Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'BOYD GAMING CORP | ' |
Entity Central Index Key | '0000906553 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 108,367,736 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $162,878 | $177,838 |
Accounts receivable, net | 61,063 | 65,569 |
Inventories | 18,496 | 19,719 |
Prepaid expenses and other current assets | 44,348 | 42,460 |
Income taxes receivable | 1,177 | 1,143 |
Deferred income taxes and current tax assets | 5,486 | 7,265 |
Total current assets | 324,401 | 334,680 |
Property and equipment, net | 3,465,565 | 3,505,613 |
Debt financing costs, net | 79,744 | 84,209 |
Other assets, net | 62,999 | 61,259 |
Intangible assets, net | 1,062,072 | 1,070,660 |
Goodwill, net | 685,310 | 685,310 |
Total assets | 5,680,091 | 5,741,731 |
Current liabilities | ' | ' |
Current maturities of long-term debt | 31,497 | 33,559 |
Accounts payable | 68,817 | 75,478 |
Accrued liabilities | 339,369 | 341,947 |
Deferred income taxes and income taxes payable | 2,588 | 2,879 |
Total current liabilities | 442,271 | 453,863 |
Long-term debt, net of current maturities | 4,301,269 | 4,352,932 |
Deferred income taxes | 158,294 | 155,218 |
Other long-term tax liabilities | 42,793 | 42,188 |
Other liabilities | 88,645 | 87,093 |
Stockholders’ equity | ' | ' |
Preferred stock, $0.01 par value, 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 107,805,297 and 86,871,977 shares outstanding | 1,083 | 1,082 |
Additional paid-in capital | 909,533 | 902,496 |
Accumulated deficit | -438,256 | -432,074 |
Accumulated other comprehensive loss | -978 | -1,517 |
Total Boyd Gaming Corporation stockholders’ equity | 471,382 | 469,987 |
Noncontrolling interest | 175,437 | 180,450 |
Total stockholders’ equity | 646,819 | 650,437 |
Total liabilities and stockholders’ equity | $5,680,091 | $5,741,731 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 108,297,168 | 108,155,002 |
Common stock, shares outstanding | 108,297,168 | 108,155,002 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating revenues | ' | ' |
Gaming | $608,757 | $632,559 |
Food and beverage | 106,643 | 111,774 |
Room | 64,380 | 63,855 |
Other | 38,960 | 39,311 |
Gross revenues | 818,740 | 847,499 |
Less promotional allowances | 110,391 | 111,915 |
Net revenues | 708,349 | 735,584 |
Operating costs and expenses | ' | ' |
Gaming | 285,174 | 297,262 |
Food and beverage | 57,269 | 60,053 |
Room | 13,170 | 13,100 |
Other | 27,792 | 28,174 |
Selling, general and administrative | 124,679 | 124,028 |
Maintenance and utilities | 43,264 | 39,209 |
Depreciation and amortization | 66,179 | 70,038 |
Corporate expense | 19,920 | 15,356 |
Preopening expense | 784 | 2,365 |
Impairments of assets | 1,633 | 0 |
Asset transactions costs | 155 | 3,013 |
Other operating items, net | -186 | 1,566 |
Total operating costs and expenses | 639,833 | 654,164 |
Operating income | 68,516 | 81,420 |
Other expense (income) | ' | ' |
Interest income | -476 | -656 |
Interest expense, net | 75,503 | 95,682 |
Loss on early extinguishments of debt | 154 | 0 |
Other, net | -288 | -518 |
Total other expense, net | 74,893 | 94,508 |
Loss from continuing operations before income taxes | -6,377 | -13,088 |
Income taxes benefit (expense) | -4,848 | 2,424 |
Loss from continuing operations, net of tax | -11,225 | -10,664 |
Income (loss) from discontinued operations, net of tax | 0 | -963 |
Net loss | -11,225 | -11,627 |
Less: net loss attributable to noncontrolling interest | 5,043 | 4,343 |
Net loss attributable to Boyd Gaming Corporation | ($6,182) | ($7,284) |
Basic net loss per common share: | ' | ' |
Continuing operations (in USD per share) | ($0.06) | ($0.07) |
Discontinued operations (in USD per share) | $0 | ($0.01) |
Basic net loss per common share (in USD per share) | ($0.06) | ($0.08) |
Weighted average basic shares outstanding | 109,753 | 87,974 |
Diluted net loss per common share: | ' | ' |
Continuing operations (in USD per share) | ($0.06) | ($0.07) |
Discontinued operations (in USD per share) | $0 | ($0.01) |
Diluted net loss per common share (in USD per share) | ($0.06) | ($0.08) |
Weighted average diluted shares outstanding | 109,753 | 87,974 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net loss | ($11,225) | ($11,627) |
Other comprehensive income, net of tax: | ' | ' |
Fair value of adjustments to available-for-sale securities, net of tax of $370 and $0 | 539 | 295 |
Comprehensive loss | -10,686 | -11,332 |
Less: net loss attributable to noncontrolling interest | 5,043 | 4,343 |
Comprehensive loss attributable to Boyd Gaming Corporation | ($5,643) | ($6,989) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Fair value of adjustments to available-for-sale securities, tax | $370 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2013 | $650,437 | $1,082 | $902,496 | ($432,074) | ($1,517) | $180,450 |
Balance, shares at Dec. 31, 2013 | 108,155,002 | 108,155,002 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net loss | -11,225 | 0 | 0 | -6,182 | 0 | -5,043 |
Comprehensive income attributable to Boyd | 539 | 0 | 0 | 0 | 539 | 0 |
Stock options exercised | 757 | 1 | 756 | 0 | 0 | 0 |
Stock options exercised, shares | ' | 102,663 | ' | ' | ' | ' |
Release of restricted stock units, net of tax | -200 | 0 | -200 | 0 | 0 | 0 |
RSU released/settled, shares | ' | 39,503 | ' | ' | ' | ' |
Share-based compensation costs | 6,481 | 0 | 6,481 | 0 | 0 | 0 |
Noncontrolling Interest, Period Increase (Decrease) | 30 | 0 | 0 | 0 | 0 | 30 |
Balance at Mar. 31, 2014 | $646,819 | $1,083 | $909,533 | ($438,256) | ($978) | $175,437 |
Balance, shares at Mar. 31, 2014 | 108,297,168 | 108,297,168 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net loss | ($11,225) | ($11,627) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Loss on discontinued operations, net of tax | 0 | 963 |
Depreciation and amortization | 66,179 | 70,038 |
Amortization of debt financing costs | 4,829 | 4,009 |
Amortization of discounts on debt | 1,257 | 4,505 |
Loss on early extinguishments of debt | 154 | 0 |
Share-based compensation expense | 6,481 | 4,091 |
Deferred income taxes | 4,143 | 8,920 |
Noncash impairments of assets | 1,633 | 19 |
Other operating activities | -199 | 982 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | -10,267 | -2,105 |
Accounts receivable, net | 3,830 | 458 |
Inventories | 1,223 | 213 |
Prepaid expenses and other current assets | -1,891 | -4,718 |
Current other tax asset | 50 | -618 |
Income taxes receivable | -33 | 1,377 |
Other long-term tax assets | 0 | 9,863 |
Other assets, net | -1,504 | -6,407 |
Accounts payable and accrued liabilities | -9,695 | 22,950 |
Other long-term tax liabilities | 605 | -20,292 |
Other liabilities | 1,599 | 6,283 |
Net cash provided by operating activities | 57,169 | 88,904 |
Cash Flows from Investing Activities | ' | ' |
Capital expenditures | -18,306 | -22,558 |
Proceeds from sale of Echelon, net | 0 | 343,750 |
Cash paid for exercise of LVE option | 0 | -187,000 |
Other investing activities | 1,112 | -103 |
Net cash provided by (used in) investing activities | -17,194 | 134,089 |
Cash Flows from Financing Activities | ' | ' |
Borrowings under Boyd Gaming bank credit facility | 188,500 | 202,200 |
Payments under Boyd Gaming bank credit facility | -224,275 | -232,025 |
Borrowings under Peninsula bank credit facility | 75,000 | 68,200 |
Payments under Peninsula bank credit facility | -90,525 | -78,863 |
Borrowings under Borgata bank credit facility | 116,200 | 103,600 |
Payments under Borgata bank credit facility | -119,400 | -109,600 |
Debt financing costs, net | -71 | 694 |
Payments on long-term debt | -952 | -10,814 |
Payments on retirements of long-term debt | -952 | ' |
Stock options exercised | 757 | 0 |
Restricted stock units released, net | -200 | 0 |
Other financing activities | 31 | -50 |
Net cash used in financing activities | -54,935 | -56,658 |
Cash Flows from Discontinued Operations | ' | ' |
Cash flows from operating activities | 0 | -786 |
Cash flows from investing activities | 0 | -23 |
Cash flows from financing activities | 0 | 0 |
Net cash used in discontinued operations | 0 | -809 |
Change in cash and cash equivalents | -14,960 | 165,526 |
Cash and cash equivalents, beginning of period | 177,838 | 192,545 |
Change in cash classified as discontinued operations | 0 | 36 |
Cash and cash equivalents, end of period | 162,878 | 358,107 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Cash paid for interest, net of amounts capitalized | 80,541 | 88,261 |
Cash paid (received) for income taxes, net of refunds | 84 | -1,313 |
Supplemental Schedule of Noncash Investing and Financing Activities | ' | ' |
Payables incurred for capital expenditures | $12,478 | $18,445 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization and Basis of Presentation [Abstract] | ' |
Organization and Basis of Presentation | ' |
ORGANIZATION AND BASIS OF PRESENTATION | |
Organization | |
Boyd Gaming Corporation (and together with its subsidiaries, the “Company,” "Boyd Gaming," “we” or “us”) was incorporated in the state of Nevada in 1988 and has been operating for almost 40 years. The Company's common stock is traded on the New York Stock Exchange under the symbol “BYD”. | |
We are a diversified operator of 21 wholly owned gaming entertainment properties and one property, Borgata Hotel Casino & Spa, in which we have a 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. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). | |
The results for the periods indicated are unaudited, but reflect all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. | |
The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its subsidiaries. Investments in unconsolidated affiliates, which are less than 50% owned and do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the U.S. Securities and Exchange Commission ("SEC") on March 14, 2014. | |
Revisions and Reclassifications | |
