision (benefit) for income taxes from continuing and discontinued operations | $ | 9,234 | $ | (220,772 | ) | $ | 1,721 | |||||
Our tax provision for the year ended December 31, 2013 was adversely impacted by a valuation allowance on our federal and state income tax net operating losses and certain other deferred tax assets. The tax provision was favorably impacted by the partial resolution of certain proposed adjustments raised in connection with our 2005-2009 IRS examination, which principally resulted in the reversal of interest accrued on unrecognized tax benefits. | ||||||||||||
Our tax benefit for the year ended December 31, 2012 was adversely impacted by a valuation allowance on our federal and state income tax net operating losses and certain other deferred tax assets. The tax benefit was favorably impacted by the reversal of interest accrued on unrecognized tax benefits, resulting from the effective settlement reached in connection with our 2001-2004 IRS examination. | ||||||||||||
Additionally, the tax provision and benefit in 2013 and 2012, respectively, was adversely impacted by an accrual of non-cash tax expense in connection with the tax amortization of indefinite lived intangible assets that was 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. | ||||||||||||
Our tax provision for the year ended December 31, 2011 was adversely impacted by certain recurring permanent adjustments that are unaffected by our loss from continuing operations and favorably impacted by a nontaxable acquisition related gain. Additionally, our state tax provision was adversely impacted by a statutory change in state income tax rates, changes in apportionment and the geographic mix of our income. | ||||||||||||
Our effective tax rates are also impacted by permanent adjustments related to our consolidation of Borgata and LVE. We consolidate Borgata and LVE for financial statement purposes; however, under federal income tax statutes, we are subject to income tax on our fifty percent interest in Borgata and exclude LVE in its entirety. | ||||||||||||
The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a | ||||||||||||
percentage of income from continuing operations before income taxes, for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Valuation allowance for deferred tax assets | (35.1 | )% | (15.4 | )% | — | % | ||||||
Noncontrolling interests | (9.4 | )% | (0.5 | )% | (16.7 | )% | ||||||
Accrued interest on uncertain tax benefits | 3.7 | % | — | % | (9.7 | )% | ||||||
State income taxes, net of federal benefit | 2 | % | 0.4 | % | (31.8 | )% | ||||||
Compensation-based credits | 1.4 | % | 0.1 | % | 9.9 | % | ||||||
Company provided benefits | 0.1 | % | (0.1 | )% | (4.2 | )% | ||||||
Nontaxable gain on acquisition | — | % | — | % | 15.4 | % | ||||||
Other, net | (0.6 | )% | (0.1 | )% | (0.6 | )% | ||||||
Effective tax rate | (2.9 | )% | 19.4 | % | (2.7 | )% | ||||||
Status of Examinations | ||||||||||||
In August 2013, we received a $4.2 million refund in connection with Joint Committee on Taxation (“Joint Committee”) approval of our 2001-2004 IRS appeals settlement. Additionally, during 2013 we reached a tentative agreement with the IRS field examination team in our 2005-2009 IRS audit. The agreement reached with the exam team on the 2005-2009 audit is subject to approval by the Joint Committee. | ||||||||||||
The expiration of the statute of limitation related to our federal tax returns for the tax years 2005 through 2009 has been extended to December 31, 2014. The statute of limitations for our remaining federal tax returns will expire over the period September 2014 through September 2017. | ||||||||||||
We are also currently under examination for various state income and franchise tax matters. Certain adjustments in the state examinations are contingent on resolution of our federal examinations. As it relates to our material state returns, we are subject to examination for tax years ended on or after December 31, 2001, and the statute of limitations will expire over the period September 2014 through October 2018. | ||||||||||||
Based on our current expectations for the final resolutions of these federal and state income tax matters, we believe that we have adequately reserved for any tax liability; however, the ultimate resolution of these examinations may result in an outcome that is different than our current expectation. We do not believe the ultimate resolution of these examinations will have a material impact on our consolidated financial statements. | ||||||||||||
Other Long-Term Tax Liabilities | ||||||||||||
The impact of an uncertain income tax position taken in our income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position is not recognized if it has less than a 50% likelihood of being sustained. Our liability for uncertain tax positions is recorded as other current tax liabilities and other long-term tax liabilities in our consolidated balance sheets. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Unrecognized tax benefit, beginning of year | $ | 38,423 | $ | 42,320 | $ | 38,336 | ||||||
Additions: | ||||||||||||
Tax positions related to current year | 562 | 1,468 | 1,438 | |||||||||
Tax positions related to prior years | 138 | 15,456 | 3,718 | |||||||||
Reductions: | ||||||||||||
Tax positions related to prior years | (2,064 | ) | (10,969 | ) | (1,172 | ) | ||||||
Settlement with taxing authorities | — | (9,852 | ) | — | ||||||||
Unrecognized tax benefits | $ | 37,059 | $ | 38,423 | $ | 42,320 | ||||||
Included in the $37.1 million balance of unrecognized tax benefits at December 31, 2013, are $29.1 million of federally tax effected benefits that, if recognized, would impact the effective tax rate. We recognize accrued interest related to unrecognized tax benefits in our income tax provision. During the years ended December 31, 2013, 2012 and 2011, we recognized accrued interest and penalties of approximately $(1.1) million, $(0.2) million and $2.4 million, respectively, in our income tax provision. We have accrued $12.0 million and $12.4 million of interest and penalties as of December 31, 2013 and 2012, respectively, in our consolidated balance sheets. | ||||||||||||
In 2013 we reached a partial resolution on certain proposed adjustments raised in connection with our 2005-2009 IRS examination. As a result of these agreements, we reduced our unrecognized tax benefits by $2.1 million, of which $0.1 million impacted our effective tax rate. During 2012 we effectively settled our 2001-2004 IRS examination and reduced our unrecognized tax benefits by $20.8 million, of which $0.1 million impacted our effective tax rate. Additionally, in 2013 and 2012 we reduced the interest accrued on our unrecognized tax benefits by $3.1 million and $4.0 million, respectively, and recorded a benefit to our tax provision. | ||||||||||||
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 our unrecognized tax benefits as of December 31, 2013, may decrease in the range of $28.1 million to $33.4 million, of which $20.3 million to $25.5 million would impact our effective tax rate. Such reduction is due to the resolution of certain issues, primarily related to the depreciable lives of assets, tax attributes, interest capitalization and transfer pricing, raised in connection with our federal and state examinations. Other than the resolution of the audits discussed above, we do not anticipate any material changes to our unrecognized tax benefits over the next twelve-month period. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments | ' |
DERIVATIVE INSTRUMENTS | |
We have utilized derivative instruments to manage interest rate risk. | |
Interest Rate Swap Agreements | |
The Company previously entered into floating-to-fixed interest rate swap arrangements in order to manage interest rate risk relating to its Credit Facility, which matured on June 30, 2011. We were a party to certain floating-to-fixed interest rate swap agreements with an aggregate notional amount of $500 million, whereby we received payments based upon the three-month LIBOR and made payments based upon a stipulated fixed rate. These interest rate swap agreements modified the Company's exposure to interest rate risk by synthetically converting a portion of the Company's floating rate debt to a fixed rate. The interest rate swap agreements matured on June 30, 2011, however, the following presents the activity related to our accounting for the interest rate swaps during the periods in which they were outstanding. | |
Classification of Changes in Fair Value | |
The net effect of our floating-to-fixed interest rate swaps resulted in an increase in interest expense of $11.8 million for the year ended December 31, 2011, as compared to the contractual rate of the underlying hedged debt, for these periods. Due to the maturity of the floating-to-fixed interest rate swaps in June 2011, there was no interest expense recorded during the years ended December 31, 2013 and 2012. | |
Due to the de-designation of the floating-to-fixed interest rate swaps in October 2010, we recognized a loss of $0.3 million on the change in fair value of these swaps during the year ended December 31, 2011, which is included in other expenses on our consolidated statement of operations. In addition, the Company amortized $11.8 million during the year ended December 31, 2011, through other comprehensive income related to these and other derivatives that were previously de-designated as hedging instruments. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
Commitments | ||||||||||||
Capital Spending and Development | ||||||||||||
We continually perform on-going refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not so qualify are expensed as incurred. The commitment of capital and the related timing thereof are contingent upon, among other things, negotiation of final agreements and receipt of approvals from the appropriate regulatory bodies. We must also comply with covenants and restrictions set forth in our debt agreements. | ||||||||||||
Kansas Management Contract | ||||||||||||
On January 14, 2011, the Kansas Management Contract was approved by the Kansas Racing and Gaming Commission ("KRGC"). The Kansas Management Contract contractually obligates the Kansas Star to open certain phases of the project by certain specified dates. With certain exceptions, the permanent gaming facility was required to be completed by January 14, 2013, which was met, and the entire construction project (as set forth in the contract) including the development of an event center that includes multiple venues for rodeos, concerts, and other events, an equestrian pavilion that includes a practice arena and covered stalls and 150 additional hotel rooms must be completed no later than January 14, 2015. In addition, as of January 14, 2015, Kansas Star is obligated to have made a minimum investment in infrastructure related to the Kansas Star development of $225.0 million, inclusive of any third party investments but exclusive of a $25.0 million privilege fee. We opened the permanent gaming facility on December 12, 2012 and project to date expenditures total more than $225.0 million as of December 31, 2013 which exceeds the minimum investment in infrastructure commitment. We currently expect to meet the remaining January 14, 2015 completion date with a total expected cost to complete, excluding amounts incurred and reflected in the consolidated balance sheets as of December 31, 2013 and amounts related to the 150 additional hotel rooms, of $21.5 million. | ||||||||||||
As part of the Kansas Management Contract, Kansas Star committed to donate $1.5 million each year to support education in the local area in which the Kansas Star operates for the duration of the Kansas Management Contract. We have made all distributions under this commitment as scheduled and such related expenses are recorded in Selling, general and administrative expenses on the consolidated statements of operations. | ||||||||||||
Mulvane Development Agreement | ||||||||||||
On March 7, 2011, Kansas Star entered into a Development Agreement with the City of Mulvane (“Mulvane Development Agreement”) related to the provision of water, sewer, and electrical utilities to the Kansas Star site. This agreement sets forth certain parameters governing the use of public financing for the provision of such utilities, through the issuance of general obligation bonds by the City of Mulvane, paid for through the imposition of a special tax assessment on the Kansas Star site payable over 15 years in an amount equal to the City’s full obligations under the general obligation bonds. | ||||||||||||
During 2012, the City of Mulvane issued $19.7 million in general obligation bonds related to these infrastructure improvements. In connection with the Merger, the Company's obligation under this agreement was revalued to fair value. Payments under the special tax assessment are secured by an irrevocable letters of credit of $5.6 million issued by the Company in favor of the City, which such amount will be reduced to $5.0 million in the first quarter of 2014 representing an amount equal to three times the annual special assessment tax imposed on Kansas Star. | ||||||||||||
During 2014, the City of Mulvane will perform additional infrastructure improvements that will benefit the Kansas Star site. In 2013, the City issued additional 14 years general obligation bonds to repay construction costs of the improvements. As of December 31, 2013, the Company has issued $0.6 million in letters of credit in favor of the City to secure payments made by the City related to these additional infrastructure improvements which will be reduced to zero upon completion of these additional improvements. Future obligations approximate less than $2.0 million per year through 2027. | ||||||||||||
Minimum Assessment Agreement | ||||||||||||
In 2007, Diamond Jo Dubuque entered a Minimum Assessment Agreement with the City of Dubuque. Under the Minimum Assessment Agreement, Diamond Jo Dubuque and the City agreed to a minimum taxable value related to the new casino of $57.9 million. Diamond Jo Dubuque agreed to pay property taxes to the City based on the actual taxable value of the casino, but not less than the minimum taxable value. Scheduled payments of principal and interest on the City Bonds will be funded through Diamond Jo Dubuque's payment obligations under the Minimum Assessment Agreement. Diamond Jo Dubuque's is also obligated to pay any shortfall should property taxes be insufficient to fund the principal and interest payments on the City Bonds. | ||||||||||||
As a result of purchase accounting the Minimum Assessment Agreement obligation was revalued to fair value. Interest costs under the Minimum Assessment Agreement obligation are expensed as incurred. The remaining obligation under the Minimum Assessment Agreement at December 31, 2013 was $1.9 million, which was recorded in Accrued liabilities on the consolidated balance sheet and $14.9 million, net of a $3.1 million discount, which was recorded as a long-term obligation in Other liabilities on the consolidated balance sheet. The discount will be amortized to interest expense over the life of the Minimum Assessment Agreement. Total minimum payments by Diamond Jo Dubuque under the Minimum Assessment Agreement are approximately $1.9 million per year through 2036. | ||||||||||||
The Development Agreement also calls for (i) the payment by the Company for the reasonable and necessary actual operating costs incurred by the City for the operation, security, repair and maintenance of the public parking facility; and (ii) the payment by the Company to the City of $65 per parking space in the public parking facility per year, which funds will be deposited into a special sinking fund and used by the City for capital expenditures necessary to maintain the public parking facility. Operating costs of the parking facility incurred by DJL are expensed as incurred. Deposits to the sinking fund are recorded as other assets. When the sinking fund is used for capital improvements, such amounts are capitalized and amortized over their remaining useful life. | ||||||||||||
Merger Earnout | ||||||||||||
Under the terms of the Merger Agreement, Boyd Acquisition II, LLC (“HoldCo”), an indirect wholly-owned subsidiary of Boyd, is obligated to make an additional payment to Peninsula Gaming Partners, LLC in 2016 if Kansas Star's EBITDA, as defined in the Merger Agreement, for 2015 exceeds $105.0 million. The additional payment would be in an amount equal to 7.5 times the amount by which Kansas Star's 2015 EBITDA exceeds $105.0 million. The actual payout will be determined based on actual EBITDA of Kansas Star for calendar year 2015, and payments are not limited by a maximum value. If the actual 2015 EBITDA of Kansas Star is less than the target, the Company is not required to make any additional consideration payment. At December 31, 2013 and December 31, 2012, there were outstanding liabilities of $1.1 million and $9.8 million, respectively, related to the merger earnout which are included in other liabilities on the consolidated balance sheets. | ||||||||||||
Contingent Payments | ||||||||||||
In connection with Kansas Star’s acquisition of a land purchase option to purchase land upon which Kansas Star’s casino is currently being developed, Kansas Star is required to pay a former casino project developer and option holder 1% of Kansas Star’s EBITDA each month for a period of 10 years commencing December 20, 2011. | ||||||||||||
Borgata | ||||||||||||
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 filed an appeal in the New Jersey Superior Court - Appellate Division in November 2013. 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 June 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 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 December 31, 2013 could result in adjustment to our estimated property tax liability at Borgata. | ||||||||||||
Utility Contract | ||||||||||||
In 2005, Borgata amended its executory contracts with a wholly-owned subsidiary of a local utility company, extending the end of the term to twenty years from the opening of The Water Club. The utility company provides Borgata with electricity and thermal energy (hot water and chilled water). Obligations under the thermal energy executory contract contain both fixed fees and variable fees based upon usage rates. The fixed fee components under the thermal energy executory contract are currently estimated at approximately $11.7 million per annum. Borgata also committed to purchase a certain portion of its electricity demand at essentially a fixed rate, which is estimated at approximately $1.7 million per annum. Electricity demand in excess of the commitment is subject to market rates based on Borgata's tariff class. | ||||||||||||
Investment Alternative Tax | ||||||||||||
The New Jersey Casino Control Act provides, among other things, for an assessment of licensees equal to 1.25% of their gross gaming revenues in lieu of an investment alternative tax equal to 2.5% of gross gaming revenues. Generally, Borgata may satisfy this investment obligation by investing in qualified eligible direct investments, by making qualified contributions or by depositing funds with the New Jersey Casino Reinvestment Development Authority (“CRDA”). Funds deposited with the CRDA may be used to purchase bonds designated by the CRDA or, under certain circumstances, may be donated to the CRDA in exchange for credits against future CRDA investment obligations. CRDA bonds have terms up to fifty years and bear interest at below market rates. | ||||||||||||
Borgata's CRDA obligations for the years ended December 31, 2013, 2012 and 2011 were $7.8 million, $7.7 million and $8.1 million, respectively, of which valuation provisions of $2.2 million, $4.4 million and $3.5 million, respectively, were recorded due to the respective underlying agreements. | ||||||||||||
Atlantic City Tourism District | ||||||||||||
As part of the State of New Jersey's plan to revitalize Atlantic City, a new law was enacted in February 2011 requiring that a tourism district (the “Tourism District”) be created and managed by the CRDA. The Tourism District has been established to include each of the Atlantic City casino properties along with certain other tourism related areas of Atlantic City. The law requires that a public-private partnership be created between the CRDA and a private entity that represents existing and future casino licensees. The private entity, known as The Atlantic City Alliance (the “ACA”), has been established in the form of a not-for-profit limited liability company, of which MDDC is a member. The public-private partnership between the ACA and CRDA shall be for an initial term of five years and its general purpose shall be to revitalize the Tourism District. The law requires that a $5 million contribution be made to this effort by all casinos prior to 2012 followed by an annual amount of $30 million to be contributed by the casinos commencing January 1, 2012 for a term of five years. Each casino's share of the annual contributions will equate to a percentage representing its gross gaming revenue for the prior calendar year compared to the aggregate gross gaming revenues for that period for all casinos. As a result, Borgata will expense their pro rata share of the $155 million as incurred. For the years ended December 31, 2013, 2012, and 2011, Borgata incurred expense of $6.5 million, $6.1 million and $0.9 million for the pro rata share of the initial contribution to the ACA. | ||||||||||||
Boyd Gaming Leases | ||||||||||||
The Orleans Hotel and Casino | ||||||||||||
The Orleans is situated on approximately 77 acres of leased land. The lease had an effective commencement date of October 1, 1995, an initial term of 50 years, and includes an option, exercisable by us, to extend the initial term for an additional 25 years. The lease provides for monthly rental payments of $0.3 million through February 2011 which such annual rental payments will thereafter increase by a compounding basis at a rate of 3.0% per annum. In addition, we have an option to purchase the real property during a two-year period commencing February 2016. | ||||||||||||
Suncoast Hotel and Casino | ||||||||||||
Suncoast is situated on approximately 49 acres of leased land. The lease had an effective commencement date of September 1, 1995, an initial term of 60 years, and contains three options to extend the term of the lease for ten years each. The original lease term expires in December 2055, exclusive of the three options to extend the term of the lease for 10 years each. The lease provides for monthly rental payments of approximately $0.2 million in 2004 that increase slightly each year. The landlord has the option to require us to purchase the property at the end of 2014 and each year end through 2018, at the fair market value of the real property at the time the landlord exercises the option, subject to certain pricing limitations. If we do not purchase the property if and when required, we would be in default under the lease agreement. | ||||||||||||
California Hotel and Casino | ||||||||||||
The California is situated on approximately 14 acres of owned land, and two acres of leased land, respectively. The leased land had an effective commencement date of September 1, 1973 with a term of 60 years. The lease provides for monthly rental payments of $3,000 through the June 30, 1973, and $6,500 from July 1, 1974 through August 31, 2003, with a cost-of-living index adjustment preceding the initial month of each of three-year periods from September 1, 2003 through August 31, 2027, and the initial month of each of the final two-year periods from September 1, 2027 through August 31, 2030, and the initial month of the final two-month remaining period. Monthly rent for the last 30 years of the lease will be negotiated and agreed upon, but shall be no less than $6,500 per month, or less than any rent computed for a prior month, whichever is more. In addition, we have the right of first refusal in the event the lessor shall receive from a third party a bona fide offer to purchase the premises. | ||||||||||||
Fremont Hotel and Casino | ||||||||||||
The Fremont is situated on approximately three acres of land, of which one acre is leased pursuant to six separate long-term ground lease agreements (collectively, the “Fremont Ground Leases”). The Fremont Ground Leases have lease terms ranging between 79 to 99 years. Five of the Fremont Ground Leases have expiration dates in either July or August 2053, and the sixth Fremont Ground Lease has an expiration date in December 2077. The lease expiring in December 2077 also contains a right of first refusal in the event that the lessor intends to sell that leased premises. None of the Fremont Ground Leases have option rights to further extend their lease terms. Each of the Fremont Ground Leases provide for monthly rental payments, with a cumulative current monthly rent of approximately $0.1 million. The monthly rental obligations of the Fremont Ground Leases are generally subject to periodic adjustment based on changes in the consumer price index (“CPI”). Principally, these CPI adjustments are done in either five or ten-year lease term cycles; however, one of the Fremont Ground Leases adjusts every two years of its lease term. | ||||||||||||
Sam's Town Hotel and Gambling Hall | ||||||||||||
Sam's Town Tunica is located on approximately 150 acres of owned real estate (the “Property”). However, the original sellers of the Property have an option to repurchase the Property in 2033 (the “Option Exercise Date”) for $0.9 million. The option will be deemed to be automatically exercised unless the original sellers notify the Company to the contrary at least 60 days prior to the Option Exercise Date. | ||||||||||||
Sam's Town Hotel and Casino | ||||||||||||
Sam's Town Shreveport is located on 18 acres of leased land and is a party to a Hotel Ground Lease with the City of Shreveport dated as of March 10, 1998, as amended, and an Amended and Restated Ground Lease dated as of March 10, 1998, as amended (together, the “Shreveport Ground Leases”). The initial terms of the Shreveport Ground Leases expired on April 30, 1999, but the Shreveport Ground Leases have been renewed and are still in effect. The Shreveport Ground Leases may be renewed for additional renewal terms which finally expire on March 10, 2048. Aggregate rent payable under the Shreveport Ground Leases is equal to (i) base rent of $0.53 million, as of December 31, 2012 plus (ii) percentage rent of 1% of the adjusted gross revenue from hotel and casino operations plus (iii) 4.75% of adjusted gross gaming revenue for admission taxes. Also, real estate taxes, insurance, utilities and other charges against the property are payable by the Company. Sam's Town Shreveport is also a party to a Commercial Lease with the State of Louisiana dated as of July 6, 1994, as amended by an amendment dated as of April 24, 2001 (together, the “Lease”). The initial term of the Lease expired in July 2004 but was renewed for an additional ten-year term and is still in effect. The Lease may be renewed for two additional ten-year renewal terms. The annual rent now payable under the Lease is $0.04 million. | ||||||||||||
Treasure Chest Casino | ||||||||||||
Treasure Chest is located on 14 acres of leased land and is a party to an Amended and Restated Lease for Parking and Other Amenities with the City of Kenner dated as of December 3, 1993, as amended (the “Lease”). The initial term of the Lease expired but the Lease has been renewed and is still in effect. The Lease may be renewed for additional renewal terms which finally expire on July 1, 2029. Rent payable under the Lease is the sum of (i) a base rent determined by formula plus (ii) a $2.50 per capita rent for each person entering the casino. For the years ended December 31, 2013, 2012 and 2011, rent paid to the City was $4.9 million, $5.1 million and $5.1 million. Treasure Chest is also a party to a Commercial Lease with the State of Louisiana dated as of March 9, 1994 (the “State Lease”). The initial term of the State Lease expired in March 2004 but was renewed for an additional ten-year term and is still in effect. The Lease may be renewed for two additional ten-year renewal terms. The annual rent now payable under the Lease is $0.1 million. | ||||||||||||
IP Casino Resort Spa | ||||||||||||
IP is located on 24 acres of owned land and leases approximately 4 acres of submerged tidelands from the state of Mississippi. The lease commenced on December 2005 and expires in 2035. The lease payment is adjusted annually at the end of each term based on the all urban consumer price index. The lease expense for the years ended December 31, 2013, 2012 and 2011 was $0.8 million, $0.8 million, $0.2 million. Additionally, IP leases a parking lot from the City of Biloxi on a monthly basis. | ||||||||||||
Diamond Jo Dubuque | ||||||||||||
DJL currently has approximately 500 surface parking spaces that are in close proximity to its casino located on properties that DJL leases under an operating lease for $500,000 annually through December 2018. In accordance with an operating agreement between DJL and the Dubuque Racing Association, Ltd. (“DRA”), the DRA reimburses DJL for these lease payments. | ||||||||||||
Diamond Jo Worth | ||||||||||||
DJW leases, under an operating lease, 10 acres of land north of the casino that is used for patron parking. This lease requires DJW to pay less than $0.1 million per year as rent through June 2016. The property lease also allows for the purchase of the leased land at the expiration of the lease for a total purchase price of approximately $0.8 million. In addition, DJW also leases, under an operating lease, 30 acres of land through August 2016 for use as additional hunting land at its Pheasant Links facility in Emmons, Minnesota. Total rent expense for these leases are less than $0.1 million annually. | ||||||||||||
Evangeline Downs | ||||||||||||
The Company leases three of its OTB facilities and other equipment under noncancelable operating leases. The leases expire on various dates through 2040. The Company also leases certain gaming machines and other equipment under cancelable leases. These cancelable leases require either fixed monthly payments or contingent monthly rental payments based on usage of the equipment. | ||||||||||||
Borgata Leases | ||||||||||||
As of December 31, 2010, MDDC owns approximately 26 acres of land and all improvements thereon with respect to that portion of the property consisting of the Borgata Hotel. In addition, MDDC, as lessee, entered into a series of ground leases with MGM, as lessor, for a total of approximately 20 acres of land underlying the employee parking garage, public space expansion, rooms expansion, and modified surface parking lot reside, as well as, an undeveloped parcel. On November 4, 2010, MGM announced that it had closed the sale of land leased to MDDC for the public space expansion, rooms expansion, parking structure and the undeveloped parcel. Other than MDDC's obligation to pay rent (in an amount equal to the amount paid under the parking structure ground lease) and property taxes pursuant to the alternative parking structure ground lease, Borgata's obligations under the ground leases were not modified by the sale. The leases consist of: | ||||||||||||
• | Lease and Option Agreement, dated as of January 16, 2002, as amended by a letter agreement, dated April 10, 2009, a letter agreement, dated September 21, 2009, the Modification of Lease and Option Agreement, dated as of August 20, 2004, and the Second Modification of Employee Parking Structure Lease and Option Agreement, dated March 23, 2010, for approximately 2 acres of land underlying the parking garage; | |||||||||||
• | Expansion Ground Lease, dated as of January 1, 2005, as amended by the Modification of Expansion Ground Lease, dated March 23, 2010, for approximately 4 acres of land underlying the Public Space Expansion; | |||||||||||
• | Tower Expansion & Additional Structured Parking Ground Lease Agreement, dated as of January 1, 2005, as amended by the Modification of Tower Expansion & Additional Structured Parking Ground Lease Agreement, dated February 20, 2010, and the Second Modification of Tower Expansion & Additional Structured Parking Ground Lease Agreement, dated March 23, 2010, for approximately 2 acres of land underlying the Rooms Expansion and 3 acres of land underlying a parking structure each; | |||||||||||
• | Surface Lot Ground Lease, dated as of August 20, 2004, as amended by the Modification of Surface Lot Ground Lease, dated March 23, 2010, for approximately 8 acres of land consisting of the surface parking lot; and | |||||||||||
• | Ground Lease Agreement, dated as of March 23, 2010, for approximately 1 acre of an undeveloped land parcel. | |||||||||||
Pursuant to the alternative parking structure ground lease, (i) commencing on the date of the Divestiture Trust's agreement to sell the land underlying the ground leases, MDDC became responsible for all real property taxes assessed against the land underlying the alternative parking structure ground lease and (ii) payment of monthly rent under the alternative parking structure ground lease was deferred until 18 months following the execution of the sale agreement in an amount consistent with the rent due under the parking structure ground lease on a per square foot basis. | ||||||||||||
The lease terms extend until December 31, 2070 with the exception of the surface parking lot lease. The surface parking lot ground lease is on a month-to-month term and may be terminated by either party effective on the last day of the month that is three months after notice is given. In addition, the surface parking lot ground lease will terminate on any termination of the Divestiture Trust, unless the New Jersey Casino Control Commission ("NJCCC") approves an extended term of such lease. | ||||||||||||
MDDC owns all improvements made on the leased lands during the term of each ground lease. Upon expiration of such term, ownership of such improvements reverts back to the landlord. | ||||||||||||
If during the term of the rooms expansion ground lease, the public space expansion ground lease or the alternate parking structure ground lease, the third party landlord ("Landlord") or any person associated with the Landlord is found by the NJCCC to be unsuitable to be associated with a casino enterprise and such person is not removed from such association in a manner acceptable to the NJCCC, then MDDC may, upon written notice to the Landlord, elect to purchase the leased land for the appraised value as determined under the terms of such ground leases, unless the Landlord elects, upon receipt of such notice, to sell the land to a third party, subject to the ground leases. If the Landlord elects to sell the land to a third party but is unable to do so within one year, then the Landlord must sell the land to MDDC for the appraised value. | ||||||||||||
In addition, MDDC has an option to purchase the land leased under the parking structure ground lease at any time during the term of that lease so long as it is not in default thereunder, at fair market value as determined in accordance with the terms of parking structure ground lease. In the event that the land underlying the surface parking lot ground lease is sold to a third party, MDDC has the option to build a parking garage, if necessary, to replace the lost parking spaces on the land underlying the alternate parking structure ground lease. | ||||||||||||
Future Minimum Lease Payments and Rental Income | ||||||||||||
Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases, as of December 31, 2013 are as follows: | ||||||||||||
(In thousands) | Boyd Gaming Lease Obligations | Borgata Lease Obligations | Total Lease Obligations | |||||||||
For the Year Ending December 31, | ||||||||||||
2014 | $ | 13,263 | $ | 7,586 | $ | 20,849 | ||||||
2015 | 12,577 | 6,881 | 19,458 | |||||||||
2016 | 12,459 | 6,606 | 19,065 | |||||||||
2017 | 12,280 | 6,382 | 18,662 | |||||||||
2018 | 11,301 | 6,382 | 17,683 | |||||||||
Thereafter | 408,276 | 317,549 | 725,825 | |||||||||
$ | 470,156 | $ | 351,386 | $ | 821,542 | |||||||
Rent expense for the years ended December 31, 2013, 2012 and 2011 was $38.6 million, $29.3 million, and $28.4 million, and is included in selling, general and administrative expenses on the accompanying consolidated statements of operations. | ||||||||||||
Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties, as of December 31, 2013 are as follows: | ||||||||||||
(In thousands) | Boyd Gaming Rental Income | Borgata Rental Income | Total Rental Income | |||||||||
For the Year Ending December 31, | ||||||||||||
2014 | $ | 881 | $ | 1,706 | $ | 2,587 | ||||||
2015 | 751 | 1,706 | 2,457 | |||||||||
2016 | 603 | 1,413 | 2,016 | |||||||||
2017 | 515 | 1,342 | 1,857 | |||||||||
2018 | 370 | 1,342 | 1,712 | |||||||||
Thereafter | 319 | 6,327 | 6,646 | |||||||||
$ | 3,439 | $ | 13,836 | $ | 17,275 | |||||||
Contingencies | ||||||||||||
Legal Matters | ||||||||||||
We are parties to various legal proceedings arising in the ordinary course of business. We believe that 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 | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stockholders' Equity and Stock Incentive Plans | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS | |||||||||||||||||
Share Repurchase Program | |||||||||||||||||
We have in the past, and may in the future, acquire our equity securities through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine from time to time. In July 2008, our Board of Directors authorized an amendment to an existing share repurchase program to increase the amount of common stock that can be repurchased to $100 million, and $92.1 million of this authorization remains available at December 31, 2013. We are not obligated to repurchase any shares under this program, and no shares were repurchased during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
Subject to applicable corporate securities laws, repurchases under our stock repurchase program may be made at such times and in such amounts as we deem appropriate. Repurchases can be discontinued at any time that we feel additional purchases are not warranted. We intend to fund the repurchases under the stock repurchase program with existing cash resources and availability under our Credit Facility. We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding notes and our Credit Facility. | |||||||||||||||||
Dividends | |||||||||||||||||
Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding payment of dividends, such as restricted payment limitations related to our outstanding notes and our New Credit Facility. No dividends were declared during the years ended December 31, 2013, 2012 or 2011. | |||||||||||||||||
Stock Incentive Plan | |||||||||||||||||
In May 2012, the Company's stockholders approved the 2012 Stock Incentive Plan (the "2012 Plan"), which amended and restated the Company's 2002 Stock Incentive Plan (the "2002 Plan") to (a) provide for a term ending ten years from the date of stockholder approval at the Annual Meeting, (b) increase the maximum number of shares of the Company's common stock authorized for issuance over the term of the 2012 Plan by 4 million shares from 17 million to 21 million shares, (c) permit the future grant of certain equity-based awards, including awards designed to constitute performance-based compensation under Section 162(m) of the Internal Revenue Code, and (d) make certain other changes. Under our 2012 Plan, approximately 0.3 million shares remain available for grant at December 31, 2013, after consideration of those PSUs approved but not yet granted for accounting purposes at December 31, 2103, as discussed further below. The number of authorized but unissued shares of common stock under this 2012 Plan as of December 31, 2013 was approximately 15.5 million shares. | |||||||||||||||||
Grants made under the 2012 Plan include provisions that entitle the grantee to automatic vesting acceleration in the event of a grantee’s separation from service (including as a result of retirement, death or disability), other than for cause (as defined), after reaching the defined age and years of service thresholds. These provisions result in the accelerated recognition of the stock compensation expense for those grants issued to employees who have met the stipulated thresholds. | |||||||||||||||||
Stock Options | |||||||||||||||||
Options granted under the 2012 Plan generally become exercisable ratably over a three-year period from the date of grant. Options that have been granted under the 2012 Plan had an exercise price equal to the market price of our common stock on the date of grant and will expire no later than ten years after the date of grant. | |||||||||||||||||
Summarized stock option plan activity for the years ended December 31, 2013, 2012 and 2011 is as follows. | |||||||||||||||||
Options | Weighted Average Option Price | Weighted Average Remaining Term | Aggregate Intrinsic Value | ||||||||||||||
(In years) | (In thousands) | ||||||||||||||||
Outstanding at January 1, 2011 | 10,519,503 | $ | 25.76 | ||||||||||||||
Granted | 541,340 | 6.74 | |||||||||||||||
Canceled | (316,743 | ) | 29.91 | ||||||||||||||
Exercised | (72,757 | ) | 5.46 | ||||||||||||||
Outstanding at December 31, 2011 | 10,671,343 | 24.81 | |||||||||||||||
Granted | 537,840 | 5.22 | |||||||||||||||
Canceled | (366,344 | ) | 21.4 | ||||||||||||||
Exercised | (16,835 | ) | 6.95 | ||||||||||||||
Outstanding at December 31, 2012 | 10,826,004 | 23.98 | |||||||||||||||
Granted | 544,330 | 9.86 | |||||||||||||||
Canceled | (378,202 | ) | 20.67 | ||||||||||||||
Exercised | (1,848,222 | ) | 7.44 | ||||||||||||||
Outstanding at December 31, 2013 | 9,143,910 | $ | 26.62 | 4.3 | $ | 12,783 | |||||||||||
Exercisable at December 31, 2012 | 9,545,547 | $ | 26.31 | 4.5 | $ | 47 | |||||||||||
Exercisable at December 31, 2013 | 8,061,747 | $ | 29.15 | 3.6 | $ | 9,037 | |||||||||||
Share-based compensation costs related to stock option awards are calculated based on the fair value of each option grant on the date of the grant using the Black-Scholes option pricing model. | |||||||||||||||||
The following table summarizes the information about stock options outstanding and exercisable at December 31, 2013. | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted-Average Remaining Contractual Life (Years) | Weighted-Average Exercise Price | Number Exercisable | Weighted-Average Exercise Price | ||||||||||||
$5.22-$6.70 | 1,208,407 | 7.8 | $ | 6.03 | 670,574 | $ | 6.28 | ||||||||||
7.55-7.55 | 709,560 | 5.8 | 7.55 | 709,560 | 7.55 | ||||||||||||
8.34-8.34 | 1,048,953 | 6.8 | 8.34 | 1,048,953 | 8.34 | ||||||||||||
9.86-33.31 | 648,830 | 8.5 | 12.12 | 104,500 | 23.87 | ||||||||||||
36.76-36.76 | 1,425,163 | 0.9 | 36.76 | 1,425,163 | 36.76 | ||||||||||||
38.11-38.11 | 491,000 | 3.9 | 38.11 | 491,000 | 38.11 | ||||||||||||
39.00-39.00 | 1,309,500 | 2.8 | 39 | 1,309,500 | 39 | ||||||||||||
39.78-39.78 | 1,013,500 | 3.8 | 39.78 | 1,013,500 | 39.78 | ||||||||||||
39.96-39.96 | 1,254,997 | 1.8 | 39.96 | 1,254,997 | 39.96 | ||||||||||||
42.69-52.35 | 34,000 | 2.4 | 44.53 | 34,000 | 44.53 | ||||||||||||
5.22-52.35 | 9,143,910 | 4.3 | $ | 26.62 | 8,061,747 | $ | 29.15 | ||||||||||
The total intrinsic value of in-the-money options exercised during the years ended December 31, 2013, 2012 and 2011 was $9.5 million, $19 thousand, and $0.3 million, respectively. The total fair value of options vested during the years ended December 31, 2013, 2012 and 2011 was approximately $3.0 million, $4.8 million, and $5.1 million, respectively. As of December 31, 2013, there was approximately $3.8 million of total unrecognized share-based compensation costs related to unvested stock options, which is expected to be recognized over approximately 1.4 years, the weighted-average remaining requisite service period. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
Our 2012 Plan provides for the grant of Restricted Stock Units (“RSUs”). An RSU is an award which may be earned in whole, or in part, upon the passage of time, and which may be settled for cash, shares, other securities or a combination thereof. The RSUs do not contain voting rights and are not entitled to dividends. The RSUs are subject to the terms and conditions contained in the applicable award agreement and the 2012 Plan. Share-based compensation costs related to RSU awards are calculated based on the market price on the date of the grant. | |||||||||||||||||
We annually award RSUs to certain members of our Board of Directors. Each RSU is to be paid in shares of common stock upon the member’s cessation of service to the Company. These RSUs were issued for past service; therefore, they are expensed on the date of issuance. | |||||||||||||||||
We also grant RSUs to members of management of the Company, which represents a contingent right to receive one share of our common stock upon vesting. An RSU generally vests on the third anniversary of its issuance and the share-based compensation expense is amortized to expense over the requisite service period. | |||||||||||||||||
Summarized RSU activity for the years ended December 31, 2013, 2012 and 2011 is as follows. | |||||||||||||||||
Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2011 | 1,436,095 | ||||||||||||||||
Granted | 765,516 | $6.96 | |||||||||||||||
Canceled | (41,340 | ) | |||||||||||||||
Awarded | (310,881 | ) | |||||||||||||||
Outstanding at December 31, 2011 | 1,849,390 | ||||||||||||||||
Granted | 860,376 | $5.51 | |||||||||||||||
Canceled | (9,781 | ) | |||||||||||||||
Awarded | (328,838 | ) | |||||||||||||||
Outstanding at December 31, 2012 | 2,371,147 | ||||||||||||||||
Granted | 1,018,978 | $10.03 | |||||||||||||||
Canceled | (46,131 | ) | |||||||||||||||
Awarded | (588,195 | ) | |||||||||||||||
Outstanding at December 31, 2013 | 2,755,799 | ||||||||||||||||
As of December 31, 2013, there was approximately $8.6 million of total unrecognized share-based compensation costs related to unvested RSUs, which is expected to be recognized over approximately 1.6 years. | |||||||||||||||||
Performance Stock Units | |||||||||||||||||
Our 2012 Plan provides for the grant of Performance Stock Units (“PSUs”). A PSU is an award which may be earned in whole, or in part, upon the passage of time, and the attainment of performance criteria, and which may be settled for cash, shares, other securities or a combination thereof. The PSUs do not contain voting rights and are not entitled to dividends. The PSUs are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. | |||||||||||||||||
Each PSU represents a contingent right to receive a share of Boyd Gaming Corporation common stock; however, the actual number of common shares awarded is dependent upon the occurrence of: (i) a requisite service period; and (ii) an evaluation of specific performance conditions. The performance conditions are based on Company metrics for net revenue growth, EBITDA growth and customer service scores, all of which are determined on a comprehensive annual three-year growth rate. Based upon actual and combined achievement, the number of shares awarded could range from zero, if no conditions are met, a 50% payout if only threshold performance is achieved, a payout of 100% for target performance, or a payout of up to 200% of the original award for achievement of maximum performance. Each condition weighs equally and separately in determining the payout, and based upon management's estimates at the service inception date, the Company is expected to meet the target for each performance condition. Therefore, the related compensation cost of these PSUs assumes all units granted will be awarded. Share-based compensation costs related to PSU awards are calculated based on the market price on the date of the grant. | |||||||||||||||||
These PSUs will vest three years from the service inception date, during which time achievement of the related performance conditions is periodically evaluated, and the number of shares expected to be awarded, and resulting compensation expense, is adjusted accordingly. | |||||||||||||||||
Summarized PSU activity for the years ended December 31, 2013, 2012 and 2011 is as follows. | |||||||||||||||||
Performance Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2011 | — | ||||||||||||||||
Granted | 406,602 | $6.70 | |||||||||||||||
Canceled | — | ||||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2011 | 406,602 | ||||||||||||||||
Granted | 423,955 | $5.24 | |||||||||||||||
Canceled | (1,427 | ) | |||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2012 | 829,130 | ||||||||||||||||
Granted | — | ||||||||||||||||
Canceled | (7,497 | ) | |||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2013 | 821,633 | ||||||||||||||||
The Company approved the issuance of approximately 380,000 PSUs to participating employees during fourth quarter 2013. The performance criteria for these PSUs were set subsequent to year-end 2013, so these PSUs are not considered granted for accounting purposes as of December 31, 2013, and are not reflected in the table above. As of December 31, 2013, and inclusive of an estimate of the expense for those PSUs approved but not yet granted at year-end, there was approximately $7.7 million of total unrecognized share-based compensation costs related to unvested PSUs, which is expected to be recognized over approximately 1.7 years. Based on the current estimates of performance compared to the targets set for the respective PSU grants, the Company estimates that approximately 1.8 million shares will be issued to settle the PSUs outstanding at December 31, 2013. | |||||||||||||||||
Career Shares | |||||||||||||||||
Our Career Shares Program is a stock incentive award program for certain executive officers to provide for additional capital accumulation opportunities for retirement. The program incentivizes and rewards executives for their period of service. Our Career Shares Program was adopted in December 2006, and modified in October 2010, as part of the overall update of our compensation programs. The Career Shares Program rewards eligible executives with annual grants of Boyd Gaming Corporation stock units, to be paid out at retirement. The payout at retirement is dependent upon the executive's age at such retirement and the number of years of service with the Company. Executives must be at least 55 years old and have at least 10 years of service to receive any payout at retirement. Career Shares do not contain voting rights and are not entitled to dividends. Career Shares are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. The Career Share awards are tranched by specific term, in the following periods: 10 years, 15 years and 20 years of service. These grants vest over the remaining period of service required to fulfill the requisite years in each of these tranches, and compensation expense is recorded in accordance with the specific vesting provisions. Share-based compensation costs related to Career Shares awards are calculated based on the market price on the date of the grant. | |||||||||||||||||
Summarized Career Shares activity for the years ended December 31, 2013, 2012 and 2011 is as follows. | |||||||||||||||||
Career Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2011 | 432,862 | ||||||||||||||||
Granted | 113,495 | $10.81 | |||||||||||||||
Canceled | (6,668 | ) | |||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2011 | 539,689 | ||||||||||||||||
Granted | 163,137 | $7.69 | |||||||||||||||
Canceled | — | ||||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2012 | 702,826 | ||||||||||||||||
Granted | 200,043 | $6.78 | |||||||||||||||
Canceled | (125 | ) | |||||||||||||||
Awarded | (8,437 | ) | |||||||||||||||
Outstanding at December 31, 2013 | 894,307 | ||||||||||||||||
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 summarizes our share-based compensation costs by award type. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Stock Options | $ | 2,666 | $ | 4,634 | $ | 4,850 | |||||||||||
Restricted Stock Units | 10,610 | 5,816 | 3,062 | ||||||||||||||
Performance Stock Units | 3,678 | 729 | 76 | ||||||||||||||
Career Shares | 1,937 | 1,068 | 2,008 | ||||||||||||||
Total shared-based compensation costs | $ | 18,891 | $ | 12,247 | $ | 9,996 | |||||||||||
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. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Gaming | $ | 351 | $ | 233 | $ | 192 | |||||||||||
Food and beverage | 67 | 44 | 37 | ||||||||||||||
Room | 32 | 21 | 17 | ||||||||||||||
Selling, general and administrative | 1,787 | 1,183 | 977 | ||||||||||||||
Corporate expense | 16,654 | 10,766 | 8,773 | ||||||||||||||
Total shared-based compensation expense | $ | 18,891 | $ | 12,247 | $ | 9,996 | |||||||||||
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended | |||||||||||||||
Dec. 31, 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. | ||||||||||||||||
The activity comprising the noncontrolling interests is as follows: | ||||||||||||||||
(In thousands) | Holding Company | LVE | Other | Total | ||||||||||||
Beginning balance, January 1, 2011 | $ | 219,256 | $ | (47,092 | ) | $ | — | $ | 172,164 | |||||||
Attributable net income (loss) | 1,750 | (5,895 | ) | — | (4,145 | ) | ||||||||||
Comprehensive income | — | 3,968 | — | 3,968 | ||||||||||||
Balance, December 31, 2011 | 221,006 | (49,019 | ) | — | 171,987 | |||||||||||
Capital investment | — | — | 20 | 20 | ||||||||||||
Attributable net income (loss) | (12,729 | ) | (1,481 | ) | — | (14,210 | ) | |||||||||
Comprehensive income | — | 5,539 | — | 5,539 | ||||||||||||
Balance, December 31, 2012 | 208,277 | (44,961 | ) | 20 | 163,336 | |||||||||||
Attributable net income (loss) | (27,847 | ) | (443 | ) | — | (28,290 | ) | |||||||||
Comprehensive income | — | 45,404 | — | 45,404 | ||||||||||||
Balance, December 31, 2013 | $ | 180,430 | $ | — | $ | 20 | $ | 180,450 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
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. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 177,838 | $ | 177,838 | $ | — | $ | — | ||||||||
Restricted cash | 20,686 | 20,686 | — | — | ||||||||||||
CRDA deposits | 4,613 | — | — | 4,613 | ||||||||||||
Investment available for sale | 17,128 | — | — | 17,128 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 1,125 | $ | — | $ | — | $ | 1,125 | ||||||||
Contingent payments | 4,343 | — | — | 4,343 | ||||||||||||
31-Dec-12 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
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 Restricted Cash | ||||||||||||||||
The fair value of our cash and cash equivalents, classified in the fair value hierarchy as Level 1, is based on statements received from our banks at December 31, 2013 and 2012. | ||||||||||||||||
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 balances on statements received from the CRDA at December 31, 2013 and 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 ("City Bonds") 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 December 31, 2013 and 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 consolidated balance sheets. At December 31, 2013 and 2012, $0.3 million 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 December 31, 2013 and 2012, $16.8 million and $17.6 million, respectively, is included in investment on the consolidated balance sheets. The discount associated with this investment of $3.5 million and $3.6 million as of December 31, 2013 and 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 consolidated statements of operations. | ||||||||||||||||
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's EBITDA, as defined in the Merger Agreement, for 2015 exceeds $105.0 million. The additional payment would be in an amount equal to 7.5 times the amount by which Kansas Star's 2015 EBITDA exceeds $105.0 million. The actual payout will be determined based on actual EBITDA of Kansas Star for calendar year 2015, and payments are not limited by a maximum value. If the actual 2015 EBITDA of Kansas Star 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 using the modified Black-Scholes option pricing model. In connection with the finalization of the purchase price allocation, the value of this contingency was calculated using a probability-based model. This model requires estimates of forecasted 2015 EBITDA and of probability of exceeding the threshold at which a payment would be made. We formed our valuation assumptions using historical experience in the gaming industry and observable market conditions. The assumptions will be reviewed periodically and any change in the value of the obligation will be included in the consolidated statements of operations. At December 31, 2013 and December 31, 2012, there were outstanding liabilities of $1.1 million and $9.8 million, respectively, related to the merger earnout which are included in other liabilities on the consolidated balance sheets. | ||||||||||||||||
Contingent Payments | ||||||||||||||||
In connection with Kansas Star’s acquisition of the land upon which Kansas Star’s casino was developed, Kansas Star agreed to pay a former casino project developer and option holder 1% of Kansas Star’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 December 31, 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 $3.4 million and $3.6 million, respectively, which were included in other liabilities on the respective consolidated balance sheets. | ||||||||||||||||
The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities for the year ended December 31, 2013. | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
(In thousands) | Investment | CRDA | Merger | Contingent | ||||||||||||
Available for | Deposits | Earnout | Payments | |||||||||||||
Sale | ||||||||||||||||
Balance at January 1, 2013 | $ | 17,907 | $ | 28,464 | $ | (9,800 | ) | $ | (4,563 | ) | ||||||
Deposits | — | 6,651 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 106 | (7,825 | ) | 2,325 | (672 | ) | ||||||||||
Included in other comprehensive income (loss) | (555 | ) | — | — | — | |||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | (330 | ) | (22,677 | ) | — | 892 | ||||||||||
Purchase price adjustment | — | — | 6,350 | — | ||||||||||||
Ending balance at December 31, 2013 | $ | 17,128 | $ | 4,613 | $ | (1,125 | ) | $ | (4,343 | ) | ||||||
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 | $ | 106 | $ | — | $ | — | $ | — | ||||||||
Included in interest expense | — | — | — | (767 | ) | |||||||||||
Included in non-operating income | — | — | — | 95 | ||||||||||||
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 | 10.9 | % | ||||||||||||
CRDA deposits | Valuation allowance | Reserves | 33.3 | % | ||||||||||||
Merger earnout | Probability-based model | Estimated probability | 5 | % | ||||||||||||
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 December 31, 2013 and 2012. | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 37,783 | $ | 28,980 | $ | 27,608 | Level 3 | |||||||||
Other financial instruments | 400 | 343 | 343 | Level 3 | ||||||||||||
31-Dec-12 | ||||||||||||||||
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 table provides the fair value measurement information about our long-term debt at December 31, 2013 and December 31, 2012. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
New Credit Facility | $ | 1,467,725 | $ | 1,463,492 | $ | 1,469,969 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 493,918 | 543,750 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 383,250 | Level 1 | ||||||||||||
HoldCo Note | 143,030 | 125,659 | 125,659 | Level 3 | ||||||||||||
2,460,755 | 2,433,069 | 2,522,628 | ||||||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 802,150 | 802,150 | 814,941 | Level 2 | ||||||||||||
8.375% Senior Notes due 2018 | 350,000 | 350,000 | 381,500 | Level 2 | ||||||||||||
Other | 12 | 12 | 12 | Level 3 | ||||||||||||
1,152,162 | 1,152,162 | 1,196,453 | ||||||||||||||
Total Boyd Debt | 3,612,917 | 3,585,231 | 3,719,081 | |||||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 39,900 | 39,900 | 39,900 | Level 2 | ||||||||||||
Incremental term loan | 380,000 | 376,234 | 381,900 | Level 2 | ||||||||||||
9.875% senior secured notes due 2018 | 393,500 | 385,126 | 425,472 | Level 1 | ||||||||||||
813,400 | 801,260 | 847,272 | ||||||||||||||
Total debt | $ | 4,426,317 | $ | 4,386,491 | $ | 4,566,353 | ||||||||||
31-Dec-12 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
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 Segment 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 2 | ||||||||||||
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 | ||||||||||||
811,500 | 793,324 | 796,100 | ||||||||||||||
Total debt | $ | 4,955,803 | $ | 4,889,423 | $ | 4,989,243 | ||||||||||
The estimated fair value of the Boyd bank credit facility is based on a relative value analysis performed on or about December 31, 2013 and December 31, 2012. The estimated fair value of Peninsula's credit facility is based on a relative value analysis performed on or about December 31, 2013 and December 31, 2012. The estimated fair value of Borgata's bank credit facility at December 31, 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 notes, Peninsula's senior notes and Borgata's senior secured notes are based on quoted market prices as of December 31, 2013 and December 31, 2012. Debt included in the “Other” category is fixed-rate debt that is not traded and does not have an observable market input; therefore, we have estimated its fair value based on a discounted cash flow approach, 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 years ended December 31, 2013 or the year ended December 31, 2012. Level I, Level 2 and Level 3 additions were due to the Borgata Incremental Term Loan (Level 2), and to the acquisition of Peninsula on November 20, 2012, which included the Peninsula 8.375% Senior Notes due 2018 (Level I), the Peninsula credit facility (Level 2) and the available for sale City Bonds (Level 3). | ||||||||||||||||
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 were comparable to market. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |
Dec. 31, 2013 | ||
Postemployment Benefits [Abstract] | ' | |
Employee Benefit Plans | ' | |
EMPLOYEE BENEFIT PLANS | ||
We and Borgata contribute to multiemployer pension defined benefit plans under terms of collective-bargaining agreements that cover our union-represented employees. These unions cover certain of our culinary, hotel and other trade workers. We and Borgata are obligated to make defined contributions under these plans. | ||
The significant risks of participating in multiemployer plans include, but are not limited to, the following: | ||
• | We and Borgata may elect to stop participating in our multi-employer plans. As a result, we and Borgata may be required to pay a withdrawal liability based on the underfunded status of the plan as applicable. Our ability to fund such payments would be based on the results of our operations and subject to the risk factors that impact our business. If any of these risks actually occur, our business, financial condition and results of operations could be materially and adversely affected and impact our ability to meet our obligations to the multiemployer plan. | |
• | We and Borgata may contribute assets to the multiemployer plan for the benefit of our covered employees that are used to provide benefits to employees of other participating employers. | |
• | We and Borgata may be required to fund additional amounts if other participating employers stop contributing to the multiemployer plan. | |
Contributions, based on wages paid to covered employees, totaled approximately $8.8 million, $8.1 million and $7.1 million for the years ended December 31, 2013, 2012, and 2011, respectively. These aggregate contributions were not individually significant to any of the respective plans. Our share of the unfunded vested liability related to multi-employer plans, if any, is not determinable and our participation is not individually significant on an individual multiemployer plan basis. On October 4, 2011, we acquired IP, and on November 20, 2012, we acquired Peninsula, which resulted in increased employer contributions during the years ended December 31, 2013 and 2012 as compared to December 31, 2011. As of January 1, 2013, Borgata's share of the unfunded vested liability related to its pension plans is $61.0 million . | ||
We and Borgata have retirement savings plans under Section 401(k) of the Internal Revenue Code covering our non-union employees. The plans allow employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 100% of their income on a pre-tax basis through contributions to the plans. We expensed our voluntary contributions to the 401(k) profit-sharing plans and trusts of $5.5 million, $5.3 million and $5.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 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) Borgata. The table in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties. | ||||||||||||
Results of Operations - Adjusted EBITDA | ||||||||||||
We determine each of our wholly-owned properties' profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, deferred rent, preopening expenses, share-based compensation expense, impairments of assets, gain/loss on early extinguishments of debt, and other operating items, net, 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, Midwest and South, and Peninsula segments, and also includes Borgata's operating income before net amortization, preopening and other items. Results for Downtown Las Vegas include the results of our travel agency and captive insurance company in Hawaii. EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance GAAP, provides our investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of our core operating results and as a means to evaluate period-to-period results. | ||||||||||||
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. | ||||||||||||
The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income (loss), as reported in our accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Net Revenues | ||||||||||||
Las Vegas Locals | $ | 591,447 | $ | 591,306 | $ | 604,965 | ||||||
Downtown Las Vegas | 222,715 | 224,178 | 224,250 | |||||||||
Midwest and South | 864,247 | 924,197 | 771,355 | |||||||||
Peninsula | 520,329 | 56,925 | — | |||||||||
Borgata | 695,700 | 686,222 | 730,274 | |||||||||
Reportable Segment Net Revenues | $ | 2,894,438 | $ | 2,482,828 | $ | 2,330,844 | ||||||
Reportable Segment Adjusted EBITDA | ||||||||||||
Las Vegas Locals | $ | 137,501 | $ | 128,742 | $ | 145,848 | ||||||
Downtown Las Vegas | 35,036 | 32,832 | 35,214 | |||||||||
Midwest and South | 179,976 | 192,349 | 167,101 | |||||||||
Peninsula | 185,269 | 21,152 | — | |||||||||
Borgata | 119,237 | 116,976 | 158,126 | |||||||||
Adjusted EBITDA | 657,019 | 492,051 | 506,289 | |||||||||
Other operating costs and expenses | ||||||||||||
Corporate expense | 46,594 | 39,954 | 40,189 | |||||||||
Deferred rent | 3,831 | 3,984 | 4,136 | |||||||||
Depreciation and amortization | 278,413 | 214,236 | 195,343 | |||||||||
Preopening expenses | 9,032 | 11,541 | 6,634 | |||||||||
Share-based compensation expense | 18,891 | 12,247 | 9,997 | |||||||||
Impairments of assets | 10,383 | 1,053,526 | 6,255 | |||||||||
Asset transactions costs | 5,576 | 18,442 | 6,375 | |||||||||
Other operating charges, net | 5,998 | (11,616 | ) | 1,378 | ||||||||
Total other operating costs and expenses | 378,718 | 1,342,314 | 270,307 | |||||||||
Operating income (loss) | $ | 278,301 | $ | (850,263 | ) | $ | 235,982 | |||||
Total Assets | ||||||||||||
The Company's total assets, by Reportable Segment, consisted of the following amounts at December 31, 2013 and 2012: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Assets | ||||||||||||
Las Vegas Locals | $ | 1,190,234 | $ | 1,215,494 | ||||||||
Downtown Las Vegas | 125,618 | 133,689 | ||||||||||
Midwest and South | 1,349,155 | 1,367,063 | ||||||||||
Peninsula | 1,511,606 | 1,604,778 | ||||||||||
Borgata | 1,334,714 | 1,388,562 | ||||||||||
Total Reportable Segment assets | 5,511,327 | 5,709,586 | ||||||||||
Corporate | 230,267 | 395,436 | ||||||||||
Other | 137 | 227,171 | ||||||||||
Total assets | $ | 5,741,731 | $ | 6,332,193 | ||||||||
Capital Expenditures | ||||||||||||
The Company's capital expenditures for the years ended December 31, 2013, 2012 and 2011, by Reportable Segment, consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Capital Expenditures: | ||||||||||||
Las Vegas Locals | $ | 30,861 | $ | 23,349 | $ | 15,782 | ||||||
Downtown Las Vegas | 5,505 | 7,248 | 4,420 | |||||||||
Midwest and South | 39,589 | 60,572 | 19,770 | |||||||||
Peninsula | 27,094 | 7,606 | — | |||||||||
Borgata | 22,357 | 34,742 | 32,626 | |||||||||
Total Reportable Segment Capital Expenditures | 125,406 | 133,517 | 72,598 | |||||||||
Corporate | 12,173 | (25,580 | ) | 11,859 | ||||||||
Other | 28 | 286 | — | |||||||||
Total Capital Expenditures | 137,607 | 108,223 | 84,457 | |||||||||
Change in Accrued Property Additions | 6,913 | 17,331 | 2,662 | |||||||||
Cash-Based Capital Expenditures | $ | 144,520 | $ | 125,554 | $ | 87,119 | ||||||
The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries. |
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Information (Unaudited) | ' | |||||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||
The following table presents selected quarterly financial information for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Year | |||||||||||||||
Summary Operating Results: | ||||||||||||||||||||
Net revenues | $ | 735,584 | $ | 738,748 | $ | 738,569 | $ | 681,537 | $ | 2,894,438 | ||||||||||
Operating income (loss) | 81,420 | 79,379 | 78,322 | 39,180 | 278,301 | |||||||||||||||
Net income (loss) attributable to Boyd Gaming Corporation | (7,284 | ) | 11,627 | (37,267 | ) | (47,340 | ) | (80,264 | ) | |||||||||||
Basic and diluted net income (loss) per common share: | ||||||||||||||||||||
Basic net income (loss) per common share | $ | (0.08 | ) | $ | 0.13 | $ | (0.37 | ) | $ | (0.43 | ) | $ | (0.83 | ) | ||||||
Diluted net income (loss) per common share | $ | (0.08 | ) | $ | 0.13 | $ | (0.37 | ) | $ | (0.43 | ) | $ | (0.83 | ) | ||||||
31-Dec-12 | ||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Year | |||||||||||||||
Summary Operating Results: | ||||||||||||||||||||
Net revenues | $ | 631,669 | $ | 614,070 | $ | 612,390 | $ | 624,699 | $ | 2,482,828 | ||||||||||
Operating income | 77,780 | 59,297 | 49,387 | (1,036,727 | ) | (850,263 | ) | |||||||||||||
Net income (loss) attributable to Boyd Gaming Corporation | 5,852 | 977 | (15,796 | ) | (899,898 | ) | (908,865 | ) | ||||||||||||
Basic and diluted net income (loss) per common share: | ||||||||||||||||||||
Basic net income (loss) per common share | $ | 0.07 | $ | 0.01 | $ | (0.18 | ) | $ | (10.24 | ) | $ | (10.37 | ) | |||||||
Diluted net income (loss) per common share | $ | 0.07 | $ | 0.01 | $ | (0.18 | ) | $ | (10.24 | ) | $ | (10.37 | ) | |||||||
Because income (loss) per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total income (loss) per share amounts for the year. The per share amounts in the second half of 2013 were impacted by our issuance of 18,975,000 shares of common stock in the third quarter of 2013. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 December 31, 2013 and 2012 and the condensed consolidating statements of operations and cash flows for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 106,445 | $ | 33,766 | $ | 37,627 | $ | — | $ | 177,838 | ||||||||||||
Other current assets | 13,772 | 66,586 | 30,044 | 48,414 | (1,974 | ) | 156,842 | |||||||||||||||||
Property and equipment, net | 69,309 | 1,830,200 | 439,039 | 1,167,065 | — | 3,505,613 | ||||||||||||||||||
Investments in subsidiaries | 3,265,579 | 186,063 | — | — | (3,451,642 | ) | — | |||||||||||||||||
Intercompany receivable | — | 592,785 | — | — | (592,785 | ) | — | |||||||||||||||||
Other assets, net | 43,470 | 8,110 | 72,180 | 21,708 | — | 145,468 | ||||||||||||||||||
Intangible assets, net | — | 465,259 | 545,401 | 60,000 | — | 1,070,660 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,392,130 | $ | 3,468,242 | $ | 1,592,946 | $ | 1,334,814 | $ | (4,046,401 | ) | $ | 5,741,731 | |||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,259 | $ | 3,800 | $ | — | $ | 33,559 | ||||||||||||
Current liabilities | 57,156 | 190,608 | 70,092 | 103,832 | (1,384 | ) | 420,304 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 3,507 | — | (3,507 | ) | — | |||||||||||||||||
Intercompany payable | 512,358 | — | 80,991 | 266 | (593,615 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,285,910 | — | 1,269,562 | 797,460 | — | 4,352,932 | ||||||||||||||||||
Other long-term liabilities | 45,219 | 186,591 | 25,470 | 27,219 | — | 284,499 | ||||||||||||||||||
Common stock | 1,082 | 31,124 | — | — | (31,124 | ) | 1,082 | |||||||||||||||||
Additional paid-in capital | 902,496 | 2,736,895 | 248,083 | 480,833 | (3,465,811 | ) | 902,496 | |||||||||||||||||
Retained earnings (deficit) | (432,074 | ) | 323,024 | (111,501 | ) | (78,596 | ) | (132,927 | ) | (432,074 | ) | |||||||||||||
Accumulated other comprehensive loss, net | (1,517 | ) | — | (1,517 | ) | — | 1,517 | (1,517 | ) | |||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 469,987 | 3,091,043 | 135,065 | 402,237 | (3,628,345 | ) | 469,987 | |||||||||||||||||
Noncontrolling interest | — | — | — | — | 180,450 | 180,450 | ||||||||||||||||||
Total stockholders' equity (deficit) | 469,987 | 3,091,043 | 135,065 | 402,237 | (3,447,895 | ) | 650,437 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,392,130 | $ | 3,468,242 | $ | 1,592,946 | $ | 1,334,814 | $ | (4,046,401 | ) | $ | 5,741,731 | |||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,520 | $ | 118,714 | $ | 36,619 | $ | 34,692 | $ | — | $ | 192,545 | ||||||||||||
Other current assets | 87,493 | 70,580 | 32,460 | 50,751 | (78,921 | ) | 162,363 | |||||||||||||||||
Current assets from discontinued operations | — | — | 685 | — | — | 685 | ||||||||||||||||||
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 | 457,976 | — | — | (3,547,101 | ) | — | |||||||||||||||||
Intercompany receivable | — | 264,687 | — | — | (264,687 | ) | — | |||||||||||||||||
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 operations | — | — | 37,684 | — | — | 37,684 | ||||||||||||||||||
Total assets | $ | 3,293,293 | $ | 3,627,887 | $ | 1,724,259 | $ | 1,577,463 | $ | (3,890,709 | ) | $ | 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 | ||||||||||||||||||
Current liabilities | 66,121 | 283,350 | 79,929 | 109,441 | (75,824 | ) | 463,017 | |||||||||||||||||
Current liabilities from discontinued operations | — | — | 70,864 | — | (70,000 | ) | 864 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 1,396 | — | (1,396 | ) | — | |||||||||||||||||
Intercompany payable | 134,386 | — | 58,187 | 225 | (192,798 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,723,234 | — | 1,311,295 | 793,324 | — | 4,827,853 | ||||||||||||||||||
Other long-term liabilities | 23,261 | 185,717 | 41,290 | 36,350 | 31 | 286,649 | ||||||||||||||||||
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 | ) | 361,167 | (96,973 | ) | (67,823 | ) | (196,371 | ) | (351,810 | ) | |||||||||||||
Accumulated other comprehensive loss | (962 | ) | — | (962 | ) | — | 962 | (962 | ) | |||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 303,791 | 3,148,479 | 152,569 | 413,010 | (3,714,058 | ) | 303,791 | |||||||||||||||||
Noncontrolling interest | — | — | — | — | 163,336 | 163,336 | ||||||||||||||||||
Total stockholders' equity (deficit) | 303,791 | 3,148,479 | 152,569 | 413,010 | (3,550,722 | ) | 467,127 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,293,293 | $ | 3,627,887 | $ | 1,724,259 | $ | 1,577,463 | $ | (3,890,709 | ) | $ | 6,332,193 | |||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 123,951 | $ | 1,630,420 | $ | 589,850 | $ | 697,633 | $ | (147,416 | ) | $ | 2,894,438 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,848 | 901,668 | 315,365 | 367,981 | — | 1,586,862 | ||||||||||||||||||
Selling, general and administrative | 46,880 | 231,260 | 63,349 | 148,779 | (42 | ) | 490,226 | |||||||||||||||||
Maintenance and utilities | — | 92,014 | 14,680 | 59,704 | — | 166,398 | ||||||||||||||||||
Depreciation and amortization | 6,619 | 121,893 | 90,155 | 59,746 | — | 278,413 | ||||||||||||||||||
Corporate expense | 59,128 | 119 | 4,002 | — | — | 63,249 | ||||||||||||||||||
Preopening expenses | 567 | 2,917 | 3,384 | 4,097 | (1,933 | ) | 9,032 | |||||||||||||||||
Impairment of assets | — | 14,884 | 3,200 | 5,033 | (12,734 | ) | 10,383 | |||||||||||||||||
Asset transactions costs | 1,019 | 2,316 | 2,061 | 180 | — | 5,576 | ||||||||||||||||||
Other operating items, net | 427 | 2,075 | 359 | 3,137 | — | 5,998 | ||||||||||||||||||
Intercompany expenses | 1,213 | 103,182 | 41,046 | — | (145,441 | ) | — | |||||||||||||||||
Total costs and expenses | 117,701 | 1,472,328 | 537,601 | 648,657 | (160,150 | ) | 2,616,137 | |||||||||||||||||
Equity in earnings of subsidiaries | 101,148 | (1,953 | ) | — | — | (99,195 | ) | — | ||||||||||||||||
Operating income (loss) | 107,398 | 156,139 | 52,249 | 48,976 | (86,461 | ) | 278,301 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 153,893 | 9,664 | 94,915 | 83,711 | — | 342,183 | ||||||||||||||||||
Gain (loss) on early extinguishment of debt | 25,001 | — | 3,343 | 25,858 | — | 54,202 | ||||||||||||||||||
Other, net | 137 | — | (2,227 | ) | — | — | (2,090 | ) | ||||||||||||||||
Total other expense, net | 179,031 | 9,664 | 96,031 | 109,569 | — | 394,295 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (71,633 | ) | 146,475 | (43,782 | ) | (60,593 | ) | (86,461 | ) | (115,994 | ) | |||||||||||||
Income taxes benefit (expense) | (8,631 | ) | (5,055 | ) | 5,921 | 4,415 | — | (3,350 | ) | |||||||||||||||
Income (loss) from continuing operations, net of tax | (80,264 | ) | 141,420 | (37,861 | ) | (56,178 | ) | (86,461 | ) | (119,344 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 23,524 | — | (12,734 | ) | 10,790 | |||||||||||||||||
Net income (loss) | (80,264 | ) | 141,420 | (14,337 | ) | (56,178 | ) | (99,195 | ) | (108,554 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 28,290 | 28,290 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (80,264 | ) | $ | 141,420 | $ | (14,337 | ) | $ | (56,178 | ) | $ | (70,905 | ) | $ | (80,264 | ) | |||||||
Comprehensive income (loss) | $ | (80,819 | ) | $ | 141,420 | $ | (14,892 | ) | $ | (56,178 | ) | $ | (98,640 | ) | $ | (109,109 | ) | |||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 121,806 | $ | 1,690,488 | $ | 110,464 | $ | 697,118 | $ | (137,048 | ) | $ | 2,482,828 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,822 | 938,615 | 80,666 | 371,722 | — | 1,392,825 | ||||||||||||||||||
Selling, general and administrative | 45,503 | 251,287 | 13,341 | 139,155 | — | 449,286 | ||||||||||||||||||
Maintenance and utilities | — | 92,311 | 3,574 | 58,423 | — | 154,308 | ||||||||||||||||||
Depreciation and amortization | 7,985 | 126,120 | 15,867 | 64,264 | — | 214,236 | ||||||||||||||||||
Corporate expense | 48,868 | 220 | 1,631 | — | — | 50,719 | ||||||||||||||||||
Preopening expenses | 1,863 | 14,782 | 1,327 | 4,465 | (10,896 | ) | 11,541 | |||||||||||||||||
Impairment of assets | 97,868 | 1,044,112 | — | 2,811 | (91,265 | ) | 1,053,526 | |||||||||||||||||
Asset transactions costs | 15,575 | — | 3,076 | (209 | ) | — | 18,442 | |||||||||||||||||
Other operating items, net | — | (5,503 | ) | 5 | (6,294 | ) | — | (11,792 | ) | |||||||||||||||
Intercompany expenses | 1,345 | 118,463 | 6,344 | — | (126,152 | ) | — | |||||||||||||||||
Total costs and expenses | 220,829 | 2,580,407 | 125,831 | 634,337 | (228,313 | ) | 3,333,091 | |||||||||||||||||
Equity in earnings of subsidiaries | (636,327 | ) | 71,218 | — | — | 565,109 | — | |||||||||||||||||
Operating income (loss) | (735,350 | ) | (818,701 | ) | (15,367 | ) | 62,781 | 656,374 | (850,263 | ) | ||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 161,152 | 13,827 | 18,630 | 95,226 | — | 288,835 | ||||||||||||||||||
Other, net | — | — | 137 | — | — | 137 | ||||||||||||||||||
Total other expense, net | 161,152 | 13,827 | 18,767 | 95,226 | — | 288,972 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (896,502 | ) | (832,528 | ) | (34,134 | ) | (32,445 | ) | 656,374 | (1,139,235 | ) | |||||||||||||
Income taxes benefit (expense) | (12,363 | ) | 231,854 | 19 | 1,279 | — | 220,789 | |||||||||||||||||
Income (loss) from continuing operations, net of tax | (908,865 | ) | (600,674 | ) | (34,115 | ) | (31,166 | ) | 656,374 | (918,446 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 86,636 | — | (91,265 | ) | (4,629 | ) | ||||||||||||||||
Net income (loss) | (908,865 | ) | (600,674 | ) | 52,521 | (31,166 | ) | 565,109 | (923,075 | ) | ||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 14,210 | 14,210 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (908,865 | ) | $ | (600,674 | ) | $ | 52,521 | $ | (31,166 | ) | $ | 579,319 | $ | (908,865 | ) | ||||||||
Comprehensive income (loss) | $ | (909,827 | ) | $ | (600,674 | ) | $ | 51,559 | $ | (25,627 | ) | $ | 566,071 | $ | (918,498 | ) | ||||||||
Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 123,369 | $ | 1,551,402 | $ | 51,337 | $ | 741,132 | $ | (136,396 | ) | $ | 2,330,844 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,535 | 847,423 | 52,713 | 383,041 | — | 1,284,712 | ||||||||||||||||||
Selling, general and administrative | 44,881 | 213,075 | 7,630 | 126,942 | — | 392,528 | ||||||||||||||||||
Maintenance and utilities | — | 89,090 | 1,519 | 62,167 | — | 152,776 | ||||||||||||||||||
Depreciation and amortization | 8,371 | 118,620 | 2,764 | 65,437 | — | 195,192 | ||||||||||||||||||
Corporate expense | 46,220 | 1,548 | 1,194 | — | — | 48,962 | ||||||||||||||||||
Preopening expenses | 1,776 | 15,487 | — | 229 | (10,858 | ) | 6,634 | |||||||||||||||||
Impairment of assets | — | — | — | 6,051 | — | 6,051 | ||||||||||||||||||
Asset transactions costs | 6,054 | 321 | — | 204 | — | 6,579 | ||||||||||||||||||
Other operating items, net | — | 1,281 | 4 | 143 | — | 1,428 | ||||||||||||||||||
Intercompany expenses | 1,303 | 122,331 | 1,904 | — | (125,538 | ) | — | |||||||||||||||||
Total costs and expenses | 110,140 | 1,409,176 | 67,728 | 644,214 | (136,396 | ) | 2,094,862 | |||||||||||||||||
Equity in earnings of subsidiaries | 83,412 | (2,664 | ) | — | — | (80,748 | ) | — | ||||||||||||||||
Operating income (loss) | 96,641 | 139,562 | (16,391 | ) | 96,918 | (80,748 | ) | 235,982 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 135,439 | 17,179 | — | 98,067 | — | 250,685 | ||||||||||||||||||
Gain on early retirements of debt | 20 | — | — | (6 | ) | — | 14 | |||||||||||||||||
Other, net | 265 | (4,582 | ) | — | — | — | (4,317 | ) | ||||||||||||||||
Total other expense, net | 135,724 | 12,597 | — | 98,061 | — | 246,382 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (39,083 | ) | 126,965 | (16,391 | ) | (1,143 | ) | (80,748 | ) | (10,400 | ) | |||||||||||||
Income taxes benefit (expense) | 30,679 | (34,334 | ) | 4,630 | (1,253 | ) | — | (278 | ) | |||||||||||||||
Income (loss) from continuing operations, net of tax | (8,404 | ) | 92,631 | (11,761 | ) | (2,396 | ) | (80,748 | ) | (10,678 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | 4,550 | — | (1,871 | ) | — | — | 2,679 | |||||||||||||||||
Net income (loss) | (3,854 | ) | 92,631 | (13,632 | ) | (2,396 | ) | (80,748 | ) | (7,999 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 4,145 | 4,145 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (3,854 | ) | $ | 92,631 | $ | (13,632 | ) | $ | (2,396 | ) | $ | (76,603 | ) | $ | (3,854 | ) | |||||||
Comprehensive income | $ | 3,740 | $ | 92,631 | $ | (13,632 | ) | $ | 9,166 | $ | (88,342 | ) | $ | 3,563 | ||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | (229,447 | ) | $ | 432,903 | $ | 20,674 | $ | 51,748 | $ | 1,157 | $ | 277,035 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (44,985 | ) | (49,847 | ) | (27,331 | ) | (22,357 | ) | — | (144,520 | ) | |||||||||||||
Proceeds from sale of Echelon, net | 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 and advances to unconsolidated subsidiaries, net | (2,400 | ) | — | — | — | 2,400 | — | |||||||||||||||||
Distributions from subsidiaries | 9,620 | — | — | — | (9,620 | ) | — | |||||||||||||||||
Net activity with affiliates | — | (397,725 | ) | 22,804 | 42 | 374,879 | — | |||||||||||||||||
Other investing activities | — | — | (1,253 | ) | 3,726 | — | 2,473 | |||||||||||||||||
Net cash from investing activities | 123,860 | (447,572 | ) | (5,780 | ) | (18,589 | ) | 367,659 | 19,578 | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 2,920,675 | — | 354,700 | 444,500 | — | 3,719,875 | ||||||||||||||||||
Payments under bank credit facility | (2,927,800 | ) | — | (406,950 | ) | (424,600 | ) | — | (3,759,350 | ) | ||||||||||||||
Debt financing costs, net | (24,349 | ) | — | (10,288 | ) | (10,115 | ) | — | (44,752 | ) | ||||||||||||||
Payments on retirements of long-term debt | (459,278 | ) | — | — | (416,209 | ) | — | (875,487 | ) | |||||||||||||||
Payments under note payable | (10,341 | ) | — | (479 | ) | — | — | (10,820 | ) | |||||||||||||||
Net proceeds from issuance of term loan | — | — | — | 376,200 | — | 376,200 | ||||||||||||||||||
Advances from parent | — | 2,400 | — | — | (2,400 | ) | — | |||||||||||||||||
Distributions to parent | — | — | (9,620 | ) | — | 9,620 | — | |||||||||||||||||
Net activity with affiliates | 376,036 | — | — | — | (376,036 | ) | — | |||||||||||||||||
Stock options exercised | 13,752 | — | — | — | — | 13,752 | ||||||||||||||||||
Proceeds from sale of common stock, net | 216,467 | — | — | — | — | 216,467 | ||||||||||||||||||
Other financing activities | (2,095 | ) | — | — | — | — | (2,095 | ) | ||||||||||||||||
Net cash from financing activities | 103,067 | 2,400 | (72,637 | ) | (30,224 | ) | (368,816 | ) | (366,210 | ) | ||||||||||||||
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 from discontinued operations | — | — | 54,607 | — | — | 54,607 | ||||||||||||||||||
Net change in cash and cash equivalents | (2,520 | ) | (12,269 | ) | (3,136 | ) | 2,935 | — | (14,990 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 2,520 | 118,714 | 36,619 | 34,692 | — | 192,545 | ||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 283 | — | — | 283 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 106,445 | $ | 33,766 | $ | 37,627 | $ | — | $ | 177,838 | ||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | (73,982 | ) | $ | 191,178 | $ | (4,892 | ) | $ | 34,128 | $ | 736 | $ | 147,168 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (50,012 | ) | (33,581 | ) | (7,505 | ) | (34,456 | ) | — | (125,554 | ) | |||||||||||||
Cash paid for business acquisition, net | (198,726 | ) | — | (1,125,472 | ) | — | — | (1,324,198 | ) | |||||||||||||||
Investment in and advances to unconsolidated subsidiaries, net | (200 | ) | — | — | — | 200 | — | |||||||||||||||||
Net activity with affiliates | — | (174,513 | ) | 19,541 | 224 | 154,748 | — | |||||||||||||||||
Other investing activities | (790 | ) | 7,245 | 1,824 | 6,730 | — | 15,009 | |||||||||||||||||
Net cash from investing activities | (249,728 | ) | (200,849 | ) | (1,111,612 | ) | (27,502 | ) | 154,948 | (1,434,743 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 787,100 | — | 871,100 | 632,700 | — | 2,290,900 | ||||||||||||||||||
Payments under bank credit facility | (951,250 | ) | — | (16,700 | ) | (652,900 | ) | — | (1,620,850 | ) | ||||||||||||||
Debt issuance cost, net | (16,651 | ) | — | (47,989 | ) | (443 | ) | — | (65,083 | ) | ||||||||||||||