The financial information for the three months ended March 31, 2013 is derived from our condensed consolidated financial statements and footnotes included in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 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, Disposition, for further discussion. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Summary of Significant Accounting Policies | ' | |||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
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 are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Rooms | $ | 35,424 | $ | 35,120 | ||||
Food and beverage | 49,872 | 50,780 | ||||||
Other | 25,095 | 26,015 | ||||||
Total promotional allowances | $ | 110,391 | $ | 111,915 | ||||
The estimated costs of providing such promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Rooms | $ | 14,134 | $ | 14,711 | ||||
Food and beverage | 43,561 | 45,059 | ||||||
Other | 5,014 | 5,126 | ||||||
Total cost of promotional allowances | $ | 62,709 | $ | 64,896 | ||||
Gaming Taxes | ||||||||
We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $100.4 million and $102.3 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
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. | ||||||||
In accordance with GAAP, we have computed our provision for income taxes by applying the actual effective tax rate, under the discrete method, to quarter-to-date income. The discrete method was used to calculate the income tax expense or benefit as the annual effective tax rate was not considered a reliable estimate of year-to-date income tax expense or benefit. We believe this method provides the most reliable estimate of year-to-date income tax expense. | ||||||||
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 when determining our valuation allowance. | ||||||||
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. | ||||||||
Net 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 three months ended March 31, 2014 and 2013, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares, 942,141 and 379,593, respectively, were excluded from the computation of diluted weighted average shares outstanding. | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | ||||||||
Recently Issued Accounting Pronouncements | ||||||||
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements. | ||||||||
Accounting Standards Update 2013-11 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. The adoption of Update 2013-11 did not have a material effect on our consolidated financial statements. |
Disposition
Disposition | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions and Divestitures | ' |
DISPOSITION | |
Discontinued Operations - Disposition of Dania Jai-Alai | |
On May 22, 2013, we consummated the sale of certain assets and liabilities of the Dania pari-mutuel facility ("Dania Jai-Alia"), located in 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 in second quarter 2013. We have presented the results of Dania Jai-Alai Business as discontinued operations for all periods presented in these condensed consolidated financial statements. There were no assets and liabilities of the discontinued operation as of March 31, 2014 and December 31, 2013. |
Consolidation_of_Certain_Inter
Consolidation of Certain Interests | 3 Months Ended |
Mar. 31, 2014 | |
Consolidated Entities [Line Items] | ' |
Consolidation of Certain Interests | ' |
The Company and MGM Resorts International ("MGM") each originally held a 50% interest in Marina District Development Holding Co., LLC (“Holding Company”). Holding Company owns all the equity interests in Marina District Development Company, LLC, d.b.a. Borgata Hotel Casino and Spa. We are the managing member of Holding Company, and we are responsible for the day-to-day operations of Borgata, including the improvement of the facility and business. As a result, we consolidate the Borgata into our financial statements. | |
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 a divestiture trust (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 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 had the power to direct the trustee to sell the MGM Interest, subject to the approval of the NJCCC. If the sale was not completed by such time, the trustee would have been 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 amended 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. | |
Deconsolidation of Variable Interest | |
LVE Energy Partners, LLC | |
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, 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 was terminated. As a result, we ceased consolidation of LVE as of that date. |
Property_and_Equipment_Net
Property and Equipment, Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property and Equipment, Net | ' | |||||||
PROPERTY AND EQUIPMENT, NET | ||||||||
Property and equipment, net consists of the following: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 334,746 | $ | 336,079 | ||||
Buildings and improvements | 3,854,230 | 3,852,039 | ||||||
Furniture and equipment | 1,359,670 | 1,332,090 | ||||||
Riverboats and barges | 189,569 | 189,175 | ||||||
Construction in progress | 60,677 | 72,141 | ||||||
Other | 21,450 | 21,750 | ||||||
Total property and equipment | 5,820,342 | 5,803,274 | ||||||
Less accumulated depreciation | 2,354,777 | 2,297,661 | ||||||
Property and equipment, net | $ | 3,465,565 | $ | 3,505,613 | ||||
Other property and equipment presented in the table above relates to the estimated 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. | ||||||||
Depreciation expense for the three months ended March 31, 2014 and 2013 was $57.7 million and $58.2 million, respectively. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||
Intangible Assets | ' | |||||||||||||||||
INTANGIBLE ASSETS | ||||||||||||||||||
Intangible assets consist of the following: | ||||||||||||||||||
March 31, 2014 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 3.3 years | $ | 154,000 | $ | (77,060 | ) | $ | — | $ | 76,940 | ||||||||
Favorable lease rates | 34.1 years | 45,370 | (10,173 | ) | — | 35,197 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
220,743 | (87,233 | ) | — | 133,510 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks and other | 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, March 31, 2014 | $ | 1,372,365 | $ | (121,193 | ) | $ | (189,100 | ) | $ | 1,062,072 | ||||||||
December 31, 2013 | ||||||||||||||||||
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 and other | 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 | ||||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
ACCRUED LIABILITIES | ||||||||
Accrued liabilities consist of the following: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Payroll and related expenses | $ | 83,133 | $ | 90,602 | ||||
Interest | 35,941 | 47,497 | ||||||
Gaming liabilities | 83,109 | 83,304 | ||||||
Accrued liabilities | 137,186 | 120,544 | ||||||
Total accrued liabilities | $ | 339,369 | $ | 341,947 | ||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||
LONG-TERM DEBT | |||||||||||||||||||
Long-term debt, net of current maturities consists of the following: | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||
Unamortized | |||||||||||||||||||
Rates at | Outstanding | Unamortized | Origination | Long-Term | |||||||||||||||
(In thousands) | Mar. 31, 2014 | Principal | Discount | Fees | Debt, Net | ||||||||||||||
Boyd Debt: | |||||||||||||||||||
Boyd Gaming Debt: | |||||||||||||||||||
Bank credit facility | 3.67 | % | $ | 1,431,950 | $ | (4,073 | ) | $ | — | $ | 1,427,877 | ||||||||
9.125% senior notes due 2018 | 9.13 | % | 500,000 | — | (5,773 | ) | 494,227 | ||||||||||||
9.00% senior notes due 2020 | 9 | % | 350,000 | — | — | 350,000 | |||||||||||||
HoldCo Note | 6 | % | 143,030 | (16,677 | ) | — | 126,353 | ||||||||||||
2,424,980 | (20,750 | ) | (5,773 | ) | 2,398,457 | ||||||||||||||
Peninsula Segment Debt: | |||||||||||||||||||
Bank credit facility | 4.2 | % | 786,625 | — | — | 786,625 | |||||||||||||
8.375% senior notes due 2018 | 8.38 | % | 350,000 | — | — | 350,000 | |||||||||||||
Other | various | 11 | — | — | 11 | ||||||||||||||
1,136,636 | — | — | 1,136,636 | ||||||||||||||||
Total Boyd Debt | 3,561,616 | (20,750 | ) | (5,773 | ) | 3,535,093 | |||||||||||||
Borgata Debt: | |||||||||||||||||||
Bank credit facility | 3.86 | % | 36,700 | — | — | 36,700 | |||||||||||||
Incremental term loan | 6.75 | % | 379,050 | (3,563 | ) | — | 375,487 | ||||||||||||
9.875% senior secured notes due 2018 | 9.88 | % | 393,500 | (1,733 | ) | (6,281 | ) | 385,486 | |||||||||||
Total Borgata Debt | 809,250 | (5,296 | ) | (6,281 | ) | 797,673 | |||||||||||||
Less current maturities | 31,497 | — | — | 31,497 | |||||||||||||||
Long-term debt, net | $ | 4,339,369 | $ | (26,046 | ) | $ | (12,054 | ) | $ | 4,301,269 | |||||||||
December 31, 2013 | |||||||||||||||||||
Unamortized | |||||||||||||||||||
Rates at | Outstanding | Unamortized | Origination | Long-Term | |||||||||||||||
(In thousands) | Dec. 31, 2013 | Principal | Discount | Fees | Debt, Net | ||||||||||||||
Boyd Debt: | |||||||||||||||||||
Boyd Gaming Debt: | |||||||||||||||||||
Bank credit facility | 3.66 | % | $ | 1,467,725 | $ | (4,233 | ) | $ | — | $ | 1,463,492 | ||||||||
9.125% senior notes due 2018 | 9.13 | % | 500,000 | — | (6,082 | ) | 493,918 | ||||||||||||
9.00% senior notes due 2020 | 9 | % | 350,000 | — | — | 350,000 | |||||||||||||
HoldCo Note and other | 6 | % | 143,030 | (17,371 | ) | — | 125,659 | ||||||||||||
2,460,755 | (21,604 | ) | (6,082 | ) | 2,433,069 | ||||||||||||||
Peninsula Segment Debt: | |||||||||||||||||||
Bank credit facility | 4.2 | % | 802,150 | — | — | 802,150 | |||||||||||||
8.375% senior notes due 2018 | 8.38 | % | 350,000 | — | — | 350,000 | |||||||||||||
Other | various | 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 | 3.86 | % | 39,900 | — | — | 39,900 | |||||||||||||
Incremental term loan | 6.75 | % | 380,000 | (3,766 | ) | — | 376,234 | ||||||||||||