Proceeds from issuance of senior secured notes | 350,000 | — | 350,000 | — | — | 700,000 | ||||||||||||||||||
Proceeds from variable interest entities' issuance of debt | — | — | — | 3,374 | — | 3,374 | ||||||||||||||||||
Payments on loans to members of variable interest entity | — | — | — | (928 | ) | — | (928 | ) | ||||||||||||||||
Advances from parent | — | 200 | — | — | (200 | ) | — | |||||||||||||||||
Net activity with affiliates | 155,484 | — | — | — | (155,484 | ) | — | |||||||||||||||||
Other financing activities | 1,183 | — | (1,810 | ) | — | — | (627 | ) | ||||||||||||||||
Net cash from financing activities | 325,866 | 200 | 1,154,601 | (18,197 | ) | (155,684 | ) | 1,306,786 | ||||||||||||||||
Cash flows from discontinued operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | (4,723 | ) | — | — | (4,723 | ) | ||||||||||||||||
Cash flows from investing activities | — | — | (416 | ) | — | — | (416 | ) | ||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash from discontinued operations | — | — | (5,139 | ) | — | — | (5,139 | ) | ||||||||||||||||
Net change in cash and cash equivalents | 2,156 | (9,471 | ) | 32,958 | (11,571 | ) | — | 14,072 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 364 | 128,185 | 3,279 | 46,263 | — | 178,091 | ||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 382 | — | — | 382 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 2,520 | $ | 118,714 | $ | 36,619 | $ | 34,692 | $ | — | $ | 192,545 | ||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | 193,723 | $ | (9,700 | ) | $ | 10,642 | $ | 59,745 | $ | (3,553 | ) | $ | 250,857 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (26,443 | ) | (28,011 | ) | (39 | ) | (32,626 | ) | — | (87,119 | ) | |||||||||||||
Cash paid for acquisition, net of cash received | (278,456 | ) | — | — | — | — | (278,456 | ) | ||||||||||||||||
Cash paid to acquire development agreement | — | — | (24,450 | ) | — | — | (24,450 | ) | ||||||||||||||||
Investments in and advances to unconsolidated subsidiaries, net | (1,700 | ) | — | — | — | 1,700 | — | |||||||||||||||||
Net activity with affiliates | — | 75,914 | 11,570 | — | (87,484 | ) | — | |||||||||||||||||
Change in restricted investments | — | — | — | 26,801 | — | 26,801 | ||||||||||||||||||
Other investing activities | 192 | — | — | 356 | — | 548 | ||||||||||||||||||
Net cash from investing activities | (306,407 | ) | 47,903 | (12,919 | ) | (5,469 | ) | (85,784 | ) | (362,676 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 391,329 | — | — | 741,300 | — | 1,132,629 | ||||||||||||||||||
Payments under bank credit facility | (183,579 | ) | — | — | (762,000 | ) | — | (945,579 | ) | |||||||||||||||
Debt issuance cost, net | (14,221 | ) | — | — | (1,153 | ) | — | (15,374 | ) | |||||||||||||||
Payments on retirement of long term debt | — | — | — | (8,198 | ) | — | (8,198 | ) | ||||||||||||||||
Payments on non-recourse debt of variable interest entity | — | — | — | (27,000 | ) | — | (27,000 | ) | ||||||||||||||||
Proceeds from variable interest entities' issuance of debt | — | — | — | 7,199 | — | 7,199 | ||||||||||||||||||
Payments on loans to members of variable interest entity | — | — | — | (592 | ) | — | (592 | ) | ||||||||||||||||
Advances from parent | — | 1,700 | — | — | (1,700 | ) | — | |||||||||||||||||
Net activity with affiliates | (91,037 | ) | — | — | — | 91,037 | — | |||||||||||||||||
Other financing activities | (675 | ) | — | — | — | — | (675 | ) | ||||||||||||||||
Net cash from financing activities | 101,817 | 1,700 | — | (50,444 | ) | 89,337 | 142,410 | |||||||||||||||||
Cash flows from discontinued operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | 2,653 | — | — | 2,653 | ||||||||||||||||||
Cash flows from investing activities | — | — | (111 | ) | — | — | (111 | ) | ||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash from discontinued operations | — | — | 2,542 | — | — | 2,542 | ||||||||||||||||||
Net change in cash and cash equivalents | (10,867 | ) | 39,903 | 265 | 3,832 | — | 33,133 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 11,231 | 88,282 | 2,765 | 42,431 | — | 144,709 | ||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 249 | — | — | 249 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 364 | $ | 128,185 | $ | 3,279 | $ | 46,263 | $ | — | $ | 178,091 | ||||||||||||
The above condensed consolidating financial information as of December 31, 2012, and for the years ended December 31, 2012 and 2011, has been adjusted to reflect (1) the revision to reflect the results of the Dania Jai-Alai property as discontinued operations, (2) to correct prior year intercompany revenues and expenses and equity in earnings of subsidiaries presented in the statement of operations information, (3) to correct prior year amounts in the statements of cash flows to reflect certain intercompany activities between the parent and the sub-groups as cash flows from investing and financing activities that had previously been reflected within cash flows from operating activities, and (4) to properly record the impact of certain reclassification and tax entries within the correct sub-group. The application of these adjustments to the consolidating information for 2012 and 2011 are summarized as follows: | ||||||||||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified and Restated | |||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||
Parent | $ | (908,865 | ) | $ | — | $ | (908,865 | ) | ||||||||||||||||
Guarantor Subsidiaries | (871,698 | ) | 271,024 | (600,674 | ) | |||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 144,213 | (91,692 | ) | 52,521 | ||||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | (26,941 | ) | (4,225 | ) | (31,166 | ) | ||||||||||||||||||
Eliminations | 740,216 | (175,107 | ) | 565,109 | ||||||||||||||||||||
Consolidated | $ | (923,075 | ) | $ | — | $ | (923,075 | ) | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Parent | $ | 77,534 | $ | (151,516 | ) | $ | (73,982 | ) | ||||||||||||||||
Guarantor Subsidiaries | 16,372 | 174,806 | 191,178 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 9,995 | (14,887 | ) | (4,892 | ) | |||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | 34,252 | (124 | ) | 34,128 | ||||||||||||||||||||
Eliminations | 4,292 | (3,556 | ) | 736 | ||||||||||||||||||||
Consolidated | $ | 142,445 | $ | 4,723 | $ | 147,168 | ||||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified and Restated | |||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||
Parent | $ | (3,854 | ) | $ | — | $ | (3,854 | ) | ||||||||||||||||
Guarantor Subsidiaries | 185,581 | (92,950 | ) | 92,631 | ||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | (12,590 | ) | (1,042 | ) | (13,632 | ) | ||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | (2,395 | ) | (1 | ) | (2,396 | ) | ||||||||||||||||||
Eliminations | (174,741 | ) | 93,993 | (80,748 | ) | |||||||||||||||||||
Consolidated | $ | (7,999 | ) | $ | — | $ | (7,999 | ) | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Parent | $ | 97,965 | $ | 95,758 | $ | 193,723 | ||||||||||||||||||
Guarantor Subsidiaries | 68,797 | (78,497 | ) | (9,700 | ) | |||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 26,294 | (15,652 | ) | 10,642 | ||||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | 60,454 | (709 | ) | 59,745 | ||||||||||||||||||||
Eliminations | — | (3,553 | ) | (3,553 | ) | |||||||||||||||||||
Consolidated | $ | 253,510 | $ | (2,653 | ) | $ | 250,857 | |||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
Boyd Percentage Ownership | |
William S. Boyd, our Executive Chairman of the Board of Directors, together with his immediate family, beneficially owned approximately 29% of our outstanding shares of common stock as of December 31, 2013. As such, the Boyd family has the ability to significantly influence our affairs, including the election of members of our Board of Directors and, except as otherwise provided by law, approving or disapproving other matters submitted to a vote of our stockholders, including a merger, consolidation or sale of assets. For each of the years ended December 31, 2013, 2012 and 2011, there were no related party transactions between the Company and the Boyd family other than compensation, including salary and equity incentives. | |
Borgata Ground Leases | |
Borgata leases approximately 8.4 acres from MGM that provides the land on which Borgata's existing surface parking lot resides. The lease is on a month-to-month term and may be terminated by either party effective on the last day of the month that is three months after notice is given. Pursuant to the surface lot ground lease agreement, Borgata's lease payment is comprised of a de minimus monthly payment to MGM and the property taxes, which are paid directly to the taxing authority. Property taxes incurred for this ground lease agreement were $3.2 million, $2.8 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, respectively, which were included in selling, general and administrative on the consolidated statements of operations. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
We have evaluated all events or transactions that occurred after December 31, 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) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
The consolidated financial statements include the accounts of the Company 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 material intercompany accounts and transactions have been eliminated in consolidation. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand. | ||
Restricted Cash | ' | |
Restricted Cash | ||
Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. | ||
Accounts Receivable, net | ' | |
Accounts Receivable, net | ||
Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. | ||
Inventories | ' | |
Inventories | ||
Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. | ||
Property and Equipment, Net | ' | |
Property and Equipment, net | ||
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. | ||
The estimated useful lives of our major components of property and equipment are: | ||
Building and improvements | 3 through 40 years | |
Riverboats and barges | 5 through 40 years | |
Furniture and equipment | 1 through 10 years | |
Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. | ||
Capitalized Interest | ' | |
Capitalized Interest | ||
Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. | ||
Debt Financing Costs | ' | |
Debt Financing Costs | ||
Debt financing costs, which include legal, and other direct costs related to the issuance of our outstanding debt, are deferred and amortized to interest expense over the contractual term of the underlying long-term debt using the effective interest method. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt financing costs. | ||
Intangible Assets | ' | |
Intangible Assets | ||
Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks. | ||
Amortizing Intangible Assets | ||
Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years. Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement. | ||
Indefinite-Lived Intangible Assets | ||
Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance with these certain jurisdictions. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. | ||
During the fourth quarter of 2012, the Company changed the date of its annual indefinite-lived intangible assets impairment test dates to October 1 to better align with the Company's annual financial planning process. Prior to the fourth quarter of 2012, the Company performed annual impairment tests on defined sub-sets of its indefinite-lived intangible assets on January 1, April 1 and October 1. The January 1 and April 1 tests were performed on their respective test dates during 2012, and did not result in any impairment. | ||
Goodwill | ' | |
Goodwill | ||
Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances. | ||
We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonable similar (or “guideline”) publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonable expected to be realized from the sale of the subject reporting unit. | ||
Impairment of Goodwill and Intangible Assets | ' | |
During the fourth quarter of 2012, the Company changed the date of its annual goodwill impairment test dates to October 1. Prior to the fourth quarter of 2012, the Company performed annual impairment tests on its goodwill on April 1 and October 1 for different reporting units. The change in the impairment test dates for all reporting units to October 1 did not delay, accelerate or avoid an impairment charge. The April 1 test performed during 2012 prior to the change did not result in any impairment. Management believes that the new impairment test date is preferable because it is more closely aligned with the Company's annual financial planning and budgeting process. These financial plans are a key component utilized in the annual impairment testing process. The change in the impairment test dates constitutes a change in accounting principle under ASC 250, “Accounting for Changes and Error Corrections,” and had no impact on the Company's consolidated balance sheet, statement of operations or cash flows. The Company determined it was impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each October 1 for periods prior to October 1, 2012 without the use of hindsight. As such, the Company has prospectively applied the change in annual goodwill impairment testing date from October 1, 2012. | ||
Slot Bonus Point Program | ' | |
Slot Bonus Point Program | ||
We have established promotional programs to encourage repeat business from frequent and active slot machine customers and patrons. Members earn points based on gaming activity and such points can be redeemed for cash, complimentary slot play, and other free goods and services. We record bonus points redeemed for complimentary slot play as a reduction to gaming revenue and bonus points redeemed for free goods and services as promotional allowances. The accruals are based on estimates and assumptions regarding the mix of cash, complimentary slot play, and other free goods and services that will be redeemed and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals. The slot bonus point accrual is included in accrued liabilities on our consolidated balance sheets. | ||
Long-Term Debt, Net | ' | |
Long-Term Debt, Net | ||
Long-term debt is reported at amortized cost. Any discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as an adjustment to the face amount of our outstanding debt. The discount is accreted to interest expense using the effective interest method over the term of the underlying debt. | ||
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 strategies. | ||
Self-Insurance Reserves | ' | |
Self-Insurance Reserves | ||
We are self-insured for general liability costs and self-insured up to certain stop loss amounts for employee health coverage and workers' compensation costs. Borgata is currently self-insured with respect to each catastrophe related property damage claim, non-catastrophe related property damage claim, general liability claim, and non-union employee medical case, respectively. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets. | ||
Accumulated Other Comprehensive Income (Loss) | ' | |
Accumulated Other Comprehensive Income (Loss) | ||
Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Components of the Company's comprehensive income (loss) are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income (loss). The accumulated other comprehensive income (loss) at December 31, 2013, consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value. | ||
Noncontrolling Interest | ' | |
Noncontrolling Interest | ||
At December 31, 2013 and 2012, noncontrolling interests are comprised of: (i) the 50% interest in Holding Company, held by a divestiture trust (the "Divestiture Trust") for the economic benefit of MGM Resorts International ("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, 100% of the members' equity interest in LVE Energy Partners, LLC ("LVE"), the variable interest entity which had been consolidated in our financial statements. | ||
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 earned in our slot bonus program such as cash, complimentary play, and the estimated retail value of goods and services (such as complimentary rooms and food and beverages). 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 complimentary play, and to a lesser extent for goods or services, depending upon the property. | ||
Gaming Taxes | ' | |
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 consolidated statements of operations. | ||
Advertising Expense | ' | |
Advertising Expense | ||
Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations | ||
Corporate Expense | ' | |
Corporate Expense | ||
Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations. | ||
Preopening Expenses | ' | |
Preopening Expenses | ||
Certain costs of start-up activities are expensed as incurred. | ||
Share-Based Compensation | ' | |
Share-Based Compensation | ||
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. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions. | ||
Earnings per Share | ' | |
Net Income (loss) per Share | ||
Basic net income (loss) per share is computed by dividing net income (loss) applicable to Boyd Gaming Corporation 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. | ||
Comprehensive Income (Loss) | ' | |
Comprehensive Income (Loss) | ||
Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). The cumulative balance as of December 31, 2013, of other comprehensive income (loss) consists of unrealized gains and losses from the available for sale investment. | ||
Concentration of Credit Risk | ' | |
Concentration of Credit Risk | ||
Financial instruments that subject us to credit risk consist of cash equivalents, accounts receivable and interest rate swap contracts. Our interest rate swap contracts terminated on June 30, 2011. | ||
Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits which may at times exceed federally-insured limits. | ||
Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. | ||
Credit valuations of counterparties to our swap contracts are performed to reflect the impact of the credit ratings of both such counterparties, based primarily upon the market value of the credit default rates of the respective parties. | ||
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. Actual results could differ from these estimates. | ||
Revisions and Reclassifications | ' | |
Discontinued Operations and Reclassifications | ||
The financial information for the years ended December 31, 2012 and 2011 is derived from our consolidated financial statements and footnotes included in the Annual Report on Form 10-K for the year ended December 31, 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 consolidated financial statements have been reclassified to conform to the current year 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 consolidated statements of operations for the years ended December 31, 2012 and 2011. This reclassification had no effect on our retained earnings or net loss as previously reported. | ||
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. | ||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Composition of Segments | ' | |||||||||||
Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey which we aggregate in order to present the following five reportable segments: | ||||||||||||
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, Iowa | |||||||||||
Diamond Jo Worth | Northwood, Iowa | |||||||||||
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana | |||||||||||
Amelia Belle Casino | Amelia, Louisiana | |||||||||||
Kansas Star Casino | Mulvane, Kansas | |||||||||||
Borgata | ||||||||||||
Borgata Hotel Casino & Spa | Atlantic City, New Jersey | |||||||||||
Schedule of Allowance for Doubtful Accounts | ' | |||||||||||
The activity comprising our allowance for doubtful accounts during the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Beginning balance, January 1 | $ | 25,693 | $ | 28,491 | $ | 26,514 | ||||||
Additions | 2,868 | 1,549 | 5,936 | |||||||||
Deductions | (4,653 | ) | (4,347 | ) | (3,959 | ) | ||||||
Ending balance | $ | 23,908 | $ | 25,693 | $ | 28,491 | ||||||
Schedule of Property and Equipment | ' | |||||||||||
The estimated useful lives of our major components of property and equipment are: | ||||||||||||
Building and improvements | 3 through 40 years | |||||||||||
Riverboats and barges | 5 through 40 years | |||||||||||
Furniture and equipment | 1 through 10 years | |||||||||||
Property and equipment, net consists of the following: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Land | $ | 336,079 | $ | 341,174 | ||||||||
Buildings and improvements | 3,852,039 | 3,826,880 | ||||||||||
Furniture and equipment | 1,332,090 | 1,305,216 | ||||||||||
Riverboats and barges | 189,175 | 187,620 | ||||||||||
Construction in progress | 72,141 | 27,397 | ||||||||||
Other | 21,750 | 23,013 | ||||||||||
Total property and equipment | 5,803,274 | 5,711,300 | ||||||||||
Less accumulated depreciation | 2,297,661 | 2,123,986 | ||||||||||
Property and equipment, net | $ | 3,505,613 | $ | 3,587,314 | ||||||||
Schedule of Bond Maturity Dates | ' | |||||||||||
Future maturities of the City Bonds, excluding the discount, at December 31, 2013 for the years ending December 31 are summarized as follows: | ||||||||||||
City Bond Maturities | (In thousands) | |||||||||||
2014 | $ | 355 | ||||||||||
2015 | 380 | |||||||||||
2016 | 410 | |||||||||||
2017 | 440 | |||||||||||
2018 | 475 | |||||||||||
Thereafter | 20,045 | |||||||||||
Total | $ | 22,105 | ||||||||||
Changes in Self-Insurance Reserves | ' | |||||||||||
Self-insurance reserves are included in other liabilities on our consolidated balance sheets. | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 38,663 | $ | 34,500 | $ | 31,721 | ||||||
Additions | ||||||||||||
Charged to costs and expenses | 110,683 | 103,802 | 89,464 | |||||||||
Due to acquisitions | — | 359 | 1,111 | |||||||||
Payments made | 105,273 | 99,998 | 87,796 | |||||||||
Ending Balance | $ | 44,073 | $ | 38,663 | $ | 34,500 | ||||||
Schedule of Promotional Allowances | ' | |||||||||||
The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Rooms | $ | 147,305 | $ | 144,605 | $ | 130,168 | ||||||
Food and beverage | 207,072 | 191,389 | 175,339 | |||||||||
Other | 107,096 | 114,652 | 114,380 | |||||||||
Total promotional allowances | $ | 461,473 | $ | 450,646 | $ | 419,887 | ||||||
The estimated costs of providing such promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Rooms | $ | 58,960 | $ | 62,323 | $ | 58,821 | ||||||
Food and beverage | 181,689 | 182,138 | 158,881 | |||||||||
Other | 22,667 | 21,641 | 18,092 | |||||||||
Total cost of promotional allowances | $ | 263,316 | $ | 266,102 | $ | 235,794 | ||||||
Schedule of Preopening Expenses | ' | |||||||||||
The following reconciles our preopening expenses to provide the amounts incurred, net of the amounts eliminated upon the consolidation of LVE. | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Preopening expense: | ||||||||||||
Amounts incurred by Boyd Gaming Corporation | $ | 10,965 | $ | 22,437 | $ | 17,492 | ||||||
Amounts eliminated upon consolidation of LVE | (1,933 | ) | (10,896 | ) | (10,858 | ) | ||||||
Amounts reported in our consolidated statements of operations | $ | 9,032 | $ | 11,541 | $ | 6,634 | ||||||
Weighted-Average Assumptions Used in Estimating the Fair Value of Significant Stock Option Grants and Awards | ' | |||||||||||
The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected stock price volatility | 73.75 | % | 77.11 | % | 79.7 | % | ||||||
Annual dividend rate | — | — | — | |||||||||
Risk-free interest rate | 1.4 | % | 0.55 | % | 0.4 | % | ||||||
Expected option life (in years) | 5.3 | 4.3 | 3 | |||||||||
Estimated fair value per share | $ | 6.09 | $ | 3.04 | $ | 3.44 | ||||||
Asset_Acquisitions_Tables
Asset Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Acquired Property and Equipment | ' | ||||||||||||
The following table summarizes the acquired property and equipment and weighted average useful lives. | |||||||||||||
(In thousands) | Useful Lives | As Recorded, at Fair Value | |||||||||||
Land | $ | 39,240 | |||||||||||
Buildings and improvements | 3 through 40 years | 283,391 | |||||||||||
Furniture and equipment | 1 through 12 years | 88,069 | |||||||||||
Riverboat | 5 through 40 years | 19,393 | |||||||||||
Total property and equipment acquired | $ | 430,093 | |||||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||||||||||
The following table summarizes the acquired intangible assets and weighted average useful lives of definite-lived intangible assets. | |||||||||||||
(In thousands) | Useful Lives | As Recorded, at Fair Value | |||||||||||
Customer relationships | 4.9 years | $ | 136,300 | ||||||||||
Non-compete agreement | 0.9 years | 3,200 | |||||||||||
Trademark | Indefinite | 50,800 | |||||||||||
Gaming license rights | Indefinite | 387,201 | |||||||||||
Total intangible assets acquired | $ | 577,501 | |||||||||||
Peninsula Gaming | ' | ||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Consideration Transferred | ' | ||||||||||||
Total consideration was comprised of the following, reflecting reductions in the HoldCo Note, further defined in Note 10, Long-Term Debt, and contingent consideration of $3.7 million and $6.4 million, respectively: | |||||||||||||
(In thousands) | Total Consideration | ||||||||||||
Cash Paid to Seller | $ | 1,353,737 | |||||||||||
HoldCo Note | 109,908 | ||||||||||||
Contingent consideration - Kansas Star earn out | 3,450 | ||||||||||||
Gross Consideration | $ | 1,467,095 | |||||||||||
Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarizes the allocation of the purchase price. | |||||||||||||
The purchase price allocation below represents Peninsula’s opening balance sheet on November 20, 2012, which was initially reported in our Form 10−K for the year ended December 31, 2012. During the measurement period which ended November 20, 2013, opening balance sheet adjustments were made to finalize the preliminary fair value estimate related to goodwill. The measurement period adjustment and the related tax impact were immaterial to our consolidated financial statements. Accordingly, the effects have not been retrospectively applied. | |||||||||||||
The following table presents the components and allocation of the purchase price, including the measurement period adjustments. | |||||||||||||
(In thousands) | Preliminary purchase price allocation | Adjustments | Final purchase price allocation | ||||||||||
Current assets | $ | 48,610 | $ | — | $ | 48,610 | |||||||
Property and equipment, net | 430,093 | — | 430,093 | ||||||||||
Intangible assets | 577,501 | — | 577,501 | ||||||||||
Other assets | 49,339 | — | 49,339 | ||||||||||
Total acquired assets | 1,105,543 | — | 1,105,543 | ||||||||||
Current liabilities | 67,396 | 423 | 67,819 | ||||||||||
Other liabilities | 42,363 | — | 42,363 | ||||||||||
Total liabilities assumed | 109,759 | 423 | 110,182 | ||||||||||
Net identifiable assets acquired | 995,784 | (423 | ) | 995,361 | |||||||||
Goodwill | 481,353 | (9,619 | ) | 471,734 | |||||||||
Net assets acquired | $ | 1,477,137 | $ | (10,042 | ) | $ | 1,467,095 | ||||||
Acquiree Results Included in Financial Statements | ' | ||||||||||||
The following supplemental information presents the financial results of Peninsula included in the Company's consolidated statement of operations for the year ended December 31, 2012. | |||||||||||||
Period from | |||||||||||||
November 20 to | |||||||||||||
(In thousands) | 31-Dec-12 | ||||||||||||
Consolidated Statement of Operations | |||||||||||||
Net revenues | $ | 56,925 | |||||||||||
Net loss | $ | (5,225 | ) | ||||||||||
Pro Forma Condensed Consolidated Statement of Operations | ' | ||||||||||||
The following table presents pro forma results of the Company, as though Peninsula 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 prior to the acquisition, with adjustments directly attributable to the acquisition. | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Boyd Gaming | Boyd Gaming | ||||||||||||
Corporation | Peninsula | Corporation | |||||||||||
(In thousands) | (As Reported) | (Pro Forma) | |||||||||||
Net revenues | $ | 2,487,426 | $ | 465,188 | $ | 2,952,614 | |||||||
Net loss attributable to Boyd Gaming Corporation | $ | (908,865 | ) | $ | (43,210 | ) | $ | (952,075 | ) | ||||
Basic and diluted net loss per share | $ | (10.37 | ) | $ | (10.86 | ) | |||||||
IP Casino Resort Spa | ' | ||||||||||||
Business Acquisition [Line Items] | ' | ||||||||||||
Consideration Transferred | ' | ||||||||||||
Consideration Transferred | |||||||||||||
The fair value of the consideration transferred on the acquisition date, and included the purchase price of the net assets transferred and certain liabilities incurred on behalf of the sellers. Total consideration was comprised of the following: | |||||||||||||
(In thousands) | Total Consideration | ||||||||||||
Purchase price | $ | 287,000 | |||||||||||
Liabilities assumed on behalf of the seller | 1,881 | ||||||||||||
Working capital adjustments | (8,252 | ) | |||||||||||
Total consideration | $ | 280,629 | |||||||||||
Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarizes the recognized fair values of the assets acquired and liabilities assumed as of October 4, 2011. | |||||||||||||
(In thousands) | As Recorded, at Fair Value | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 2,173 | |||||||||||
Accounts receivable, net | 1,230 | ||||||||||||
Inventories | 1,579 | ||||||||||||
Prepaid expenses and other current assets | 6,638 | ||||||||||||
Total current assets | 11,620 | ||||||||||||
Property and equipment, net | 264,703 | ||||||||||||
Intangible assets | 28,600 | ||||||||||||
Total acquired assets | 304,923 | ||||||||||||
Liabilities | |||||||||||||
Accounts payable | 3,018 | ||||||||||||
Accrued liabilities | 14,182 | ||||||||||||
Total current liabilities | 17,200 | ||||||||||||
Other liabilities | 2,512 | ||||||||||||
Total liabilities assumed | 19,712 | ||||||||||||
Net identifiable assets | $ | 285,211 | |||||||||||
Acquiree Results Included in Financial Statements | ' | ||||||||||||
The following supplemental information presents the financial results of IP included in the Company's consolidated statement of operations for the year ended December 31, 2011. | |||||||||||||
Period from | |||||||||||||
October 4 to | |||||||||||||
(In thousands) | 31-Dec-11 | ||||||||||||
Consolidated Statement of Operations | |||||||||||||
Net revenues | $ | 44,627 | |||||||||||
Net income | $ | 3,203 | |||||||||||
Pro Forma Condensed Consolidated Statement of Operations | ' | ||||||||||||
The following table presents pro forma results of the Company, as though IP and Peninsula had been acquired as of the beginning of the earliest period presented, January 1, 2011. 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, Peninsula and IP combined prior to the acquisition, with adjustments directly attributable to the acquisition. | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Boyd Gaming | Boyd Gaming | ||||||||||||
Corporation | Combined | Corporation | |||||||||||
(In thousands) | (As Reported) | (Historical) | (Pro Forma) | ||||||||||
Net revenues | $ | 2,336,238 | $ | 457,934 | $ | 2,794,172 | |||||||
Net loss attributable to Boyd Gaming Corporation | $ | (3,854 | ) | $ | (17,063 | ) | $ | (20,917 | ) | ||||
Basic and diluted net loss per share | $ | (0.04 | ) | $ | (0.24 | ) | |||||||
Consolidation_of_Certain_Inter1
Consolidation of Certain Interests (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 106,445 | $ | 33,766 | $ | 37,627 | $ | — | $ | 177,838 | ||||||||||||
Other current assets | 13,772 | 66,586 | 30,044 | 48,414 | (1,974 | ) | 156,842 | |||||||||||||||||
Property and equipment, net | 69,309 | 1,830,200 | 439,039 | 1,167,065 | — | 3,505,613 | ||||||||||||||||||
Investments in subsidiaries | 3,265,579 | 186,063 | — | — | (3,451,642 | ) | — | |||||||||||||||||
Intercompany receivable | — | 592,785 | — | — | (592,785 | ) | — | |||||||||||||||||
Other assets, net | 43,470 | 8,110 | 72,180 | 21,708 | — | 145,468 | ||||||||||||||||||
Intangible assets, net | — | 465,259 | 545,401 | 60,000 | — | 1,070,660 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,392,130 | $ | 3,468,242 | $ | 1,592,946 | $ | 1,334,814 | $ | (4,046,401 | ) | $ | 5,741,731 | |||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,259 | $ | 3,800 | $ | — | $ | 33,559 | ||||||||||||
Current liabilities | 57,156 | 190,608 | 70,092 | 103,832 | (1,384 | ) | 420,304 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 3,507 | — | (3,507 | ) | — | |||||||||||||||||
Intercompany payable | 512,358 | — | 80,991 | 266 | (593,615 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,285,910 | — | 1,269,562 | 797,460 | — | 4,352,932 | ||||||||||||||||||
Other long-term liabilities | 45,219 | 186,591 | 25,470 | 27,219 | — | 284,499 | ||||||||||||||||||
Common stock | 1,082 | 31,124 | — | — | (31,124 | ) | 1,082 | |||||||||||||||||
Additional paid-in capital | 902,496 | 2,736,895 | 248,083 | 480,833 | (3,465,811 | ) | 902,496 | |||||||||||||||||
Retained earnings (deficit) | (432,074 | ) | 323,024 | (111,501 | ) | (78,596 | ) | (132,927 | ) | (432,074 | ) | |||||||||||||
Accumulated other comprehensive loss, net | (1,517 | ) | — | (1,517 | ) | — | 1,517 | (1,517 | ) | |||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 469,987 | 3,091,043 | 135,065 | 402,237 | (3,628,345 | ) | 469,987 | |||||||||||||||||
Noncontrolling interest | — | — | — | — | 180,450 | 180,450 | ||||||||||||||||||
Total stockholders' equity (deficit) | 469,987 | 3,091,043 | 135,065 | 402,237 | (3,447,895 | ) | 650,437 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,392,130 | $ | 3,468,242 | $ | 1,592,946 | $ | 1,334,814 | $ | (4,046,401 | ) | $ | 5,741,731 | |||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,520 | $ | 118,714 | $ | 36,619 | $ | 34,692 | $ | — | $ | 192,545 | ||||||||||||
Other current assets | 87,493 | 70,580 | 32,460 | 50,751 | (78,921 | ) | 162,363 | |||||||||||||||||
Current assets from discontinued operations | — | — | 685 | — | — | 685 | ||||||||||||||||||
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 | 457,976 | — | — | (3,547,101 | ) | — | |||||||||||||||||
Intercompany receivable | — | 264,687 | — | — | (264,687 | ) | — | |||||||||||||||||
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 operations | — | — | 37,684 | — | — | 37,684 | ||||||||||||||||||
Total assets | $ | 3,293,293 | $ | 3,627,887 | $ | 1,724,259 | $ | 1,577,463 | $ | (3,890,709 | ) | $ | 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 | ||||||||||||||||||
Current liabilities | 66,121 | 283,350 | 79,929 | 109,441 | (75,824 | ) | 463,017 | |||||||||||||||||
Current liabilities from discontinued operations | — | — | 70,864 | — | (70,000 | ) | 864 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 1,396 | — | (1,396 | ) | — | |||||||||||||||||
Intercompany payable | 134,386 | — | 58,187 | 225 | (192,798 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,723,234 | — | 1,311,295 | 793,324 | — | 4,827,853 | ||||||||||||||||||
Other long-term liabilities | 23,261 | 185,717 | 41,290 | 36,350 | 31 | 286,649 | ||||||||||||||||||
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 | ) | 361,167 | (96,973 | ) | (67,823 | ) | (196,371 | ) | (351,810 | ) | |||||||||||||
Accumulated other comprehensive loss | (962 | ) | — | (962 | ) | — | 962 | (962 | ) | |||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 303,791 | 3,148,479 | 152,569 | 413,010 | (3,714,058 | ) | 303,791 | |||||||||||||||||
Noncontrolling interest | — | — | — | — | 163,336 | 163,336 | ||||||||||||||||||
Total stockholders' equity (deficit) | 303,791 | 3,148,479 | 152,569 | 413,010 | (3,550,722 | ) | 467,127 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,293,293 | $ | 3,627,887 | $ | 1,724,259 | $ | 1,577,463 | $ | (3,890,709 | ) | $ | 6,332,193 | |||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 123,951 | $ | 1,630,420 | $ | 589,850 | $ | 697,633 | $ | (147,416 | ) | $ | 2,894,438 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,848 | 901,668 | 315,365 | 367,981 | — | 1,586,862 | ||||||||||||||||||
Selling, general and administrative | 46,880 | 231,260 | 63,349 | 148,779 | (42 | ) | 490,226 | |||||||||||||||||
Maintenance and utilities | — | 92,014 | 14,680 | 59,704 | — | 166,398 | ||||||||||||||||||
Depreciation and amortization | 6,619 | 121,893 | 90,155 | 59,746 | — | 278,413 | ||||||||||||||||||
Corporate expense | 59,128 | 119 | 4,002 | — | — | 63,249 | ||||||||||||||||||
Preopening expenses | 567 | 2,917 | 3,384 | 4,097 | (1,933 | ) | 9,032 | |||||||||||||||||
Impairment of assets | — | 14,884 | 3,200 | 5,033 | (12,734 | ) | 10,383 | |||||||||||||||||
Asset transactions costs | 1,019 | 2,316 | 2,061 | 180 | — | 5,576 | ||||||||||||||||||
Other operating items, net | 427 | 2,075 | 359 | 3,137 | — | 5,998 | ||||||||||||||||||
Intercompany expenses | 1,213 | 103,182 | 41,046 | — | (145,441 | ) | — | |||||||||||||||||
Total costs and expenses | 117,701 | 1,472,328 | 537,601 | 648,657 | (160,150 | ) | 2,616,137 | |||||||||||||||||
Equity in earnings of subsidiaries | 101,148 | (1,953 | ) | — | — | (99,195 | ) | — | ||||||||||||||||
Operating income (loss) | 107,398 | 156,139 | 52,249 | 48,976 | (86,461 | ) | 278,301 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 153,893 | 9,664 | 94,915 | 83,711 | — | 342,183 | ||||||||||||||||||
Gain (loss) on early extinguishment of debt | 25,001 | — | 3,343 | 25,858 | — | 54,202 | ||||||||||||||||||
Other, net | 137 | — | (2,227 | ) | — | — | (2,090 | ) | ||||||||||||||||
Total other expense, net | 179,031 | 9,664 | 96,031 | 109,569 | — | 394,295 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (71,633 | ) | 146,475 | (43,782 | ) | (60,593 | ) | (86,461 | ) | (115,994 | ) | |||||||||||||
Income taxes benefit (expense) | (8,631 | ) | (5,055 | ) | 5,921 | 4,415 | — | (3,350 | ) | |||||||||||||||
Income (loss) from continuing operations, net of tax | (80,264 | ) | 141,420 | (37,861 | ) | (56,178 | ) | (86,461 | ) | (119,344 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 23,524 | — | (12,734 | ) | 10,790 | |||||||||||||||||
Net income (loss) | (80,264 | ) | 141,420 | (14,337 | ) | (56,178 | ) | (99,195 | ) | (108,554 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 28,290 | 28,290 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (80,264 | ) | $ | 141,420 | $ | (14,337 | ) | $ | (56,178 | ) | $ | (70,905 | ) | $ | (80,264 | ) | |||||||
Comprehensive income (loss) | $ | (80,819 | ) | $ | 141,420 | $ | (14,892 | ) | $ | (56,178 | ) | $ | (98,640 | ) | $ | (109,109 | ) | |||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 121,806 | $ | 1,690,488 | $ | 110,464 | $ | 697,118 | $ | (137,048 | ) | $ | 2,482,828 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,822 | 938,615 | 80,666 | 371,722 | — | 1,392,825 | ||||||||||||||||||
Selling, general and administrative | 45,503 | 251,287 | 13,341 | 139,155 | — | 449,286 | ||||||||||||||||||
Maintenance and utilities | — | 92,311 | 3,574 | 58,423 | — | 154,308 | ||||||||||||||||||
Depreciation and amortization | 7,985 | 126,120 | 15,867 | 64,264 | — | 214,236 | ||||||||||||||||||
Corporate expense | 48,868 | 220 | 1,631 | — | — | 50,719 | ||||||||||||||||||
Preopening expenses | 1,863 | 14,782 | 1,327 | 4,465 | (10,896 | ) | 11,541 | |||||||||||||||||
Impairment of assets | 97,868 | 1,044,112 | — | 2,811 | (91,265 | ) | 1,053,526 | |||||||||||||||||
Asset transactions costs | 15,575 | — | 3,076 | (209 | ) | — | 18,442 | |||||||||||||||||
Other operating items, net | — | (5,503 | ) | 5 | (6,294 | ) | — | (11,792 | ) | |||||||||||||||
Intercompany expenses | 1,345 | 118,463 | 6,344 | — | (126,152 | ) | — | |||||||||||||||||
Total costs and expenses | 220,829 | 2,580,407 | 125,831 | 634,337 | (228,313 | ) | 3,333,091 | |||||||||||||||||
Equity in earnings of subsidiaries | (636,327 | ) | 71,218 | — | — | 565,109 | — | |||||||||||||||||
Operating income (loss) | (735,350 | ) | (818,701 | ) | (15,367 | ) | 62,781 | 656,374 | (850,263 | ) | ||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 161,152 | 13,827 | 18,630 | 95,226 | — | 288,835 | ||||||||||||||||||
Other, net | — | — | 137 | — | — | 137 | ||||||||||||||||||
Total other expense, net | 161,152 | 13,827 | 18,767 | 95,226 | — | 288,972 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (896,502 | ) | (832,528 | ) | (34,134 | ) | (32,445 | ) | 656,374 | (1,139,235 | ) | |||||||||||||
Income taxes benefit (expense) | (12,363 | ) | 231,854 | 19 | 1,279 | — | 220,789 | |||||||||||||||||
Income (loss) from continuing operations, net of tax | (908,865 | ) | (600,674 | ) | (34,115 | ) | (31,166 | ) | 656,374 | (918,446 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 86,636 | — | (91,265 | ) | (4,629 | ) | ||||||||||||||||
Net income (loss) | (908,865 | ) | (600,674 | ) | 52,521 | (31,166 | ) | 565,109 | (923,075 | ) | ||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 14,210 | 14,210 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (908,865 | ) | $ | (600,674 | ) | $ | 52,521 | $ | (31,166 | ) | $ | 579,319 | $ | (908,865 | ) | ||||||||
Comprehensive income (loss) | $ | (909,827 | ) | $ | (600,674 | ) | $ | 51,559 | $ | (25,627 | ) | $ | 566,071 | $ | (918,498 | ) | ||||||||
Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 123,369 | $ | 1,551,402 | $ | 51,337 | $ | 741,132 | $ | (136,396 | ) | $ | 2,330,844 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,535 | 847,423 | 52,713 | 383,041 | — | 1,284,712 | ||||||||||||||||||
Selling, general and administrative | 44,881 | 213,075 | 7,630 | 126,942 | — | 392,528 | ||||||||||||||||||
Maintenance and utilities | — | 89,090 | 1,519 | 62,167 | — | 152,776 | ||||||||||||||||||
Depreciation and amortization | 8,371 | 118,620 | 2,764 | 65,437 | — | 195,192 | ||||||||||||||||||
Corporate expense | 46,220 | 1,548 | 1,194 | — | — | 48,962 | ||||||||||||||||||
Preopening expenses | 1,776 | 15,487 | — | 229 | (10,858 | ) | 6,634 | |||||||||||||||||
Impairment of assets | — | — | — | 6,051 | — | 6,051 | ||||||||||||||||||
Asset transactions costs | 6,054 | 321 | — | 204 | — | 6,579 | ||||||||||||||||||
Other operating items, net | — | 1,281 | 4 | 143 | — | 1,428 | ||||||||||||||||||
Intercompany expenses | 1,303 | 122,331 | 1,904 | — | (125,538 | ) | — | |||||||||||||||||
Total costs and expenses | 110,140 | 1,409,176 | 67,728 | 644,214 | (136,396 | ) | 2,094,862 | |||||||||||||||||
Equity in earnings of subsidiaries | 83,412 | (2,664 | ) | — | — | (80,748 | ) | — | ||||||||||||||||
Operating income (loss) | 96,641 | 139,562 | (16,391 | ) | 96,918 | (80,748 | ) | 235,982 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 135,439 | 17,179 | — | 98,067 | — | 250,685 | ||||||||||||||||||
Gain on early retirements of debt | 20 | — | — | (6 | ) | — | 14 | |||||||||||||||||
Other, net | 265 | (4,582 | ) | — | — | — | (4,317 | ) | ||||||||||||||||
Total other expense, net | 135,724 | 12,597 | — | 98,061 | — | 246,382 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (39,083 | ) | 126,965 | (16,391 | ) | (1,143 | ) | (80,748 | ) | (10,400 | ) | |||||||||||||
Income taxes benefit (expense) | 30,679 | (34,334 | ) | 4,630 | (1,253 | ) | — | (278 | ) | |||||||||||||||
Income (loss) from continuing operations, net of tax | (8,404 | ) | 92,631 | (11,761 | ) | (2,396 | ) | (80,748 | ) | (10,678 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | 4,550 | — | (1,871 | ) | — | — | 2,679 | |||||||||||||||||
Net income (loss) | (3,854 | ) | 92,631 | (13,632 | ) | (2,396 | ) | (80,748 | ) | (7,999 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 4,145 | 4,145 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (3,854 | ) | $ | 92,631 | $ | (13,632 | ) | $ | (2,396 | ) | $ | (76,603 | ) | $ | (3,854 | ) | |||||||