9.875% senior secured notes due 2018 | 9.88 | % | 393,500 | (1,811 | ) | (6,563 | ) | 385,126 | |||||||||||
Total Borgata Debt | 813,400 | (5,577 | ) | (6,563 | ) | 801,260 | |||||||||||||
Less current maturities | 33,559 | — | — | 33,559 | |||||||||||||||
Long-term debt, net | $ | 4,392,758 | $ | (27,181 | ) | $ | (12,645 | ) | $ | 4,352,932 | |||||||||
Boyd Gaming Debt | |||||||||||||||||||
Boyd Bank Credit Facility | |||||||||||||||||||
The net amounts outstanding under the Third Amended and Restated Credit Agreement (the "Boyd Gaming Credit Facility") were: | |||||||||||||||||||
(In thousands) | March 31, 2014 | December 31, 2013 | |||||||||||||||||
Revolving Credit Facility | $ | 280,000 | $ | 295,000 | |||||||||||||||
Term A Loan | 243,750 | 246,875 | |||||||||||||||||
Term B Loan | 895,500 | 897,750 | |||||||||||||||||
Swing Loan | 8,627 | 23,867 | |||||||||||||||||
Total outstanding borrowings under the Boyd Gaming Credit Facility | $ | 1,427,877 | $ | 1,463,492 | |||||||||||||||
At March 31, 2014, approximately $1.4 billion was outstanding under the Boyd Gaming Credit Facility and $7.8 million was allocated to support various letters of credit, leaving remaining contractual availability of $299.5 million. | |||||||||||||||||||
Peninsula Segment Debt | |||||||||||||||||||
Bank Credit Facility | |||||||||||||||||||
At March 31, 2014, approximately $786.6 million was outstanding under the Peninsula $875.0 million senior secured credit facility (the "Peninsula Credit Facility") and $5.2 million was allocated to support various letters of credit, leaving remaining contractual availability of $34.8 million. | |||||||||||||||||||
Borgata Debt | |||||||||||||||||||
Borgata Bank Credit Facility | |||||||||||||||||||
At March 31, 2014, approximately $36.7 million was outstanding under the Marina District Finance Company Inc. ("MDFC") Amended and Restated Credit Agreement (the “Borgata Credit Facility”) and $3.2 million was allocated to support a letter of credit, leaving remaining contractual availability of $20.1 million. | |||||||||||||||||||
Covenant Compliance | |||||||||||||||||||
As of March 31, 2014, we believe that Boyd Gaming, Peninsula and Borgata were in compliance with the financial and other covenants of their respective debt instruments. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Commitments | |
There have been no material changes to our commitments described under Note 13, Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 14, 2014. | |
Borgata Property Taxes | |
Borgata has filed tax appeal complaints, in connection with its property tax assessments for tax years 2009 through 2014, 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 date for tax years 2011 through 2013 was extended and the trial is scheduled to be held in September 2014. We filed an appeal complaint in connection with our 2014 valuation in February 2014 and continue to pay our property tax obligations in accordance with the assessor’s valuation. A trial date for the 2014 appeal has not been scheduled. 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 2014 appeals. 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 March 31, 2014 could result in adjustment to our estimated property tax liability at Borgata. | |
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 | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stockholders' Equity and Stock Incentive Plans | ' | |||||||
STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS | ||||||||
Share-Based Compensation | ||||||||
We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. | ||||||||
The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Gaming | $ | 115 | $ | 59 | ||||
Food and beverage | 22 | 11 | ||||||
Room | 10 | 5 | ||||||
Selling, general and administrative | 584 | 298 | ||||||
Corporate expense | 5,750 | 3,718 | ||||||
Total shared-based compensation expense | $ | 6,481 | $ | 4,091 | ||||
Noncontrolling_Interest
Noncontrolling Interest | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 March 24, 2010 date of the effective change in control, on March 24, 2010; and (ii) until the Echelon sale, 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 hold no equity interest. | ||||||||||||||||
Changes in the noncontrolling interest are as follows: | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
(In thousands) | Holding Company | Other | Total | |||||||||||||
Balance, January 1, 2014 | $ | 180,430 | $ | 20 | $ | 180,450 | ||||||||||
Attributable net loss | (5,043 | ) | — | (5,043 | ) | |||||||||||
Capital contributions | — | 30 | 30 | |||||||||||||
Balance, March 31, 2014 | $ | 175,387 | $ | 50 | $ | 175,437 | ||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
(In thousands) | Holding Company | LVE | Other | Total | ||||||||||||
Balance, January 1, 2013 | $ | 208,277 | $ | (44,961 | ) | $ | 20 | $ | 163,336 | |||||||
Attributable net loss | (3,900 | ) | (443 | ) | — | (4,343 | ) | |||||||||
Deconsolidation of LVE on March 4, 2013 | — | 45,404 | — | 45,404 | ||||||||||||
Balance, March 31, 2013 | $ | 204,377 | $ | — | $ | 20 | $ | 204,397 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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. | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 162,878 | $ | 162,878 | $ | — | $ | — | ||||||||
Restricted cash | 30,953 | 30,953 | — | — | ||||||||||||
CRDA deposits | 5,547 | — | — | 5,547 | ||||||||||||
Investment available for sale | 18,067 | — | — | 18,067 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 750 | $ | — | $ | — | $ | 750 | ||||||||
Contingent payments | 4,330 | — | — | 4,330 | ||||||||||||
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 | ||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||||||
The fair value of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks at March 31, 2014 and December 31, 2013. | ||||||||||||||||
CRDA Deposits | ||||||||||||||||
The fair value of Borgata's CRDA deposits, classified in the fair value hierarchy as Level 3, is based on estimates of the realizable value applied to the balances on statements received from the CRDA at March 31, 2014 and December 31, 2013. | ||||||||||||||||
Investment Available for Sale | ||||||||||||||||
We have an investment in a single municipal bond issuance of $22.1 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities, and degrees of risk and a discounted cash flows analysis as of March 31, 2014 and December 31, 2013. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the condensed consolidated balance sheets. At March 31, 2014 and December 31, 2013, $0.4 million and $0.3 million, respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at March 31, 2014 and December 31, 2013, $17.7 million and $16.8 million, respectively, is included in other assets on the condensed consolidated balance sheets. The discount associated with this investment of $3.4 million and $3.5 million as of March 31, 2014 and December 31, 2013, respectively, is netted with the investment balance 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 Casino's ("KSC") EBITDA, as defined in the Merger Agreement, for 2015 exceeds $105.0 million. The additional payment would be equal to 7.5 times the amount by which KSC's 2015 EBITDA exceeds $105.0 million. The actual payout will be determined based on actual EBITDA of KSC for calendar year 2015, and payments are not limited by a maximum value. If the actual 2015 EBITDA of KSC is less than the target, the Company is not required to make any additional consideration payment. The liability was initially recorded upon consummation of the Merger, at the estimated fair value of the earnout determined in conjunction with the preliminary purchase price allocation using the modified Black-Scholes option pricing model, which requires the following assumptions: expected EBITDA volatility, forecasted 2015 EBITDA, risk-free interest rates and risk adjusted discount rate. The fair value of the earnout liability is not yet finalized and is therefore subject to change. We formed our preliminary valuation assumptions using historical experience in the gaming industry and observable market conditions. The contingent consideration agreement will be fair valued periodically with updated assumptions and any change in the fair value of the obligation will be included in the consolidated statements of comprehensive income (loss). At March 31, 2014 and December 31, 2013, there were outstanding liabilities of $0.8 million and $1.1 million, respectively, related to the merger earnout which are included in other liabilities on the condensed consolidated balance sheets. | ||||||||||||||||
Contingent Payments | ||||||||||||||||
In connection with the development of the Kansas Star Casino, KSC agreed to pay a former casino project developer and option holder 1% of KSC’s EBITDA each month for a period of ten years commencing December 20, 2011. The liability was initially recorded upon consummation of the Merger, at the estimated fair value of the contingent land purchase price using a discounted cash flows approach. At both March 31, 2014 and December 31, 2013, 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, which were included in other liabilities on the respective condensed consolidated balance sheets. | ||||||||||||||||
The following table summarizes the fair value of the Company's Level 3 assets and liabilities: | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
(In thousands) | Investment | CRDA | Merger | Contingent | ||||||||||||
Available for | Deposits | Earnout | Payments | |||||||||||||
Sale | ||||||||||||||||
Balance at January 1, 2014 | $ | 17,128 | $ | 4,613 | $ | (1,125 | ) | $ | (4,343 | ) | ||||||
Deposits | — | 1,747 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 30 | (554 | ) | 375 | (185 | ) | ||||||||||
Included in other comprehensive income (loss) | 909 | — | — | — | ||||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | — | (259 | ) | — | 198 | |||||||||||