Comprehensive income | $ | 3,740 | $ | 92,631 | $ | (13,632 | ) | $ | 9,166 | $ | (88,342 | ) | $ | 3,563 | ||||||||||
LVE | ' | |||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
(In thousands) | Year Ended December 31, 2012 | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | $ | 1,453 | ||||||||||||||||||||||
Assets held for development | 163,519 | |||||||||||||||||||||||
Debt financing costs, net | 2,448 | |||||||||||||||||||||||
Restricted investments | 21,382 | |||||||||||||||||||||||
Total Assets | $ | 188,802 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | 164 | ||||||||||||||||||||||
Accrued and other liabilities | 8,486 | |||||||||||||||||||||||
Current non-recourse obligations of variable interest entity | 225,113 | |||||||||||||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Noncontrolling interest | (44,961 | ) | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 188,802 | ||||||||||||||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||
he summarized impact of LVE on our consolidated statement of operations, net of consolidating entries, for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Cost and expenses | ||||||||||||||||||||||||
Selling, general and administrative | $ | — | $ | 54 | $ | — | ||||||||||||||||||
Preopening expenses | (1,933 | ) | (10,896 | ) | (10,858 | ) | ||||||||||||||||||
Operating income | 1,933 | 10,842 | 10,858 | |||||||||||||||||||||
Other expense | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | 2,377 | 12,323 | 16,753 | |||||||||||||||||||||
Net income (loss) | (444 | ) | (1,481 | ) | (5,895 | ) | ||||||||||||||||||
Net (income) loss attributable to noncontrolling interest | 444 | 1,481 | 5,895 | |||||||||||||||||||||
Net income (loss) attributable to Boyd Gaming Corporation | $ | — | $ | — | $ | — | ||||||||||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property and Equipment | ' | |||||||
The estimated useful lives of our major components of property and equipment are: | ||||||||
Building and improvements | 3 through 40 years | |||||||
Riverboats and barges | 5 through 40 years | |||||||
Furniture and equipment | 1 through 10 years | |||||||
Property and equipment, net consists of the following: | ||||||||
December 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Land | $ | 336,079 | $ | 341,174 | ||||
Buildings and improvements | 3,852,039 | 3,826,880 | ||||||
Furniture and equipment | 1,332,090 | 1,305,216 | ||||||
Riverboats and barges | 189,175 | 187,620 | ||||||
Construction in progress | 72,141 | 27,397 | ||||||
Other | 21,750 | 23,013 | ||||||
Total property and equipment | 5,803,274 | 5,711,300 | ||||||
Less accumulated depreciation | 2,297,661 | 2,123,986 | ||||||
Property and equipment, net | $ | 3,505,613 | $ | 3,587,314 | ||||
Assets_Held_for_Development_Ta
Assets Held for Development (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Assets Held for Development [Abstract] | ' | |||
Assets Held for Development | ' | |||
Assets held for development, which was comprised of assets associated with the site of our Echelon project, consisted of the following: | ||||
December 31, | ||||
(In thousands) | 2012 | |||
Echelon Project Infrastructure | ||||
Land | $ | 453,013 | ||
Construction and development costs | 499,842 | |||
Project management and other costs | 115,712 | |||
Professional and design fees | 93,545 | |||
Central Energy Facility | ||||
Construction and development costs | 163,519 | |||
Total assets held for development | 1,325,631 | |||
Impairment | 993,861 | |||
Total assets held for development, net of impairment | $ | 331,770 | ||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Intangible Assets | ' | |||||||||||||||||||||||||||
Intangible assets consist of the following: | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||||||||||||
Customer relationships | 3.6 years | $ | 154,000 | $ | (68,733 | ) | $ | — | $ | 85,267 | ||||||||||||||||||
Non-competition agreement | — | 3,200 | (3,200 | ) | — | — | ||||||||||||||||||||||
Favorable lease rates | 34.4 years | 45,370 | (9,912 | ) | — | 35,458 | ||||||||||||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||||||||||||
223,943 | (81,845 | ) | — | 142,098 | ||||||||||||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||||||||||||
Trademarks | Indefinite | 196,487 | — | (8,200 | ) | 188,287 | ||||||||||||||||||||||
Gaming license rights | Indefinite | 955,135 | (33,960 | ) | (180,900 | ) | 740,275 | |||||||||||||||||||||
1,151,622 | (33,960 | ) | (189,100 | ) | 928,562 | |||||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,375,565 | $ | (115,805 | ) | $ | (189,100 | ) | $ | 1,070,660 | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||||||||||||
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 | ||||||||||||||||||
Schedule of Changes in Intangible Assets | ' | |||||||||||||||||||||||||||
The following table sets forth the changes in these intangible assets during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
(In thousands) | Customer Relationships | Non-competition Agreement | Favorable Lease Rates | Development Agreements | Trademarks | Gaming License Rights | Intangible Assets, Net | |||||||||||||||||||||
Balance, January 1, 2011 | $ | 14,000 | $ | — | $ | 38,588 | $ | — | $ | 115,700 | $ | 371,426 | $ | 539,714 | ||||||||||||||
Additions | 3,300 | — | — | 21,373 | 25,300 | — | 49,973 | |||||||||||||||||||||
Impairments | — | — | — | — | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||||
Amortization | (9,626 | ) | — | (1,043 | ) | — | — | — | (10,669 | ) | ||||||||||||||||||
Balance, December 31, 2011 | 7,674 | — | 37,545 | 21,373 | 136,000 | 371,426 | 574,018 | |||||||||||||||||||||
Additions | 136,300 | 3,200 | — | — | 50,800 | 387,249 | 577,549 | |||||||||||||||||||||
Impairments | — | — | — | — | — | (17,500 | ) | (17,500 | ) | |||||||||||||||||||
Amortization | (13,033 | ) | (354 | ) | (1,042 | ) | — | — | — | (14,429 | ) | |||||||||||||||||
Balance, December 31, 2012 | 130,941 | 2,846 | 36,503 | 21,373 | 186,800 | 741,175 | 1,119,638 | |||||||||||||||||||||
Additions | — | — | — | — | 4,687 | — | 4,687 | |||||||||||||||||||||
Impairments | — | — | — | — | (3,200 | ) | (900 | ) | (4,100 | ) | ||||||||||||||||||
Amortization | (45,674 | ) | (2,846 | ) | (1,045 | ) | — | — | — | (49,565 | ) | |||||||||||||||||
Balance, December 31, 2013 | $ | 85,267 | $ | — | $ | 35,458 | $ | 21,373 | $ | 188,287 | $ | 740,275 | $ | 1,070,660 | ||||||||||||||
Schedule of Expected Amortization Expense | ' | |||||||||||||||||||||||||||
Future amortization is as follows: | ||||||||||||||||||||||||||||
(In thousands) | Customer Relationships | Favorable Lease Rates | Total | |||||||||||||||||||||||||
For the year ending December 31, | ||||||||||||||||||||||||||||
2014 | $ | 33,309 | $ | 1,043 | $ | 34,352 | ||||||||||||||||||||||
2015 | 25,652 | 1,043 | 26,695 | |||||||||||||||||||||||||
2016 | 14,870 | 1,043 | 15,913 | |||||||||||||||||||||||||
2017 | 11,436 | 1,043 | 12,479 | |||||||||||||||||||||||||
2018 | — | 1,043 | 1,043 | |||||||||||||||||||||||||
Thereafter | — | 30,243 | 30,243 | |||||||||||||||||||||||||
Total future amortization | $ | 85,267 | $ | 35,458 | $ | 120,725 | ||||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill [Abstract] | ' | |||||||||||||||
Schedule of Goodwill By Segment | ' | |||||||||||||||
Goodwill consists of the following: | ||||||||||||||||
(In thousands) | Gross Carrying Value | Cumulative Amortization | Cumulative Impairment Losses | Goodwill, Net | ||||||||||||
Goodwill, net by Reportable Segment: | ||||||||||||||||
Las Vegas Locals | $ | 378,192 | $ | — | $ | (165,479 | ) | $ | 212,713 | |||||||
Downtown Las Vegas | 6,997 | (6,134 | ) | — | 863 | |||||||||||
Midwest and South | 50,671 | — | (50,671 | ) | — | |||||||||||
Peninsula | 471,734 | — | — | 471,734 | ||||||||||||
Balance, December 31, 2013 | $ | 907,594 | $ | (6,134 | ) | $ | (216,150 | ) | $ | 685,310 | ||||||
Schedule of Changes in Goodwill, Net | ' | |||||||||||||||
The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||
(In thousands) | Goodwill, Net | |||||||||||||||
Balance, January 1, 2011 | $ | 213,576 | ||||||||||||||
Additions | — | |||||||||||||||
Impairments | — | |||||||||||||||
Balance, December 31, 2011 | 213,576 | |||||||||||||||
Additions | 481,353 | |||||||||||||||
Impairments | — | |||||||||||||||
Balance, December 31, 2012 | 694,929 | |||||||||||||||
Additions | — | |||||||||||||||
Impairments | — | |||||||||||||||
Final purchase price adjustment | (9,619 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 685,310 | ||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities consist of the following: | ||||||||
December 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Payroll and related expenses | $ | 90,602 | $ | 86,448 | ||||
Interest | 47,497 | 67,145 | ||||||
Gaming liabilities | 83,304 | 85,561 | ||||||
Accrued expenses and other liabilities | 120,544 | 124,578 | ||||||
Total accrued liabilities | $ | 341,947 | $ | 363,732 | ||||
NonRecourse_Obligations_of_Var1
Non-Recourse Obligations of Variable Interest Entity (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Non Recourse Obligations of Variable Interest Entity [Abstract] | ' | |||
Schedule of Non-Recourse Obligations of Variable Interest Entity | ' | |||
The non-recourse obligations of variable interest entity represent the outstanding debt of LVE and is comprised of the following: | ||||
December 31, | ||||
(In thousands) | 2012 | |||
Non-recourse obligations of variable interest entity, current: | ||||
Notes payable to members | $ | 33,061 | ||
Construction and term loan facility | 119,052 | |||
Tax-exempt variable rate bonds | 73,000 | |||
Total non-recourse obligations of variable interest entity | $ | 225,113 | ||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||
Long-term debt, net of current maturities consists of the following: | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Unamortized | ||||||||||||||||
Outstanding | Unamortized | Origination | Long-Term | |||||||||||||
(In thousands) | Principal | Discount | Fees | Debt, Net | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
New Credit Facility | $ | 1,467,725 | $ | (4,233 | ) | $ | — | $ | 1,463,492 | |||||||
9.125% senior notes due 2018 | 500,000 | — | (6,082 | ) | 493,918 | |||||||||||
9.00% senior notes due 2020 | 350,000 | — | — | 350,000 | ||||||||||||
HoldCo Note | 143,030 | (17,371 | ) | — | 125,659 | |||||||||||
2,460,755 | (21,604 | ) | (6,082 | ) | 2,433,069 | |||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 802,150 | — | — | 802,150 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | — | — | 350,000 | ||||||||||||
Other | 12 | — | — | 12 | ||||||||||||
1,152,162 | — | — | 1,152,162 | |||||||||||||
Total Boyd Debt | 3,612,917 | (21,604 | ) | (6,082 | ) | 3,585,231 | ||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 39,900 | — | — | 39,900 | ||||||||||||
Incremental term loan | 380,000 | (3,766 | ) | — | 376,234 | |||||||||||
9.875% senior secured notes due 2018 | 393,500 | (6,563 | ) | (1,811 | ) | 385,126 | ||||||||||
Total Borgata Debt | 813,400 | (10,329 | ) | (1,811 | ) | 801,260 | ||||||||||
Less current maturities | 33,559 | — | — | 33,559 | ||||||||||||
Long-term debt, net | $ | 4,392,758 | $ | (31,933 | ) | $ | (7,893 | ) | $ | 4,352,932 | ||||||
December 31, 2012 | ||||||||||||||||
Unamortized | ||||||||||||||||
Outstanding | Unamortized | Origination | Long-Term | |||||||||||||
(In thousands) | Principal | Discount | Fees | Debt, Net | ||||||||||||
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 Segment 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 | ||||||||||
Total Borgata Debt | 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 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 | ||||||||||||||
The net amounts outstanding under the New Credit Facility at December 31, 2013, were: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Revolving Credit Facility | $ | 295,000 | ||||||||||||||
Term A Loan | 246,875 | |||||||||||||||
Term B Loan | 897,750 | |||||||||||||||
Swing Loan | 23,867 | |||||||||||||||
Total outstanding borrowings under the New Credit Facility | $ | 1,463,492 | ||||||||||||||
Maximum Total Leverage Ratio | ' | |||||||||||||||
The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the New Credit Facility. | ||||||||||||||||
Maximum Total | ||||||||||||||||
For the Four Fiscal Quarters Ending | Leverage Ratio | |||||||||||||||
September 30, 2013 through December 31, 2015 | 8.5 | to | 1 | |||||||||||||
March 31, 2016 through December 31, 2016 | 8.25 | to | 1 | |||||||||||||
March 31, 2017 through December 31, 2017 | 8 | to | 1 | |||||||||||||
March 31, 2018 and thereafter | 7.75 | to | 1 | |||||||||||||
Maximum Secured Leverage Ratio | ' | |||||||||||||||
The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the New Credit Facility. | ||||||||||||||||
Maximum Secured | ||||||||||||||||
For the Four Fiscal Quarters Ending | Leverage Ratio | |||||||||||||||
September 30, 2013 through December 31, 2014 | 5 | to | 1 | |||||||||||||
March 31, 2015 through December 31, 2016 | 4.75 | to | 1 | |||||||||||||
March 31, 2017 through December 31, 2017 | 4.5 | to | 1 | |||||||||||||
March 31, 2018 and thereafter | 4.25 | to | 1 | |||||||||||||
Maximum Consolidated Leverage Ratio | ' | |||||||||||||||
The following table provides our maximum Consolidated Leverage Ratio during the remaining term of the Peninsula Credit Facility. | ||||||||||||||||
Maximum Consolidated | ||||||||||||||||
For the Trailing Four Quarters Ending | Leverage Ratio | |||||||||||||||
December 31 2013 through June 30, 2014 | 7 | to | 1 | |||||||||||||
September 30, 2014 through December 31, 2014 | 6.75 | to | 1 | |||||||||||||
March 31, 2015 through June 30, 2015 | 6.5 | to | 1 | |||||||||||||
September 30, 2015 through December 31, 2015 | 6.25 | to | 1 | |||||||||||||
March 31, 2016 through June 30, 2016 | 6 | to | 1 | |||||||||||||
September 30, 2016 through December 31, 2016 | 5.75 | to | 1 | |||||||||||||
March 31, 2107 through June 30, 2017 | 5.5 | to | 1 | |||||||||||||
September 30, 2017 and thereafter | 5.25 | to | 1 | |||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||
The scheduled maturities of long-term debt, as discussed above, are as follows: | ||||||||||||||||
(In thousands) | Boyd Gaming | Peninsula Segment | Borgata | Total | ||||||||||||
For the year ending December 31, | ||||||||||||||||
2014 | $ | 21,500 | $ | 8,259 | $ | 3,800 | $ | 33,559 | ||||||||
2015 | 21,500 | 8,253 | 3,800 | 33,553 | ||||||||||||
2016 | 21,500 | 8,250 | 3,800 | 33,550 | ||||||||||||
2017 | 21,500 | 777,400 | 3,800 | 802,700 | ||||||||||||
2018 | 1,172,005 | 350,000 | 798,200 | 2,320,205 | ||||||||||||
Thereafter | 1,202,750 | — | — | 1,202,750 | ||||||||||||
Total outstanding principal of long-term debt | $ | 2,460,755 | $ | 1,152,162 | $ | 813,400 | $ | 4,426,317 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Deferred Tax Assets and Liabilities | ' | |||||||||||
Deferred tax assets and liabilities presented on the consolidated balance sheets are as follows: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Current deferred tax liability | $ | 2,879 | $ | 7,473 | ||||||||
Non-current deferred tax liability | 155,218 | 139,943 | ||||||||||
Current deferred tax asset | 5,374 | 3,561 | ||||||||||
Net deferred tax liability | $ | 152,723 | $ | 143,855 | ||||||||
Components Comprising Deferred Tax Assets and Liabilities | ' | |||||||||||
The components comprising our deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Deferred tax assets | ||||||||||||
Federal net operating loss carryforwards | $ | 367,182 | $ | 39,996 | ||||||||
State net operating loss carryforwards | 43,785 | 26,230 | ||||||||||
Share-based compensation | 30,317 | 28,532 | ||||||||||
Reserve for employee benefits | 16,996 | 14,647 | ||||||||||
Preopening expense | 8,544 | 8,155 | ||||||||||
Tax credit carryforwards | 6,635 | 4,309 | ||||||||||
Provision for doubtful accounts | 3,731 | 3,709 | ||||||||||
Reserve differential for gaming activities | 40 | 2,510 | ||||||||||
Difference between book and tax basis of property | — | 114,742 | ||||||||||
Other | 14,478 | 16,322 | ||||||||||
Gross deferred tax assets | 491,708 | 259,152 | ||||||||||
Valuation allowance | (243,448 | ) | (204,583 | ) | ||||||||
Deferred tax assets, net of valuation allowance | 248,260 | 54,569 | ||||||||||
Deferred tax liabilities | ||||||||||||
Difference between book and tax basis of property | 185,535 | — | ||||||||||
Difference between book and tax basis of intangible assets | 175,964 | 161,214 | ||||||||||
State tax liability, net of federal benefit | 23,073 | 19,389 | ||||||||||
Prepaid services and supplies | 9,523 | 11,068 | ||||||||||
Gain on early retirement of debt | 6,732 | 6,731 | ||||||||||
Other | 156 | 22 | ||||||||||
Gross deferred tax liabilities | 400,983 | 198,424 | ||||||||||
Deferred tax liabilities, net | $ | 152,723 | $ | 143,855 | ||||||||
Summary of Provision (Benefit) for Income Taxes | ' | |||||||||||
A summary of the provision (benefit) for income taxes is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Current | ||||||||||||
Federal | $ | — | $ | (235 | ) | $ | (550 | ) | ||||
State | 368 | 286 | 2,603 | |||||||||
Total current taxes provision (benefit) | 368 | 51 | 2,053 | |||||||||
Deferred | ||||||||||||
Federal | 5,666 | (215,711 | ) | (4,730 | ) | |||||||
State | (2,684 | ) | (5,129 | ) | 2,955 | |||||||
Total deferred taxes provision (benefit) | 2,982 | (220,840 | ) | (1,775 | ) | |||||||
Provision (benefit) for income taxes from continuing operations | $ | 3,350 | $ | (220,789 | ) | $ | 278 | |||||
Provision (benefit) for income taxes included on the consolidated statement of operations | ||||||||||||
Provision (benefit) for income taxes from continuing operations | $ | 3,350 | $ | (220,789 | ) | $ | 278 | |||||
Provision (benefit) for income taxes from discontinued operations | 5,884 | 17 | 1,443 | |||||||||
Provision (benefit) for income taxes from continuing and discontinued operations | $ | 9,234 | $ | (220,772 | ) | $ | 1,721 | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a | ||||||||||||
percentage of income from continuing operations before income taxes, for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Tax at federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Valuation allowance for deferred tax assets | (35.1 | )% | (15.4 | )% | — | % | ||||||
Noncontrolling interests | (9.4 | )% | (0.5 | )% | (16.7 | )% | ||||||
Accrued interest on uncertain tax benefits | 3.7 | % | — | % | (9.7 | )% | ||||||
State income taxes, net of federal benefit | 2 | % | 0.4 | % | (31.8 | )% | ||||||
Compensation-based credits | 1.4 | % | 0.1 | % | 9.9 | % | ||||||
Company provided benefits | 0.1 | % | (0.1 | )% | (4.2 | )% | ||||||
Nontaxable gain on acquisition | — | % | — | % | 15.4 | % | ||||||
Other, net | (0.6 | )% | (0.1 | )% | (0.6 | )% | ||||||
Effective tax rate | (2.9 | )% | 19.4 | % | (2.7 | )% | ||||||
Reconciliation of Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Unrecognized tax benefit, beginning of year | $ | 38,423 | $ | 42,320 | $ | 38,336 | ||||||
Additions: | ||||||||||||
Tax positions related to current year | 562 | 1,468 | 1,438 | |||||||||
Tax positions related to prior years | 138 | 15,456 | 3,718 | |||||||||
Reductions: | ||||||||||||
Tax positions related to prior years | (2,064 | ) | (10,969 | ) | (1,172 | ) | ||||||
Settlement with taxing authorities | — | (9,852 | ) | — | ||||||||
Unrecognized tax benefits | $ | 37,059 | $ | 38,423 | $ | 42,320 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Future Minimum Lease Payments under Noncancelable Operating Leases | ' | |||||||||||
Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases, as of December 31, 2013 are as follows: | ||||||||||||
(In thousands) | Boyd Gaming Lease Obligations | Borgata Lease Obligations | Total Lease Obligations | |||||||||
For the Year Ending December 31, | ||||||||||||
2014 | $ | 13,263 | $ | 7,586 | $ | 20,849 | ||||||
2015 | 12,577 | 6,881 | 19,458 | |||||||||
2016 | 12,459 | 6,606 | 19,065 | |||||||||
2017 | 12,280 | 6,382 | 18,662 | |||||||||
2018 | 11,301 | 6,382 | 17,683 | |||||||||
Thereafter | 408,276 | 317,549 | 725,825 | |||||||||
$ | 470,156 | $ | 351,386 | $ | 821,542 | |||||||
Schedule of Future Minimum Rental Income | ' | |||||||||||
Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties, as of December 31, 2013 are as follows: | ||||||||||||
(In thousands) | Boyd Gaming Rental Income | Borgata Rental Income | Total Rental Income | |||||||||
For the Year Ending December 31, | ||||||||||||
2014 | $ | 881 | $ | 1,706 | $ | 2,587 | ||||||
2015 | 751 | 1,706 | 2,457 | |||||||||
2016 | 603 | 1,413 | 2,016 | |||||||||
2017 | 515 | 1,342 | 1,857 | |||||||||
2018 | 370 | 1,342 | 1,712 | |||||||||
Thereafter | 319 | 6,327 | 6,646 | |||||||||
$ | 3,439 | $ | 13,836 | $ | 17,275 | |||||||
Stockholders_Equity_and_Stock_1
Stockholders' Equity and Stock Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock Option Plan Activity | ' | ||||||||||||||||
Summarized stock option plan activity for the years ended December 31, 2013, 2012 and 2011 is as follows. | |||||||||||||||||
Options | Weighted Average Option Price | Weighted Average Remaining Term | Aggregate Intrinsic Value | ||||||||||||||
(In years) | (In thousands) | ||||||||||||||||
Outstanding at January 1, 2011 | 10,519,503 | $ | 25.76 | ||||||||||||||
Granted | 541,340 | 6.74 | |||||||||||||||
Canceled | (316,743 | ) | 29.91 | ||||||||||||||
Exercised | (72,757 | ) | 5.46 | ||||||||||||||
Outstanding at December 31, 2011 | 10,671,343 | 24.81 | |||||||||||||||
Granted | 537,840 | 5.22 | |||||||||||||||
Canceled | (366,344 | ) | 21.4 | ||||||||||||||
Exercised | (16,835 | ) | 6.95 | ||||||||||||||
Outstanding at December 31, 2012 | 10,826,004 | 23.98 | |||||||||||||||
Granted | 544,330 | 9.86 | |||||||||||||||
Canceled | (378,202 | ) | 20.67 | ||||||||||||||
Exercised | (1,848,222 | ) | 7.44 | ||||||||||||||
Outstanding at December 31, 2013 | 9,143,910 | $ | 26.62 | 4.3 | $ | 12,783 | |||||||||||
Exercisable at December 31, 2012 | 9,545,547 | $ | 26.31 | 4.5 | $ | 47 | |||||||||||
Exercisable at December 31, 2013 | 8,061,747 | $ | 29.15 | 3.6 | $ | 9,037 | |||||||||||
Information About Stock Options Outstanding and Exercisable | ' | ||||||||||||||||
The following table summarizes the information about stock options outstanding and exercisable at December 31, 2013. | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted-Average Remaining Contractual Life (Years) | Weighted-Average Exercise Price | Number Exercisable | Weighted-Average Exercise Price | ||||||||||||
$5.22-$6.70 | 1,208,407 | 7.8 | $ | 6.03 | 670,574 | $ | 6.28 | ||||||||||
7.55-7.55 | 709,560 | 5.8 | 7.55 | 709,560 | 7.55 | ||||||||||||
8.34-8.34 | 1,048,953 | 6.8 | 8.34 | 1,048,953 | 8.34 | ||||||||||||
9.86-33.31 | 648,830 | 8.5 | 12.12 | 104,500 | 23.87 | ||||||||||||
36.76-36.76 | 1,425,163 | 0.9 | 36.76 | 1,425,163 | 36.76 | ||||||||||||
38.11-38.11 | 491,000 | 3.9 | 38.11 | 491,000 | 38.11 | ||||||||||||
39.00-39.00 | 1,309,500 | 2.8 | 39 | 1,309,500 | 39 | ||||||||||||
39.78-39.78 | 1,013,500 | 3.8 | 39.78 | 1,013,500 | 39.78 | ||||||||||||
39.96-39.96 | 1,254,997 | 1.8 | 39.96 | 1,254,997 | 39.96 | ||||||||||||
42.69-52.35 | 34,000 | 2.4 | 44.53 | 34,000 | 44.53 | ||||||||||||
5.22-52.35 | 9,143,910 | 4.3 | $ | 26.62 | 8,061,747 | $ | 29.15 | ||||||||||
RSU Activity | ' | ||||||||||||||||
Summarized RSU activity for the years ended December 31, 2013, 2012 and 2011 is as follows. | |||||||||||||||||
Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2011 | 1,436,095 | ||||||||||||||||
Granted | 765,516 | $6.96 | |||||||||||||||
Canceled | (41,340 | ) | |||||||||||||||
Awarded | (310,881 | ) | |||||||||||||||
Outstanding at December 31, 2011 | 1,849,390 | ||||||||||||||||
Granted | 860,376 | $5.51 | |||||||||||||||
Canceled | (9,781 | ) | |||||||||||||||
Awarded | (328,838 | ) | |||||||||||||||
Outstanding at December 31, 2012 | 2,371,147 | ||||||||||||||||
Granted | 1,018,978 | $10.03 | |||||||||||||||
Canceled | (46,131 | ) | |||||||||||||||
Awarded | (588,195 | ) | |||||||||||||||
Outstanding at December 31, 2013 | 2,755,799 | ||||||||||||||||
PSU Activity | ' | ||||||||||||||||
Summarized PSU activity for the years ended December 31, 2013, 2012 and 2011 is as follows. | |||||||||||||||||
Performance Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2011 | — | ||||||||||||||||
Granted | 406,602 | $6.70 | |||||||||||||||
Canceled | — | ||||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2011 | 406,602 | ||||||||||||||||
Granted | 423,955 | $5.24 | |||||||||||||||
Canceled | (1,427 | ) | |||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2012 | 829,130 | ||||||||||||||||
Granted | — | ||||||||||||||||
Canceled | (7,497 | ) | |||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2013 | 821,633 | ||||||||||||||||
Career Shares Activity | ' | ||||||||||||||||
Summarized Career Shares activity for the years ended December 31, 2013, 2012 and 2011 is as follows. | |||||||||||||||||
Career Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding at January 1, 2011 | 432,862 | ||||||||||||||||
Granted | 113,495 | $10.81 | |||||||||||||||
Canceled | (6,668 | ) | |||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2011 | 539,689 | ||||||||||||||||
Granted | 163,137 | $7.69 | |||||||||||||||
Canceled | — | ||||||||||||||||
Awarded | — | ||||||||||||||||
Outstanding at December 31, 2012 | 702,826 | ||||||||||||||||
Granted | 200,043 | $6.78 | |||||||||||||||
Canceled | (125 | ) | |||||||||||||||
Awarded | (8,437 | ) | |||||||||||||||
Outstanding at December 31, 2013 | 894,307 | ||||||||||||||||
Share-based Compensation Costs by Award Plan | ' | ||||||||||||||||
The following table summarizes our share-based compensation costs by award type. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Stock Options | $ | 2,666 | $ | 4,634 | $ | 4,850 | |||||||||||
Restricted Stock Units | 10,610 | 5,816 | 3,062 | ||||||||||||||
Performance Stock Units | 3,678 | 729 | 76 | ||||||||||||||
Career Shares | 1,937 | 1,068 | 2,008 | ||||||||||||||
Total shared-based compensation costs | $ | 18,891 | $ | 12,247 | $ | 9,996 | |||||||||||
Classification Detail of Share-based Employee Compensation 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. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Gaming | $ | 351 | $ | 233 | $ | 192 | |||||||||||
Food and beverage | 67 | 44 | 37 | ||||||||||||||
Room | 32 | 21 | 17 | ||||||||||||||
Selling, general and administrative | 1,787 | 1,183 | 977 | ||||||||||||||
Corporate expense | 16,654 | 10,766 | 8,773 | ||||||||||||||
Total shared-based compensation expense | $ | 18,891 | $ | 12,247 | $ | 9,996 | |||||||||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Schedule of Changes in Noncontrolling Interest | ' | |||||||||||||||
The activity comprising the noncontrolling interests is as follows: | ||||||||||||||||
(In thousands) | Holding Company | LVE | Other | Total | ||||||||||||
Beginning balance, January 1, 2011 | $ | 219,256 | $ | (47,092 | ) | $ | — | $ | 172,164 | |||||||
Attributable net income (loss) | 1,750 | (5,895 | ) | — | (4,145 | ) | ||||||||||
Comprehensive income | — | 3,968 | — | 3,968 | ||||||||||||
Balance, December 31, 2011 | 221,006 | (49,019 | ) | — | 171,987 | |||||||||||
Capital investment | — | — | 20 | 20 | ||||||||||||
Attributable net income (loss) | (12,729 | ) | (1,481 | ) | — | (14,210 | ) | |||||||||
Comprehensive income | — | 5,539 | — | 5,539 | ||||||||||||
Balance, December 31, 2012 | 208,277 | (44,961 | ) | 20 | 163,336 | |||||||||||
Attributable net income (loss) | (27,847 | ) | (443 | ) | — | (28,290 | ) | |||||||||
Comprehensive income | — | 45,404 | — | 45,404 | ||||||||||||
Balance, December 31, 2013 | $ | 180,430 | $ | — | $ | 20 | $ | 180,450 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||
The following tables show the fair values of certain of our financial instruments. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 177,838 | $ | 177,838 | $ | — | $ | — | ||||||||
Restricted cash | 20,686 | 20,686 | — | — | ||||||||||||
CRDA deposits | 4,613 | — | — | 4,613 | ||||||||||||
Investment available for sale | 17,128 | — | — | 17,128 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 1,125 | $ | — | $ | — | $ | 1,125 | ||||||||
Contingent payments | 4,343 | — | — | 4,343 | ||||||||||||
31-Dec-12 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
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, Level 3 Inputs | ' | |||||||||||||||
The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities for the year ended December 31, 2013. | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
(In thousands) | Investment | CRDA | Merger | Contingent | ||||||||||||
Available for | Deposits | Earnout | Payments | |||||||||||||
Sale | ||||||||||||||||
Balance at January 1, 2013 | $ | 17,907 | $ | 28,464 | $ | (9,800 | ) | $ | (4,563 | ) | ||||||
Deposits | — | 6,651 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 106 | (7,825 | ) | 2,325 | (672 | ) | ||||||||||
Included in other comprehensive income (loss) | (555 | ) | — | — | — | |||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | (330 | ) | (22,677 | ) | — | 892 | ||||||||||
Purchase price adjustment | — | — | 6,350 | — | ||||||||||||
Ending balance at December 31, 2013 | $ | 17,128 | $ | 4,613 | $ | (1,125 | ) | $ | (4,343 | ) | ||||||
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 | $ | 106 | $ | — | $ | — | $ | — | ||||||||
Included in interest expense | — | — | — | (767 | ) | |||||||||||
Included in non-operating income | — | — | — | 95 | ||||||||||||
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 | 10.9 | % | ||||||||||||
CRDA deposits | Valuation allowance | Reserves | 33.3 | % | ||||||||||||
Merger earnout | Probability-based model | Estimated probability | 5 | % | ||||||||||||
Contingent payments | Discounted cash flow | Discount rate | 18.5 | % | ||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | ' | |||||||||||||||
The following tables provide the fair value measurement information about our note receivable, obligation under minimum assessment agreements and other financial instruments at December 31, 2013 and 2012. | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 37,783 | $ | 28,980 | $ | 27,608 | Level 3 | |||||||||
Other financial instruments | 400 | 343 | 343 | Level 3 | ||||||||||||
31-Dec-12 | ||||||||||||||||
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 | ' | |||||||||||||||
The following table provides the fair value measurement information about our long-term debt at December 31, 2013 and December 31, 2012. | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
New Credit Facility | $ | 1,467,725 | $ | 1,463,492 | $ | 1,469,969 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 493,918 | 543,750 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 383,250 | Level 1 | ||||||||||||
HoldCo Note | 143,030 | 125,659 | 125,659 | Level 3 | ||||||||||||
2,460,755 | 2,433,069 | 2,522,628 | ||||||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 802,150 | 802,150 | 814,941 | Level 2 | ||||||||||||
8.375% Senior Notes due 2018 | 350,000 | 350,000 | 381,500 | Level 2 | ||||||||||||
Other | 12 | 12 | 12 | Level 3 | ||||||||||||
1,152,162 | 1,152,162 | 1,196,453 | ||||||||||||||
Total Boyd Debt | 3,612,917 | 3,585,231 | 3,719,081 | |||||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 39,900 | 39,900 | 39,900 | Level 2 | ||||||||||||
Incremental term loan | 380,000 | 376,234 | 381,900 | Level 2 | ||||||||||||
9.875% senior secured notes due 2018 | 393,500 | 385,126 | 425,472 | Level 1 | ||||||||||||
813,400 | 801,260 | 847,272 | ||||||||||||||
Total debt | $ | 4,426,317 | $ | 4,386,491 | $ | 4,566,353 | ||||||||||
31-Dec-12 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
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 Segment 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 2 | ||||||||||||
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 | ||||||||||||
811,500 | 793,324 | 796,100 | ||||||||||||||
Total debt | $ | 4,955,803 | $ | 4,889,423 | $ | 4,989,243 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Composition of Segments | ' | |||||||||||
Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey which we aggregate in order to present the following five reportable segments: | ||||||||||||
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, Iowa | |||||||||||
Diamond Jo Worth | Northwood, Iowa | |||||||||||
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana | |||||||||||
Amelia Belle Casino | Amelia, Louisiana | |||||||||||
Kansas Star Casino | Mulvane, Kansas | |||||||||||
Borgata | ||||||||||||
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 (loss), as reported in our accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Net Revenues | ||||||||||||
Las Vegas Locals | $ | 591,447 | $ | 591,306 | $ | 604,965 | ||||||
Downtown Las Vegas | 222,715 | 224,178 | 224,250 | |||||||||
Midwest and South | 864,247 | 924,197 | 771,355 | |||||||||
Peninsula | 520,329 | 56,925 | — | |||||||||
Borgata | 695,700 | 686,222 | 730,274 | |||||||||
Reportable Segment Net Revenues | $ | 2,894,438 | $ | 2,482,828 | $ | 2,330,844 | ||||||
Reportable Segment Adjusted EBITDA | ||||||||||||
Las Vegas Locals | $ | 137,501 | $ | 128,742 | $ | 145,848 | ||||||
Downtown Las Vegas | 35,036 | 32,832 | 35,214 | |||||||||
Midwest and South | 179,976 | 192,349 | 167,101 | |||||||||
Peninsula | 185,269 | 21,152 | — | |||||||||
Borgata | 119,237 | 116,976 | 158,126 | |||||||||
Adjusted EBITDA | 657,019 | 492,051 | 506,289 | |||||||||
Other operating costs and expenses | ||||||||||||
Corporate expense | 46,594 | 39,954 | 40,189 | |||||||||
Deferred rent | 3,831 | 3,984 | 4,136 | |||||||||
Depreciation and amortization | 278,413 | 214,236 | 195,343 | |||||||||
Preopening expenses | 9,032 | 11,541 | 6,634 | |||||||||
Share-based compensation expense | 18,891 | 12,247 | 9,997 | |||||||||
Impairments of assets | 10,383 | 1,053,526 | 6,255 | |||||||||
Asset transactions costs | 5,576 | 18,442 | 6,375 | |||||||||
Other operating charges, net | 5,998 | (11,616 | ) | 1,378 | ||||||||
Total other operating costs and expenses | 378,718 | 1,342,314 | 270,307 | |||||||||
Operating income (loss) | $ | 278,301 | $ | (850,263 | ) | $ | 235,982 | |||||
Reconciliation of Assets from Segment to Consolidated | ' | |||||||||||
The Company's total assets, by Reportable Segment, consisted of the following amounts at December 31, 2013 and 2012: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | ||||||||||
Assets | ||||||||||||
Las Vegas Locals | $ | 1,190,234 | $ | 1,215,494 | ||||||||
Downtown Las Vegas | 125,618 | 133,689 | ||||||||||
Midwest and South | 1,349,155 | 1,367,063 | ||||||||||
Peninsula | 1,511,606 | 1,604,778 | ||||||||||
Borgata | 1,334,714 | 1,388,562 | ||||||||||
Total Reportable Segment assets | 5,511,327 | 5,709,586 | ||||||||||
Corporate | 230,267 | 395,436 | ||||||||||
Other | 137 | 227,171 | ||||||||||
Total assets | $ | 5,741,731 | $ | 6,332,193 | ||||||||
Capital Expenditures by Reportable Segment | ' | |||||||||||
The Company's capital expenditures for the years ended December 31, 2013, 2012 and 2011, by Reportable Segment, consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Capital Expenditures: | ||||||||||||
Las Vegas Locals | $ | 30,861 | $ | 23,349 | $ | 15,782 | ||||||
Downtown Las Vegas | 5,505 | 7,248 | 4,420 | |||||||||
Midwest and South | 39,589 | 60,572 | 19,770 | |||||||||
Peninsula | 27,094 | 7,606 | — | |||||||||
Borgata | 22,357 | 34,742 | 32,626 | |||||||||
Total Reportable Segment Capital Expenditures | 125,406 | 133,517 | 72,598 | |||||||||
Corporate | 12,173 | (25,580 | ) | 11,859 | ||||||||
Other | 28 | 286 | — | |||||||||
Total Capital Expenditures | 137,607 | 108,223 | 84,457 | |||||||||
Change in Accrued Property Additions | 6,913 | 17,331 | 2,662 | |||||||||
Cash-Based Capital Expenditures | $ | 144,520 | $ | 125,554 | $ | 87,119 | ||||||
The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries. |
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Information | ' | |||||||||||||||||||
The following table presents selected quarterly financial information for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Year | |||||||||||||||
Summary Operating Results: | ||||||||||||||||||||
Net revenues | $ | 735,584 | $ | 738,748 | $ | 738,569 | $ | 681,537 | $ | 2,894,438 | ||||||||||
Operating income (loss) | 81,420 | 79,379 | 78,322 | 39,180 | 278,301 | |||||||||||||||
Net income (loss) attributable to Boyd Gaming Corporation | (7,284 | ) | 11,627 | (37,267 | ) | (47,340 | ) | (80,264 | ) | |||||||||||
Basic and diluted net income (loss) per common share: | ||||||||||||||||||||
Basic net income (loss) per common share | $ | (0.08 | ) | $ | 0.13 | $ | (0.37 | ) | $ | (0.43 | ) | $ | (0.83 | ) | ||||||
Diluted net income (loss) per common share | $ | (0.08 | ) | $ | 0.13 | $ | (0.37 | ) | $ | (0.43 | ) | $ | (0.83 | ) | ||||||
31-Dec-12 | ||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Year | |||||||||||||||
Summary Operating Results: | ||||||||||||||||||||
Net revenues | $ | 631,669 | $ | 614,070 | $ | 612,390 | $ | 624,699 | $ | 2,482,828 | ||||||||||
Operating income | 77,780 | 59,297 | 49,387 | (1,036,727 | ) | (850,263 | ) | |||||||||||||
Net income (loss) attributable to Boyd Gaming Corporation | 5,852 | 977 | (15,796 | ) | (899,898 | ) | (908,865 | ) | ||||||||||||
Basic and diluted net income (loss) per common share: | ||||||||||||||||||||
Basic net income (loss) per common share | $ | 0.07 | $ | 0.01 | $ | (0.18 | ) | $ | (10.24 | ) | $ | (10.37 | ) | |||||||
Diluted net income (loss) per common share | $ | 0.07 | $ | 0.01 | $ | (0.18 | ) | $ | (10.24 | ) | $ | (10.37 | ) | |||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 106,445 | $ | 33,766 | $ | 37,627 | $ | — | $ | 177,838 | ||||||||||||
Other current assets | 13,772 | 66,586 | 30,044 | 48,414 | (1,974 | ) | 156,842 | |||||||||||||||||
Property and equipment, net | 69,309 | 1,830,200 | 439,039 | 1,167,065 | — | 3,505,613 | ||||||||||||||||||
Investments in subsidiaries | 3,265,579 | 186,063 | — | — | (3,451,642 | ) | — | |||||||||||||||||
Intercompany receivable | — | 592,785 | — | — | (592,785 | ) | — | |||||||||||||||||
Other assets, net | 43,470 | 8,110 | 72,180 | 21,708 | — | 145,468 | ||||||||||||||||||
Intangible assets, net | — | 465,259 | 545,401 | 60,000 | — | 1,070,660 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,392,130 | $ | 3,468,242 | $ | 1,592,946 | $ | 1,334,814 | $ | (4,046,401 | ) | $ | 5,741,731 | |||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,259 | $ | 3,800 | $ | — | $ | 33,559 | ||||||||||||
Current liabilities | 57,156 | 190,608 | 70,092 | 103,832 | (1,384 | ) | 420,304 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 3,507 | — | (3,507 | ) | — | |||||||||||||||||
Intercompany payable | 512,358 | — | 80,991 | 266 | (593,615 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,285,910 | — | 1,269,562 | 797,460 | — | 4,352,932 | ||||||||||||||||||
Other long-term liabilities | 45,219 | 186,591 | 25,470 | 27,219 | — | 284,499 | ||||||||||||||||||
Common stock | 1,082 | 31,124 | — | — | (31,124 | ) | 1,082 | |||||||||||||||||
Additional paid-in capital | 902,496 | 2,736,895 | 248,083 | 480,833 | (3,465,811 | ) | 902,496 | |||||||||||||||||
Retained earnings (deficit) | (432,074 | ) | 323,024 | (111,501 | ) | (78,596 | ) | (132,927 | ) | (432,074 | ) | |||||||||||||
Accumulated other comprehensive loss, net | (1,517 | ) | — | (1,517 | ) | — | 1,517 | (1,517 | ) | |||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 469,987 | 3,091,043 | 135,065 | 402,237 | (3,628,345 | ) | 469,987 | |||||||||||||||||
Noncontrolling interest | — | — | — | — | 180,450 | 180,450 | ||||||||||||||||||
Total stockholders' equity (deficit) | 469,987 | 3,091,043 | 135,065 | 402,237 | (3,447,895 | ) | 650,437 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,392,130 | $ | 3,468,242 | $ | 1,592,946 | $ | 1,334,814 | $ | (4,046,401 | ) | $ | 5,741,731 | |||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,520 | $ | 118,714 | $ | 36,619 | $ | 34,692 | $ | — | $ | 192,545 | ||||||||||||
Other current assets | 87,493 | 70,580 | 32,460 | 50,751 | (78,921 | ) | 162,363 | |||||||||||||||||
Current assets from discontinued operations | — | — | 685 | — | — | 685 | ||||||||||||||||||
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 | 457,976 | — | — | (3,547,101 | ) | — | |||||||||||||||||
Intercompany receivable | — | 264,687 | — | — | (264,687 | ) | — | |||||||||||||||||
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 operations | — | — | 37,684 | — | — | 37,684 | ||||||||||||||||||
Total assets | $ | 3,293,293 | $ | 3,627,887 | $ | 1,724,259 | $ | 1,577,463 | $ | (3,890,709 | ) | $ | 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 | ||||||||||||||||||
Current liabilities | 66,121 | 283,350 | 79,929 | 109,441 | (75,824 | ) | 463,017 | |||||||||||||||||
Current liabilities from discontinued operations | — | — | 70,864 | — | (70,000 | ) | 864 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 1,396 | — | (1,396 | ) | — | |||||||||||||||||
Intercompany payable | 134,386 | — | 58,187 | 225 | (192,798 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,723,234 | — | 1,311,295 | 793,324 | — | 4,827,853 | ||||||||||||||||||
Other long-term liabilities | 23,261 | 185,717 | 41,290 | 36,350 | 31 | 286,649 | ||||||||||||||||||
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 | ) | 361,167 | (96,973 | ) | (67,823 | ) | (196,371 | ) | (351,810 | ) | |||||||||||||
Accumulated other comprehensive loss | (962 | ) | — | (962 | ) | — | 962 | (962 | ) | |||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 303,791 | 3,148,479 | 152,569 | 413,010 | (3,714,058 | ) | 303,791 | |||||||||||||||||
Noncontrolling interest | — | — | — | — | 163,336 | 163,336 | ||||||||||||||||||
Total stockholders' equity (deficit) | 303,791 | 3,148,479 | 152,569 | 413,010 | (3,550,722 | ) | 467,127 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,293,293 | $ | 3,627,887 | $ | 1,724,259 | $ | 1,577,463 | $ | (3,890,709 | ) | $ | 6,332,193 | |||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 123,951 | $ | 1,630,420 | $ | 589,850 | $ | 697,633 | $ | (147,416 | ) | $ | 2,894,438 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,848 | 901,668 | 315,365 | 367,981 | — | 1,586,862 | ||||||||||||||||||
Selling, general and administrative | 46,880 | 231,260 | 63,349 | 148,779 | (42 | ) | 490,226 | |||||||||||||||||
Maintenance and utilities | — | 92,014 | 14,680 | 59,704 | — | 166,398 | ||||||||||||||||||
Depreciation and amortization | 6,619 | 121,893 | 90,155 | 59,746 | — | 278,413 | ||||||||||||||||||
Corporate expense | 59,128 | 119 | 4,002 | — | — | 63,249 | ||||||||||||||||||
Preopening expenses | 567 | 2,917 | 3,384 | 4,097 | (1,933 | ) | 9,032 | |||||||||||||||||
Impairment of assets | — | 14,884 | 3,200 | 5,033 | (12,734 | ) | 10,383 | |||||||||||||||||
Asset transactions costs | 1,019 | 2,316 | 2,061 | 180 | — | 5,576 | ||||||||||||||||||
Other operating items, net | 427 | 2,075 | 359 | 3,137 | — | 5,998 | ||||||||||||||||||
Intercompany expenses | 1,213 | 103,182 | 41,046 | — | (145,441 | ) | — | |||||||||||||||||
Total costs and expenses | 117,701 | 1,472,328 | 537,601 | 648,657 | (160,150 | ) | 2,616,137 | |||||||||||||||||
Equity in earnings of subsidiaries | 101,148 | (1,953 | ) | — | — | (99,195 | ) | — | ||||||||||||||||
Operating income (loss) | 107,398 | 156,139 | 52,249 | 48,976 | (86,461 | ) | 278,301 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 153,893 | 9,664 | 94,915 | 83,711 | — | 342,183 | ||||||||||||||||||
Gain (loss) on early extinguishment of debt | 25,001 | — | 3,343 | 25,858 | — | 54,202 | ||||||||||||||||||
Other, net | 137 | — | (2,227 | ) | — | — | (2,090 | ) | ||||||||||||||||