Ending balance at March 31, 2014 | $ | 18,067 | $ | 5,547 | $ | (750 | ) | $ | (4,330 | ) | ||||||
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 | $ | 30 | $ | — | $ | — | $ | — | ||||||||
Included in interest expense | — | — | — | (185 | ) | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
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 | — | 1,682 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 21 | (1,045 | ) | 817 | (194 | ) | ||||||||||
Included in other comprehensive income (loss) | 295 | — | — | — | ||||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | — | — | — | 235 | ||||||||||||
Ending balance at March 31, 2013 | $ | 18,223 | $ | 29,101 | $ | (8,983 | ) | $ | (4,522 | ) | ||||||
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 | $ | 21 | $ | — | $ | — | $ | — | ||||||||
Included in interest expense | — | — | — | (194 | ) | |||||||||||
Included in non-operating income | — | — | 817 | — | ||||||||||||
The table below summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities: | ||||||||||||||||
Valuation | Unobservable | Rate | ||||||||||||||
Technique | Input | |||||||||||||||
Investment available for sale | Discounted cash flow | Discount rate | 10.5 | % | ||||||||||||
CRDA deposits | Valuation allowance | Reserves | 33.3 | % | ||||||||||||
Merger earnout | 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 obligation under minimum assessment agreements and other financial instruments: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 37,620 | $ | 28,983 | $ | 28,663 | Level 3 | |||||||||
Other financial instruments | 400 | 350 | 350 | Level 3 | ||||||||||||
December 31, 2013 | ||||||||||||||||
(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 | ||||||||||||
The following tables provide the fair value measurement information about our long-term debt: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Bank credit facility | $ | 1,431,950 | $ | 1,427,877 | $ | 1,446,547 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 494,227 | 540,000 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 385,000 | Level 1 | ||||||||||||
HoldCo Note | 143,030 | 126,353 | 135,879 | Level 3 | ||||||||||||
2,424,980 | 2,398,457 | 2,507,426 | ||||||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 786,625 | 786,625 | 799,284 | Level 2 | ||||||||||||
8.375% Senior Notes due 2018 | 350,000 | 350,000 | 377,125 | Level 2 | ||||||||||||
Other | 11 | 11 | 11 | Level 3 | ||||||||||||
1,136,636 | 1,136,636 | 1,176,420 | ||||||||||||||
Total Boyd Debt | 3,561,616 | 3,535,093 | 3,683,846 | |||||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 36,700 | 36,700 | 36,700 | Level 2 | ||||||||||||
Incremental term loan | 379,050 | 375,487 | 384,421 | Level 2 | ||||||||||||
9.875% senior secured notes due 2018 | 393,500 | 385,486 | 421,045 | Level 1 | ||||||||||||
Total Borgata debt | 809,250 | 797,673 | 842,166 | |||||||||||||
Total debt | $ | 4,370,866 | $ | 4,332,766 | $ | 4,526,012 | ||||||||||
December 31, 2013 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Bank 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 | ||||||||||||
Total Borgata debt | 813,400 | 801,260 | 847,272 | |||||||||||||
Total debt | $ | 4,426,317 | $ | 4,386,491 | $ | 4,566,353 | ||||||||||
The estimated fair value of the Boyd Gaming Credit Facility is based on a relative value analysis performed on or about March 31, 2014 and December 31, 2013. The estimated fair value of the Peninsula Credit Facility is based on a relative value analysis performed on or about March 31, 2014 and December 31, 2013. The estimated fair value of the Borgata Credit Facility at March 31, 2014 and December 31, 2013 approximates its carrying value due to the short-term nature and variable repricing of the underlying Eurodollar loans comprising the Borgata 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 March 31, 2014 and December 31, 2013. 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 three months ended March 31, 2014 or 2013. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 below lists the classification of each of our properties. | ||||||||
Las Vegas Locals | ||||||||
Gold Coast Hotel and Casino | Las Vegas, Nevada | |||||||
The Orleans Hotel and Casino | Las Vegas, Nevada | |||||||
Sam's Town Hotel and Gambling Hall | Las Vegas, Nevada | |||||||
Suncoast Hotel and Casino | Las Vegas, Nevada | |||||||
Eldorado Casino | Henderson, Nevada | |||||||
Jokers Wild Casino | Henderson, Nevada | |||||||
Downtown Las Vegas | ||||||||
California Hotel and Casino | Las Vegas, Nevada | |||||||
Fremont Hotel and Casino | Las Vegas, Nevada | |||||||
Main Street Station Casino, Brewery and Hotel | Las Vegas, Nevada | |||||||
Midwest and South | ||||||||
Sam's Town Hotel and Gambling Hall | Tunica, Mississippi | |||||||
IP Casino Resort Spa | Biloxi, Mississippi | |||||||
Par-A-Dice Hotel Casino | East Peoria, Illinois | |||||||
Blue Chip Casino, Hotel & Spa | Michigan City, Indiana | |||||||
Treasure Chest Casino | Kenner, Louisiana | |||||||
Delta Downs Racetrack Casino & Hotel | Vinton, Louisiana | |||||||
Sam's Town Hotel and Casino | Shreveport, Louisiana | |||||||
Peninsula | ||||||||
Diamond Jo Dubuque | Dubuque, Iowa | |||||||
Diamond Jo Worth | Northwood, Iowa | |||||||
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana | |||||||
Amelia Belle Casino | Amelia, Louisiana | |||||||
Kansas Star Casino | Mulvane, Kansas | |||||||
Borgata | ||||||||
Borgata Hotel Casino & Spa | Atlantic City, New Jersey | |||||||
Results of Operations - Total Reportable Segment Net Revenues and Adjusted EBITDA | ||||||||
We evaluate each of our wholly owned property's profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, preopening expenses, other operating charges, net, share-based compensation expense, deferred rent, change in value of derivative instruments, and gain/loss on early retirements of debt, as applicable. Total Reportable Segment Adjusted EBITDA is the aggregate sum of the Property EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest and South, and Peninsula segments, and also includes Borgata's operating income before net amortization, preopening and other items. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company. EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with 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 Total 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 Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Net Revenues | ||||||||
Las Vegas Locals | $ | 151,443 | $ | 152,827 | ||||
Downtown Las Vegas | 55,733 | 54,083 | ||||||
Midwest and South | 211,636 | 229,117 | ||||||
Peninsula | 122,273 | 133,913 | ||||||
Borgata | 167,264 | 165,644 | ||||||
Total Reportable Segment Net Revenues | $ | 708,349 | $ | 735,584 | ||||
Reportable Segment Adjusted EBITDA | ||||||||
Las Vegas Locals | $ | 40,007 | $ | 39,205 | ||||
Downtown Las Vegas | 9,327 | 7,111 | ||||||
Midwest and South | 44,098 | 49,682 | ||||||
Peninsula | 44,761 | 50,712 | ||||||
Borgata | 20,446 | 28,405 | ||||||
Total Reportable Segment Adjusted EBITDA | 158,639 | 175,115 | ||||||
Corporate expense | 14,171 | 11,638 | ||||||
Adjusted EBITDA | 144,468 | 163,477 | ||||||
Other operating costs and expenses | ||||||||
Deferred rent | 906 | 957 | ||||||
Depreciation and amortization | 66,179 | 70,038 | ||||||
Preopening expense | 784 | 2,365 | ||||||
Share-based compensation expense | 6,481 | 4,091 | ||||||
Impairments of assets | 1,633 | — | ||||||
Asset transaction costs | 155 | 3,013 | ||||||
Other operating charges and credits, net | (186 | ) | 1,593 | |||||
Total other operating costs and expenses | 75,952 | 82,057 | ||||||
Operating income | $ | 68,516 | $ | 81,420 | ||||
Total Reportable Segment Assets | ||||||||
The Company's assets by Reportable Segment consisted of the following amounts: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Assets | ||||||||
Las Vegas Locals | $ | 1,177,097 | $ | 1,190,234 | ||||
Downtown Las Vegas | 126,305 | 125,618 | ||||||
Midwest and South | 1,340,505 | 1,349,155 | ||||||
Peninsula | 1,500,876 | 1,511,606 | ||||||
Borgata | 1,321,292 | 1,334,714 | ||||||
Total Reportable Segment Assets | 5,466,075 | 5,511,327 | ||||||
Corporate | 214,016 | 230,267 | ||||||
Other | — | 137 | ||||||
Total assets | $ | 5,680,091 | $ | 5,741,731 | ||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 102,987 | $ | 30,672 | $ | 29,219 | $ | — | $ | 162,878 | ||||||||||||
Other current assets | 10,700 | 65,185 | 33,901 | 55,641 | (3,904 | ) | 161,523 | |||||||||||||||||
Property and equipment, net | 57,569 | 1,794,224 | 458,683 | 1,155,089 | — | 3,465,565 | ||||||||||||||||||
Investments in subsidiaries | 3,298,645 | 178,348 | — | — | (3,476,993 | ) | — | |||||||||||||||||
Intercompany receivable | — | 1,540,260 | — | — | (1,540,260 | ) | — | |||||||||||||||||
Other, net | 41,695 | 8,186 | 71,301 | 21,561 | — | 142,743 | ||||||||||||||||||
Intangible assets, net | — | 464,805 | 537,267 | 60,000 | — | 1,062,072 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,408,609 | $ | 4,366,789 | $ | 1,604,340 | $ | 1,321,510 | $ | (5,021,157 | ) | $ | 5,680,091 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 6,197 | $ | 3,800 | $ | — | $ | 31,497 | ||||||||||||
Other current liabilities | 46,334 | 185,325 | 78,540 | 105,192 | (4,617 | ) | 410,774 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 142 | — | (142 | ) | — | |||||||||||||||||
Intercompany payable | 571,826 | — | 969,406 | 307 | (1,541,539 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,250,605 | — | 1,256,791 | 793,873 | — | 4,301,269 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 46,962 | 179,427 | 37,226 | 26,117 | — | 289,732 | ||||||||||||||||||
Common stock | 1,083 | 31,124 | (27 | ) | — | (31,097 | ) | 1,083 | ||||||||||||||||
Additional paid-in capital | 909,533 | 2,717,470 | 248,203 | 480,983 | (3,446,656 | ) | 909,533 | |||||||||||||||||