Total other expense, net | 179,031 | 9,664 | 96,031 | 109,569 | — | 394,295 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (71,633 | ) | 146,475 | (43,782 | ) | (60,593 | ) | (86,461 | ) | (115,994 | ) | |||||||||||||
Income taxes benefit (expense) | (8,631 | ) | (5,055 | ) | 5,921 | 4,415 | — | (3,350 | ) | |||||||||||||||
Income (loss) from continuing operations, net of tax | (80,264 | ) | 141,420 | (37,861 | ) | (56,178 | ) | (86,461 | ) | (119,344 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 23,524 | — | (12,734 | ) | 10,790 | |||||||||||||||||
Net income (loss) | (80,264 | ) | 141,420 | (14,337 | ) | (56,178 | ) | (99,195 | ) | (108,554 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 28,290 | 28,290 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (80,264 | ) | $ | 141,420 | $ | (14,337 | ) | $ | (56,178 | ) | $ | (70,905 | ) | $ | (80,264 | ) | |||||||
Comprehensive income (loss) | $ | (80,819 | ) | $ | 141,420 | $ | (14,892 | ) | $ | (56,178 | ) | $ | (98,640 | ) | $ | (109,109 | ) | |||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 121,806 | $ | 1,690,488 | $ | 110,464 | $ | 697,118 | $ | (137,048 | ) | $ | 2,482,828 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,822 | 938,615 | 80,666 | 371,722 | — | 1,392,825 | ||||||||||||||||||
Selling, general and administrative | 45,503 | 251,287 | 13,341 | 139,155 | — | 449,286 | ||||||||||||||||||
Maintenance and utilities | — | 92,311 | 3,574 | 58,423 | — | 154,308 | ||||||||||||||||||
Depreciation and amortization | 7,985 | 126,120 | 15,867 | 64,264 | — | 214,236 | ||||||||||||||||||
Corporate expense | 48,868 | 220 | 1,631 | — | — | 50,719 | ||||||||||||||||||
Preopening expenses | 1,863 | 14,782 | 1,327 | 4,465 | (10,896 | ) | 11,541 | |||||||||||||||||
Impairment of assets | 97,868 | 1,044,112 | — | 2,811 | (91,265 | ) | 1,053,526 | |||||||||||||||||
Asset transactions costs | 15,575 | — | 3,076 | (209 | ) | — | 18,442 | |||||||||||||||||
Other operating items, net | — | (5,503 | ) | 5 | (6,294 | ) | — | (11,792 | ) | |||||||||||||||
Intercompany expenses | 1,345 | 118,463 | 6,344 | — | (126,152 | ) | — | |||||||||||||||||
Total costs and expenses | 220,829 | 2,580,407 | 125,831 | 634,337 | (228,313 | ) | 3,333,091 | |||||||||||||||||
Equity in earnings of subsidiaries | (636,327 | ) | 71,218 | — | — | 565,109 | — | |||||||||||||||||
Operating income (loss) | (735,350 | ) | (818,701 | ) | (15,367 | ) | 62,781 | 656,374 | (850,263 | ) | ||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 161,152 | 13,827 | 18,630 | 95,226 | — | 288,835 | ||||||||||||||||||
Other, net | — | — | 137 | — | — | 137 | ||||||||||||||||||
Total other expense, net | 161,152 | 13,827 | 18,767 | 95,226 | — | 288,972 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (896,502 | ) | (832,528 | ) | (34,134 | ) | (32,445 | ) | 656,374 | (1,139,235 | ) | |||||||||||||
Income taxes benefit (expense) | (12,363 | ) | 231,854 | 19 | 1,279 | — | 220,789 | |||||||||||||||||
Income (loss) from continuing operations, net of tax | (908,865 | ) | (600,674 | ) | (34,115 | ) | (31,166 | ) | 656,374 | (918,446 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 86,636 | — | (91,265 | ) | (4,629 | ) | ||||||||||||||||
Net income (loss) | (908,865 | ) | (600,674 | ) | 52,521 | (31,166 | ) | 565,109 | (923,075 | ) | ||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 14,210 | 14,210 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (908,865 | ) | $ | (600,674 | ) | $ | 52,521 | $ | (31,166 | ) | $ | 579,319 | $ | (908,865 | ) | ||||||||
Comprehensive income (loss) | $ | (909,827 | ) | $ | (600,674 | ) | $ | 51,559 | $ | (25,627 | ) | $ | 566,071 | $ | (918,498 | ) | ||||||||
Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 123,369 | $ | 1,551,402 | $ | 51,337 | $ | 741,132 | $ | (136,396 | ) | $ | 2,330,844 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 1,535 | 847,423 | 52,713 | 383,041 | — | 1,284,712 | ||||||||||||||||||
Selling, general and administrative | 44,881 | 213,075 | 7,630 | 126,942 | — | 392,528 | ||||||||||||||||||
Maintenance and utilities | — | 89,090 | 1,519 | 62,167 | — | 152,776 | ||||||||||||||||||
Depreciation and amortization | 8,371 | 118,620 | 2,764 | 65,437 | — | 195,192 | ||||||||||||||||||
Corporate expense | 46,220 | 1,548 | 1,194 | — | — | 48,962 | ||||||||||||||||||
Preopening expenses | 1,776 | 15,487 | — | 229 | (10,858 | ) | 6,634 | |||||||||||||||||
Impairment of assets | — | — | — | 6,051 | — | 6,051 | ||||||||||||||||||
Asset transactions costs | 6,054 | 321 | — | 204 | — | 6,579 | ||||||||||||||||||
Other operating items, net | — | 1,281 | 4 | 143 | — | 1,428 | ||||||||||||||||||
Intercompany expenses | 1,303 | 122,331 | 1,904 | — | (125,538 | ) | — | |||||||||||||||||
Total costs and expenses | 110,140 | 1,409,176 | 67,728 | 644,214 | (136,396 | ) | 2,094,862 | |||||||||||||||||
Equity in earnings of subsidiaries | 83,412 | (2,664 | ) | — | — | (80,748 | ) | — | ||||||||||||||||
Operating income (loss) | 96,641 | 139,562 | (16,391 | ) | 96,918 | (80,748 | ) | 235,982 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 135,439 | 17,179 | — | 98,067 | — | 250,685 | ||||||||||||||||||
Gain on early retirements of debt | 20 | — | — | (6 | ) | — | 14 | |||||||||||||||||
Other, net | 265 | (4,582 | ) | — | — | — | (4,317 | ) | ||||||||||||||||
Total other expense, net | 135,724 | 12,597 | — | 98,061 | — | 246,382 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (39,083 | ) | 126,965 | (16,391 | ) | (1,143 | ) | (80,748 | ) | (10,400 | ) | |||||||||||||
Income taxes benefit (expense) | 30,679 | (34,334 | ) | 4,630 | (1,253 | ) | — | (278 | ) | |||||||||||||||
Income (loss) from continuing operations, net of tax | (8,404 | ) | 92,631 | (11,761 | ) | (2,396 | ) | (80,748 | ) | (10,678 | ) | |||||||||||||
Income (loss) from discontinued operations, net of tax | 4,550 | — | (1,871 | ) | — | — | 2,679 | |||||||||||||||||
Net income (loss) | (3,854 | ) | 92,631 | (13,632 | ) | (2,396 | ) | (80,748 | ) | (7,999 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | 4,145 | 4,145 | ||||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (3,854 | ) | $ | 92,631 | $ | (13,632 | ) | $ | (2,396 | ) | $ | (76,603 | ) | $ | (3,854 | ) | |||||||
Comprehensive income | $ | 3,740 | $ | 92,631 | $ | (13,632 | ) | $ | 9,166 | $ | (88,342 | ) | $ | 3,563 | ||||||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | (229,447 | ) | $ | 432,903 | $ | 20,674 | $ | 51,748 | $ | 1,157 | $ | 277,035 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (44,985 | ) | (49,847 | ) | (27,331 | ) | (22,357 | ) | — | (144,520 | ) | |||||||||||||
Proceeds from sale of Echelon, net | 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 and advances to unconsolidated subsidiaries, net | (2,400 | ) | — | — | — | 2,400 | — | |||||||||||||||||
Distributions from subsidiaries | 9,620 | — | — | — | (9,620 | ) | — | |||||||||||||||||
Net activity with affiliates | — | (397,725 | ) | 22,804 | 42 | 374,879 | — | |||||||||||||||||
Other investing activities | — | — | (1,253 | ) | 3,726 | — | 2,473 | |||||||||||||||||
Net cash from investing activities | 123,860 | (447,572 | ) | (5,780 | ) | (18,589 | ) | 367,659 | 19,578 | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 2,920,675 | — | 354,700 | 444,500 | — | 3,719,875 | ||||||||||||||||||
Payments under bank credit facility | (2,927,800 | ) | — | (406,950 | ) | (424,600 | ) | — | (3,759,350 | ) | ||||||||||||||
Debt financing costs, net | (24,349 | ) | — | (10,288 | ) | (10,115 | ) | — | (44,752 | ) | ||||||||||||||
Payments on retirements of long-term debt | (459,278 | ) | — | — | (416,209 | ) | — | (875,487 | ) | |||||||||||||||
Payments under note payable | (10,341 | ) | — | (479 | ) | — | — | (10,820 | ) | |||||||||||||||
Net proceeds from issuance of term loan | — | — | — | 376,200 | — | 376,200 | ||||||||||||||||||
Advances from parent | — | 2,400 | — | — | (2,400 | ) | — | |||||||||||||||||
Distributions to parent | — | — | (9,620 | ) | — | 9,620 | — | |||||||||||||||||
Net activity with affiliates | 376,036 | — | — | — | (376,036 | ) | — | |||||||||||||||||
Stock options exercised | 13,752 | — | — | — | — | 13,752 | ||||||||||||||||||
Proceeds from sale of common stock, net | 216,467 | — | — | — | — | 216,467 | ||||||||||||||||||
Other financing activities | (2,095 | ) | — | — | — | — | (2,095 | ) | ||||||||||||||||
Net cash from financing activities | 103,067 | 2,400 | (72,637 | ) | (30,224 | ) | (368,816 | ) | (366,210 | ) | ||||||||||||||
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 from discontinued operations | — | — | 54,607 | — | — | 54,607 | ||||||||||||||||||
Net change in cash and cash equivalents | (2,520 | ) | (12,269 | ) | (3,136 | ) | 2,935 | — | (14,990 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 2,520 | 118,714 | 36,619 | 34,692 | — | 192,545 | ||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 283 | — | — | 283 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 106,445 | $ | 33,766 | $ | 37,627 | $ | — | $ | 177,838 | ||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | (73,982 | ) | $ | 191,178 | $ | (4,892 | ) | $ | 34,128 | $ | 736 | $ | 147,168 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (50,012 | ) | (33,581 | ) | (7,505 | ) | (34,456 | ) | — | (125,554 | ) | |||||||||||||
Cash paid for business acquisition, net | (198,726 | ) | — | (1,125,472 | ) | — | — | (1,324,198 | ) | |||||||||||||||
Investment in and advances to unconsolidated subsidiaries, net | (200 | ) | — | — | — | 200 | — | |||||||||||||||||
Net activity with affiliates | — | (174,513 | ) | 19,541 | 224 | 154,748 | — | |||||||||||||||||
Other investing activities | (790 | ) | 7,245 | 1,824 | 6,730 | — | 15,009 | |||||||||||||||||
Net cash from investing activities | (249,728 | ) | (200,849 | ) | (1,111,612 | ) | (27,502 | ) | 154,948 | (1,434,743 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 787,100 | — | 871,100 | 632,700 | — | 2,290,900 | ||||||||||||||||||
Payments under bank credit facility | (951,250 | ) | — | (16,700 | ) | (652,900 | ) | — | (1,620,850 | ) | ||||||||||||||
Debt issuance cost, net | (16,651 | ) | — | (47,989 | ) | (443 | ) | — | (65,083 | ) | ||||||||||||||
Proceeds from issuance of senior secured notes | 350,000 | — | 350,000 | — | — | 700,000 | ||||||||||||||||||
Proceeds from variable interest entities' issuance of debt | — | — | — | 3,374 | — | 3,374 | ||||||||||||||||||
Payments on loans to members of variable interest entity | — | — | — | (928 | ) | — | (928 | ) | ||||||||||||||||
Advances from parent | — | 200 | — | — | (200 | ) | — | |||||||||||||||||
Net activity with affiliates | 155,484 | — | — | — | (155,484 | ) | — | |||||||||||||||||
Other financing activities | 1,183 | — | (1,810 | ) | — | — | (627 | ) | ||||||||||||||||
Net cash from financing activities | 325,866 | 200 | 1,154,601 | (18,197 | ) | (155,684 | ) | 1,306,786 | ||||||||||||||||
Cash flows from discontinued operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | (4,723 | ) | — | — | (4,723 | ) | ||||||||||||||||
Cash flows from investing activities | — | — | (416 | ) | — | — | (416 | ) | ||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash from discontinued operations | — | — | (5,139 | ) | — | — | (5,139 | ) | ||||||||||||||||
Net change in cash and cash equivalents | 2,156 | (9,471 | ) | 32,958 | (11,571 | ) | — | 14,072 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 364 | 128,185 | 3,279 | 46,263 | — | 178,091 | ||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 382 | — | — | 382 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 2,520 | $ | 118,714 | $ | 36,619 | $ | 34,692 | $ | — | $ | 192,545 | ||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net cash from operating activities | $ | 193,723 | $ | (9,700 | ) | $ | 10,642 | $ | 59,745 | $ | (3,553 | ) | $ | 250,857 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (26,443 | ) | (28,011 | ) | (39 | ) | (32,626 | ) | — | (87,119 | ) | |||||||||||||
Cash paid for acquisition, net of cash received | (278,456 | ) | — | — | — | — | (278,456 | ) | ||||||||||||||||
Cash paid to acquire development agreement | — | — | (24,450 | ) | — | — | (24,450 | ) | ||||||||||||||||
Investments in and advances to unconsolidated subsidiaries, net | (1,700 | ) | — | — | — | 1,700 | — | |||||||||||||||||
Net activity with affiliates | — | 75,914 | 11,570 | — | (87,484 | ) | — | |||||||||||||||||
Change in restricted investments | — | — | — | 26,801 | — | 26,801 | ||||||||||||||||||
Other investing activities | 192 | — | — | 356 | — | 548 | ||||||||||||||||||
Net cash from investing activities | (306,407 | ) | 47,903 | (12,919 | ) | (5,469 | ) | (85,784 | ) | (362,676 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 391,329 | — | — | 741,300 | — | 1,132,629 | ||||||||||||||||||
Payments under bank credit facility | (183,579 | ) | — | — | (762,000 | ) | — | (945,579 | ) | |||||||||||||||
Debt issuance cost, net | (14,221 | ) | — | — | (1,153 | ) | — | (15,374 | ) | |||||||||||||||
Payments on retirement of long term debt | — | — | — | (8,198 | ) | — | (8,198 | ) | ||||||||||||||||
Payments on non-recourse debt of variable interest entity | — | — | — | (27,000 | ) | — | (27,000 | ) | ||||||||||||||||
Proceeds from variable interest entities' issuance of debt | — | — | — | 7,199 | — | 7,199 | ||||||||||||||||||
Payments on loans to members of variable interest entity | — | — | — | (592 | ) | — | (592 | ) | ||||||||||||||||
Advances from parent | — | 1,700 | — | — | (1,700 | ) | — | |||||||||||||||||
Net activity with affiliates | (91,037 | ) | — | — | — | 91,037 | — | |||||||||||||||||
Other financing activities | (675 | ) | — | — | — | — | (675 | ) | ||||||||||||||||
Net cash from financing activities | 101,817 | 1,700 | — | (50,444 | ) | 89,337 | 142,410 | |||||||||||||||||
Cash flows from discontinued operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | 2,653 | — | — | 2,653 | ||||||||||||||||||
Cash flows from investing activities | — | — | (111 | ) | — | — | (111 | ) | ||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash from discontinued operations | — | — | 2,542 | — | — | 2,542 | ||||||||||||||||||
Net change in cash and cash equivalents | (10,867 | ) | 39,903 | 265 | 3,832 | — | 33,133 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 11,231 | 88,282 | 2,765 | 42,431 | — | 144,709 | ||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 249 | — | — | 249 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 364 | $ | 128,185 | $ | 3,279 | $ | 46,263 | $ | — | $ | 178,091 | ||||||||||||
Schedule of adjustments [Table Text Block] | ' | |||||||||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified and Restated | |||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||
Parent | $ | (908,865 | ) | $ | — | $ | (908,865 | ) | ||||||||||||||||
Guarantor Subsidiaries | (871,698 | ) | 271,024 | (600,674 | ) | |||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 144,213 | (91,692 | ) | 52,521 | ||||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | (26,941 | ) | (4,225 | ) | (31,166 | ) | ||||||||||||||||||
Eliminations | 740,216 | (175,107 | ) | 565,109 | ||||||||||||||||||||
Consolidated | $ | (923,075 | ) | $ | — | $ | (923,075 | ) | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Parent | $ | 77,534 | $ | (151,516 | ) | $ | (73,982 | ) | ||||||||||||||||
Guarantor Subsidiaries | 16,372 | 174,806 | 191,178 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 9,995 | (14,887 | ) | (4,892 | ) | |||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | 34,252 | (124 | ) | 34,128 | ||||||||||||||||||||
Eliminations | 4,292 | (3,556 | ) | 736 | ||||||||||||||||||||
Consolidated | $ | 142,445 | $ | 4,723 | $ | 147,168 | ||||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified and Restated | |||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||
Parent | $ | (3,854 | ) | $ | — | $ | (3,854 | ) | ||||||||||||||||
Guarantor Subsidiaries | 185,581 | (92,950 | ) | 92,631 | ||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | (12,590 | ) | (1,042 | ) | (13,632 | ) | ||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | (2,395 | ) | (1 | ) | (2,396 | ) | ||||||||||||||||||
Eliminations | (174,741 | ) | 93,993 | (80,748 | ) | |||||||||||||||||||
Consolidated | $ | (7,999 | ) | $ | — | $ | (7,999 | ) | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Parent | $ | 97,965 | $ | 95,758 | $ | 193,723 | ||||||||||||||||||
Guarantor Subsidiaries | 68,797 | (78,497 | ) | (9,700 | ) | |||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 26,294 | (15,652 | ) | 10,642 | ||||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | 60,454 | (709 | ) | 59,745 | ||||||||||||||||||||
Eliminations | — | (3,553 | ) | (3,553 | ) | |||||||||||||||||||
Consolidated | $ | 253,510 | $ | (2,653 | ) | $ | 250,857 | |||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Organization) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
entity | |
Organization Attributes [Line Items] | ' |
Number of gaming entertainment properties | 21 |
Number of controlling interests | 1 |
Number of reportable segments | 5 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Consolidation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Oct. 04, 2011 | Jan. 31, 2010 |
In Thousands, unless otherwise specified | Peninsula Gaming | IP Casino Resort Spa | MGM | ||
Consolidated Entities [Line Items] | ' | ' | ' | ' | ' |
Purchase price | ' | ' | $1,467,095 | $280,629 | ' |
Equity method investment, ownership percentage | 50.00% | ' | ' | ' | 50.00% |
Assets | $5,741,731 | $6,332,193 | ' | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Accounts Receivable, Net) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Beginning balance, January 1 | $25,693 | $28,491 | $26,514 |
Additions | 2,868 | 1,549 | 5,936 |
Deductions | -4,653 | -4,347 | -3,959 |
Ending balance | $23,908 | $25,693 | $28,491 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Property, Plant and Equipment Useful Lives) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Interest Costs Capitalized | $1,100 | $1,000 | $400 | $400 |
Building and Improvements | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property and equipment, estimated useful lives | '3 years | ' | ' | ' |
Building and Improvements | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property and equipment, estimated useful lives | '40 years | ' | ' | ' |
Riverboats and Barges | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property and equipment, estimated useful lives | '5 years | ' | ' | ' |
Riverboats and Barges | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property and equipment, estimated useful lives | '40 years | ' | ' | ' |
Furniture and Equipment | Minimum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property and equipment, estimated useful lives | '1 year | ' | ' | ' |
Furniture and Equipment | Maximum | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property and equipment, estimated useful lives | '10 years | ' | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Gaming Investments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
New Jersey | Other Assets, Net | Other Assets, Net | |
CRDA | CRDA | ||
Regulatory Gaming Assets [Line Items] | ' | ' | ' |
State gaming licenses, annual fee, percentage of licensee's gross gaming revenues | 1.25% | ' | ' |
State alternative investment tax, percentage of gross gaming revenues | 2.50% | ' | ' |
Borgata net deposits with CRDA | ' | $4.60 | $28.50 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Investments) (Details) (Peninsula Gaming, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment available for sale | $17,100,000 | $17,900,000 |
Available-for-sale securities, current portion | 300,000 | 300,000 |
7.5% City Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt security, interest rate | 7.50% | ' |
City Bond Maturities | ' | ' |
2013 | 355,000 | ' |
2014 | 380,000 | ' |
2015 | 410,000 | ' |
2016 | 440,000 | ' |
2017 | 475,000 | ' |
Thereafter | 20,045,000 | ' |
Total | 22,105,000 | ' |
Other Assets, Net | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, noncurrent portion | $16,800,000 | $17,600,000 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Intangible Assets) (Details) (Favorable Lease Rates) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Favorable lease rates, original useful lives | '34 years 4 months 24 days | '35 years 4 months 24 days |
Minimum | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Favorable lease rates, original useful lives | '41 years | ' |
Maximum | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Favorable lease rates, original useful lives | '52 years | ' |
Recovered_Sheet1
Summary of Significant Accounting Policies (Noncontrolling Interest) (Details) | Dec. 31, 2013 | Dec. 31, 2011 |
Borgata | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Ownership percentage by noncontrolling owners | 50.00% | 50.00% |
LVE | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Ownership percentage by noncontrolling owners | ' | 100.00% |
LVE | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Ownership percentage by noncontrolling owners | 100.00% | ' |
Recovered_Sheet2
Summary of Significant Accounting Policies (Promotional Allowances) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowances [Line Items] | ' | ' | ' |
Promotional allowances | $461,473 | $450,646 | $419,887 |
Cost of promotional allowances | 263,316 | 266,102 | 235,794 |
Rooms | ' | ' | ' |
Allowances [Line Items] | ' | ' | ' |
Promotional allowances | 147,305 | 144,605 | 130,168 |
Cost of promotional allowances | 58,960 | 62,323 | 58,821 |
Food and Beverage | ' | ' | ' |
Allowances [Line Items] | ' | ' | ' |
Promotional allowances | 207,072 | 191,389 | 175,339 |
Cost of promotional allowances | 181,689 | 182,138 | 158,881 |
Other Products and Services | ' | ' | ' |
Allowances [Line Items] | ' | ' | ' |
Promotional allowances | 107,096 | 114,652 | 114,380 |
Cost of promotional allowances | $22,667 | $21,641 | $18,092 |
Recovered_Sheet3
Summary of Significant Accounting Policies (Preopening Expenses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Preopening Expenses [Line Items] | ' | ' | ' |
Preopening expenses | $9,032 | $11,541 | $6,634 |
Boyd | ' | ' | ' |
Preopening Expenses [Line Items] | ' | ' | ' |
Preopening expenses | 10,965 | 22,437 | 17,492 |
LVE | ' | ' | ' |
Preopening Expenses [Line Items] | ' | ' | ' |
Preopening expenses | ($1,933) | ($10,896) | ($10,858) |
Recovered_Sheet4
Summary of Significant Accounting Policies (Stock Option Valuation Assumptions) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Expected stock price volatility | 73.75% | 77.11% | 79.70% |
Annual dividend rate | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.40% | 0.55% | 0.40% |
Expected option life (in years) | '5 years 3 months 11 days | '4 years 3 months 18 days | '3 years |
Estimated fair value per share | $6.09 | $3.04 | $3.44 |
Recovered_Sheet5
Summary of Significant Accounting Policies (Other) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Schedule of CRDA Deposits [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, maturity of qualifying investments, maximum | '3 months | ' | ' | ' |
Restricted cash, maturity of qualifying investments, maximum | '90 days | ' | ' | ' |
Interest Costs Capitalized | $1,100,000 | $1,000,000 | $400,000 | $400,000 |
Self Insurance Reserve [Roll Forward] | ' | ' | ' | ' |
Self insurance reserve, beginning balance | 38,663,000 | 34,500,000 | 31,721,000 | ' |
Additions | ' | ' | ' | ' |
Charged to costs and expenses | 110,683,000 | 103,802,000 | 89,464,000 | ' |
Due to acquisitions | 0 | 359,000 | 1,111,000 | ' |
Payments made | 105,273,000 | 99,998,000 | 87,796,000 | ' |
Self insurance reserve, ending balance | 44,073,000 | 38,663,000 | 34,500,000 | 31,721,000 |
Gaming taxes | 393,000,000 | 270,300,000 | 258,400,000 | ' |
Advertising expense | 44,500,000 | 38,300,000 | 33,100,000 | ' |
Corporate expense | 63,249,000 | 50,719,000 | 48,962,000 | ' |
New Jersey | ' | ' | ' | ' |
Schedule of CRDA Deposits [Line Items] | ' | ' | ' | ' |
State gaming licenses, annual fee, percentage of licensee's gross gaming revenues | 1.25% | ' | ' | ' |
State alternative investment tax, percentage of gross gaming revenues | 2.50% | ' | ' | ' |
Other Assets, Net | CRDA | ' | ' | ' | ' |
Schedule of CRDA Deposits [Line Items] | ' | ' | ' | ' |
Borgata net deposits with CRDA | $4,600,000 | $28,500,000 | ' | ' |
Asset_Acquisitions_Narrative_D
Asset Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 20, 2012 | Oct. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 20, 2012 | |
Minimum | Maximum | Peninsula Gaming | IP Casino Resort Spa | IP Casino Resort Spa | IP Casino Resort Spa | Development Agreement | Earnout on Excess of EBITDA in 2015 | Peninsula | Peninsula | Peninsula | Peninsula | |||||
state | Kansas Star | |||||||||||||||
property | ||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock acquired | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of gaming entertainment properties acquired | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states represented by acquired properties | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | $1,467,095,000 | $280,629,000 | ' | ' | $24,500,000 | ' | ' | ' | ' | ' |
Earnout threshhold, EBITDA of certain properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' |
Earnout multiple | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' |
Contingent consideration - Kansas Star earn out | 1,100,000 | 9,800,000 | ' | ' | ' | ' | 3,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired accounts receivable, net | ' | ' | ' | ' | ' | ' | ' | 1,230,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, net | 685,310,000 | 694,929,000 | 213,576,000 | 213,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | 471,734,000 | 481,400,000 | ' | 471,700,000 |
Bargain purchase gain | 0 | 0 | 4,582,000 | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' |
Capital improvement project expenditures incurred in period | 137,607,000 | 108,223,000 | 84,457,000 | ' | ' | ' | ' | ' | 13,900,000 | ' | ' | ' | 27,094,000 | 7,606,000 | 0 | ' |
Cumulative total project expenditures to date | 43,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation to fund certain pre-development costs, annual amount | ' | ' | ' | ' | $1,000,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset_Acquisitions_Considerati
Asset Acquisitions (Consideration Transferred) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Oct. 04, 2011 |
In Thousands, unless otherwise specified | Peninsula Gaming | IP Casino Resort Spa | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Purchase price | ' | ' | $1,353,737 | $287,000 |
HoldCo Note | ' | ' | 109,908 | ' |
Contingent consideration - Kansas Star earn out | 1,100 | 9,800 | 3,450 | ' |
Liabilities assumed on behalf of the seller | ' | ' | ' | 1,881 |
Working capital adjustments | ' | ' | ' | -8,252 |
Total consideration | ' | ' | $1,467,095 | $280,629 |
Asset_Acquisitions_Assets_Acqu
Asset Acquisitions (Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 20, 2012 | Dec. 31, 2013 | Oct. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Nov. 20, 2012 | Nov. 20, 2012 | Nov. 20, 2012 | Nov. 20, 2012 |
Peninsula Gaming | Peninsula Gaming | IP Casino Resort Spa | Peninsula | Peninsula | Peninsula | Adjustments [Member] | Adjustments [Member] | As previously reported [Member] | As previously reported [Member] | |||||
Peninsula Gaming | Peninsula | Peninsula Gaming | Peninsula | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisitions, Purchase Price Allocation, Year of Acquisition, Adjustment | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | 2,173,000 | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | ' | ' | 1,230,000 | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | 1,579,000 | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | ' | ' | 6,638,000 | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | 48,610,000 | ' | 11,620,000 | ' | ' | ' | 0 | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' | 430,093,000 | ' | 264,703,000 | ' | ' | ' | 0 | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | 577,501,000 | ' | 28,600,000 | ' | ' | ' | 0 | ' | ' | ' |
Other assets | ' | ' | ' | ' | 49,339,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | ' | 1,105,543,000 | ' | 304,923,000 | ' | ' | ' | 0 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' | 3,018,000 | ' | ' | ' | ' | ' | ' | ' |
Accrued liabilities | ' | ' | ' | ' | ' | ' | 14,182,000 | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | 17,200,000 | ' | ' | ' | 423,000 | ' | 67,396,000 | ' |
Other liabilities | ' | ' | ' | ' | 42,363,000 | ' | 2,512,000 | ' | ' | ' | 0 | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | 110,182,000 | ' | 19,712,000 | ' | ' | ' | 423,000 | ' | 109,759,000 | ' |
Net identifiable assets | ' | ' | ' | ' | 995,361,000 | ' | 285,211,000 | ' | ' | ' | -423,000 | ' | 995,784,000 | ' |
Goodwill, net | 685,310,000 | 694,929,000 | 213,576,000 | 213,576,000 | ' | ' | ' | 471,734,000 | 481,400,000 | 471,700,000 | ' | -9,619,000 | ' | 481,353,000 |
Purchase price | ' | ' | ' | ' | 1,467,095,000 | ' | 280,629,000 | ' | ' | ' | -10,042,000 | ' | 1,477,137,000 | ' |
Business Acquisitions, Purchase Price Allocation, Year of Acquisition, Contingency Adjustment | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, contingent consideration, potential cash to be paid | ' | ' | ' | ' | ' | ' | $44,000,000 | ' | ' | ' | ' | ' | ' | ' |
Asset_Acquisitions_Acquired_Pr
Asset Acquisitions (Acquired Property and Equipment) (Details) (USD $) | Nov. 20, 2012 | Nov. 20, 2012 | Nov. 20, 2012 | Dec. 31, 2013 | Nov. 20, 2012 | Dec. 31, 2013 | Nov. 20, 2012 | Nov. 20, 2012 | Dec. 31, 2013 | Nov. 20, 2012 | Dec. 31, 2013 | Nov. 20, 2012 | Nov. 20, 2012 | Dec. 31, 2013 | Nov. 20, 2012 | Dec. 31, 2013 | Nov. 20, 2012 |
In Thousands, unless otherwise specified | Peninsula Gaming | Land | Building and Improvements | Building and Improvements | Building and Improvements | Building and Improvements | Building and Improvements | Furniture and Equipment | Furniture and Equipment | Furniture and Equipment | Furniture and Equipment | Furniture and Equipment | Riverboats | Riverboats | Riverboats | Riverboats | Riverboats |
Peninsula Gaming | Peninsula Gaming | Minimum | Minimum | Maximum | Maximum | Peninsula Gaming | Minimum | Minimum | Maximum | Maximum | Peninsula Gaming | Minimum | Minimum | Maximum | Maximum | ||
Peninsula Gaming | Peninsula Gaming | Peninsula Gaming | Peninsula Gaming | Peninsula Gaming | Peninsula Gaming | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment acquired, as recorded, at fair value | $430,093 | $39,240 | $283,391 | ' | ' | ' | ' | $88,069 | ' | ' | ' | ' | $19,393 | ' | ' | ' | ' |
Property and equipment, useful lives | ' | ' | ' | '3 years | '3 years | '40 years | '40 years | ' | '1 year | '1 year | '10 years | '12 years | ' | '5 years | '5 years | '40 years | '40 years |
Asset_Acquisitions_Asset_Acqui
Asset Acquisitions Asset Acquisitions (Acquired Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 20, 2012 | Nov. 20, 2012 | Nov. 20, 2012 | Nov. 20, 2012 | Nov. 20, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 |
In Thousands, unless otherwise specified | Peninsula Gaming | Customer Relationships | Noncompete Agreements | Trademarks | Gaming License Rights | Peninsula | Peninsula | Peninsula | ||||
Peninsula Gaming | Peninsula Gaming | Peninsula Gaming | Peninsula Gaming | |||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, net | $685,310 | $694,929 | $213,576 | $213,576 | ' | ' | ' | ' | ' | $471,734 | $481,400 | $471,700 |
Acquired finite-lived intangible assets | ' | ' | ' | ' | ' | 136,300 | 3,200 | ' | ' | ' | ' | ' |
Acquired indefinite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | 50,800 | 387,201 | ' | ' | ' |
Total intangible assets acquired | ' | ' | ' | ' | $577,501 | ' | ' | ' | ' | ' | ' | ' |
Acquired intangible assets, useful lives | ' | ' | ' | ' | ' | '4 years 10 months 24 days | '10 months 24 days | ' | ' | ' | ' | ' |
Asset_Acquisitions_Consolidate
Asset Acquisitions (Consolidated Statement of Operations of Acquiree) (Details) (USD $) | 1 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Peninsula Gaming | IP Casino Resort Spa | |
Condensed Statement of Operations | ' | ' |
Net revenues | $56,925 | $44,627 |
Operating income | ($5,225) | $3,203 |
Asset_Acquisitions_Pro_Forma_I
Asset Acquisitions (Pro Forma Income Statements) (Details) (USD $) | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 20, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
Peninsula Gaming Straddle Period | Combined (Historical) | Boyd Gaming Corporation (Pro Forma) | Boyd Gaming Corporation (Pro Forma) | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Net revenues | $2,487,426 | $2,336,238 | $465,188 | $457,934 | $2,952,614 | $2,794,172 |
Net loss attributable to Boyd Gaming Corporation | ($908,865) | ($3,854) | ($43,210) | ($17,063) | ($952,075) | ($20,917) |
Basic and diluted net loss per share | ($10.37) | ($0.04) | ' | ' | ($10.86) | ($0.24) |
Asset_Acquisitions_Bargain_Pur
Asset Acquisitions (Bargain Purchase Gain) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 04, 2011 | Dec. 31, 2011 |
IP Casino Resort Spa | IP Casino Resort Spa | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Fair value of net identifiable assets | ' | ' | ' | $285,211 | ' |
Total consideration | ' | ' | ' | 280,629 | ' |
Bargain purchase gain | $0 | $0 | $4,582 | ' | $4,600 |
Asset_Acquisitions_Real_Estate
Asset Acquisitions Real Estate Disposition (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 04, 2013 | 23-May-13 | Dec. 31, 2011 | 21-May-13 |
Echelon Development | Dania Jai-Alai | Dania Jai-Alai | Dania Jai-Alai | |
acre | ||||
Disposition of Echelon [Abstract] | ' | ' | ' | ' |
Sale of Dania Jai-Alai, price | $350 | $65.50 | ' | ' |
Discontinued Operation, Intercompany Amounts with Discontinued Operation before Disposal Transaction, Revenue | ' | ' | 5 | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | 2 | ' |
Proceeds from Divestiture of Businesses | 157 | 58.5 | ' | ' |
Area of land sold | ' | ' | ' | 47 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | $18.90 | ' | ' |
Consolidation_of_Certain_Inter2
Consolidation of Certain Interests (Narrative) (Details) (USD $) | Dec. 31, 2013 | Mar. 24, 2013 | Mar. 17, 2010 | Jan. 31, 2010 | Mar. 04, 2013 |
In Millions, unless otherwise specified | Maximum | Maximum | Borgata | Echelon Central Energy Facility | |
Borgata | Borgata | Subsequent Event | |||
LVE | |||||
Consolidated Entities [Line Items] | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' | ' | 50.00% | ' |
Sale of joint venture partner interest under regulatory settlement, time period from agreement until sale | ' | ' | '30 months | ' | ' |
Sale of joint venture partner interest under regulatory settlement, initial time period under which joint venture partner controls decision to sell | ' | ' | '18 months | ' | ' |
Sale of joint venture partner interest under regulatory settlement, time period before end of agreement during which divestiture trust controls decision to sell | ' | '12 months | ' | ' | ' |
Purchase price of LVE energy center assets | ' | ' | ' | ' | $187 |
Sale price of LVE energy center assets | ' | ' | ' | ' | $187 |
Consolidation_of_Certain_Inter3
Consolidation of Certain Interests (Computation of Bargain Purchase Gain) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' |
Bargain purchase gain | $0 | $0 | $4,582 |
Consolidation_of_Certain_Inter4
Consolidation of Certain Interests (Measurement Period Adjustments Not Recorded) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Maintenance and utilities | $166,398 | $154,308 | $152,776 |
Depreciation and amortization | 278,413 | 214,236 | 195,192 |
Other operating items, net | 5,998 | -11,792 | 1,428 |
Total operating costs and expenses | 2,616,137 | 3,333,091 | 2,094,862 |
Interest expense, net | 344,330 | 290,004 | 250,731 |
Total other expense, net | 394,295 | 288,972 | 246,382 |
Loss from continuing operations before income taxes | ($115,994) | ($1,139,235) | ($10,400) |
Consolidation_of_Certain_Inter5
Consolidation of Certain Interests (Borgata Results of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gaming | ' | ' | ' | ' | ' | ' | ' | ' | $2,478,983 | $2,106,211 | $1,982,204 |
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 446,367 | 417,184 | 387,745 |
Room | ' | ' | ' | ' | ' | ' | ' | ' | 265,371 | 264,903 | 246,209 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 165,190 | 145,176 | 134,573 |
Gross revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,355,911 | 2,933,474 | 2,750,731 |
Less promotional allowances | ' | ' | ' | ' | ' | ' | ' | ' | 461,473 | 450,646 | 419,887 |
Net revenues | 681,537 | 738,569 | 738,748 | 735,584 | 624,699 | 612,390 | 614,070 | 631,669 | 2,894,438 | 2,482,828 | 2,330,844 |
Gaming | ' | ' | ' | ' | ' | ' | ' | ' | 1,170,843 | 1,006,830 | 920,131 |
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 240,081 | 219,497 | 199,709 |
Room | ' | ' | ' | ' | ' | ' | ' | ' | 54,338 | 55,531 | 56,111 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 121,600 | 110,967 | 108,761 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 490,226 | 449,286 | 392,528 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 166,398 | 154,308 | 152,776 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 278,413 | 214,236 | 195,192 |
Other operating items, net | ' | ' | ' | ' | ' | ' | ' | ' | 5,998 | -11,792 | 1,428 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,616,137 | 3,333,091 | 2,094,862 |
Operating income (loss) | 39,180 | 78,322 | 79,379 | 81,420 | -1,036,727 | 49,387 | 59,297 | 77,780 | 278,301 | -850,263 | 235,982 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 344,330 | 290,004 | 250,731 |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 394,295 | 288,972 | 246,382 |
Net loss attributable to Boyd Gaming Corporation | ($47,340) | ($37,267) | $11,627 | ($7,284) | ($899,898) | ($15,796) | $977 | $5,852 | ($80,264) | ($908,865) | ($3,854) |
Consolidation_of_Certain_Inter6
Consolidation of Certain Interests (Supplemental Pro Forma Information due to Consolidation of Borgata) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gaming | ' | ' | ' | ' | ' | ' | ' | ' | $2,478,983 | $2,106,211 | $1,982,204 |
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 446,367 | 417,184 | 387,745 |
Room | ' | ' | ' | ' | ' | ' | ' | ' | 265,371 | 264,903 | 246,209 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 165,190 | 145,176 | 134,573 |
Gross revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,355,911 | 2,933,474 | 2,750,731 |
Less promotional allowances | ' | ' | ' | ' | ' | ' | ' | ' | 461,473 | 450,646 | 419,887 |
Net revenues | 681,537 | 738,569 | 738,748 | 735,584 | 624,699 | 612,390 | 614,070 | 631,669 | 2,894,438 | 2,482,828 | 2,330,844 |
Gaming | ' | ' | ' | ' | ' | ' | ' | ' | 1,170,843 | 1,006,830 | 920,131 |
Food and beverage | ' | ' | ' | ' | ' | ' | ' | ' | 240,081 | 219,497 | 199,709 |
Room | ' | ' | ' | ' | ' | ' | ' | ' | 54,338 | 55,531 | 56,111 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 121,600 | 110,967 | 108,761 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 490,226 | 449,286 | 392,528 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 166,398 | 154,308 | 152,776 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 278,413 | 214,236 | 195,192 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 63,249 | 50,719 | 48,962 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,032 | 11,541 | 6,634 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,616,137 | 3,333,091 | 2,094,862 |
Operating income (loss) | 39,180 | 78,322 | 79,379 | 81,420 | -1,036,727 | 49,387 | 59,297 | 77,780 | 278,301 | -850,263 | 235,982 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -2,147 | -1,169 | -46 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 344,330 | 290,004 | 250,731 |
Loss on early extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 54,202 | 0 | 14 |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 394,295 | 288,972 | 246,382 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -115,994 | -1,139,235 | -10,400 |
Income taxes benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -3,350 | 220,789 | -278 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -108,554 | -923,075 | -7,999 |
Net (income) loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -28,290 | -14,210 | -4,145 |
Net loss attributable to Boyd Gaming Corporation | ($47,340) | ($37,267) | $11,627 | ($7,284) | ($899,898) | ($15,796) | $977 | $5,852 | ($80,264) | ($908,865) | ($3,854) |
Consolidation_of_Certain_Inter7
Consolidation of Certain Interests (Effect of LVE Consolidation on Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Current assets | $334,680 | $355,593 | ' | ' |
Property and equipment, net | 3,505,613 | 3,587,314 | ' | ' |
Debt financing costs, net | 84,209 | 85,468 | ' | ' |
Restricted investments | 0 | 21,382 | ' | ' |
Other assets | 61,259 | 98,415 | ' | ' |
Intangible assets, net | 1,070,660 | 1,119,638 | 574,018 | 539,714 |
Goodwill, net | 685,310 | 694,929 | 213,576 | 213,576 |
Total assets | 5,741,731 | 6,332,193 | ' | ' |
LIABILITIES | ' | ' | ' | ' |
Current maturities of long-term debt | 33,559 | 61,570 | ' | ' |
Accounts payable | 75,478 | 91,156 | ' | ' |
Accrued and other liabilities | 341,947 | 363,732 | ' | ' |
Deferred income taxes and income taxes payable | 2,879 | 8,129 | ' | ' |
Current maturities of non-recourse obligations of variable interest entity | 0 | 225,113 | ' | ' |
Long-term debt, net of current maturities | 4,352,932 | 4,827,853 | ' | ' |
Deferred income taxes | 155,218 | 139,943 | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Common stock | 1,082 | 869 | ' | ' |
Additional paid-in capital | 902,496 | 655,694 | ' | ' |
Retained earnings (accumulated deficit) | -432,074 | -351,810 | ' | ' |
Noncontrolling interest | 180,450 | 163,336 | 171,987 | 172,164 |
Total liabilities and stockholders’ equity | 5,741,731 | 6,332,193 | ' | ' |
LVE, LLC | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Current assets | ' | 1,453 | ' | ' |
Assets held for development | ' | 163,519 | ' | ' |
Debt financing costs, net | ' | 2,448 | ' | ' |
Restricted investments | ' | 21,382 | ' | ' |
Total assets | ' | 188,802 | ' | ' |
LIABILITIES | ' | ' | ' | ' |
Accounts payable | ' | 164 | ' | ' |
Accrued and other liabilities | ' | 8,486 | ' | ' |
Current maturities of non-recourse obligations of variable interest entity | ' | 225,113 | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Noncontrolling interest | 0 | -44,961 | -49,019 | -47,092 |
Total liabilities and stockholders’ equity | ' | $188,802 | ' | ' |
Consolidation_of_Certain_Inter8
Consolidation of Certain Interests (Effect of LVE Consolidation on Consolidated Income Statements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other revenue | ' | ' | ' | ' | ' | ' | ' | ' | $165,190 | $145,176 | $134,573 |
COST AND EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 490,226 | 449,286 | 392,528 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 166,398 | 154,308 | 152,776 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,032 | 11,541 | 6,634 |
Operating income (loss) | 39,180 | 78,322 | 79,379 | 81,420 | -1,036,727 | 49,387 | 59,297 | 77,780 | 278,301 | -850,263 | 235,982 |
Other expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 344,330 | 290,004 | 250,731 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -108,554 | -923,075 | -7,999 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -115,994 | -1,139,235 | -10,400 |
Income taxes benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -3,350 | 220,789 | -278 |
Net (income) loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -28,290 | -14,210 | -4,145 |
Net loss attributable to Boyd Gaming Corporation | -47,340 | -37,267 | 11,627 | -7,284 | -899,898 | -15,796 | 977 | 5,852 | -80,264 | -908,865 | -3,854 |
LVE, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COST AND EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 54 | 0 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,933 | -10,896 | -10,858 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,933 | 10,842 | 10,858 |
Other expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,377 | 12,323 | 16,753 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -444 | -1,481 | -5,895 |
Net (income) loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -444 | -1,481 | -5,895 |
Net loss attributable to Boyd Gaming Corporation | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $5,803,274,000 | $5,711,300,000 | ' |
Less accumulated depreciation | 2,297,661,000 | 2,123,986,000 | ' |
Property and equipment, net | 3,505,613,000 | 3,587,314,000 | ' |
Depreciation expense | 232,000,000 | 199,500,000 | 190,600,000 |
Assets held for development | 0 | 331,770,000 | ' |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 336,079,000 | 341,174,000 | ' |
Building and Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 3,852,039,000 | 3,826,880,000 | ' |
Furniture and Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 1,332,090,000 | 1,305,216,000 | ' |
Riverboats and Barges | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 189,175,000 | 187,620,000 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 72,141,000 | 27,397,000 | ' |
Other | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $21,750,000 | $23,013,000 | ' |
Assets_Held_for_Development_Su
Assets Held for Development (Summary) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Land | Construction and Development Costs | Construction and Development Costs | Project Management and Other Costs | Professional and Design Fees | Echelon Development | Echelon Development | ||
Echelon Infrastructure | Echelon Infrastructure | Echelon Central Energy Facility | Echelon Infrastructure | Echelon Infrastructure | |||||
Assets Held for Development [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held for development | ' | ' | $453,013 | $499,842 | $163,519 | $115,712 | $93,545 | ' | $1,325,631 |
Impairment | ' | ' | ' | ' | ' | ' | ' | 993,861 | ' |
Total assets held for development, net of impairment | $0 | $331,770 | ' | ' | ' | ' | ' | ' | $331,770 |
Intangible_Assets_Summary_of_A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible assets, gross | $1,375,565 | $1,370,878 | ' | ' |
Intangible assets, cumulative amortization | -115,805 | -66,240 | ' | ' |
Intangible assets, cumulative impairment | -189,100 | -185,000 | ' | ' |
Intangible assets, net | 1,070,660 | 1,119,638 | 574,018 | 539,714 |
Amortizing intangibles: | ' | ' | ' | ' |
Gross carrying value | 223,943 | 223,943 | ' | ' |
Cumulative amortization | -81,845 | -32,280 | ' | ' |
Cumulative impairment losses | 0 | 0 | ' | ' |
Intangible assets, net | 142,098 | 191,663 | ' | ' |
Indefinite lived intangible assets: | ' | ' | ' | ' |
Gross carrying value | 1,151,622 | 1,146,935 | ' | ' |
Cumulative amortization | -33,960 | -33,960 | ' | ' |
Cumulative impairment losses | -189,100 | -185,000 | ' | ' |
Intangible assets, net | 928,562 | 927,975 | ' | ' |
Customer Relationships | ' | ' | ' | ' |
Amortizing intangibles: | ' | ' | ' | ' |
Weighted average life | '3 years 7 months 6 days | '4 years 6 months | ' | ' |
Gross carrying value | 154,000 | 154,000 | ' | ' |
Cumulative amortization | -68,733 | -23,059 | ' | ' |
Cumulative impairment losses | 0 | 0 | ' | ' |
Intangible assets, net | 85,267 | 130,941 | 7,674 | 14,000 |
Noncompete Agreements | ' | ' | ' | ' |
Amortizing intangibles: | ' | ' | ' | ' |
Weighted average life | '0 years | '10 months 24 days | ' | ' |
Gross carrying value | 3,200 | 3,200 | ' | ' |
Cumulative amortization | -3,200 | -354 | ' | ' |
Cumulative impairment losses | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 2,846 | 0 | 0 |
Favorable Lease Rates | ' | ' | ' | ' |
Amortizing intangibles: | ' | ' | ' | ' |
Weighted average life | '34 years 4 months 24 days | '35 years 4 months 24 days | ' | ' |
Gross carrying value | 45,370 | 45,370 | ' | ' |
Cumulative amortization | -9,912 | -8,867 | ' | ' |
Cumulative impairment losses | 0 | 0 | ' | ' |
Intangible assets, net | 35,458 | 36,503 | 37,545 | 38,588 |
Development Agreement | ' | ' | ' | ' |
Amortizing intangibles: | ' | ' | ' | ' |
Weighted average life | '0 years | '0 years | ' | ' |
Gross carrying value | 21,373 | 21,373 | ' | ' |
Cumulative amortization | 0 | 0 | ' | ' |
Cumulative impairment losses | 0 | 0 | ' | ' |
Intangible assets, net | 21,373 | 21,373 | 21,373 | 0 |
Trademarks | ' | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 3,200 | 0 | 5,000 | ' |
Indefinite lived intangible assets: | ' | ' | ' | ' |
Gross carrying value | 196,487 | 191,800 | ' | ' |
Cumulative amortization | 0 | 0 | ' | ' |
Cumulative impairment losses | -8,200 | -5,000 | ' | ' |
Intangible assets, net | 188,287 | 186,800 | 136,000 | 115,700 |
Gaming License Rights | ' | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 900 | 17,500 | 0 | ' |
Indefinite lived intangible assets: | ' | ' | ' | ' |
Gross carrying value | 955,135 | 955,135 | ' | ' |
Cumulative amortization | -33,960 | -33,960 | ' | ' |
Cumulative impairment losses | -180,900 | -180,000 | ' | ' |
Intangible assets, net | 740,275 | 741,175 | 371,426 | 371,426 |
Minimum | Favorable Lease Rates | ' | ' | ' | ' |
Amortizing intangibles: | ' | ' | ' | ' |
Weighted average life | '41 years | ' | ' | ' |
Indefinite-Lived Intangible Assets, Valuation Assumptions [Abstract] | ' | ' | ' | ' |
Valuation assumptions, term | '41 years | ' | ' | ' |
Maximum | Favorable Lease Rates | ' | ' | ' | ' |
Amortizing intangibles: | ' | ' | ' | ' |
Weighted average life | '52 years | ' | ' | ' |
Indefinite-Lived Intangible Assets, Valuation Assumptions [Abstract] | ' | ' | ' | ' |
Valuation assumptions, term | '52 years | ' | ' | ' |
Borgata [Member] | Trademarks | ' | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | $5,000 | ' |
Intangible_Assets_Changes_in_I
Intangible Assets (Changes in Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $191,663 | ' | ' |
Amortization | -49,565 | -14,429 | -10,669 |
Balance, end of period | 142,098 | 191,663 | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 927,975 | ' | ' |
Balance, end of period | 928,562 | 927,975 | ' |
Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 1,119,638 | 574,018 | 539,714 |
Additions | 4,687 | 577,549 | 49,973 |
Impairments | -4,100 | -17,500 | -5,000 |
Amortization | -49,565 | -14,429 | -10,669 |
Balance, end of period | 1,070,660 | 1,119,638 | 574,018 |
Trademarks | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | 0 | 0 | 0 |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 186,800 | 136,000 | 115,700 |
Additions | 4,687 | 50,800 | 25,300 |
Impairments | -3,200 | 0 | -5,000 |
Balance, end of period | 188,287 | 186,800 | 136,000 |
Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | 0 | 0 | 0 |
Gaming License Rights | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | 0 | 0 | 0 |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 741,175 | 371,426 | 371,426 |
Additions | 0 | 387,249 | 0 |
Impairments | -900 | -17,500 | 0 |
Balance, end of period | 740,275 | 741,175 | 371,426 |
Intangible Assets [Roll Forward] | ' | ' | ' |
Impairments | ' | -17,500 | ' |
Amortization | 0 | 0 | 0 |
Customer Relationships | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 130,941 | 7,674 | 14,000 |
Additions | 0 | 136,300 | 3,300 |
Impairments | 0 | 0 | 0 |
Amortization | -45,674 | -13,033 | -9,626 |
Balance, end of period | 85,267 | 130,941 | 7,674 |
Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | -45,674 | -13,033 | -9,626 |
Noncompete Agreements | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 2,846 | 0 | 0 |
Additions | 0 | 3,200 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | -2,846 | -354 | 0 |
Balance, end of period | 0 | 2,846 | 0 |
Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | -2,846 | -354 | 0 |
Favorable Lease Rates | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 36,503 | 37,545 | 38,588 |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | -1,045 | -1,042 | -1,043 |
Balance, end of period | 35,458 | 36,503 | 37,545 |
Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | -1,045 | -1,042 | -1,043 |
Development Agreement | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 21,373 | 21,373 | 0 |
Additions | 0 | 0 | 21,373 |
Impairments | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 |
Balance, end of period | 21,373 | 21,373 | 21,373 |
Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | 0 | 0 | 0 |
Gaming License Rights | ' | ' | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Impairments | -900 | ' | ' |
Peninsula [Member] | Trademarks | ' | ' | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Impairments | ($3,200) | ' | ' |
Intangible_Assets_Future_Amort
Intangible Assets (Future Amortization) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Future Amortization | ' |
2013 | $34,352 |
2014 | 26,695 |
2015 | 15,913 |
2016 | 12,479 |
2017 | 1,043 |
Thereafter | 30,243 |
Intangible assets, net | 120,725 |
Customer Relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortizing intangibles, weighted-average remaining useful life | '5 years |
Future Amortization | ' |
2013 | 33,309 |
2014 | 25,652 |
2015 | 14,870 |
2016 | 11,436 |
2017 | 0 |
Thereafter | 0 |
Intangible assets, net | 85,267 |
Favorable Lease Rates | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortizing intangibles, weighted-average remaining useful life | '43 years 9 months 18 days |
Future Amortization | ' |
2013 | 1,043 |
2014 | 1,043 |
2015 | 1,043 |
2016 | 1,043 |
2017 | 1,043 |
Thereafter | 30,243 |
Intangible assets, net | $35,458 |
Goodwill_Schedule_of_Goodwill_
Goodwill (Schedule of Goodwill By Segment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 |
In Thousands, unless otherwise specified | Las Vegas Locals | Downtown Las Vegas | Midwest and South | Peninsula | Peninsula | Peninsula | ||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying value | $907,594 | ' | ' | ' | $378,192 | $6,997 | $50,671 | $471,734 | ' | ' |
Cumulative amortization | -6,134 | ' | ' | ' | 0 | -6,134 | 0 | 0 | ' | ' |
Cumulative impairment losses | -216,150 | ' | ' | ' | -165,479 | 0 | -50,671 | 0 | ' | ' |
Goodwill, net | $685,310 | $694,929 | $213,576 | $213,576 | $212,713 | $863 | $0 | $471,734 | $481,400 | $471,700 |
Goodwill_Goodwill_Rollforward_
Goodwill (Goodwill Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Beginning balance | $694,929 | $213,576 | $213,576 |
Additions | 0 | 481,353 | 0 |
Impairments | 0 | 0 | 0 |
Final purchase price adjustment | -9,619 | ' | ' |
Ending balance | $685,310 | $694,929 | $213,576 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Payroll and related expenses | $90,602 | $86,448 |
Interest | 47,497 | 67,145 |
Gaming liabilities | 83,304 | 85,561 |
Accrued expenses and other liabilities | 120,544 | 124,578 |
Total accrued liabilities | $341,947 | $363,732 |
NonRecourse_Obligations_of_Var2
Non-Recourse Obligations of Variable Interest Entity (Schedule of Non-recourse Obligations) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 04, 2013 | |
LVE | LVE | LVE | LVE | LVE | Echelon Development | ||||
Notes Payable to VIE Members | Construction and Term Loan Facility | Corporate Debt Securities | |||||||
For the year ending December 31, | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse obligations of variable interest entity, current | $0 | $225,113,000 | ' | ' | ' | $33,061,000 | ' | ' | ' |
Non-recourse debt of variable interest entity, long-term | ' | ' | ' | ' | 225,113,000 | ' | 119,052,000 | 73,000,000 | ' |
Assets pledged as security not separately reported | ' | ' | ' | 163,500,000 | ' | ' | ' | ' | ' |
Restricted investments held by variable interest entity | 0 | 21,382,000 | ' | 21,400,000 | ' | ' | ' | ' | ' |
Net (income) loss attributable to noncontrolling interest | -28,290,000 | -14,210,000 | -4,145,000 | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 277,035,000 | 147,168,000 | 250,857,000 | ' | ' | ' | ' | ' | ' |
Sale of Dania Jai-Alai, price | ' | ' | ' | ' | ' | ' | ' | ' | $350,000,000 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2010 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Consolidated, Excluding Borgata | Consolidated, Excluding Borgata | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | ||
Bank Credit Facility | Bank Credit Facility | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Subordinated Notes | Senior Subordinated Notes | Other | Other | Other | Bank Credit Facility | Bank Credit Facility | Senior Notes | Senior Notes | Other | Other | Bank Credit Facility | Bank Credit Facility | Term Loan | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Secured Debt | |||||||||||
9.125% senior notes due 2018 | 9.125% senior notes due 2018 | 9.00% senior notes due 2020 | 9.00% senior notes due 2020 | 6.75% senior subordinated notes due 2014 | 7.125% senior subordinated notes due 2016 | Holdco Note | Holdco Note | Holdco Note | 8.375% Senior Notes due 2018 | 8.375% Senior Notes due 2018 | 9.50% Senior Secured Notes Due 2015 | 9.875% Senior Secured Notes Due 2018 | 9.875% Senior Secured Notes Due 2018 | 9.875% Senior Secured Notes Due 2018 | Term Loan | ||||||||||||||||||||
For the year ending December 31, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding principal | $4,426,317 | ' | $3,612,917 | $4,144,303 | $2,460,755 | $2,939,409 | $1,467,725 | $1,474,850 | $500,000 | $500,000 | $350,000 | $350,000 | $215,668 | $240,750 | $143,030 | $158,141 | ' | $1,152,162 | $1,204,894 | $802,150 | $854,400 | $350,000 | $350,000 | $12 | $494 | $813,400 | $811,500 | $39,900 | $20,000 | ' | $398,000 | $393,500 | $393,500 | ' | $380,000 |
Unamortized discount | -31,933 | -42,298 | -21,604 | -37,670 | -21,604 | -37,667 | -4,233 | -5,001 | 0 | 0 | 0 | 0 | 0 | 0 | -17,371 | -32,666 | 31,100 | 0 | -3 | 0 | 0 | 0 | 0 | 0 | -3 | -10,329 | -4,628 | 0 | 0 | -3,766 | -2,525 | -6,563 | -2,103 | -2,700 | ' |
Unamortized origination fees | -7,893 | -24,082 | -6,082 | -10,534 | -6,082 | -10,534 | 0 | -3,214 | -6,082 | -7,320 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,811 | -13,548 | 0 | 0 | 0 | -5,928 | -1,811 | -7,620 | ' | ' |
Long-term debt, net | ' | ' | 3,585,231 | 4,096,099 | 2,433,069 | 2,891,208 | 1,463,492 | 1,466,635 | 493,918 | 492,680 | 350,000 | 350,000 | 215,668 | 240,750 | 125,659 | 125,475 | ' | 1,152,162 | 1,204,891 | 802,150 | 854,400 | 350,000 | 350,000 | 12 | 491 | 801,260 | 793,324 | 39,900 | 20,000 | ' | 389,547 | 385,126 | 383,777 | ' | 376,234 |
Current maturities of long-term debt | 33,559 | 61,570 | ' | ' | 21,500 | 42,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, gross, excluding current maturities | 4,392,758 | 4,894,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net of current maturities | $4,352,932 | $4,827,853 | ' | ' | $2,285,910 | $2,723,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Boyd
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) (Amended Credit Facility, Boyd, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Amount outstanding | $1,463,492 | $1,466,635 |
Revolving Credit Facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount outstanding | 295,000 | ' |
Initial Term Loan | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount outstanding | ' | 450,000 |
Term Loan A | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount outstanding | 246,875 | ' |
Term Loan B | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount outstanding | 897,750 | ' |
Swing Loan | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount outstanding | 23,867 | 24,135 |
Extended Revolving Facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount outstanding | ' | 660,000 |
Incremental Term Loan | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount outstanding | ' | $332,500 |
LongTerm_Debt_Boyd_Credit_Agre
Long-Term Debt (Boyd Credit Agreement - Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 14, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 14, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 14, 2013 | Dec. 31, 2013 | Aug. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Boyd | Boyd | Boyd | Boyd | Revolving Credit Facility and Term Loan | Revolving Credit Facility | Swing Loan | Swing Loan | Swing Loan | Term Loan A | Term Loan A | Term Loan B | Term Loan B | Letter of Credit | Bank Credit Facility | ||||
Amended Credit Facility | Amended Credit Facility | Amended Credit Facility | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | |||||
Amended Credit Facility | Amended Credit Facility | Amended Credit Facility | Amended Credit Facility | Amended Credit Facility | Amended Credit Facility | Amended Credit Facility | Amended Credit Facility | Amended Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | $1,463,492,000 | ' | $1,466,635,000 | ' | $295,000,000 | $23,867,000 | ' | $24,135,000 | $246,875,000 | ' | $897,750,000 | ' | $8,500,000 | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | 100,000,000 | ' | ' | 250,000,000 | ' | 900,000,000 | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | 20,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum secured leverage ratio | ' | ' | ' | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt financing costs | 21,381,000 | 21,616,000 | 11,853,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05 | ' | 0.01 | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $268,400,000 |
LongTerm_Debt_Maximum_Total_Le
Long-Term Debt (Maximum Total Leverage Ratio) (Details) (Boyd) | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' |
Minimum consolidated interest coverage ratio required | 1.75 |
Four Fiscal Quarters Ending September 30, 2013 through December 31, 2015 | ' |
Line of Credit Facility [Line Items] | ' |
Maximum total leverage ratio | 8.5 |
Four Fiscal Quarters Ended March 31, 2016 through December 31, 2016 | ' |
Line of Credit Facility [Line Items] | ' |
Maximum total leverage ratio | 8.25 |
Four Fiscal Quarters Ended March 31, 2017 through December 31, 2017 | ' |
Line of Credit Facility [Line Items] | ' |
Maximum total leverage ratio | 8 |
Four Fiscal Quarters Ended March 31, 2018 and Thereafter | ' |
Line of Credit Facility [Line Items] | ' |
Maximum total leverage ratio | 7.75 |
LongTerm_Debt_Maximum_Secured_
Long-Term Debt (Maximum Secured Leverage Ratio) (Details) (Boyd) | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' |
Maximum secured leverage ratio | 4.25 |
Four Fiscal Quarters Ending September 30, 2013 through December 31, 2014 | ' |
Line of Credit Facility [Line Items] | ' |
Maximum secured leverage ratio | 5 |
Four Fiscal Quarters Ending March 31, 2015 through December 31, 2016 | ' |
Line of Credit Facility [Line Items] | ' |
Maximum secured leverage ratio | 4.75 |
Four Fiscal Quarters Ending March 31, 2017 through December 31, 2017 | ' |
Line of Credit Facility [Line Items] | ' |
Maximum secured leverage ratio | 4.5 |
Four Fiscal Quarters Ended March 31, 2018 and Thereafter | ' |
Line of Credit Facility [Line Items] | ' |
Maximum secured leverage ratio | 4.25 |
LongTerm_Debt_Interest_and_Fee
Long-Term Debt (Interest and Fees - Narrative) (Details) (Boyd) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Revolving Credit Facility, Swing Loan and Term Loan A | Revolving Credit Facility, Swing Loan and Term Loan A | Revolving Credit Facility, Swing Loan and Term Loan A | Revolving Credit Facility, Swing Loan and Term Loan A | Revolving Credit Facility | Revolving Credit Facility | Term Loan B | Term Loan B | Term Loan B | Term Loan B | |
Federal Funds Rate | Eurodollar | LIBOR | LIBOR | Base Rate | Base Rate | Bank Credit Facility | Bank Credit Facility | Base Rate | Eurodollar | Eurodollar | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin | ' | ' | ' | ' | 2.00% | 3.00% | 1.00% | 2.00% | ' | ' | ' | 2.00% | 1.00% | 3.00% |
Commitment fee percentage on unused portion of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.50% | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Blended interest rate at period end | 3.10% | 3.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
LongTerm_Debt_Boyd_Senior_and_
Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 10, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 08, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Apr. 15, 2004 | Aug. 07, 2013 | Jan. 30, 2006 | 30-May-13 | Apr. 06, 2013 | Apr. 30, 2013 | Mar. 07, 2013 | Aug. 07, 2013 |
Senior Notes | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | Boyd | |
9.125% Senior Notes Due 2018 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | ||
9.125% Senior Notes Due 2018 | 9.125% Senior Notes Due 2018 | 9.125% Senior Notes Due 2018 | 9.125% Senior Notes Due 2018 | 9.125% Senior Notes Due 2018 | 9.00% senior notes due 2020 | 9.00% senior notes due 2020 | 9.00% senior notes due 2020 | 9.00% senior notes due 2020 | 9.00% senior notes due 2020 | 9.00% senior notes due 2020 | 6.75% Senior Subordinated Notes Due 2014 | 7.125% Senior Subordinated Notes Due 2016 | 7.125% Senior Subordinated Notes Due 2016 | 6.75% Senior Subordinated Notes Due 2014 | 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 | |||
Prior to December 1, 2014 | After December 1, 2014 and Prior to 2016 | During 2016 and Thereafter | Prior to July 1, 2015 | Prior to July 1, 2016 | After July 1, 2016 and Prior to 2018 | During 2018 and Thereafter | |||||||||||||||
For the year ending December 31, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | 9.13% | ' | ' | 9.13% | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | 6.75% | ' | 7.13% | ' | ' | ' | ' | ' |
Ownership percentage of subsidiaries | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conditional repurchase price, % of principal | ' | ' | 101.00% | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price, percentage | ' | ' | ' | ' | 100.00% | 104.56% | 100.00% | ' | ' | 109.00% | 100.00% | 104.50% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable portion of principal amount, % | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percent of Principal, Redeemable with Proceeds from Certain Equity Offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 101.19% |
Write off of unamortized debt fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 100,000 | 300,000 | ' | ' | ' |
Notes redeemable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $240,800,000 | ' | ' | ' | $65,700,000 | ' | ' |
LongTerm_Debt_Other_Boyd_Notes
Long-Term Debt (Other Boyd Notes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Dec. 31, 2013 | Nov. 20, 2012 | Nov. 20, 2012 |
In Thousands, unless otherwise specified | Peninsula Gaming | Boyd | Boyd | Holdco Note | Holdco Note | Holdco Note | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | As previously reported [Member] | ||
Promissory Note | Boyd | Boyd | Boyd | Holdco Note | Holdco Note | Holdco Note | |||||
Other | Other | Other | Boyd | Boyd | Boyd | ||||||
Fixed Rate Debt | Fixed Rate Debt | Other | |||||||||
For the year ending December 31, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding principal | $4,426,317 | ' | ' | $2,460,755 | $2,939,409 | $143,030 | $158,141 | ' | $143,000 | $147,800 | ' |
Unamortized discount | $31,933 | $42,298 | ' | $21,604 | $37,667 | $17,371 | $32,666 | ($31,100) | ' | ' | ($34,200) |
Interest rate for period up to one year after issue date | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, from one year up to two years after issue date | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, from two years up to three years after issue date | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, from and after three years after issue date | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest computation, year basis | ' | ' | '360 days | ' | ' | ' | ' | ' | ' | ' | ' |
Interest computation, month basis | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Peninsula_Bank_C
Long-Term Debt (Peninsula Bank Credit Facility Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 1-May-13 | Nov. 02, 2011 | Dec. 03, 2010 | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2012 | Nov. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2012 | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Eurodollar Rate | Eurodollar Rate | Eurodollar Rate | Eurodollar Rate | Base Rate | Base Rate | Base Rate | Federal Funds Rate | One-month Eurodollar | Trailing Four Quarters Ending December 31, 2013 Through June 30, 2014 | Trailing Four Quarters Ending September 30, 2014 Through December 31, 2014 | Trailing Four Quarters Ending March 31, 2015 Through June 30, 2015 | Trailing Four Quarters Ending September 30, 2015 Through December 31, 2015 | Trailing Four Quarters Ending March 31, 2016 Through June 30, 2016 | Trailing Four Quarters Ending September 30, 2016 Through December 31, 2016 | Trailing Four Quarters Ending March 31, 2017 Through June 30, 2017 | Trailing Four Quarters Ending September 30, 2017 and Thereafter | ||||
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 | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Base Rate | Base Rate | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | Peninsula | |||||||
Term Loan | Term Loan | Term Loan | Term Loan | Revolver | Revolver | Revolver | Swing Loan | Swing Loan | Swing Loan | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Peninsula | Peninsula | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | |||||||||||||
Term Loan | Term Loan | Term Loan | Revolver | Term Loan | Term Loan | Revolver | Bank Credit Facility | Bank Credit Facility | |||||||||||||||||||||||||||||||
For the year ending December 31, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt financing, maximum borrowing capacity | ' | ' | ' | ' | ' | $875,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $825,000,000 | ' | ' | $50,000,000 | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | 4.00% | 2.25% | 2.25% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, reference rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment fee, percentage | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Amendment Fee, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | 802,150,000 | 854,400,000 | ' | ' | ' | 784,750,000 | ' | 825,000,000 | ' | 8,000,000 | 18,000,000 | ' | 9,400,000 | 11,400,000 | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | 26,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, basis spread on fixed portion of reference rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage on unused portion of credit facility | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Blended interest rate at period end | ' | ' | ' | ' | ' | ' | 4.20% | 5.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed quarterly amortization of principal, percentage | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Annual Principal Payment | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Optional Annual Principal Payment | ' | ' | ' | 32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum consolidated interest coverage ratio required | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum consolidated leverage ratio allowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 6.75 | 6.5 | 6.25 | 6 | 5.75 | 5.5 | 5.25 |
Covenant, maximum annual capital expenditures | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred finance costs | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | ' | 33,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Related Commitment Fees and Debt Issuance Costs | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt financing costs | $21,381,000 | $21,616,000 | $11,853,000 | ' | ' | ' | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Peninsula_Senior
Long-Term Debt (Peninsula Senior Notes Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Peninsula | Peninsula | Peninsula | Prior to August 15, 2014 | On or After August 15, 2014 and Prior to 2016 [Member] | During 2016 and Thereafter | ||||
Senior Notes | Senior Notes | Senior Notes | Peninsula | Peninsula | Peninsula | ||||
8.375% Senior Notes due 2018 | 8.375% Senior Notes due 2018 | 8.375% Senior Notes due 2018 | Senior Notes | Senior Notes | Senior Notes | ||||
8.375% Senior Notes due 2018 | 8.375% Senior Notes due 2018 | 8.375% Senior Notes due 2018 | |||||||
For the year ending December 31, | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | $350,000,000 | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | ' | ' | ' | 8.38% | 8.38% | 8.38% | ' | ' | ' |
Conditional repurchase price, % of principal | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' |
Redeemable portion of principal amount, % | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' |
Debt instrument, redemption price, percentage | ' | ' | ' | ' | ' | ' | 108.38% | 106.28% | 100.00% |
Redemption price, % of principal, subject to make-whole premium | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Payments of debt issuance costs | $44,752,000 | $65,083,000 | $15,374,000 | $14,200,000 | ' | ' | ' | ' | ' |
LongTerm_Debt_Borgata_Bank_Cre
Long-Term Debt (Borgata Bank Credit Facility Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 11, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Borgata | Borgata | Borgata | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Swing Loan | Incremental Term Loan | Incremental Term Loan | One-month Eurodollar | Federal Funds Rate | Eurodollar Rate | Eurodollar Rate | Eurodollar Rate | Base Rate | Base Rate | Base Rate | Prior to First Anniversary Of Debt Issuance | On or After the First Anniversary of Debt Issuance | ||||
Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Borgata | Borgata | Borgata | Borgata | Borgata | 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 | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Incremental Term Loan | Incremental Term Loan | Incremental Term Loan | Incremental Term Loan | Incremental Term Loan | Incremental Term Loan | Incremental Term Loan | Incremental Term Loan | ||||
Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Bank Credit Facility | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | 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 | Borgata Bank Credit Facility Amendment | 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 | Bank Credit Facility | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | ||||||||||||
Minimum | Maximum | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | ||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||
For the year ending December 31, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | ' | ' | $60,000,000 | ' | ' | $15,000,000 | ' | $380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Increase, Additional Borrowing | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | 39,900,000 | 30,900,000 | ' | 3,200,000 | 20,000,000 | 35,000,000 | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | 16,900,000 | 20,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread, alternative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | 1.00% | ' | ' | 1.00% | ' | ' | ' | ' |
Commitment fee percentage on unused portion of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | 4.10% | ' | 3.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated EBITDA required | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt issuance costs | $44,752,000 | $65,083,000 | $15,374,000 | $10,100,000 | $400,000 | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.82% | ' | ' | ' | ' | 5.50% | 5.75% | ' | 4.50% | 4.75% | ' | ' |
Debt Instrument, Issue Discount, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed quarterly amortization of principal, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% |
LongTerm_Debt_Borgata_Senior_S
Long-Term Debt (Borgata Senior Secured Notes Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 15, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 11, 2011 | Aug. 31, 2010 |
Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Borgata Bank Credit Facility Amendment | Minimum | |||
9.875% Senior Secured Notes Due 2018 | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | 9.50% Senior Secured Notes Due 2015 | Borgata | Borgata | Borgata | Borgata | |||||
Senior Secured Notes | 9.50% Senior Secured Notes Due 2015 | 9.50% Senior Secured Notes Due 2015 | 9.50% Senior Secured Notes Due 2015 | 9.875% Senior Secured Notes Due 2018 | 9.875% Senior Secured Notes Due 2018 | 9.875% Senior Secured Notes Due 2018 | 9.875% Senior Secured Notes Due 2018 | 9.875% Senior Secured Notes Due 2018 | 9.875% Senior Secured Notes Due 2018 | 9.875% Senior Secured Notes Due 2018 | Senior Secured Notes | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Senior Secured Notes | ||||||
Prior to August 15, 2014 | On or After August 15, 2014 and Prior to August 15, 2015 | On or After August 15, 2015 and Prior to August 15, 2016 | On or After August 15, 2016 | ||||||||||||||||||
For the year ending December 31, | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price, net of discount, % of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | 31,933,000 | 42,298,000 | 10,329,000 | 4,628,000 | ' | ' | ' | ' | 2,525,000 | 6,563,000 | 2,103,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, % of principal, subject to make-whole premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price, percentage | ' | ' | ' | ' | ' | ' | 104.75% | 103.00% | ' | ' | ' | ' | ' | 104.94% | 102.47% | 100.00% | ' | ' | ' | ' | ' |
Effective interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | ' | ' | ' | ' | 9.88% | ' | ' | ' | ' | 9.88% | 9.88% | ' | ' | ' | ' | ' | 9.50% | ' | ' | ' | ' |
Debt payment | ' | ' | ' | ' | ' | ' | ' | 39,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | 23,300,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum required coverage ratio | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,900,000 | 30,900,000 | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,900,000 | $20,100,000 | ' | ' |
LongTerm_Debt_Maturities_of_Lo
Long-Term Debt (Maturities of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
For the year ending December 31, | ' | ' |
2013 | $33,559 | ' |
2014 | 33,553 | ' |
2015 | 33,550 | ' |
2016 | 802,700 | ' |
2017 | 2,320,205 | ' |
Thereafter | 1,202,750 | ' |
Total outstanding principal of long-term debt | 4,426,317 | ' |
Boyd | ' | ' |
For the year ending December 31, | ' | ' |
2013 | 21,500 | ' |
2014 | 21,500 | ' |
2015 | 21,500 | ' |
2016 | 21,500 | ' |
2017 | 1,172,005 | ' |
Thereafter | 1,202,750 | ' |
Total outstanding principal of long-term debt | 2,460,755 | 2,939,409 |
Peninsula | ' | ' |
For the year ending December 31, | ' | ' |
2013 | 8,259 | ' |
2014 | 8,253 | ' |
2015 | 8,250 | ' |
2016 | 777,400 | ' |
2017 | 350,000 | ' |
Thereafter | 0 | ' |
Total outstanding principal of long-term debt | 1,152,162 | 1,204,894 |
Borgata | ' | ' |
For the year ending December 31, | ' | ' |
2013 | 3,800 | ' |
2014 | 3,800 | ' |
2015 | 3,800 | ' |
2016 | 3,800 | ' |
2017 | 798,200 | ' |
Thereafter | 0 | ' |
Total outstanding principal of long-term debt | $813,400 | $811,500 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Dec. 31, 2013 | Aug. 14, 2013 | Jan. 31, 2010 |
In Millions, unless otherwise specified | Borgata | ||
Income Taxes [Line Items] | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ' | $4.20 | ' |
Equity method investment, ownership percentage | 50.00% | ' | 50.00% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Potential equity impact of deferred taxes | $3,100,000 | ' | ' |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | ' | 0 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate | 100,000 | 100,000 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible that Would Impact Effective Tax Rate Lower Bound | 20,300,000 | ' | ' |
Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' |
Current deferred tax liability | 2,879,000 | 7,473,000 | ' |
Non-current deferred tax liability | 155,218,000 | 139,943,000 | ' |
Current deferred tax asset | -5,374,000 | -3,561,000 | ' |
Net deferred tax liability | 152,723,000 | 143,855,000 | ' |
Deferred tax assets | ' | ' | ' |
Federal net operating loss carryforwards | 367,182,000 | 39,996,000 | ' |
State net operating loss carryforwards | 43,785,000 | 26,230,000 | ' |
Share-based compensation | 30,317,000 | 28,532,000 | ' |
Reserve for employee benefits | 16,996,000 | 14,647,000 | ' |
Preopening expense | 8,544,000 | 8,155,000 | ' |
Tax credit carryforwards | 6,635,000 | 4,309,000 | ' |
Provision for doubtful accounts | 3,731,000 | 3,709,000 | ' |
Reserve differential for gaming activities | 40,000 | 2,510,000 | ' |
Difference between book and tax basis of property | 0 | 114,742,000 | ' |
Other | 14,478,000 | 16,322,000 | ' |
Gross deferred tax assets | 491,708,000 | 259,152,000 | ' |
Valuation allowance | -243,448,000 | -204,583,000 | ' |
Deferred tax assets, net of valuation allowance | 248,260,000 | 54,569,000 | ' |
Deferred tax liabilities | ' | ' | ' |
Difference between book and tax basis of property | 185,535,000 | 0 | ' |
Difference between book and tax basis of intangible assets | 175,964,000 | 161,214,000 | ' |
Gain on early retirement of debt | 6,732,000 | 6,731,000 | ' |
State tax liability, net of federal benefit | 23,073,000 | 19,389,000 | ' |
Prepaid services and supplies | 9,523,000 | 11,068,000 | ' |
Other | 156,000 | 22,000 | ' |
Gross deferred tax liabilities | 400,983,000 | 198,424,000 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible that Would Impact Effective Tax Rate Upper Bound | 25,500,000 | ' | ' |
All years [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $2,100,000 | $20,800,000 | ' |
Income_Taxes_Valuation_Allowan
Income Taxes (Valuation Allowance on Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2013 |
Internal Revenue Service (IRS) | ' |
Operating Loss Carryforwards [Line Items] | ' |
Total net operating losses | $1,100,000,000 |
Operating loss carryforwards, valuation allowance | 213,200,000 |
Internal Revenue Service (IRS) | General Business Tax Credit Carryforward | ' |
Operating Loss Carryforwards [Line Items] | ' |
Tax credit carryforwards | 6,600,000 |
State and Local Jurisdiction | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | 581,100,000 |
Operating loss carryforwards, valuation allowance | $30,200,000 |
Income_Taxes_Provision_Benefit
Income Taxes (Provision (Benefit) for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred | ' | ' | ' |
Federal | $5,666 | ($215,711) | ($4,730) |
State | -2,684 | -5,129 | 2,955 |
Deferred income taxes | 2,982 | -220,840 | -1,775 |
Provision (benefit) for income taxes from discontinued operations | 5,884 | -17 | -1,443 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
State | 368 | 286 | 2,603 |
Federal | 0 | -235 | -550 |
Total current taxes provision (benefit) | 368 | 51 | 2,053 |
Provision (benefit) for income taxes from continuing and discontinued operations | $9,234 | $220,772 | ($1,721) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax at federal statutory rate | 35.00% | 35.00% | 35.00% |
Valuation allowance for deferred tax assets | -35.10% | -15.40% | 0.00% |
Noncontrolling interests | -9.40% | -0.50% | -16.70% |
Accrued interest on uncertain tax benefits | 3.70% | 0.00% | -9.70% |
State income taxes, net of federal benefit | 2.00% | 0.40% | -31.80% |
Compensation-based credits | 1.40% | 0.10% | 9.90% |
Company provided benefits | 0.10% | -0.10% | -4.20% |
Nontaxable gain on acquisition | 0.00% | 0.00% | 15.40% |
Other, net | -0.60% | -0.10% | -0.60% |
Effective tax rate | -2.90% | 19.40% | -2.70% |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' |
Unrecognized tax benefit, beginning of year | ' | $38,423,000 | $42,320,000 | $38,336,000 |
Tax positions related to current year | 562,000 | 1,468,000 | 1,438,000 | ' |
Tax positions related to prior years | 138,000 | 15,456,000 | 3,718,000 | ' |
Tax positions related to prior years | -2,064,000 | -10,969,000 | -1,172,000 | ' |
Settlement with taxing authorities | 0 | ' | 0 | ' |
Unrecognized tax benefits | 37,059,000 | 38,423,000 | 42,320,000 | ' |
Income tax penalties and interest expense | -1,100,000 | -200,000 | 2,400,000 | ' |
Income tax penalties and interest accrued | 12,000,000 | 12,400,000 | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate | 100,000 | 100,000 | ' | ' |
Interest expense resulting from income tax examination | 3,100,000 | ' | ' | ' |
Income tax expense (benefit) resulting from income tax examination settlement | ' | 4,000,000 | ' | ' |
Estimated decrease in recognized tax beneifts over next 12 months, minimum | 28,100,000 | ' | ' | ' |
Estimated decrease in recognized tax beneifts over next 12 months, maximum | 33,400,000 | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible that Would Impact Effective Tax Rate Lower Bound | 20,300,000 | ' | ' | ' |
Internal Revenue Service (IRS) | ' | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 29,100,000 | ' | ' | ' |
Current year [Member] | ' | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' |
Settlement with taxing authorities | ' | -9,852,000 | ' | ' |
All years [Member] | ' | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' |
Settlement with taxing authorities | ($2,100,000) | ($20,800,000) | ' | ' |
Derivative_Instruments_Classif
Derivative Instruments (Classification of Changes in Fair Value) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||
Dec. 31, 2011 | Jun. 29, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |
Interest Rate Swap | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | ||
Included in interest expense | Included in interest expense | Cash Flow Hedging | |||
Cash Flow Hedging | Cash Flow Hedging | Interest Rate Swap | |||
Interest Rate Swap | Interest Rate Swap | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Aggregate notional amount of derivatives | ' | $500,000,000 | ' | ' | ' |
Gain (loss) reclassified from AOCI into income (ineffective portion) | ' | ' | 0 | 11,800,000 | 300,000 |
Amounts amortized through other comprehensive income related to derivatives previously de-designated as hedging instruments | $11,800,000 | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Capital Spending and Development) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Kansas Star | Kansas Star | Kansas Star | Kansas Star | Kansas Star | Kansas Star | Kansas Star | Diamond Jo Dubuque | Minimum | Minimum | Accrued Liabilities | Other Liabilities | |||
Annual Donations for Education in Operating Area | Mulvane Special Tax Assessment for Utilities | Mulvane Special Tax Assessment for Utilities | Additional Mulvane Special Tax Assessment for Utilities | Earnout on Excess of EBITDA in 2015 | Dubuque Minimum Assessment Agreement | Kansas Star | Kansas Star | Diamond Jo Dubuque | Diamond Jo Dubuque | |||||
Infrastructure Investment Commitments | Privilege Fee | Dubuque Minimum Assessment Agreement | Dubuque Minimum Assessment Agreement | |||||||||||
room | ||||||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel rooms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' |
Amount of other commitment | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | $225,000,000 | $25,000,000 | ' | ' |
Cumulative total project expenditures to date (more than $225.0 million) | 43,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' |
Cost to Complete Construction | ' | ' | ' | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other commitment, time period | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued by counterparty | ' | ' | ' | ' | ' | ' | 19,700,000 | 600,000 | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of letter of credit | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of letter of credit amount to special tax | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Other commitment to be established in 2013, period | ' | ' | ' | ' | ' | ' | ' | '14 years | ' | ' | ' | ' | ' | ' |