Retained earnings (deficit) | (438,256 | ) | 1,253,443 | (991,530 | ) | (88,762 | ) | (173,151 | ) | (438,256 | ) | |||||||||||||
Accumulated other | (978 | ) | — | (608 | ) | — | 608 | (978 | ) | |||||||||||||||
comprehensive loss, net | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 471,382 | 4,002,037 | (743,962 | ) | 392,221 | (3,650,296 | ) | 471,382 | ||||||||||||||||
stockholders' equity (deficit) | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 175,437 | 175,437 | ||||||||||||||||||
Total stockholders' equity (deficit) | 471,382 | 4,002,037 | (743,962 | ) | 392,221 | (3,474,859 | ) | 646,819 | ||||||||||||||||
Total liabilities and stockholders' | $ | 3,408,609 | $ | 4,366,789 | $ | 1,604,340 | $ | 1,321,510 | $ | (5,021,157 | ) | $ | 5,680,091 | |||||||||||
equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
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 | 67,991 | 28,639 | 48,414 | (1,974 | ) | 156,842 | |||||||||||||||||
Property and equipment, net | 69,309 | 1,808,450 | 460,789 | 1,167,065 | — | 3,505,613 | ||||||||||||||||||
Investments in subsidiaries | 3,265,579 | 129,692 | — | — | (3,395,271 | ) | — | |||||||||||||||||
Intercompany receivable | — | 1,474,412 | — | — | (1,474,412 | ) | — | |||||||||||||||||
Other, net | 43,470 | 8,105 | 72,185 | 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 | $ | 4,273,148 | $ | 1,613,296 | $ | 1,334,814 | $ | (4,871,657 | ) | $ | 5,741,731 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,259 | $ | 3,800 | $ | — | $ | 33,559 | ||||||||||||
Other current liabilities | 57,156 | 186,539 | 70,678 | 103,833 | 2,098 | 420,304 | ||||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 2,026 | — | (2,026 | ) | — | |||||||||||||||||
Intercompany payable | 512,358 | — | 966,128 | 265 | (1,478,751 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,285,910 | — | 1,269,562 | 797,460 | — | 4,352,932 | ||||||||||||||||||
Other long-term liabilities | 45,219 | 178,764 | 33,297 | 27,219 | — | 284,499 | ||||||||||||||||||
Common stock | 1,082 | 31,124 | (27 | ) | — | (31,097 | ) | 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 | ) | 1,139,826 | (983,193 | ) | (78,596 | ) | (78,037 | ) | (432,074 | ) | |||||||||||||
Accumulated other comprehensive loss, net | (1,517 | ) | — | (1,517 | ) | — | 1,517 | (1,517 | ) | |||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 469,987 | 3,907,845 | (736,654 | ) | 402,237 | (3,573,428 | ) | 469,987 | ||||||||||||||||
Noncontrolling interest | — | — | — | — | 180,450 | 180,450 | ||||||||||||||||||
Total stockholders' equity (deficit) | 469,987 | 3,907,845 | (736,654 | ) | 402,237 | (3,392,978 | ) | 650,437 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,392,130 | $ | 4,273,148 | $ | 1,613,296 | $ | 1,334,814 | $ | (4,871,657 | ) | $ | 5,741,731 | |||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 29,602 | $ | 411,801 | $ | 134,441 | $ | 167,264 | $ | (34,759 | ) | $ | 708,349 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 450 | 220,425 | 74,088 | 88,442 | — | 383,405 | ||||||||||||||||||
Selling, general and | 11,652 | 57,315 | 14,309 | 41,403 | — | 124,679 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 22,750 | 3,538 | 16,976 | — | 43,264 | ||||||||||||||||||
Depreciation and amortization | 1,627 | 31,624 | 19,068 | 13,860 | — | 66,179 | ||||||||||||||||||
Corporate expense | 19,030 | 23 | 867 | — | — | 19,920 | ||||||||||||||||||
Preopening expenses | 36 | 6 | 628 | 114 | — | 784 | ||||||||||||||||||
Impairments of assets | 320 | 1,013 | 300 | — | — | 1,633 | ||||||||||||||||||
Asset transactions costs | — | (20 | ) | 177 | (2 | ) | — | 155 | ||||||||||||||||
Other operating charges and credits, net | 150 | — | 66 | (402 | ) | — | (186 | ) | ||||||||||||||||
Intercompany expenses | 301 | 29,407 | 5,051 | — | (34,759 | ) | — | |||||||||||||||||
Total costs and expenses | 33,566 | 362,543 | 118,092 | 160,391 | (34,759 | ) | 639,833 | |||||||||||||||||
Equity in earnings of subsidiaries | 31,935 | (10,855 | ) | (81 | ) | — | (20,999 | ) | — | |||||||||||||||
Operating income (loss) | 27,971 | 38,403 | 16,268 | 6,873 | (20,999 | ) | 68,516 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 32,920 | 1,770 | 22,647 | 17,690 | — | 75,027 | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | 154 | — | — | 154 | ||||||||||||||||||
Other, net | — | — | (288 | ) | — | — | (288 | ) | ||||||||||||||||
Total other expense, net | 32,920 | 1,770 | 22,513 | 17,690 | — | 74,893 | ||||||||||||||||||
Income (loss) before income taxes | (4,949 | ) | 36,633 | (6,245 | ) | (10,817 | ) | (20,999 | ) | (6,377 | ) | |||||||||||||
Income taxes benefit (expense) | (1,233 | ) | (468 | ) | (3,795 | ) | 648 | — | (4,848 | ) | ||||||||||||||
Net income (loss) | (6,182 | ) | 36,165 | (10,040 | ) | (10,169 | ) | (20,999 | ) | (11,225 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 5,043 | 5,043 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (6,182 | ) | $ | 36,165 | $ | (10,040 | ) | $ | (10,169 | ) | $ | (15,956 | ) | $ | (6,182 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (5,643 | ) | $ | 36,704 | $ | (9,501 | ) | $ | (10,169 | ) | $ | (22,077 | ) | $ | (10,686 | ) | |||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 37,175 | $ | 429,836 | $ | 145,779 | $ | 167,577 | $ | (44,783 | ) | $ | 735,584 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 462 | 231,768 | 78,211 | 88,148 | — | 398,589 | ||||||||||||||||||
Selling, general and | 11,814 | 61,025 | 16,414 | 34,775 | — | 124,028 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 21,457 | 3,435 | 14,317 | — | 39,209 | ||||||||||||||||||
Depreciation and amortization | 1,714 | 30,424 | 22,292 | 15,608 | — | 70,038 | ||||||||||||||||||
Corporate expense | 13,886 | 116 | 1,354 | — | — | 15,356 | ||||||||||||||||||
Preopening expense | 1,030 | 1 | 3,202 | 4 | (1,872 | ) | 2,365 | |||||||||||||||||
Other operating charges and credits, net | 2,849 | 1,259 | 137 | 334 | — | 4,579 | ||||||||||||||||||
Intercompany expenses | 324 | 36,787 | 5,800 | — | (42,911 | ) | — | |||||||||||||||||
Total costs and expenses | 32,079 | 382,837 | 130,845 | 153,186 | (44,783 | ) | 654,164 | |||||||||||||||||
Equity in earnings of subsidiaries | 27,992 | (12,297 | ) | — | — | (15,695 | ) | — | ||||||||||||||||
Operating income (loss) | 33,088 | 34,702 | 14,934 | 14,391 | (15,695 | ) | 81,420 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 43,774 | 2,841 | 25,260 | 23,151 | — | 95,026 | ||||||||||||||||||
Other, net | — | — | (518 | ) | — | — | (518 | ) | ||||||||||||||||
Total other expense, net | 43,774 | 2,841 | 24,742 | 23,151 | — | 94,508 | ||||||||||||||||||
Income (loss) from continuing | (10,686 | ) | 31,861 | (9,808 | ) | (8,760 | ) | (15,695 | ) | (13,088 | ) | |||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 3,402 | 3,203 | (4,693 | ) | 512 | — | 2,424 | |||||||||||||||||
Income (loss) from continuing | (7,284 | ) | 35,064 | (14,501 | ) | (8,248 | ) | (15,695 | ) | (10,664 | ) | |||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | (963 | ) | — | — | (963 | ) | ||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (7,284 | ) | 35,064 | (15,464 | ) | (8,248 | ) | (15,695 | ) | (11,627 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 4,343 | 4,343 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (7,284 | ) | $ | 35,064 | $ | (15,464 | ) | $ | (8,248 | ) | $ | (11,352 | ) | $ | (7,284 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (6,989 | ) | $ | 35,359 | $ | (15,169 | ) | $ | (8,248 | ) | $ | (16,285 | ) | $ | (11,332 | ) | |||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
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 | $ | (20,187 | ) | $ | 68,688 | $ | 14,670 | $ | (2,942 | ) | $ | (3,060 | ) | $ | 57,169 | |||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (4,683 | ) | (6,298 | ) | (5,516 | ) | (1,809 | ) | — | (18,306 | ) | |||||||||||||
Net activity with affiliates | — | (65,848 | ) | 3,278 | 42 | 62,528 | — | |||||||||||||||||
Other investing activities | 660 | — | 1 | 451 | — | 1,112 | ||||||||||||||||||
Net cash from investing activities | (4,023 | ) | (72,146 | ) | (2,237 | ) | (1,316 | ) | 62,528 | (17,194 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 188,500 | — | 75,000 | 116,200 | — | 379,700 | ||||||||||||||||||
Payments under bank credit facility | (224,275 | ) | — | (90,525 | ) | (119,400 | ) | — | (434,200 | ) | ||||||||||||||
Debt financing costs, net | (71 | ) | — | — | — | — | (71 | ) | ||||||||||||||||
Payments on long-term debt | — | — | (2 | ) | (950 | ) | — | (952 | ) | |||||||||||||||
Net activity with affiliates | 59,468 | — | — | — | (59,468 | ) | — | |||||||||||||||||
Stock options exercised | 757 | — | — | — | — | 757 | ||||||||||||||||||
Restricted stock units released, net | (200 | ) | — | — | — | — | (200 | ) | ||||||||||||||||
Other financing activities | 31 | — | — | — | — | 31 | ||||||||||||||||||
Net cash from financing activities | 24,210 | — | (15,527 | ) | (4,150 | ) | (59,468 | ) | (54,935 | ) | ||||||||||||||
Net change in cash and cash | — | (3,458 | ) | (3,094 | ) | (8,408 | ) | — | (14,960 | ) | ||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | — | 106,445 | 33,766 | 37,627 | — | 177,838 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Cash and cash equivalents, end of | $ | — | $ | 102,987 | $ | 30,672 | $ | 29,219 | $ | — | $ | 162,878 | ||||||||||||
period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
Three Months Ended March 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 | $ | (169,979 | ) | $ | 190,807 | $ | 60,538 | $ | 7,299 | $ | 239 | $ | 88,904 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (1,028 | ) | (12,494 | ) | (5,881 | ) | (3,155 | ) | — | (22,558 | ) | |||||||||||||
Proceeds from Echelon sale | 343,750 | — | — | — | — | 343,750 | ||||||||||||||||||
Cash paid for LVE option | (187,000 | ) | — | — | — | — | (187,000 | ) | ||||||||||||||||
Investments in and advances to unconsolidated subsidiaries, net | (3,716 | ) | — | — | — | 3,716 | — | |||||||||||||||||
Net activity with affiliates | — | (172,369 | ) | (36,727 | ) | 5 | 209,091 | — | ||||||||||||||||
Distributions from subsidiary | 9,500 | — | — | — | (9,500 | ) | — | |||||||||||||||||
Other investing activities | — | — | (79 | ) | (24 | ) | — | (103 | ) | |||||||||||||||
Net cash from investing activities | 161,506 | (184,863 | ) | (42,687 | ) | (3,174 | ) | 203,307 | 134,089 | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 202,200 | — | 68,200 | 103,600 | — | 374,000 | ||||||||||||||||||
Payments under bank credit facility | (232,025 | ) | — | (78,863 | ) | (109,600 | ) | — | (420,488 | ) | ||||||||||||||
Debt issuance cost, net | 694 | — | — | — | — | 694 | ||||||||||||||||||
Payments under note payable | (10,341 | ) | — | (473 | ) | — | — | (10,814 | ) | |||||||||||||||
Advances from parent | — | — | — | 3,716 | (3,716 | ) | — | |||||||||||||||||
Net activity with affiliates | 209,330 | — | — | — | (209,330 | ) | — | |||||||||||||||||
Distributions to parent | — | — | (9,500 | ) | — | 9,500 | — | |||||||||||||||||
Other financing activities | (50 | ) | — | — | — | — | (50 | ) | ||||||||||||||||
Net cash from financing activities | 169,808 | — | (20,636 | ) | (2,284 | ) | (203,546 | ) | (56,658 | ) | ||||||||||||||
Cash flows from discontinued | ||||||||||||||||||||||||
operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | (786 | ) | — | — | (786 | ) | ||||||||||||||||
Cash flows from investing activities | — | — | (23 | ) | — | — | (23 | ) | ||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash from discontinued | — | — | (809 | ) | — | — | (809 | ) | ||||||||||||||||
operations | ||||||||||||||||||||||||
Net change in cash and cash | 161,335 | 5,944 | (3,594 | ) | 1,841 | — | 165,526 | |||||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | 2,520 | 118,714 | 36,619 | 34,692 | — | 192,545 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 36 | — | — | 36 | ||||||||||||||||||
Cash and cash equivalents, end of | $ | 163,855 | $ | 124,658 | $ | 33,061 | $ | 36,533 | $ | — | $ | 358,107 | ||||||||||||
period | ||||||||||||||||||||||||
The Company has adjusted certain prior year amounts in the above condensed consolidating financial information to (1) correct the December 31, 2013 condensed consolidating balance sheet and recast the condensed consolidating statements of operations and cash flows for the three months ended March 31, 2013 to add Boyd Acquisition, LLC as a Guarantor and to release Echelon Resorts, LLC as a Guarantor as a result of Supplemental Indentures to the notes, (2) reflect the results of the Dania Jai-Alai property as discontinued operations, (3) correct prior year intercompany revenues and expenses and equity in earnings of subsidiaries presented in the statement of operations information, (4) 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 (5) properly record the impact of certain reclassification and tax entries within the correct sub-group. We believe the effect of the corrections are immaterial to the prior year financial statements. The application of these adjustments to the prior year consolidating information are summarized as follows: | ||||||||||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified and Restated | |||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
Parent | $ | 3,392,130 | $ | — | $ | 3,392,130 | ||||||||||||||||||
Guarantor Subsidiaries | 3,468,242 | 804,906 | 4,273,148 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 1,592,946 | 20,350 | 1,613,296 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | 1,334,814 | — | 1,334,814 | |||||||||||||||||||||
Eliminations | (4,046,401 | ) | (825,256 | ) | (4,871,657 | ) | ||||||||||||||||||
Consolidated | $ | 5,741,731 | $ | — | $ | 5,741,731 | ||||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified | |||||||||||||||||||||
Three Month Ended March 31, 2013 | ||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||
Parent | $ | (7,284 | ) | $ | — | $ | (7,284 | ) | ||||||||||||||||
Guarantor Subsidiaries | 35,076 | (12 | ) | 35,064 | ||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | (7,786 | ) | (7,678 | ) | (15,464 | ) | ||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | (8,248 | ) | — | (8,248 | ) | |||||||||||||||||||
Eliminations | (23,385 | ) | 7,690 | (15,695 | ) | |||||||||||||||||||
Consolidated | $ | (11,627 | ) | $ | — | $ | (11,627 | ) | ||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified and Restated | |||||||||||||||||||||
Three Month Ended March 31, 2013 | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Parent | $ | 39,351 | $ | (209,330 | ) | $ | (169,979 | ) | ||||||||||||||||
Guarantor Subsidiaries | 18,438 | 172,369 | 190,807 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 23,025 | 37,513 | 60,538 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | 11,020 | (3,721 | ) | 7,299 | ||||||||||||||||||||
Eliminations | (3,716 | ) | 3,955 | 239 | ||||||||||||||||||||
Consolidated | $ | 88,118 | $ | 786 | $ | 88,904 | ||||||||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
We have evaluated all events or transactions that occurred after March 31, 2014. 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) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Promotional Allowances | ' |
Gaming Taxes | |
We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $100.4 million and $102.3 million for the three months ended March 31, 2014 and 2013, respectively. | |
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. | |
In accordance with GAAP, we have computed our provision for income taxes by applying the actual effective tax rate, under the discrete method, to quarter-to-date income. The discrete method was used to calculate the income tax expense or benefit as the annual effective tax rate was not considered a reliable estimate of year-to-date income tax expense or benefit. We believe this method provides the most reliable estimate of year-to-date income tax expense. | |
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 when determining our valuation allowance. | |
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. | |
Earnings 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 three months ended March 31, 2014 and 2013, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares, 942,141 and 379,593, respectively, were excluded from the computation of diluted weighted average shares outstanding. | |
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. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements. | |
Accounting Standards Update 2013-11 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. The adoption of Update 2013-11 did not have a material effect on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of 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. | ||||||||
The amounts included in promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Rooms | $ | 35,424 | $ | 35,120 | ||||
Food and beverage | 49,872 | 50,780 | ||||||
Other | 25,095 | 26,015 | ||||||
Total promotional allowances | $ | 110,391 | $ | 111,915 | ||||
The estimated costs of providing such promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Rooms | $ | 14,134 | $ | 14,711 | ||||
Food and beverage | 43,561 | 45,059 | ||||||
Other | 5,014 | 5,126 | ||||||
Total cost of promotional allowances | $ | 62,709 | $ | 64,896 | ||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property and Equipment | ' | |||||||
Property and equipment, net consists of the following: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 334,746 | $ | 336,079 | ||||
Buildings and improvements | 3,854,230 | 3,852,039 | ||||||
Furniture and equipment | 1,359,670 | 1,332,090 | ||||||
Riverboats and barges | 189,569 | 189,175 | ||||||
Construction in progress | 60,677 | 72,141 | ||||||
Other | 21,450 | 21,750 | ||||||
Total property and equipment | 5,820,342 | 5,803,274 | ||||||
Less accumulated depreciation | 2,354,777 | 2,297,661 | ||||||
Property and equipment, net | $ | 3,465,565 | $ | 3,505,613 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||||||||||||
Schedule of Intangible Assets | ' | |||||||||||||||||
Intangible assets consist of the following: | ||||||||||||||||||
March 31, 2014 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 3.3 years | $ | 154,000 | $ | (77,060 | ) | $ | — | $ | 76,940 | ||||||||
Favorable lease rates | 34.1 years | 45,370 | (10,173 | ) | — | 35,197 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
220,743 | (87,233 | ) | — | 133,510 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks and other | 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, March 31, 2014 | $ | 1,372,365 | $ | (121,193 | ) | $ | (189,100 | ) | $ | 1,062,072 | ||||||||
December 31, 2013 | ||||||||||||||||||
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 and other | 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 | ||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities consist of the following: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Payroll and related expenses | $ | 83,133 | $ | 90,602 | ||||
Interest | 35,941 | 47,497 | ||||||
Gaming liabilities | 83,109 | 83,304 | ||||||
Accrued liabilities | 137,186 | 120,544 | ||||||
Total accrued liabilities | $ | 339,369 | $ | 341,947 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||||||||
Long-term debt, net of current maturities consists of the following: | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||
Unamortized | |||||||||||||||||||
Rates at | Outstanding | Unamortized | Origination | Long-Term | |||||||||||||||
(In thousands) | Mar. 31, 2014 | Principal | Discount | Fees | Debt, Net | ||||||||||||||
Boyd Debt: | |||||||||||||||||||
Boyd Gaming Debt: | |||||||||||||||||||
Bank credit facility | 3.67 | % | $ | 1,431,950 | $ | (4,073 | ) | $ | — | $ | 1,427,877 | ||||||||
9.125% senior notes due 2018 | 9.13 | % | 500,000 | — | (5,773 | ) | 494,227 | ||||||||||||