Expected annual payment (less than $2.0 million) | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' |
Property taxes, minimum taxable value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,900,000 | ' | ' | ' | ' |
Remaining obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 14,900,000 |
Remaining obligation, discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 |
Total minimum annual payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' |
Earnout threshhold, EBITDA of certain properties | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' | ' |
Contingent consideration - Kansas Star earn out | $1,100,000 | $9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnout multiple | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | ' |
Payment to option holder, percentage of EBITDA | 1.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to option holder, term | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Gain Contingency) (Details) (Borgata [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2013 | |
Borgata [Member] | ' | ' | ' |
Gain Contingencies [Line Items] | ' | ' | ' |
Real property assessment | ' | ' | $2,300,000,000 |
Real property valuation | 870,000,000 | 880,000,000 | ' |
Proceeds from Income Tax Refunds | $9,000,000 | $48,000,000 | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Loss Contingency) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Borgata | ' | ' | ' | ' |
Atlantic City Tourism District [Abstract] | ' | ' | ' | ' |
ACA total five-year assessment by all casinos plus initial contribution | ' | $155 | ' | ' |
Atlantic City Alliance initial contribution | ' | 5 | ' | ' |
ACA annual assessment by all casinos | ' | 30 | ' | ' |
Borgata | ' | ' | ' | ' |
Investment Alternative Tax: | ' | ' | ' | ' |
Term of New Jersey Casino Reinvestment Development Authority (CRDA) bonds | '20 years | '50 years | ' | ' |
New Jersey Casino Reinvestment Development Authority (CRDA) obligation | ' | 7.8 | 7.7 | 8.1 |
New Jersey Casino Reinvestment Development Authority (CRDA) obligation, valuation provision recorded | ' | 2.2 | 4.4 | 3.5 |
Borgata | Borgata | ' | ' | ' | ' |
Atlantic City Tourism District [Abstract] | ' | ' | ' | ' |
Initial term of Atlantic City Alliance (ACA) assessment | ' | '5 years | ' | ' |
Expense under the agreement recorded in period | ' | $6.50 | $6.10 | $0.90 |
Borgata | New Jersey Casino Control Act | Investment Alternative Tax Assessment | ' | ' | ' | ' |
Investment Alternative Tax: | ' | ' | ' | ' |
New Jersey annual investment alternative tax, percentage | ' | 1.25% | ' | ' |
Borgata | CRDA | Investment Alternative Tax Assessment | ' | ' | ' | ' |
Investment Alternative Tax: | ' | ' | ' | ' |
New Jersey annual investment alternative tax, percentage | ' | 2.50% | ' | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies (Echelon) (Details) (Echelon Development, USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Echelon Development | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Assets held for development | ' | $1,325,631 |
Impairment | $993,861 | ' |
Commitments_and_Contingencies_5
Commitments and Contingencies (Borgata Commitments) (Details) (Borgata, USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2007 | Dec. 31, 2013 |
Long-term Purchase Commitment [Line Items] | ' | ' |
Initial term of utility contract | '20 years | '50 years |
Purchase Commitment, Thermal Energy Commitment | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Annual purchase commitments | ' | 11.7 |
Long-Term Purchase Commitment, Electricity Commitment | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Annual purchase commitments | ' | 1.7 |
Commitments_and_Contingencies_6
Commitments and Contingencies (Boyd Leases) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | Oct. 01, 1995 | Sep. 01, 1995 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 01, 1973 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 10, 1998 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 01, 1995 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
The Orleans Hotel and Casino | The Orleans Hotel and Casino | Suncoast Hotel and Casino | Suncoast Hotel and Casino | California Hotel and Casino | California Hotel and Casino | Fremont Hotel and Casino | Sam's Town Hotel and Gambling Hall | Sam's Town Hotel and Casino (Shreveport) | Sam's Town Hotel and Casino (Shreveport) | Treasure Chest Casino | Treasure Chest Casino | Treasure Chest Casino | IP Casino Resort Spa | IP Casino Resort Spa | IP Casino Resort Spa | Diamond Jo Dubuque | Diamond Jo Worth | Hunting Land at Pheasant Links | October 1, 1995 Through February 28, 2011 | February 28, 2011 through September 30, 2044 | February 1, 2016 through January 31, 2018 | September 1, 1973 through June 30, 1973 | July 1, 1974 through August 31, 2003 | September 1, 2004 through August 31, 2033 | Minimum | Minimum | Maximum | Every Two Years | Every Two Years | Every Three Years | Every Two Months | Every Five Years | Every Ten Years | Off Track Betting Facilities and Other Equipment | |
acre | acre | acre | lease | acre | term | acre | acre | parking_space | acre | acre | The Orleans Hotel and Casino | The Orleans Hotel and Casino | The Orleans Hotel and Casino | California Hotel and Casino | California Hotel and Casino | California Hotel and Casino | Fremont Hotel and Casino | July 1, 1974 through August 31, 2003 | Fremont Hotel and Casino | Fremont Hotel and Casino | September 1, 2003 through August 31, 2027 | September 1, 2003 through August 31, 2027 | September 1, 2003 through August 31, 2027 | Fremont Hotel and Casino | Fremont Hotel and Casino | property | |||||||||
option | acre | acre | lease | California Hotel and Casino | California Hotel and Casino | California Hotel and Casino | California Hotel and Casino | ||||||||||||||||||||||||||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land subject to ground leases | ' | 77 | ' | 49 | ' | 2 | 1 | ' | ' | 18 | 14 | ' | ' | 4 | ' | ' | ' | 10 | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial term of operating lease | '50 years | ' | '60 years | ' | '60 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '79 years | ' | '99 years | ' | ' | ' | ' | ' | ' | ' |
Lease extension term | '25 years | ' | ' | '10 years | ' | ' | ' | ' | '10 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly rental payments | ' | ' | ' | $200,000 | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | $3,000 | $6,500 | ' | ' | $6,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly rental payments, annual percentage increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to purchase, effective period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options to extend lease terms | ' | ' | ' | 3 | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Owned land, acres | ' | ' | ' | ' | ' | 14 | ' | 150 | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Frequency of cost-of-living index adjustment applied to operating lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years | '3 years | '2 months | '5 years | '10 years | ' |
Period during which rent is negotiated but cannot be less than $6,500 per month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land owned or leased, acres | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of lease agreements | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating leases expiring in 2053 | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating leases with CPI adjustments every two years | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option for sellers to repurchase property, price | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of notice prior to repurchase option exercise date | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rent | ' | ' | ' | ' | ' | ' | ' | ' | 530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional rent, percentage of adjusted gross revenue from hotel and casino operations | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional rent, percentage of adjusted gross gaming revenue for admission taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual lease payments (less than $0.1 million at each of Diamond Jo Worth and Pheasant Links) | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional rent, amount per casino visitor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent paid during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | 5,100,000 | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of available lease extensions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual rent payable under the lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expense during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 800,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of surface parking spaces on leased land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase option, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Commitments_and_Contingencies_7
Commitments and Contingencies (Borgata Leases) (Details) (Borgata [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
acre | |
Operating Leased Assets [Line Items] | ' |
Owned land, acres | 26 |
Land subject to ground leases | 20 |
Land Underlying Parking Garage | ' |
Operating Leased Assets [Line Items] | ' |
Land subject to ground leases | 2 |
Land Underlying Public Space Expansion | ' |
Operating Leased Assets [Line Items] | ' |
Land subject to ground leases | 4 |
Land Underlying Rooms Expansion | ' |
Operating Leased Assets [Line Items] | ' |
Land subject to ground leases | 2 |
Land Underlying Parking Structure | ' |
Operating Leased Assets [Line Items] | ' |
Land subject to ground leases | 3 |
Land Comprising Surface Parking Lot | ' |
Operating Leased Assets [Line Items] | ' |
Land subject to ground leases | 8 |
Termination of lease, period of time after notice given | '3 months |
Undeveloped Land Parcel | ' |
Operating Leased Assets [Line Items] | ' |
Land subject to ground leases | 1 |
Alternative Parking Structure Ground Lease | ' |
Operating Leased Assets [Line Items] | ' |
Responsibility for property taxes and monthly rent, term | '18 months |
Commitments_and_Contingencies_8
Commitments and Contingencies (Minimum Lease Obligations) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Leased Assets [Line Items] | ' | ' | ' |
2013 | $20,849 | ' | ' |
2014 | 19,458 | ' | ' |
2015 | 19,065 | ' | ' |
2016 | 18,662 | ' | ' |
2017 | 17,683 | ' | ' |
Thereafter | 725,825 | ' | ' |
Lease obligations | 821,542 | ' | ' |
Boyd | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
2013 | 13,263 | ' | ' |
2014 | 12,577 | ' | ' |
2015 | 12,459 | ' | ' |
2016 | 12,280 | ' | ' |
2017 | 11,301 | ' | ' |
Thereafter | 408,276 | ' | ' |
Lease obligations | 470,156 | ' | ' |
Borgata | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
2013 | 7,586 | ' | ' |
2014 | 6,881 | ' | ' |
2015 | 6,606 | ' | ' |
2016 | 6,382 | ' | ' |
2017 | 6,382 | ' | ' |
Thereafter | 317,549 | ' | ' |
Lease obligations | 351,386 | ' | ' |
Selling, General and Administrative Expenses | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lease expense during the period | $38,600,000 | $29,300,000 | $28,400,000 |
Commitments_and_Contingencies_9
Commitments and Contingencies (Future Minimum Sublease Rental Income) (Details) (USD $) | Dec. 31, 2013 |
Sublease Rentals [Line Items] | ' |
2013 | $2,587 |
2014 | 2,457 |
2015 | 2,016 |
2016 | 1,857 |
2017 | 1,712 |
Thereafter | 6,646 |
Rental income | 17,275 |
Boyd | ' |
Sublease Rentals [Line Items] | ' |
2013 | 881 |
2014 | 751 |
2015 | 603 |
2016 | 515 |
2017 | 370 |
Thereafter | 319 |
Rental income | 3,439 |
Borgata | ' |
Sublease Rentals [Line Items] | ' |
2013 | 1,706 |
2014 | 1,706 |
2015 | 1,413 |
2016 | 1,342 |
2017 | 1,342 |
Thereafter | 6,327 |
Rental income | $13,836 |
Stockholders_Equity_and_Stock_2
Stockholders' Equity and Stock Incentive Plans (Share Repurchase Program) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock repurchase program, authorized amount | $100 |
Stock repurchase program, remaining authorized repurchase amount | $92.10 |
Stockholders_Equity_and_Stock_3
Stockholders' Equity and Stock Incentive Plans (Restricted Stock Units, Performance Stock Units and Career Shares) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | $18,891,000 | $12,247,000 | $9,996,000 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,018,978 | 860,376 | 765,516 |
Share-based compensation expense | 10,610,000 | 5,816,000 | 3,062,000 |
Non-Option Award Activity [Roll Forward] | ' | ' | ' |
Outstanding, beginning of period | 2,371,147 | 1,849,390 | 1,436,095 |
Canceled | -46,131 | -9,781 | -41,340 |
Vested / awarded | -588,195 | -328,838 | -310,881 |
Outstanding, end of period | 2,755,799 | 2,371,147 | 1,849,390 |
Granted, weighted average grant date fair value (in USD per share) | $10.03 | $5.51 | $6.96 |
Total unrecognized share-based compensation costs related to unvested stock options | 0 | ' | ' |
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | '1 year 7 months 6 days | ' | ' |
Performance Stock Units (PSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 423,955 | 406,602 |
Share-based compensation expense | 3,678,000 | 729,000 | 76,000 |
Non-Option Award Activity [Roll Forward] | ' | ' | ' |
Outstanding, beginning of period | 829,130 | 406,602 | 0 |
Granted | 380,000 | ' | ' |
Canceled | -7,497 | -1,427 | 0 |
Vested / awarded | 0 | 0 | 0 |
Outstanding, end of period | 821,633 | 829,130 | 406,602 |
Granted, weighted average grant date fair value (in USD per share) | ' | $5.24 | $6.70 |
Total unrecognized share-based compensation costs related to unvested stock options | 7,700,000 | ' | ' |
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | '1 year 8 months 12 days | ' | ' |
Shares to be issued to settle PSUs | 1,800,000 | ' | ' |
Evaluation of performance conditions, period | '3 years | ' | ' |
Awards if no conditions met, percentage | 0.00% | ' | ' |
Awards if only threshhold performance met, percentage | 50.00% | ' | ' |
Awards for target performance, percentage | 100.00% | ' | ' |
Awards for maximum performance, percentage (up to 200%) | 200.00% | ' | ' |
Award vesting period | '3 years | ' | ' |
Career Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 200,043 | 163,137 | 113,495 |
Share-based compensation expense | $1,937,000 | $1,068,000 | $2,008,000 |
Non-Option Award Activity [Roll Forward] | ' | ' | ' |
Outstanding, beginning of period | 702,826 | 539,689 | 432,862 |
Canceled | -125 | 0 | -6,668 |
Vested / awarded | -8,437 | 0 | 0 |
Outstanding, end of period | 894,307 | 702,826 | 539,689 |
Granted, weighted average grant date fair value (in USD per share) | $6.78 | $7.69 | $10.81 |
Executive Officer | Career Shares | ' | ' | ' |
Non-Option Award Activity [Roll Forward] | ' | ' | ' |
Award eligibility, minimum age | '55 years | ' | ' |
Award requisite service period | '10 years | ' | ' |
Service period, Tranche 1 | '10 years | ' | ' |
Service period, Tranche 2 | '15 years | ' | ' |
Service period, Tranche 3 | '20 years | ' | ' |
Stockholders_Equity_and_Stock_4
Stockholders' Equity and Stock Incentive Plans (Stock Options) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | 17-May-12 | Dec. 31, 2013 | 16-May-12 | |
Stock Options | Stock Incentive Plan 2012 [Member] | Stock Incentive Plan 2012 [Member] | Stock Incentive Plan 2012 [Member] | ||||
Stock Options | Stock Options | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Term of stock incentive plan | ' | ' | ' | ' | '10 years | ' | ' |
Increase in number of common shares authorized under Stock Incentive Plan | ' | ' | ' | ' | 4,000,000 | ' | ' |
Number of common shares authorized for issuance under Stock Incentive Plan | ' | ' | ' | ' | 21,000,000 | ' | 17,000,000 |
Number of common shares available for grant under Stock Incentive Plan | ' | ' | ' | ' | ' | 300,000 | ' |
Number of authorized and unissued common shares under Stock Incentive Plan | ' | ' | ' | ' | ' | 15,500,000 | ' |
Award vesting period | ' | ' | ' | ' | ' | '3 years | ' |
Stock Options Activity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period | 10,826,004 | 10,671,343 | 10,519,503 | ' | ' | ' | ' |
Granted | 544,330 | 537,840 | 541,340 | ' | ' | ' | ' |
Canceled | -378,202 | -366,344 | -316,743 | ' | ' | ' | ' |
Exercised | -1,848,222 | -16,835 | -72,757 | ' | ' | ' | ' |
Outstanding, end of period | 9,143,910 | 10,826,004 | 10,671,343 | ' | ' | ' | ' |
Exercisable | 8,061,747 | 9,545,547 | ' | ' | ' | ' | ' |
Stock Options Activity, Weighted Average Option Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Outstanding, weighted average option price, beginning of period (in USD per share) | $23.98 | $24.81 | $25.76 | ' | ' | ' | ' |
Granted, weighted average option price (in USD per share) | $9.86 | $5.22 | $6.74 | ' | ' | ' | ' |
Canceled, weighted average option price (in USD per share) | $20.67 | $21.40 | $29.91 | ' | ' | ' | ' |
Exercised, weighted average option price (in USD per share) | $7.44 | $6.95 | $5.46 | ' | ' | ' | ' |
Outstanding, weighted average option price, end of period (in USD per share) | $26.62 | $23.98 | $24.81 | ' | ' | ' | ' |
Exercisable, weighted average option price (in USD per share) | $29.15 | $26.31 | ' | ' | ' | ' | ' |
Additional Disclosures: | ' | ' | ' | ' | ' | ' | ' |
Outstanding, weighted average remaining term | '4 years 3 months 18 days | ' | ' | ' | ' | ' | ' |
Exercisable, weighted average remaining term | '3 years 7 months 6 days | '4 years 6 months | ' | ' | ' | ' | ' |
Outstanding, aggregate intrinsic value | $12,783,000 | ' | ' | ' | ' | ' | ' |
Exercisable, aggregate intrinsic value | 9,037,000 | 47,000 | ' | ' | ' | ' | ' |
Total intrinsic value of in-the-money options exercised during the period | 9,500,000 | 19,000 | 300,000 | ' | ' | ' | ' |
Total fair value of options vested in period | 3,000,000 | 4,800,000 | 5,100,000 | ' | ' | ' | ' |
Total unrecognized share-based compensation costs related to unvested stock options | ' | ' | ' | $3,800,000 | ' | ' | ' |
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | ' | ' | ' | '1 year 4 months 24 days | ' | ' | ' |
Stockholders_Equity_and_Stock_5
Stockholders' Equity and Stock Incentive Plans (Stock Options by Exercise Price Range) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Total intrinsic value of in-the-money options exercised during the period | $9,500,000 | $19,000 | $300,000 |
Options outstanding | 9,143,910 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '4 years 3 months 18 days | ' |
Options outstanding, weighted-average exercise price | $26.62 | ' | ' |
Options exercisable | 8,061,747 | ' | ' |
Options exercisable, weighted-average exercise price | $29.15 | ' | ' |
Range of exercise prices, low | ' | $5.22 | ' |
Range of exercise prices, high | ' | $52.35 | ' |
Total fair value of options vested in period | $3,000,000 | $4,800,000 | $5,100,000 |
$5.22-$6.70 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 1,208,407 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '7 years 9 months 18 days | ' |
Options outstanding, weighted-average exercise price | $6.03 | ' | ' |
Options exercisable | 670,574 | ' | ' |
Options exercisable, weighted-average exercise price | $6.28 | ' | ' |
Range of exercise prices, low | ' | $5.22 | ' |
Range of exercise prices, high | ' | $5.22 | ' |
7.55-7.55 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 709,560 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '5 years 9 months 18 days | ' |
Options outstanding, weighted-average exercise price | $7.55 | ' | ' |
Options exercisable | 709,560 | ' | ' |
Options exercisable, weighted-average exercise price | $7.55 | ' | ' |
Range of exercise prices, low | ' | $6.60 | ' |
Range of exercise prices, high | ' | $6.60 | ' |
8.34-8.34 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 1,048,953 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '6 years 9 months 18 days | ' |
Options outstanding, weighted-average exercise price | $8.34 | ' | ' |
Options exercisable | 1,048,953 | ' | ' |
Options exercisable, weighted-average exercise price | $8.34 | ' | ' |
Range of exercise prices, low | ' | $6.70 | ' |
Range of exercise prices, high | ' | $6.70 | ' |
9.86-33.31 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 648,830 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '8 years 6 months | ' |
Options outstanding, weighted-average exercise price | $12.12 | ' | ' |
Options exercisable | 104,500 | ' | ' |
Options exercisable, weighted-average exercise price | $23.87 | ' | ' |
Range of exercise prices, low | ' | $7.55 | ' |
Range of exercise prices, high | ' | $7.55 | ' |
36.76-36.76 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 1,425,163 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '10 months 24 days | ' |
Options outstanding, weighted-average exercise price | $36.76 | ' | ' |
Options exercisable | 1,425,163 | ' | ' |
Options exercisable, weighted-average exercise price | $36.76 | ' | ' |
Range of exercise prices, low | ' | $8.34 | ' |
Range of exercise prices, high | ' | $8.34 | ' |
38.11-38.11 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 491,000 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '3 years 10 months 24 days | ' |
Options outstanding, weighted-average exercise price | $38.11 | ' | ' |
Options exercisable | 491,000 | ' | ' |
Options exercisable, weighted-average exercise price | $38.11 | ' | ' |
Range of exercise prices, low | ' | $11.28 | ' |
Range of exercise prices, high | ' | $33.31 | ' |
39.00-39.00 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 1,309,500 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '2 years 9 months 18 days | ' |
Options outstanding, weighted-average exercise price | $39 | ' | ' |
Options exercisable | 1,309,500 | ' | ' |
Options exercisable, weighted-average exercise price | $39 | ' | ' |
Range of exercise prices, low | ' | $36.76 | ' |
Range of exercise prices, high | ' | $36.76 | ' |
39.78-39.78 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 1,013,500 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '3 years 9 months 18 days | ' |
Options outstanding, weighted-average exercise price | $39.78 | ' | ' |
Options exercisable | 1,013,500 | ' | ' |
Options exercisable, weighted-average exercise price | $39.78 | ' | ' |
Range of exercise prices, low | ' | $38.11 | ' |
Range of exercise prices, high | ' | $38.11 | ' |
39.96-39.96 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 1,254,997 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '1 year 9 months 18 days | ' |
Options outstanding, weighted-average exercise price | $39.96 | ' | ' |
Options exercisable | 1,254,997 | ' | ' |
Options exercisable, weighted-average exercise price | $39.96 | ' | ' |
Range of exercise prices, low | ' | $39 | ' |
Range of exercise prices, high | ' | $39 | ' |
42.69-52.35 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding | 34,000 | ' | ' |
Options outstanding, weighted-average remaining contractual life | ' | '2 years 4 months 24 days | ' |
Options outstanding, weighted-average exercise price | $44.53 | ' | ' |
Options exercisable | 34,000 | ' | ' |
Options exercisable, weighted-average exercise price | $44.53 | ' | ' |
Range of exercise prices, low | ' | $39.78 | ' |
Range of exercise prices, high | ' | $52.35 | ' |
Stockholders_Equity_and_Stock_6
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Dividends Declared | $0 | $0 | $0 |
Share-based compensation expense | $18,891 | $12,247 | $9,996 |
Gaming | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 351 | 233 | 192 |
Food and beverage | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 67 | 44 | 37 |
Room | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 32 | 21 | 17 |
Selling, general and administrative | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 1,787 | 1,183 | 977 |
Corporate expense | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 16,654 | 10,766 | 8,773 |
Stock Options | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 2,666 | 4,634 | 4,850 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 10,610 | 5,816 | 3,062 |
Performance Stock Units (PSUs) | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 3,678 | 729 | 76 |
Career Shares | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | $1,937 | $1,068 | $2,008 |
Noncontrolling_Interest_Narrat
Noncontrolling Interest (Narrative) (Details) | Dec. 31, 2013 | Dec. 31, 2011 |
LVE | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Ownership percentage by noncontrolling owners | 100.00% | ' |
Borgata | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Ownership percentage by noncontrolling owners | 50.00% | 50.00% |
Noncontrolling_Interest_Change
Noncontrolling Interest (Changes in Noncontrolling Interest) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $163,336 | $171,987 | $172,164 |
Capital Investment | ' | 20 | ' |
Attributable net income (loss) | -28,290 | -14,210 | -4,145 |
Comprehensive income | 0 | 5,539 | 3,968 |
Balance, end of period | 180,450 | 163,336 | 171,987 |
Stockholders' Equity, Other | 45,404 | -3 | ' |
Borgata | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 208,277 | 221,006 | 219,256 |
Capital Investment | ' | 0 | ' |
Attributable net income (loss) | -27,847 | -12,729 | 1,750 |
Comprehensive income | 0 | 0 | 0 |
Balance, end of period | 180,430 | 208,277 | 221,006 |
LVE | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance, beginning of period | -44,961 | -49,019 | -47,092 |
Capital Investment | ' | 0 | ' |
Attributable net income (loss) | -443 | -1,481 | -5,895 |
Comprehensive income | ' | 5,539 | 3,968 |
Balance, end of period | 0 | -44,961 | -49,019 |
Other | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 20 | 0 | 0 |
Capital Investment | ' | -20 | ' |
Attributable net income (loss) | 0 | 0 | 0 |
Comprehensive income | 0 | 0 | 0 |
Balance, end of period | 20 | 20 | 0 |
Noncontrolling Interest [Member] | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Capital Investment | ' | 20 | ' |
Stockholders' Equity, Other | $45,404 | $0 | ' |
Noncontrolling_Interest_Deriva
Noncontrolling Interest (Derivatives at LVE) (Details) (Interest Rate Swap, USD $) | Jun. 29, 2011 |
In Millions, unless otherwise specified | |
Interest Rate Swap | ' |
Derivative [Line Items] | ' |
Notional Amount | $500 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 16, 2012 | |
Carrying Value | Carrying Value | Fair Value, Measurements, Recurring | Kansas Star | Merger Earnout | Earnout on Excess of EBITDA in 2015 | Senior Notes | Senior Notes | Senior Notes | |||
Carrying Value | Kansas Star | Kansas Star | 8.375% Senior Notes due 2018 | 8.375% Senior Notes due 2018 | 8.375% Senior Notes due 2018 | ||||||
Peninsula | Peninsula | Peninsula | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 8.38% | 8.38% | 8.38% |
Investment available for sale | ' | ' | $16,800,000 | $17,600,000 | $22,100,000 | ' | ' | ' | ' | ' | ' |
Debt security, interest rate | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, current portion | ' | ' | 300,000 | 300 | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Discount Amount, Available for sales securities | 3,500,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnout threshhold, EBITDA of certain properties | ' | ' | ' | ' | ' | ' | 105,000,000 | 105,000,000 | ' | ' | ' |
Earnout multiple | ' | ' | ' | ' | ' | ' | 7.5 | 7.5 | ' | ' | ' |
Contingent consideration - Kansas Star earn out | 1,100,000 | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to option holder, percentage of EBITDA | 1.00% | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Contingent consideration, liability for payments to option holder, current | 900,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, liability for payments to option holder, noncurrent | $3,400,000 | $3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Balanc
Fair Value Measurements (Balances Measured at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement [Member] | ' | ' |
Liabilities | ' | ' |
Merger earnout | $1,125 | $9,800 |
Contingent payments | 4,343 | 4,563 |
Assets | ' | ' |
Cash and cash equivalents | 177,838 | 192,545 |
Restricted cash | 20,686 | 22,900 |
CRDA deposits | 4,613 | 28,464 |
Investment available for sale | 17,128 | 17,907 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Liabilities | ' | ' |
Merger earnout | 0 | 0 |
Contingent payments | 0 | 0 |
Assets | ' | ' |
Cash and cash equivalents | 177,838 | 192,545 |
Restricted cash | 20,686 | 22,900 |
CRDA deposits | 0 | 0 |
Investment available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities | ' | ' |
Merger earnout | 0 | 0 |
Contingent payments | 0 | 0 |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
CRDA deposits | 0 | 0 |
Investment available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Liabilities | ' | ' |
Merger earnout | 1,125 | 9,800 |
Contingent payments | 4,343 | 4,563 |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
CRDA deposits | 4,613 | 28,464 |
Investment available for sale | 17,128 | 17,907 |
Outstanding Face Amount [Member] | Boyd | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | ' | 2,470 |
Estimate of Fair Value Measurement [Member] | Boyd | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | ' | 2,470 |
Carrying Value | Boyd | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes Receivable, Fair Value Disclosure | ' | $2,470 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment available for sale | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Deposits | $0 | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 106 | ' |
Included in other comprehensive income (loss) | -555 | ' |
Transfers in or out of Level 3 | 0 | ' |
Purchases, sales, issuances and settlements: | ' | ' |
Settlements | -330 | ' |
Purchase price adjustment | 0 | ' |
Ending balance at December 31, 2013 | 17,128 | 17,907 |
CRDA Deposits | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Deposits | 6,651 | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | -7,825 | ' |
Included in other comprehensive income (loss) | 0 | ' |
Transfers in or out of Level 3 | 0 | ' |
Purchases, sales, issuances and settlements: | ' | ' |
Settlements | -22,677 | ' |
Purchase price adjustment | 0 | ' |
Ending balance at December 31, 2013 | 4,613 | 28,464 |
Merger Earnout | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance at January 1, 2013 | -9,800 | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 2,325 | ' |
Included in other comprehensive income (loss) | 0 | ' |
Transfers in or out of Level 3 | 0 | ' |
Purchases, sales, issuances and settlements: | ' | ' |
Settlements | 0 | ' |
Purchase price adjustment | 6,350 | ' |
Ending balance at December 31, 2013 | -1,125 | ' |
Contingent Payments | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance at January 1, 2013 | -4,563 | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | -672 | ' |
Included in other comprehensive income (loss) | 0 | ' |
Transfers in or out of Level 3 | 0 | ' |
Purchases, sales, issuances and settlements: | ' | ' |
Settlements | 892 | ' |
Purchase price adjustment | 0 | ' |
Ending balance at December 31, 2013 | -4,343 | ' |
Included in interest income | Investment available for sale | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 106 | ' |
Included in interest income | CRDA Deposits | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Included in interest income | Merger Earnout | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Included in interest income | Contingent Payments | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Included in interest expense | Investment available for sale | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Included in interest expense | CRDA Deposits | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Included in interest expense | Merger Earnout | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Included in interest expense | Contingent Payments | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | -767 | ' |
Non-operating income | Investment available for sale | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Non-operating income | CRDA Deposits | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Non-operating income | Merger Earnout | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | 0 | ' |
Non-operating income | Contingent Payments | ' | ' |
Total gains (losses) (realized or unrealized): | ' | ' |
Included in earnings | $95 | ' |
Fair_Value_Measurements_Valuat
Fair Value Measurements (Valuation Techniques) (Details) (Fair Value, Measurements, Recurring, Fair Value, Inputs, Level 3 [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Discount Rate [Member] | Contingent Payments | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 18.50% |
Discount Rate [Member] | Available-for-sale Securities [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 10.90% |
CRDA Reserves [Member] | CRDA Deposits | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 33.30% |
Estimated Probability [Member] | Earnout on Excess of EBITDA in 2015 | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 5.00% |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Balance Sheet Grouping) (Details) (Boyd, Fair Value, Inputs, Level 3 [Member], Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Outstanding Face Amount [Member] | ' | ' |
Liabilities | ' | ' |
Obligation under assessment arrangements | $37,783 | $38,787 |
Other financial instruments | 400 | 500 |
Carrying Value | ' | ' |
Liabilities | ' | ' |
Obligation under assessment arrangements | 28,980 | 29,335 |
Other financial instruments | 343 | 413 |
Estimated Fair Value | ' | ' |
Liabilities | ' | ' |
Obligation under assessment arrangements | 27,608 | 29,113 |
Other financial instruments | $343 | $413 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 16, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | $4,426,317 | ' | ' |
Fair Value, Measurements, Nonrecurring [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 4,426,317 | 4,955,803 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 4,386,491 | 4,889,423 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 4,566,353 | 4,989,243 | ' |
9.125% Senior Notes Due 2018 | Senior Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | 9.13% | ' | ' |
Consolidated, Excluding Borgata | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 3,612,917 | 4,144,303 | ' |
Long-term debt | 3,585,231 | 4,096,099 | ' |
Consolidated, Excluding Borgata | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 3,612,917 | 4,144,303 | ' |
Consolidated, Excluding Borgata | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 3,585,231 | 4,096,099 | ' |
Consolidated, Excluding Borgata | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 3,719,081 | 4,193,143 | ' |
Boyd | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 2,460,755 | 2,939,409 | ' |
Boyd | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 2,433,069 | 2,891,208 | ' |
Boyd | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 2,522,628 | 2,956,090 | ' |
Boyd | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 1,467,725 | 1,474,850 | ' |
Boyd | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 1,463,492 | 1,466,635 | ' |
Boyd | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 1,469,969 | 1,508,516 | ' |
Boyd | 9.125% Senior Notes Due 2018 | Senior Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | 9.13% | 9.13% | ' |
Boyd | 9.125% Senior Notes Due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 500,000 | 500,000 | ' |
Boyd | 9.125% Senior Notes Due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 493,918 | 492,680 | ' |
Boyd | 9.125% Senior Notes Due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 543,750 | 523,995 | ' |
Boyd | 9.00% Senior Notes Due 2020 | Senior Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | 9.00% | 9.00% | ' |
Boyd | 9.00% Senior Notes Due 2020 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 350,000 | 350,000 | ' |
Boyd | 9.00% Senior Notes Due 2020 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 350,000 | 350,000 | ' |
Boyd | 9.00% Senior Notes Due 2020 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 383,250 | 347,158 | ' |
Boyd | 6.75% Senior Subordinated Notes Due 2014 | Senior Subordinated Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | ' | 6.75% | ' |
Boyd | 6.75% Senior Subordinated Notes Due 2014 | Senior Subordinated Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | ' | 215,668 | ' |
Boyd | 6.75% Senior Subordinated Notes Due 2014 | Senior Subordinated Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | ' | 215,668 | ' |
Boyd | 6.75% Senior Subordinated Notes Due 2014 | Senior Subordinated Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | ' | 216,460 | ' |
Boyd | 7.125% Senior Subordinated Notes Due 2016 | Senior Subordinated Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | ' | 7.13% | ' |
Boyd | 7.125% Senior Subordinated Notes Due 2016 | Senior Subordinated Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | ' | 240,750 | ' |
Boyd | 7.125% Senior Subordinated Notes Due 2016 | Senior Subordinated Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | ' | 240,750 | ' |
Boyd | 7.125% Senior Subordinated Notes Due 2016 | Senior Subordinated Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | ' | 236,537 | ' |
Boyd | Holdco Note | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 125,659 | ' | ' |
Boyd | Holdco Note | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 125,659 | ' | ' |
Boyd | Other | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | ' | 158,141 | ' |
Boyd | Other | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | ' | 125,475 | ' |
Boyd | Other | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | ' | 123,424 | ' |
Peninsula | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 1,152,162 | 1,204,894 | ' |
Long-term debt | 1,152,162 | 1,204,891 | ' |
Peninsula | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 1,152,162 | 1,204,894 | ' |
Peninsula | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 1,152,162 | 1,204,891 | ' |
Peninsula | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 1,196,453 | 1,237,053 | ' |
Peninsula | Other | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 12 | 494 | ' |
Long-term debt | 12 | 491 | ' |
Peninsula | Other | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 12 | ' | ' |
Peninsula | Other | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 12 | ' | ' |
Peninsula | Other | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 12 | ' | ' |
Peninsula | Bank Credit Facility | Bank Credit Facility | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 802,150 | 854,400 | ' |
Long-term debt | 802,150 | 854,400 | ' |
Peninsula | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 802,150 | 854,400 | ' |
Peninsula | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 802,150 | 854,400 | ' |
Peninsula | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 814,941 | 868,838 | ' |
Peninsula | Other | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | ' | 494 | ' |
Peninsula | Other | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | ' | 491 | ' |
Peninsula | Other | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | ' | 494 | ' |
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | 8.38% | 8.38% | 8.38% |
Outstanding principal | 350,000 | 350,000 | ' |
Long-term debt | 350,000 | 350,000 | ' |
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 350,000 | 350,000 | ' |
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 350,000 | 350,000 | ' |
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 381,500 | 367,721 | ' |
Borgata | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 813,400 | 811,500 | ' |
Long-term debt | 801,260 | 793,324 | ' |
Borgata | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 813,400 | 811,500 | ' |
Borgata | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 801,260 | 793,324 | ' |
Borgata | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 847,272 | 796,100 | ' |
Borgata | Bank Credit Facility | Bank Credit Facility | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 39,900 | 20,000 | ' |
Long-term debt | 39,900 | 20,000 | ' |
Borgata | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 39,900 | 20,000 | ' |
Borgata | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 39,900 | 20,000 | ' |
Borgata | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 39,900 | 20,000 | ' |
Borgata | 6.75% Senior Subordinated Notes Due 2014 | Secured Debt | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | 6.75% | 6.75% | ' |
Borgata | Term Loan | Secured Debt | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 380,000 | ' | ' |
Long-term debt | 376,234 | ' | ' |
Borgata | Term Loan | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 380,000 | ' | ' |
Borgata | Term Loan | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 376,234 | ' | ' |
Borgata | Term Loan | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | 381,900 | ' | ' |
Borgata | 9.50% Senior Secured Notes Due 2015 | Secured Debt | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | ' | 9.50% | ' |
Borgata | 9.50% Senior Secured Notes Due 2015 | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | ' | 398,000 | ' |
Borgata | 9.50% Senior Secured Notes Due 2015 | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | ' | 389,547 | ' |
Borgata | 9.50% Senior Secured Notes Due 2015 | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | ' | 402,275 | ' |
Borgata | 9.50% Senior Secured Notes Due 2015 | Senior Secured Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | ' | 398,000 | ' |
Long-term debt | ' | 389,547 | ' |
Borgata | 9.875% Senior Secured Notes Due 2018 | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | ' | 393,500 | ' |
Borgata | 9.875% Senior Secured Notes Due 2018 | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | ' | 383,777 | ' |
Borgata | 9.875% Senior Secured Notes Due 2018 | Secured Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | ' | 373,825 | ' |
Borgata | 9.875% Senior Secured Notes Due 2018 | Senior Secured Notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument, stated interest rate | 9.88% | 9.88% | ' |
Outstanding principal | 393,500 | 393,500 | ' |
Long-term debt | 385,126 | 383,777 | ' |
Borgata | 9.875% Senior Secured Notes Due 2018 | Senior Secured Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Outstanding Face Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Outstanding principal | 393,500 | ' | ' |
Borgata | 9.875% Senior Secured Notes Due 2018 | Senior Secured Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt | 385,126 | ' | ' |
Borgata | 9.875% Senior Secured Notes Due 2018 | Senior Secured Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debt instrument | $425,472 | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Contributions based on wages paid to covered employees | $8.80 | $8.10 | $7.10 |
Voluntary contributions to the 401(k) profit-sharing plans and trusts | 5.5 | 5.3 | 5.1 |
Borgata [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Multiemployer plan, employer share of unfunded liabilities | ' | $61 | ' |
Segment_Information_Certain_Se
Segment Information (Certain Segment Operating Data and Other) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | $681,537 | $738,569 | $738,748 | $735,584 | $624,699 | $612,390 | $614,070 | $631,669 | $2,894,438 | $2,482,828 | $2,330,844 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 278,413 | 214,236 | 195,192 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 63,249 | 50,719 | 48,962 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,032 | 11,541 | 6,634 |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 18,891 | 12,247 | 9,996 |
Asset transactions costs | ' | ' | ' | ' | ' | ' | ' | ' | 5,576 | 18,442 | 6,579 |