9.00% senior notes due 2020 | 9 | % | 350,000 | — | — | 350,000 | |||||||||||||
HoldCo Note | 6 | % | 143,030 | (16,677 | ) | — | 126,353 | ||||||||||||
2,424,980 | (20,750 | ) | (5,773 | ) | 2,398,457 | ||||||||||||||
Peninsula Segment Debt: | |||||||||||||||||||
Bank credit facility | 4.2 | % | 786,625 | — | — | 786,625 | |||||||||||||
8.375% senior notes due 2018 | 8.38 | % | 350,000 | — | — | 350,000 | |||||||||||||
Other | various | 11 | — | — | 11 | ||||||||||||||
1,136,636 | — | — | 1,136,636 | ||||||||||||||||
Total Boyd Debt | 3,561,616 | (20,750 | ) | (5,773 | ) | 3,535,093 | |||||||||||||
Borgata Debt: | |||||||||||||||||||
Bank credit facility | 3.86 | % | 36,700 | — | — | 36,700 | |||||||||||||
Incremental term loan | 6.75 | % | 379,050 | (3,563 | ) | — | 375,487 | ||||||||||||
9.875% senior secured notes due 2018 | 9.88 | % | 393,500 | (1,733 | ) | (6,281 | ) | 385,486 | |||||||||||
Total Borgata Debt | 809,250 | (5,296 | ) | (6,281 | ) | 797,673 | |||||||||||||
Less current maturities | 31,497 | — | — | 31,497 | |||||||||||||||
Long-term debt, net | $ | 4,339,369 | $ | (26,046 | ) | $ | (12,054 | ) | $ | 4,301,269 | |||||||||
December 31, 2013 | |||||||||||||||||||
Unamortized | |||||||||||||||||||
Rates at | Outstanding | Unamortized | Origination | Long-Term | |||||||||||||||
(In thousands) | Dec. 31, 2013 | Principal | Discount | Fees | Debt, Net | ||||||||||||||
Boyd Debt: | |||||||||||||||||||
Boyd Gaming Debt: | |||||||||||||||||||
Bank credit facility | 3.66 | % | $ | 1,467,725 | $ | (4,233 | ) | $ | — | $ | 1,463,492 | ||||||||
9.125% senior notes due 2018 | 9.13 | % | 500,000 | — | (6,082 | ) | 493,918 | ||||||||||||
9.00% senior notes due 2020 | 9 | % | 350,000 | — | — | 350,000 | |||||||||||||
HoldCo Note and other | 6 | % | 143,030 | (17,371 | ) | — | 125,659 | ||||||||||||
2,460,755 | (21,604 | ) | (6,082 | ) | 2,433,069 | ||||||||||||||
Peninsula Segment Debt: | |||||||||||||||||||
Bank credit facility | 4.2 | % | 802,150 | — | — | 802,150 | |||||||||||||
8.375% senior notes due 2018 | 8.38 | % | 350,000 | — | — | 350,000 | |||||||||||||
Other | various | 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 | 3.86 | % | 39,900 | — | — | 39,900 | |||||||||||||
Incremental term loan | 6.75 | % | 380,000 | (3,766 | ) | — | 376,234 | ||||||||||||
9.875% senior secured notes due 2018 | 9.88 | % | 393,500 | (1,811 | ) | (6,563 | ) | 385,126 | |||||||||||
Total Borgata Debt | 813,400 | (5,577 | ) | (6,563 | ) | 801,260 | |||||||||||||
Less current maturities | 33,559 | — | — | 33,559 | |||||||||||||||
Long-term debt, net | $ | 4,392,758 | $ | (27,181 | ) | $ | (12,645 | ) | $ | 4,352,932 | |||||||||
Schedule of Line of Credit Facilities | ' | ||||||||||||||||||
The net amounts outstanding under the Third Amended and Restated Credit Agreement (the "Boyd Gaming Credit Facility") were: | |||||||||||||||||||
(In thousands) | March 31, 2014 | December 31, 2013 | |||||||||||||||||
Revolving Credit Facility | $ | 280,000 | $ | 295,000 | |||||||||||||||
Term A Loan | 243,750 | 246,875 | |||||||||||||||||
Term B Loan | 895,500 | 897,750 | |||||||||||||||||
Swing Loan | 8,627 | 23,867 | |||||||||||||||||
Total outstanding borrowings under the Boyd Gaming Credit Facility | $ | 1,427,877 | $ | 1,463,492 | |||||||||||||||
Stockholders_Equity_and_Stock_1
Stockholders' Equity and Stock Incentive Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||||
The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Gaming | $ | 115 | $ | 59 | ||||
Food and beverage | 22 | 11 | ||||||
Room | 10 | 5 | ||||||
Selling, general and administrative | 584 | 298 | ||||||
Corporate expense | 5,750 | 3,718 | ||||||
Total shared-based compensation expense | $ | 6,481 | $ | 4,091 | ||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||
Schedule of Changes in Noncontrolling Interest | ' | |||||||||||
Changes in the noncontrolling interest are as follows: | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||
(In thousands) | Holding Company | Other | Total | |||||||||
Balance, January 1, 2014 | $ | 180,430 | $ | 20 | $ | 180,450 | ||||||
Attributable net loss | (5,043 | ) | — | (5,043 | ) | |||||||
Capital contributions | — | 30 | 30 | |||||||||
Balance, March 31, 2014 | $ | 175,387 | $ | 50 | $ | 175,437 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||
Balances Measured at Fair Value | ||||||||||||||||
The following tables show the fair values of certain of our financial instruments. | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 162,878 | $ | 162,878 | $ | — | $ | — | ||||||||
Restricted cash | 30,953 | 30,953 | — | — | ||||||||||||
CRDA deposits | 5,547 | — | — | 5,547 | ||||||||||||
Investment available for sale | 18,067 | — | — | 18,067 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 750 | $ | — | $ | — | $ | 750 | ||||||||
Contingent payments | 4,330 | — | — | 4,330 | ||||||||||||
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 | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The following table summarizes the fair value of the Company's Level 3 assets and liabilities: | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
(In thousands) | Investment | CRDA | Merger | Contingent | ||||||||||||
Available for | Deposits | Earnout | Payments | |||||||||||||
Sale | ||||||||||||||||
Balance at January 1, 2014 | $ | 17,128 | $ | 4,613 | $ | (1,125 | ) | $ | (4,343 | ) | ||||||
Deposits | — | 1,747 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 30 | (554 | ) | 375 | (185 | ) | ||||||||||
Included in other comprehensive income (loss) | 909 | — | — | — | ||||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | — | (259 | ) | — | 198 | |||||||||||
Ending balance at March 31, 2014 | $ | 18,067 | $ | 5,547 | $ | (750 | ) | $ | (4,330 | ) | ||||||
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 | $ | 30 | $ | — | $ | — | $ | — | ||||||||
Included in interest expense | — | — | — | (185 | ) | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
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 | — | 1,682 | — | — | ||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 21 | (1,045 | ) | 817 | (194 | ) | ||||||||||
Included in other comprehensive income (loss) | 295 | — | — | — | ||||||||||||
Transfers in or out of Level 3 | — | — | — | — | ||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | — | — | — | 235 | ||||||||||||
Ending balance at March 31, 2013 | $ | 18,223 | $ | 29,101 | $ | (8,983 | ) | $ | (4,522 | ) | ||||||
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 | $ | 21 | $ | — | $ | — | $ | — | ||||||||
Included in interest expense | — | — | — | (194 | ) | |||||||||||
Included in non-operating income | — | — | 817 | — | ||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ' | |||||||||||||||
The table below summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities: | ||||||||||||||||
Valuation | Unobservable | Rate | ||||||||||||||
Technique | Input | |||||||||||||||
Investment available for sale | Discounted cash flow | Discount rate | 10.5 | % | ||||||||||||
CRDA deposits | Valuation allowance | Reserves | 33.3 | % | ||||||||||||
Merger earnout | Probability-based model | Estimated probability | 5 | % | ||||||||||||
Contingent payments | Discounted cash flow | Discount rate | 18.5 | % | ||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | ' | |||||||||||||||
Balances Disclosed at Fair Value | ||||||||||||||||
The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 37,620 | $ | 28,983 | $ | 28,663 | Level 3 | |||||||||
Other financial instruments | 400 | 350 | 350 | Level 3 | ||||||||||||
December 31, 2013 | ||||||||||||||||
(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 | ||||||||||||
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | ' | |||||||||||||||
March 31, 2014 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Bank credit facility | $ | 1,431,950 | $ | 1,427,877 | $ | 1,446,547 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 494,227 | 540,000 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 385,000 | Level 1 | ||||||||||||
HoldCo Note | 143,030 | 126,353 | 135,879 | Level 3 | ||||||||||||
2,424,980 | 2,398,457 | 2,507,426 | ||||||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 786,625 | 786,625 | 799,284 | Level 2 | ||||||||||||
8.375% Senior Notes due 2018 | 350,000 | 350,000 | 377,125 | Level 2 | ||||||||||||
Other | 11 | 11 | 11 | Level 3 | ||||||||||||
1,136,636 | 1,136,636 | 1,176,420 | ||||||||||||||
Total Boyd Debt | 3,561,616 | 3,535,093 | 3,683,846 | |||||||||||||
Borgata Debt: | ||||||||||||||||
Bank credit facility | 36,700 | 36,700 | 36,700 | Level 2 | ||||||||||||
Incremental term loan | 379,050 | 375,487 | 384,421 | Level 2 | ||||||||||||
9.875% senior secured notes due 2018 | 393,500 | 385,486 | 421,045 | Level 1 | ||||||||||||
Total Borgata debt | 809,250 | 797,673 | 842,166 | |||||||||||||
Total debt | $ | 4,370,866 | $ | 4,332,766 | $ | 4,526,012 | ||||||||||
December 31, 2013 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Bank 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 | ||||||||||||
Total Borgata debt | 813,400 | 801,260 | 847,272 | |||||||||||||
Total debt | $ | 4,426,317 | $ | 4,386,491 | $ | 4,566,353 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of Composition of Segments | ' | |||||||
The table below lists the classification of each of our properties. | ||||||||
Las Vegas Locals | ||||||||
Gold Coast Hotel and Casino | Las Vegas, Nevada | |||||||
The Orleans Hotel and Casino | Las Vegas, Nevada | |||||||
Sam's Town Hotel and Gambling Hall | Las Vegas, Nevada | |||||||
Suncoast Hotel and Casino | Las Vegas, Nevada | |||||||
Eldorado Casino | Henderson, Nevada | |||||||
Jokers Wild Casino | Henderson, Nevada | |||||||
Downtown Las Vegas | ||||||||
California Hotel and Casino | Las Vegas, Nevada | |||||||
Fremont Hotel and Casino | Las Vegas, Nevada | |||||||
Main Street Station Casino, Brewery and Hotel | Las Vegas, Nevada | |||||||