Operating income (loss) | 39,180 | 78,322 | 79,379 | 81,420 | -1,036,727 | 49,387 | 59,297 | 77,780 | 278,301 | -850,263 | 235,982 |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Unallocated to Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 657,019 | 492,051 | 506,289 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 278,413 | 214,236 | 195,343 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 46,594 | 39,954 | 40,189 |
Deferred rent | ' | ' | ' | ' | ' | ' | ' | ' | 3,831 | 3,984 | 4,136 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,032 | 11,541 | 6,634 |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 18,891 | 12,247 | 9,997 |
Other operating items, net | ' | ' | ' | ' | ' | ' | ' | ' | 10,383 | 1,053,526 | 6,255 |
Asset transactions costs | ' | ' | ' | ' | ' | ' | ' | ' | 5,576 | 18,442 | 6,375 |
Other operating charges, net | ' | ' | ' | ' | ' | ' | ' | ' | 5,998 | -11,616 | 1,378 |
Total other operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 378,718 | 1,342,314 | 270,307 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 278,301 | -850,263 | 235,982 |
Las Vegas Locals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 591,447 | 591,306 | 604,965 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 137,501 | 128,742 | 145,848 |
Downtown Las Vegas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 222,715 | 224,178 | 224,250 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 35,036 | 32,832 | 35,214 |
Midwest and South | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 864,247 | 924,197 | 771,355 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 179,976 | 192,349 | 167,101 |
Peninsula | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 520,329 | 56,925 | 0 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 185,269 | 21,152 | 0 |
Borgata | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 695,700 | 686,222 | 730,274 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | $119,237 | $116,976 | $158,126 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $5,741,731 | $6,332,193 |
Reportable Segment [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 5,511,327 | 5,709,586 |
Las Vegas Locals | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,190,234 | 1,215,494 |
Downtown Las Vegas | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 125,618 | 133,689 |
Midwest and South | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,349,155 | 1,367,063 |
Peninsula | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,511,606 | 1,604,778 |
Borgata | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,334,714 | 1,388,562 |
Corporate | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 230,267 | 395,436 |
Other | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $137 | $227,171 |
Segment_Information_Reconcilia1
Segment Information (Reconciliation of Capital Expenditures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | $137,607 | $108,223 | $84,457 |
Change in Accrued Property Additions | 6,913 | 17,331 | 2,662 |
Cash-Based Capital Expenditures | 144,520 | 125,554 | 87,119 |
Las Vegas Locals | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 30,861 | 23,349 | 15,782 |
Downtown Las Vegas | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 5,505 | 7,248 | 4,420 |
Midwest and South | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 39,589 | 60,572 | 19,770 |
Peninsula | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 27,094 | 7,606 | 0 |
Borgata | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 22,357 | 34,742 | 32,626 |
Reportable Segment [Member] | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 125,406 | 133,517 | 72,598 |
Corporate | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | 12,173 | -25,580 | 11,859 |
Other | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' |
Capital Expenditures | $28 | $286 | $0 |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised, shares | ' | ' | ' | ' | ' | ' | ' | ' | 18,975,000 | ' | ' |
Net revenues | $681,537 | $738,569 | $738,748 | $735,584 | $624,699 | $612,390 | $614,070 | $631,669 | $2,894,438 | $2,482,828 | $2,330,844 |
Operating income (loss) | 39,180 | 78,322 | 79,379 | 81,420 | -1,036,727 | 49,387 | 59,297 | 77,780 | 278,301 | -850,263 | 235,982 |
Net income (loss) attributable to Boyd Gaming Corporation | ($47,340) | ($37,267) | $11,627 | ($7,284) | ($899,898) | ($15,796) | $977 | $5,852 | ($80,264) | ($908,865) | ($3,854) |
Basic net income (loss) per common share (in USD per share) | ($0.43) | ($0.37) | $0.13 | ($0.08) | ($10.24) | ($0.18) | $0.01 | $0.07 | ($0.83) | ($10.37) | ($0.04) |
Diluted net income (loss) per common share (in USD per share) | ($0.43) | ($0.37) | $0.13 | ($0.08) | ($10.24) | ($0.18) | $0.01 | $0.07 | ($0.83) | ($10.37) | ($0.04) |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $177,838 | $192,545 | $178,091 | $144,709 |
Other current assets | 156,842 | 162,363 | ' | ' |
Current assets of discontinued operations | 0 | 685 | ' | ' |
Property and equipment, net | 3,505,613 | 3,587,314 | ' | ' |
Assets held for development | 0 | 331,770 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other assets, net | 145,468 | 205,265 | ' | ' |
Intangible assets, net | 1,070,660 | 1,119,638 | 574,018 | 539,714 |
Goodwill, net | 685,310 | 694,929 | 213,576 | 213,576 |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | ' | 37,684 | ' | ' |
Total assets | 5,741,731 | 6,332,193 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Current maturities of long-term debt | 33,559 | 61,570 | ' | ' |
Non-recourse obligations of variable interest entity, current | 0 | 225,113 | ' | ' |
Current liabilities | 420,304 | 463,017 | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | 0 | 864 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Long-term debt, net of current maturities | 4,352,932 | 4,827,853 | ' | ' |
Other long-term liabilities | 284,499 | 286,649 | ' | ' |
Preferred stock | 0 | 0 | ' | ' |
Common stock | 1,082 | 869 | ' | ' |
Additional paid-in capital | 902,496 | 655,694 | ' | ' |
Retained earnings (deficit) | -432,074 | -351,810 | ' | ' |
Accumulated other comprehensive income (loss) | -1,517 | -962 | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 469,987 | 303,791 | ' | ' |
Noncontrolling interest | 180,450 | 163,336 | 171,987 | 172,164 |
Total stockholders’ equity | 650,437 | 467,127 | 1,374,079 | ' |
Total liabilities and stockholders’ equity | 5,741,731 | 6,332,193 | ' | ' |
Boyd | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 2,520 | 364 | 11,231 |
Other current assets | 13,772 | 87,493 | ' | ' |
Current assets of discontinued operations | ' | 0 | ' | ' |
Property and equipment, net | 69,309 | 67,500 | ' | ' |
Assets held for development | ' | 775 | ' | ' |
Investments in subsidiaries | 3,265,579 | 3,089,125 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other assets, net | 43,470 | 45,880 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill, net | 0 | 0 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | ' | 0 | ' | ' |
Total assets | 3,392,130 | 3,293,293 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Current maturities of long-term debt | 21,500 | 42,500 | ' | ' |
Non-recourse obligations of variable interest entity, current | ' | 0 | ' | ' |
Current liabilities | 57,156 | 66,121 | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | ' | 0 | ' | ' |
Intercompany payable | 512,358 | 134,386 | ' | ' |
Long-term debt, net of current maturities | 2,285,910 | 2,723,234 | ' | ' |
Other long-term liabilities | 45,219 | 23,261 | ' | ' |
Common stock | 1,082 | 869 | ' | ' |
Additional paid-in capital | 902,496 | 655,694 | ' | ' |
Retained earnings (deficit) | -432,074 | -351,810 | ' | ' |
Accumulated other comprehensive income (loss) | -1,517 | -962 | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 469,987 | 303,791 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total stockholders’ equity | 469,987 | 303,791 | ' | ' |
Total liabilities and stockholders’ equity | 3,392,130 | 3,293,293 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 106,445 | 118,714 | 128,185 | 88,282 |
Other current assets | 66,586 | 70,580 | ' | ' |
Current assets of discontinued operations | ' | 0 | ' | ' |
Property and equipment, net | 1,830,200 | 1,691,120 | ' | ' |
Assets held for development | ' | 330,995 | ' | ' |
Investments in subsidiaries | 186,063 | 457,976 | ' | ' |
Intercompany receivable | 592,785 | 264,687 | ' | ' |
Other assets, net | 8,110 | 12,791 | ' | ' |
Intangible assets, net | 465,259 | 468,229 | ' | ' |
Goodwill, net | 212,794 | 212,795 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | ' | 0 | ' | ' |
Total assets | 3,468,242 | 3,627,887 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 10,341 | ' | ' |
Non-recourse obligations of variable interest entity, current | ' | 0 | ' | ' |
Current liabilities | 190,608 | 283,350 | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | ' | 0 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Long-term debt, net of current maturities | 0 | 0 | ' | ' |
Other long-term liabilities | 186,591 | 185,717 | ' | ' |
Common stock | 31,124 | 31,128 | ' | ' |
Additional paid-in capital | 2,736,895 | 2,756,184 | ' | ' |
Retained earnings (deficit) | 323,024 | 361,167 | ' | ' |
Accumulated other comprehensive income (loss) | 0 | 0 | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 3,091,043 | 3,148,479 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total stockholders’ equity | 3,091,043 | 3,148,479 | ' | ' |
Total liabilities and stockholders’ equity | 3,468,242 | 3,627,887 | ' | ' |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 33,766 | 36,619 | 3,279 | 2,765 |
Other current assets | 30,044 | 32,460 | ' | ' |
Current assets of discontinued operations | ' | 685 | ' | ' |
Property and equipment, net | 439,039 | 462,986 | ' | ' |
Assets held for development | ' | 0 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other assets, net | 72,180 | 81,846 | ' | ' |
Intangible assets, net | 545,401 | 589,845 | ' | ' |
Goodwill, net | 472,516 | 482,134 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | ' | 37,684 | ' | ' |
Total assets | 1,592,946 | 1,724,259 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Current maturities of long-term debt | 8,259 | 8,729 | ' | ' |
Non-recourse obligations of variable interest entity, current | ' | 0 | ' | ' |
Current liabilities | 70,092 | 79,929 | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 3,507 | 1,396 | ' | ' |
Current liabilities of discontinued operations | ' | 70,864 | ' | ' |
Intercompany payable | 80,991 | 58,187 | ' | ' |
Long-term debt, net of current maturities | 1,269,562 | 1,311,295 | ' | ' |
Other long-term liabilities | 25,470 | 41,290 | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 248,083 | 250,504 | ' | ' |
Retained earnings (deficit) | -111,501 | -96,973 | ' | ' |
Accumulated other comprehensive income (loss) | -1,517 | -962 | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 135,065 | 152,569 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total stockholders’ equity | 135,065 | 152,569 | ' | ' |
Total liabilities and stockholders’ equity | 1,592,946 | 1,724,259 | ' | ' |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 37,627 | 34,692 | 46,263 | 42,431 |
Other current assets | 48,414 | 50,751 | ' | ' |
Current assets of discontinued operations | ' | 0 | ' | ' |
Property and equipment, net | 1,167,065 | 1,365,708 | ' | ' |
Assets held for development | ' | 0 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Other assets, net | 21,708 | 64,748 | ' | ' |
Intangible assets, net | 60,000 | 61,564 | ' | ' |
Goodwill, net | 0 | 0 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | ' | 0 | ' | ' |
Total assets | 1,334,814 | 1,577,463 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Current maturities of long-term debt | 3,800 | 0 | ' | ' |
Non-recourse obligations of variable interest entity, current | ' | 225,113 | ' | ' |
Current liabilities | 103,832 | 109,441 | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | ' | 0 | ' | ' |
Intercompany payable | 266 | 225 | ' | ' |
Long-term debt, net of current maturities | 797,460 | 793,324 | ' | ' |
Other long-term liabilities | 27,219 | 36,350 | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 480,833 | 480,833 | ' | ' |
Retained earnings (deficit) | -78,596 | -67,823 | ' | ' |
Accumulated other comprehensive income (loss) | 0 | 0 | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 402,237 | 413,010 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total stockholders’ equity | 402,237 | 413,010 | ' | ' |
Total liabilities and stockholders’ equity | 1,334,814 | 1,577,463 | ' | ' |
Eliminations | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Other current assets | -1,974 | -78,921 | ' | ' |
Current assets of discontinued operations | ' | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Assets held for development | ' | 0 | ' | ' |
Investments in subsidiaries | -3,451,642 | -3,547,101 | ' | ' |
Intercompany receivable | -592,785 | -264,687 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Goodwill, net | 0 | 0 | ' | ' |
Assets of Disposal Group, Including Discontinued Operation, Noncurrent | ' | 0 | ' | ' |
Total assets | -4,046,401 | -3,890,709 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Non-recourse obligations of variable interest entity, current | ' | 0 | ' | ' |
Current liabilities | -1,384 | -75,824 | ' | ' |
Accumulated losses of subsidiaries in excess of investment | -3,507 | -1,396 | ' | ' |
Current liabilities of discontinued operations | ' | -70,000 | ' | ' |
Intercompany payable | -593,615 | -192,798 | ' | ' |
Long-term debt, net of current maturities | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 31 | ' | ' |
Common stock | -31,124 | -31,128 | ' | ' |
Additional paid-in capital | -3,465,811 | -3,487,521 | ' | ' |
Retained earnings (deficit) | -132,927 | -196,371 | ' | ' |
Accumulated other comprehensive income (loss) | 1,517 | 962 | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | -3,628,345 | -3,714,058 | ' | ' |
Noncontrolling interest | 180,450 | 163,336 | ' | ' |
Total stockholders’ equity | -3,447,895 | -3,550,722 | ' | ' |
Total liabilities and stockholders’ equity | ($4,046,401) | ($3,890,709) | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Income Statements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $681,537 | $738,569 | $738,748 | $735,584 | $624,699 | $612,390 | $614,070 | $631,669 | $2,894,438 | $2,482,828 | $2,330,844 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | ' | ' | ' | ' | ' | 1,586,862 | 1,392,825 | 1,284,712 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 490,226 | 449,286 | 392,528 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 166,398 | 154,308 | 152,776 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 278,413 | 214,236 | 195,192 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 63,249 | 50,719 | 48,962 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,032 | 11,541 | 6,634 |
Impairments of assets | ' | ' | ' | ' | ' | ' | ' | ' | 10,383 | 1,053,526 | 6,051 |
Asset transactions costs | ' | ' | ' | ' | ' | ' | ' | ' | 5,576 | 18,442 | 6,579 |
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 5,998 | -11,792 | 1,428 |
Other operating items, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,616,137 | 3,333,091 | 2,094,862 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating income (loss) | 39,180 | 78,322 | 79,379 | 81,420 | -1,036,727 | 49,387 | 59,297 | 77,780 | 278,301 | -850,263 | 235,982 |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 342,183 | 288,835 | 250,685 |
Loss on early extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 54,202 | 0 | 14 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,090 | 137 | -4,317 |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -394,295 | -288,972 | -246,382 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -115,994 | -1,139,235 | -10,400 |
Income taxes benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -3,350 | 220,789 | -278 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -119,344 | -918,446 | -10,678 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 10,790 | -4,629 | 2,679 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -108,554 | -923,075 | -7,999 |
Less: net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 28,290 | 14,210 | 4,145 |
Net loss attributable to Boyd Gaming Corporation | -47,340 | -37,267 | 11,627 | -7,284 | -899,898 | -15,796 | 977 | 5,852 | -80,264 | -908,865 | -3,854 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -109,109 | -918,498 | 3,563 |
Boyd | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 123,951 | 121,806 | 123,369 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | ' | ' | ' | ' | ' | 1,848 | 1,822 | 1,535 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 46,880 | 45,503 | 44,881 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,619 | 7,985 | 8,371 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 59,128 | 48,868 | 46,220 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 567 | 1,863 | 1,776 |
Impairments of assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 97,868 | 0 |
Asset transactions costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,019 | 15,575 | 6,054 |
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 427 | 0 | 0 |
Other operating items, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,213 | -1,345 | -1,303 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 117,701 | 220,829 | 110,140 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 101,148 | -636,327 | 83,412 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 107,398 | -735,350 | 96,641 |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 153,893 | 161,152 | 135,439 |
Loss on early extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 25,001 | ' | 20 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 137 | 0 | 265 |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -179,031 | -161,152 | -135,724 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -71,633 | -896,502 | -39,083 |
Income taxes benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -8,631 | -12,363 | 30,679 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -80,264 | -908,865 | -8,404 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,550 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -80,264 | -908,865 | -3,854 |
Less: net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss attributable to Boyd Gaming Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -80,264 | -908,865 | -3,854 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -80,819 | -909,827 | 3,740 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,630,420 | 1,690,488 | 1,551,402 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | ' | ' | ' | ' | ' | 901,668 | 938,615 | 847,423 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 231,260 | 251,287 | 213,075 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 92,014 | 92,311 | 89,090 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 121,893 | 126,120 | 118,620 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 119 | 220 | 1,548 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,917 | 14,782 | 15,487 |
Impairments of assets | ' | ' | ' | ' | ' | ' | ' | ' | 14,884 | 1,044,112 | 0 |
Asset transactions costs | ' | ' | ' | ' | ' | ' | ' | ' | 2,316 | 0 | 321 |
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 2,075 | -5,503 | 1,281 |
Other operating items, net | ' | ' | ' | ' | ' | ' | ' | ' | -103,182 | -118,463 | -122,331 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,472,328 | 2,580,407 | 1,409,176 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,953 | 71,218 | -2,664 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 156,139 | -818,701 | 139,562 |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,664 | 13,827 | 17,179 |
Loss on early extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -4,582 |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -9,664 | -13,827 | -12,597 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 146,475 | -832,528 | 126,965 |
Income taxes benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -5,055 | 231,854 | -34,334 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 141,420 | -600,674 | 92,631 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 141,420 | -600,674 | 92,631 |
Less: net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss attributable to Boyd Gaming Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 141,420 | -600,674 | 92,631 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 141,420 | -600,674 | 92,631 |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 589,850 | 110,464 | 51,337 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | ' | ' | ' | ' | ' | 315,365 | 80,666 | 52,713 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 63,349 | 13,341 | 7,630 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 14,680 | 3,574 | 1,519 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 90,155 | 15,867 | 2,764 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,002 | 1,631 | 1,194 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,384 | 1,327 | 0 |
Impairments of assets | ' | ' | ' | ' | ' | ' | ' | ' | 3,200 | 0 | 0 |
Asset transactions costs | ' | ' | ' | ' | ' | ' | ' | ' | 2,061 | 3,076 | 0 |
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 359 | 5 | 4 |
Other operating items, net | ' | ' | ' | ' | ' | ' | ' | ' | -41,046 | -6,344 | -1,904 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 537,601 | 125,831 | 67,728 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 52,249 | -15,367 | -16,391 |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 94,915 | 18,630 | 0 |
Loss on early extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 3,343 | ' | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,227 | 137 | 0 |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -96,031 | -18,767 | 0 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -43,782 | -34,134 | -16,391 |
Income taxes benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 5,921 | 19 | 4,630 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -37,861 | -34,115 | -11,761 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 23,524 | 86,636 | -1,871 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -14,337 | 52,521 | -13,632 |
Less: net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss attributable to Boyd Gaming Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -14,337 | 52,521 | -13,632 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -14,892 | 51,559 | -13,632 |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 697,633 | 697,118 | 741,132 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | ' | ' | ' | ' | ' | 367,981 | 371,722 | 383,041 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 148,779 | 139,155 | 126,942 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 59,704 | 58,423 | 62,167 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 59,746 | 64,264 | 65,437 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,097 | 4,465 | 229 |
Impairments of assets | ' | ' | ' | ' | ' | ' | ' | ' | 5,033 | 2,811 | 6,051 |
Asset transactions costs | ' | ' | ' | ' | ' | ' | ' | ' | 180 | -209 | 204 |
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 3,137 | -6,294 | 143 |
Other operating items, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 648,657 | 634,337 | 644,214 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 48,976 | 62,781 | 96,918 |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 83,711 | 95,226 | 98,067 |
Loss on early extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 25,858 | ' | -6 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -109,569 | -95,226 | -98,061 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -60,593 | -32,445 | -1,143 |
Income taxes benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 4,415 | 1,279 | -1,253 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -56,178 | -31,166 | -2,396 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -56,178 | -31,166 | -2,396 |
Less: net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss attributable to Boyd Gaming Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -56,178 | -31,166 | -2,396 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -56,178 | -25,627 | 9,166 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -147,416 | -137,048 | -136,396 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -42 | 0 | 0 |
Maintenance and utilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Preopening expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,933 | -10,896 | -10,858 |
Impairments of assets | ' | ' | ' | ' | ' | ' | ' | ' | -12,734 | -91,265 | 0 |
Asset transactions costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operating items, net | ' | ' | ' | ' | ' | ' | ' | ' | 145,441 | 126,152 | 125,538 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -160,150 | -228,313 | -136,396 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -99,195 | 565,109 | -80,748 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -86,461 | 656,374 | -80,748 |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on early extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -86,461 | 656,374 | -80,748 |
Income taxes benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -86,461 | 656,374 | -80,748 |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -12,734 | -91,265 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -99,195 | 565,109 | -80,748 |
Less: net income (loss) attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 28,290 | 14,210 | 4,145 |
Net loss attributable to Boyd Gaming Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -70,905 | 579,319 | -76,603 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($98,640) | $566,071 | ($88,342) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Change in cash classified as discontinued operations | $283 | $382 | $249 |
Cash flows from operating activities | ' | ' | ' |
Net cash provided by operating activities | 277,035 | 147,168 | 250,857 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -144,520 | -125,554 | -87,119 |
Cash paid for acquisitions, net of cash received | 0 | -1,324,198 | -278,456 |
Proceeds (Payments) from Investments in Subsidiaries | 0 | 0 | 0 |
Payments to (Proceeds from) Combined Other Investing Activities | -2,473 | ' | ' |
Change in restricted investments | 0 | 0 | 26,801 |
Proceeds from sale of Echelon, net | 343,750 | 0 | 0 |
Cash paid for exercise of LVE option | -187,000 | 0 | 0 |
Proceeds from sale of North Las Vegas land, net | 4,875 | 0 | 0 |
Other investing activities | 2,473 | 15,009 | 548 |
Net cash provided by (used in) investing activities | 19,578 | -1,434,743 | -362,676 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 3,719,875 | 2,290,900 | 1,132,629 |
Payments under bank credit facility | -3,759,350 | -1,620,850 | -945,579 |
Debt financing costs, net | -44,752 | -65,083 | -15,374 |
Payments under note payable | -10,820 | 0 | 0 |
Net proceeds from issuance of term loan | 376,200 | 0 | 0 |
Proceeds from Contributions from Affiliates | 0 | ' | ' |
Other financing activities | 13,752 | 0 | 0 |
Other financing activities | -2,095 | -627 | -675 |
Proceeds from sale of common stock, net | 216,467 | 0 | 0 |
Payments on loans to members of variable interest entity | 0 | 0 | -27,000 |
Net cash provided by (used in) financing activities | -366,210 | 1,306,786 | 142,410 |
Cash flows from operating activities | -2,144 | -4,723 | 2,653 |
Cash flows from investing activities | 56,751 | -416 | -111 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | 54,607 | -5,139 | 2,542 |
Change in cash and cash equivalents | -14,990 | 14,072 | 33,133 |
Cash and cash equivalents, beginning of period | 192,545 | 178,091 | 144,709 |
Cash and cash equivalents, end of period | 177,838 | 192,545 | 178,091 |
Proceeds from issuance of senior notes, net | 0 | 700,000 | 0 |
Payments On Loans to Variable Interest Entity Members | 0 | 928 | 592 |
Payments to Acquire Intangible Assets | 0 | 0 | 24,450 |
Payments on Retirements of Long-term Debt | -875,487 | 0 | -8,198 |
Proceeds from issuance of non-recourse debt by variable interest entity | 0 | 3,374 | 7,199 |
Boyd | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Change in cash classified as discontinued operations | 0 | 0 | 0 |
Cash flows from operating activities | ' | ' | ' |
Net cash provided by operating activities | -229,447 | -73,982 | 193,723 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -44,985 | -50,012 | -26,443 |
Cash paid for acquisitions, net of cash received | ' | -198,726 | -278,456 |
Proceeds (Payments) from Investments in Subsidiaries | -2,400 | -200 | -1,700 |
Payments to (Proceeds from) Combined Other Investing Activities | 0 | ' | ' |
Change in restricted investments | ' | ' | 0 |
Proceeds from sale of Echelon, net | 343,750 | ' | ' |
Cash paid for exercise of LVE option | -187,000 | ' | ' |
Proceeds from sale of North Las Vegas land, net | 4,875 | ' | ' |
Other investing activities | ' | -790 | 192 |
Net cash provided by (used in) investing activities | 123,860 | -249,728 | -306,407 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 2,920,675 | 787,100 | 391,329 |
Payments under bank credit facility | -2,927,800 | -951,250 | -183,579 |
Debt financing costs, net | -24,349 | -16,651 | -14,221 |
Payments under note payable | -10,341 | ' | ' |
Net proceeds from issuance of term loan | 0 | ' | ' |
Proceeds from Contributions from Affiliates | 0 | ' | ' |
Other financing activities | 13,752 | ' | ' |
Other financing activities | -2,095 | 1,183 | -675 |
Proceeds from sale of common stock, net | 216,467 | ' | ' |
Payments on loans to members of variable interest entity | ' | ' | 0 |
Net cash provided by (used in) financing activities | 103,067 | 325,866 | 101,817 |
Cash flows from operating activities | 0 | 0 | 0 |
Cash flows from investing activities | 0 | 0 | 0 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Change in cash and cash equivalents | -2,520 | 2,156 | -10,867 |
Cash and cash equivalents, beginning of period | 2,520 | 364 | 11,231 |
Cash and cash equivalents, end of period | 0 | 2,520 | 364 |
Proceeds from issuance of senior notes, net | ' | 350,000 | ' |
Payments On Loans to Variable Interest Entity Members | ' | 0 | 0 |
Payments to Acquire Intangible Assets | ' | ' | 0 |
Payments on Retirements of Long-term Debt | -459,278 | ' | 0 |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | 0 | 0 |
Guarantor Subsidiaries | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Change in cash classified as discontinued operations | 0 | 0 | 0 |
Cash flows from operating activities | ' | ' | ' |
Net cash provided by operating activities | 432,903 | 191,178 | -9,700 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -49,847 | -33,581 | -28,011 |
Cash paid for acquisitions, net of cash received | ' | 0 | 0 |
Proceeds (Payments) from Investments in Subsidiaries | 0 | 0 | 0 |
Payments to (Proceeds from) Combined Other Investing Activities | 0 | ' | ' |
Change in restricted investments | ' | ' | 0 |
Proceeds from sale of Echelon, net | 0 | ' | ' |
Cash paid for exercise of LVE option | 0 | ' | ' |
Proceeds from sale of North Las Vegas land, net | 0 | ' | ' |
Other investing activities | ' | 7,245 | 0 |
Net cash provided by (used in) investing activities | -447,572 | -200,849 | 47,903 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 0 | 0 | 0 |
Payments under bank credit facility | 0 | 0 | 0 |
Debt financing costs, net | 0 | 0 | 0 |
Payments under note payable | 0 | ' | ' |
Net proceeds from issuance of term loan | 0 | ' | ' |
Proceeds from Contributions from Affiliates | 0 | ' | ' |
Other financing activities | 0 | ' | ' |
Other financing activities | 0 | 0 | 0 |
Proceeds from sale of common stock, net | 0 | ' | ' |
Payments on loans to members of variable interest entity | ' | ' | 0 |
Net cash provided by (used in) financing activities | 2,400 | 200 | 1,700 |
Cash flows from operating activities | 0 | 0 | 0 |
Cash flows from investing activities | 0 | 0 | 0 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Change in cash and cash equivalents | -12,269 | -9,471 | 39,903 |
Cash and cash equivalents, beginning of period | 118,714 | 128,185 | 88,282 |
Cash and cash equivalents, end of period | 106,445 | 118,714 | 128,185 |
Proceeds from issuance of senior notes, net | ' | 0 | ' |
Payments On Loans to Variable Interest Entity Members | ' | 0 | 0 |
Payments to Acquire Intangible Assets | ' | ' | 0 |
Payments on Retirements of Long-term Debt | 0 | ' | 0 |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | 0 | 0 |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Change in cash classified as discontinued operations | 283 | 382 | 249 |
Cash flows from operating activities | ' | ' | ' |
Net cash provided by operating activities | 20,674 | -4,892 | 10,642 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -27,331 | -7,505 | -39 |
Cash paid for acquisitions, net of cash received | ' | -1,125,472 | 0 |
Proceeds (Payments) from Investments in Subsidiaries | 0 | 0 | 0 |
Payments to (Proceeds from) Combined Other Investing Activities | 1,253 | ' | ' |
Change in restricted investments | ' | ' | 0 |
Proceeds from sale of Echelon, net | 0 | ' | ' |
Cash paid for exercise of LVE option | 0 | ' | ' |
Proceeds from sale of North Las Vegas land, net | 0 | ' | ' |
Other investing activities | ' | 1,824 | 0 |
Net cash provided by (used in) investing activities | -5,780 | -1,111,612 | -12,919 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 354,700 | 871,100 | 0 |
Payments under bank credit facility | -406,950 | -16,700 | 0 |
Debt financing costs, net | -10,288 | -47,989 | 0 |
Payments under note payable | -479 | ' | ' |
Net proceeds from issuance of term loan | 0 | ' | ' |
Proceeds from Contributions from Affiliates | -9,620 | ' | ' |
Other financing activities | 0 | ' | ' |
Other financing activities | 0 | -1,810 | 0 |
Proceeds from sale of common stock, net | 0 | ' | ' |
Payments on loans to members of variable interest entity | ' | ' | 0 |
Net cash provided by (used in) financing activities | -72,637 | 1,154,601 | 0 |
Cash flows from operating activities | -2,144 | -4,723 | 2,653 |
Cash flows from investing activities | 56,751 | -416 | -111 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | 54,607 | -5,139 | 2,542 |
Change in cash and cash equivalents | -3,136 | 32,958 | 265 |
Cash and cash equivalents, beginning of period | 36,619 | 3,279 | 2,765 |
Cash and cash equivalents, end of period | 33,766 | 36,619 | 3,279 |
Proceeds from issuance of senior notes, net | ' | 350,000 | ' |
Payments On Loans to Variable Interest Entity Members | ' | 0 | 0 |
Payments to Acquire Intangible Assets | ' | ' | 24,450 |
Payments on Retirements of Long-term Debt | 0 | ' | 0 |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | 0 | 0 |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Change in cash classified as discontinued operations | 0 | 0 | 0 |
Cash flows from operating activities | ' | ' | ' |
Net cash provided by operating activities | 51,748 | 34,128 | 59,745 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -22,357 | -34,456 | -32,626 |
Cash paid for acquisitions, net of cash received | ' | 0 | 0 |
Proceeds (Payments) from Investments in Subsidiaries | 0 | 0 | 0 |
Payments to (Proceeds from) Combined Other Investing Activities | -3,726 | ' | ' |
Change in restricted investments | ' | ' | 26,801 |
Proceeds from sale of Echelon, net | 0 | ' | ' |
Cash paid for exercise of LVE option | 0 | ' | ' |
Proceeds from sale of North Las Vegas land, net | 0 | ' | ' |
Other investing activities | ' | 6,730 | 356 |
Net cash provided by (used in) investing activities | -18,589 | -27,502 | -5,469 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 444,500 | 632,700 | 741,300 |
Payments under bank credit facility | -424,600 | -652,900 | -762,000 |
Debt financing costs, net | -10,115 | -443 | -1,153 |
Payments under note payable | 0 | ' | ' |
Net proceeds from issuance of term loan | 376,200 | ' | ' |
Proceeds from Contributions from Affiliates | 0 | ' | ' |
Other financing activities | 0 | ' | ' |
Other financing activities | 0 | 0 | 0 |
Proceeds from sale of common stock, net | 0 | ' | ' |
Payments on loans to members of variable interest entity | ' | ' | -27,000 |
Net cash provided by (used in) financing activities | -30,224 | -18,197 | -50,444 |
Cash flows from operating activities | 0 | 0 | 0 |
Cash flows from investing activities | 0 | 0 | 0 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Change in cash and cash equivalents | 2,935 | -11,571 | 3,832 |
Cash and cash equivalents, beginning of period | 34,692 | 46,263 | 42,431 |
Cash and cash equivalents, end of period | 37,627 | 34,692 | 46,263 |
Proceeds from issuance of senior notes, net | ' | 0 | ' |
Payments On Loans to Variable Interest Entity Members | ' | 928 | 592 |
Payments to Acquire Intangible Assets | ' | ' | 0 |
Payments on Retirements of Long-term Debt | -416,209 | ' | -8,198 |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | 3,374 | 7,199 |
Eliminations | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Change in cash classified as discontinued operations | 0 | 0 | 0 |
Cash flows from operating activities | ' | ' | ' |
Net cash provided by operating activities | 1,157 | 736 | -3,553 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Cash paid for acquisitions, net of cash received | ' | 0 | 0 |
Proceeds (Payments) from Investments in Subsidiaries | 2,400 | 200 | 1,700 |
Payments to (Proceeds from) Combined Other Investing Activities | 0 | ' | ' |
Change in restricted investments | ' | ' | 0 |
Proceeds from sale of Echelon, net | 0 | ' | ' |
Cash paid for exercise of LVE option | 0 | ' | ' |
Proceeds from sale of North Las Vegas land, net | 0 | ' | ' |
Other investing activities | ' | 0 | 0 |
Net cash provided by (used in) investing activities | 367,659 | 154,948 | -85,784 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 0 | 0 | 0 |
Payments under bank credit facility | 0 | 0 | 0 |
Debt financing costs, net | 0 | 0 | 0 |
Payments under note payable | 0 | ' | ' |
Net proceeds from issuance of term loan | 0 | ' | ' |
Proceeds from Contributions from Affiliates | 9,620 | ' | ' |
Other financing activities | 0 | ' | ' |
Other financing activities | 0 | 0 | 0 |
Proceeds from sale of common stock, net | 0 | ' | ' |
Payments on loans to members of variable interest entity | ' | ' | 0 |
Net cash provided by (used in) financing activities | -368,816 | -155,684 | 89,337 |
Cash flows from operating activities | 0 | 0 | 0 |
Cash flows from investing activities | 0 | 0 | 0 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Proceeds from issuance of senior notes, net | ' | 0 | ' |
Payments On Loans to Variable Interest Entity Members | ' | 0 | 0 |
Payments to Acquire Intangible Assets | ' | ' | 0 |
Payments on Retirements of Long-term Debt | 0 | ' | 0 |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | $0 | $0 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Narrative) (Details) (Senior Notes) | Dec. 31, 2013 | Nov. 10, 2010 | Jun. 08, 2012 |
9.125% Senior Notes Due 2018 | Boyd | Boyd | |
9.125% Senior Notes Due 2018 | 9.00% senior notes due 2020 | ||
For the year ending December 31, | ' | ' | ' |
Debt instrument, stated interest rate | 9.13% | 9.13% | 9.00% |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Information Schedule of adjustments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ($108,554) | ($923,075) | ($7,999) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -119,344 | -918,446 | -10,678 |
Net cash provided by operating activities | 277,035 | 147,168 | 250,857 |
Guarantor Subsidiaries | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | 141,420 | -600,674 | 92,631 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 141,420 | -600,674 | 92,631 |
Net cash provided by operating activities | 432,903 | 191,178 | -9,700 |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | -14,337 | 52,521 | -13,632 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -37,861 | -34,115 | -11,761 |
Net cash provided by operating activities | 20,674 | -4,892 | 10,642 |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | -56,178 | -31,166 | -2,396 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -56,178 | -31,166 | -2,396 |
Net cash provided by operating activities | 51,748 | 34,128 | 59,745 |
Eliminations | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | -99,195 | 565,109 | -80,748 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -86,461 | 656,374 | -80,748 |
Net cash provided by operating activities | 1,157 | 736 | -3,553 |
Boyd | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | -80,264 | -908,865 | -3,854 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -80,264 | -908,865 | -8,404 |
Net cash provided by operating activities | -229,447 | -73,982 | 193,723 |
Scenario, Previously Reported [Member] | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net cash provided by operating activities | ' | 142,445 | 253,510 |
Scenario, Previously Reported [Member] | Guarantor Subsidiaries | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ' | -871,698 | 185,581 |
Net cash provided by operating activities | ' | 16,372 | 68,797 |
Scenario, Previously Reported [Member] | Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ' | 144,213 | -12,590 |
Net cash provided by operating activities | ' | 9,995 | 26,294 |
Scenario, Previously Reported [Member] | Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ' | -26,941 | -2,395 |
Net cash provided by operating activities | ' | 34,252 | 60,454 |
Scenario, Previously Reported [Member] | Eliminations | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | 740,216 | -174,741 |
Net cash provided by operating activities | ' | 4,292 | 0 |
Scenario, Previously Reported [Member] | Boyd | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net cash provided by operating activities | ' | 77,534 | 97,965 |
Scenario, Adjustment [Member] | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ' | 0 | 0 |
Net cash provided by operating activities | ' | 4,723 | -2,653 |
Scenario, Adjustment [Member] | Guarantor Subsidiaries | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ' | 271,024 | -92,950 |
Net cash provided by operating activities | ' | 174,806 | -78,497 |
Scenario, Adjustment [Member] | Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ' | -91,692 | -1,042 |
Net cash provided by operating activities | ' | -14,887 | -15,652 |
Scenario, Adjustment [Member] | Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ' | -4,225 | -1 |
Net cash provided by operating activities | ' | -124 | -709 |
Scenario, Adjustment [Member] | Eliminations | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | -175,107 | 93,993 |
Net cash provided by operating activities | ' | -3,556 | -3,553 |
Scenario, Adjustment [Member] | Boyd | ' | ' | ' |
Schedule of adjustments [Line Items] | ' | ' | ' |
Net income (loss) | ' | 0 | 0 |
Net cash provided by operating activities | ' | ($151,516) | $95,758 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Ownership percentage | 50.00% | ' | ' |
William S. Boyd and His Immediate Family | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Ownership percentage | 29.00% | ' | ' |
Borgata [Member] | MGM | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Land subject to ground leases | ' | 8.4 | ' |
Borgata [Member] | MGM | Selling, general and administrative | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Ground leases rent expense | ' | $0 | $0 |
Ground leases property taxes | $3.20 | $2.80 | $2.50 |
Subsequent_Events_Details
Subsequent Events (Details) (6.75% senior subordinated notes due 2014, Senior Subordinated Notes, Boyd) | Apr. 15, 2004 |
6.75% senior subordinated notes due 2014 | Senior Subordinated Notes | Boyd | ' |
Subsequent Event [Line Items] | ' |
Debt instrument, stated interest rate | 6.75% |