Midwest and South | ||||||||
Sam's Town Hotel and Gambling Hall | Tunica, Mississippi | |||||||
IP Casino Resort Spa | Biloxi, Mississippi | |||||||
Par-A-Dice Hotel Casino | East Peoria, Illinois | |||||||
Blue Chip Casino, Hotel & Spa | Michigan City, Indiana | |||||||
Treasure Chest Casino | Kenner, Louisiana | |||||||
Delta Downs Racetrack Casino & Hotel | Vinton, Louisiana | |||||||
Sam's Town Hotel and Casino | Shreveport, Louisiana | |||||||
Peninsula | ||||||||
Diamond Jo Dubuque | Dubuque, Iowa | |||||||
Diamond Jo Worth | Northwood, Iowa | |||||||
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana | |||||||
Amelia Belle Casino | Amelia, Louisiana | |||||||
Kansas Star Casino | Mulvane, Kansas | |||||||
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 Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Net Revenues | ||||||||
Las Vegas Locals | $ | 151,443 | $ | 152,827 | ||||
Downtown Las Vegas | 55,733 | 54,083 | ||||||
Midwest and South | 211,636 | 229,117 | ||||||
Peninsula | 122,273 | 133,913 | ||||||
Borgata | 167,264 | 165,644 | ||||||
Total Reportable Segment Net Revenues | $ | 708,349 | $ | 735,584 | ||||
Reportable Segment Adjusted EBITDA | ||||||||
Las Vegas Locals | $ | 40,007 | $ | 39,205 | ||||
Downtown Las Vegas | 9,327 | 7,111 | ||||||
Midwest and South | 44,098 | 49,682 | ||||||
Peninsula | 44,761 | 50,712 | ||||||
Borgata | 20,446 | 28,405 | ||||||
Total Reportable Segment Adjusted EBITDA | 158,639 | 175,115 | ||||||
Corporate expense | 14,171 | 11,638 | ||||||
Adjusted EBITDA | 144,468 | 163,477 | ||||||
Other operating costs and expenses | ||||||||
Deferred rent | 906 | 957 | ||||||
Depreciation and amortization | 66,179 | 70,038 | ||||||
Preopening expense | 784 | 2,365 | ||||||
Share-based compensation expense | 6,481 | 4,091 | ||||||
Impairments of assets | 1,633 | — | ||||||
Asset transaction costs | 155 | 3,013 | ||||||
Other operating charges and credits, net | (186 | ) | 1,593 | |||||
Total other operating costs and expenses | 75,952 | 82,057 | ||||||
Operating income | $ | 68,516 | $ | 81,420 | ||||
Reconciliation of Assets from Segment to Consolidated | ' | |||||||
The Company's assets by Reportable Segment consisted of the following amounts: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Assets | ||||||||
Las Vegas Locals | $ | 1,177,097 | $ | 1,190,234 | ||||
Downtown Las Vegas | 126,305 | 125,618 | ||||||
Midwest and South | 1,340,505 | 1,349,155 | ||||||
Peninsula | 1,500,876 | 1,511,606 | ||||||
Borgata | 1,321,292 | 1,334,714 | ||||||
Total Reportable Segment Assets | 5,466,075 | 5,511,327 | ||||||
Corporate | 214,016 | 230,267 | ||||||
Other | — | 137 | ||||||
Total assets | $ | 5,680,091 | $ | 5,741,731 | ||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Schedule of adjustments [Line Items] | ' | |||||||||||||||||||||||
Schedule of adjustments [Table Text Block] | ' | |||||||||||||||||||||||
The Company has adjusted certain prior year amounts in the above condensed consolidating financial information to (1) correct the December 31, 2013 condensed consolidating balance sheet and recast the condensed consolidating statements of operations and cash flows for the three months ended March 31, 2013 to add Boyd Acquisition, LLC as a Guarantor and to release Echelon Resorts, LLC as a Guarantor as a result of Supplemental Indentures to the notes, (2) reflect the results of the Dania Jai-Alai property as discontinued operations, (3) correct prior year intercompany revenues and expenses and equity in earnings of subsidiaries presented in the statement of operations information, (4) 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 (5) properly record the impact of certain reclassification and tax entries within the correct sub-group. We believe the effect of the corrections are immaterial to the prior year financial statements. The application of these adjustments to the prior year consolidating information are summarized as follows: | ||||||||||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified and Restated | |||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
Parent | $ | 3,392,130 | $ | — | $ | 3,392,130 | ||||||||||||||||||
Guarantor Subsidiaries | 3,468,242 | 804,906 | 4,273,148 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 1,592,946 | 20,350 | 1,613,296 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | 1,334,814 | — | 1,334,814 | |||||||||||||||||||||
Eliminations | (4,046,401 | ) | (825,256 | ) | (4,871,657 | ) | ||||||||||||||||||
Consolidated | $ | 5,741,731 | $ | — | $ | 5,741,731 | ||||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified | |||||||||||||||||||||
Three Month Ended March 31, 2013 | ||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||
Parent | $ | (7,284 | ) | $ | — | $ | (7,284 | ) | ||||||||||||||||
Guarantor Subsidiaries | 35,076 | (12 | ) | 35,064 | ||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | (7,786 | ) | (7,678 | ) | (15,464 | ) | ||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | (8,248 | ) | — | (8,248 | ) | |||||||||||||||||||
Eliminations | (23,385 | ) | 7,690 | (15,695 | ) | |||||||||||||||||||
Consolidated | $ | (11,627 | ) | $ | — | $ | (11,627 | ) | ||||||||||||||||
(in thousands) | As Previously Reported | Adjustment | As Reclassified and Restated | |||||||||||||||||||||
Three Month Ended March 31, 2013 | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Parent | $ | 39,351 | $ | (209,330 | ) | $ | (169,979 | ) | ||||||||||||||||
Guarantor Subsidiaries | 18,438 | 172,369 | 190,807 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (100% Owned) | 23,025 | 37,513 | 60,538 | |||||||||||||||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | 11,020 | (3,721 | ) | 7,299 | ||||||||||||||||||||
Eliminations | (3,716 | ) | 3,955 | 239 | ||||||||||||||||||||
Consolidated | $ | 88,118 | $ | 786 | $ | 88,904 | ||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 102,987 | $ | 30,672 | $ | 29,219 | $ | — | $ | 162,878 | ||||||||||||
Other current assets | 10,700 | 65,185 | 33,901 | 55,641 | (3,904 | ) | 161,523 | |||||||||||||||||
Property and equipment, net | 57,569 | 1,794,224 | 458,683 | 1,155,089 | — | 3,465,565 | ||||||||||||||||||
Investments in subsidiaries | 3,298,645 | 178,348 | — | — | (3,476,993 | ) | — | |||||||||||||||||
Intercompany receivable | — | 1,540,260 | — | — | (1,540,260 | ) | — | |||||||||||||||||
Other, net | 41,695 | 8,186 | 71,301 | 21,561 | — | 142,743 | ||||||||||||||||||
Intangible assets, net | — | 464,805 | 537,267 | 60,000 | — | 1,062,072 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,408,609 | $ | 4,366,789 | $ | 1,604,340 | $ | 1,321,510 | $ | (5,021,157 | ) | $ | 5,680,091 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 6,197 | $ | 3,800 | $ | — | $ | 31,497 | ||||||||||||
Other current liabilities | 46,334 | 185,325 | 78,540 | 105,192 | (4,617 | ) | 410,774 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 142 | — | (142 | ) | — | |||||||||||||||||
Intercompany payable | 571,826 | — | 969,406 | 307 | (1,541,539 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,250,605 | — | 1,256,791 | 793,873 | — | 4,301,269 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 46,962 | 179,427 | 37,226 | 26,117 | — | 289,732 | ||||||||||||||||||
Common stock | 1,083 | 31,124 | (27 | ) | — | (31,097 | ) | 1,083 | ||||||||||||||||
Additional paid-in capital | 909,533 | 2,717,470 | 248,203 | 480,983 | (3,446,656 | ) | 909,533 | |||||||||||||||||
Retained earnings (deficit) | (438,256 | ) | 1,253,443 | (991,530 | ) | (88,762 | ) | (173,151 | ) | (438,256 | ) | |||||||||||||
Accumulated other | (978 | ) | — | (608 | ) | — | 608 | (978 | ) | |||||||||||||||
comprehensive loss, net | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 471,382 | 4,002,037 | (743,962 | ) | 392,221 | (3,650,296 | ) | 471,382 | ||||||||||||||||
stockholders' equity (deficit) | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 175,437 | 175,437 | ||||||||||||||||||
Total stockholders' equity (deficit) | 471,382 | 4,002,037 | (743,962 | ) | 392,221 | (3,474,859 | ) | 646,819 | ||||||||||||||||
Total liabilities and stockholders' | $ | 3,408,609 | $ | 4,366,789 | $ | 1,604,340 | $ | 1,321,510 | $ | (5,021,157 | ) | $ | 5,680,091 | |||||||||||
equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
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 | 67,991 | 28,639 | 48,414 | (1,974 | ) | 156,842 | |||||||||||||||||
Property and equipment, net | 69,309 | 1,808,450 | 460,789 | 1,167,065 | — | 3,505,613 | ||||||||||||||||||
Investments in subsidiaries | 3,265,579 | 129,692 | — | — | (3,395,271 | ) | — | |||||||||||||||||
Intercompany receivable | — | 1,474,412 | — | — | (1,474,412 | ) | — | |||||||||||||||||
Other, net | 43,470 | 8,105 | 72,185 | 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 | $ | 4,273,148 | $ | 1,613,296 | $ | 1,334,814 | $ | (4,871,657 | ) | $ | 5,741,731 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,259 | $ | 3,800 | $ | — | $ | 33,559 | ||||||||||||
Other current liabilities | 57,156 | 186,539 | 70,678 | 103,833 | 2,098 | 420,304 | ||||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 2,026 | — | (2,026 | ) | — | |||||||||||||||||
Intercompany payable | 512,358 | — | 966,128 | 265 | (1,478,751 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,285,910 | — | 1,269,562 | 797,460 | — | 4,352,932 | ||||||||||||||||||
Other long-term liabilities | 45,219 | 178,764 | 33,297 | 27,219 | — | 284,499 | ||||||||||||||||||
Common stock | 1,082 | 31,124 | (27 | ) | — | (31,097 | ) | 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 | ) | 1,139,826 | (983,193 | ) | (78,596 | ) | (78,037 | ) | (432,074 | ) | |||||||||||||
Accumulated other comprehensive loss, net | (1,517 | ) | — | (1,517 | ) | — | 1,517 | (1,517 | ) | |||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 469,987 | 3,907,845 | (736,654 | ) | 402,237 | (3,573,428 | ) | 469,987 | ||||||||||||||||
Noncontrolling interest | — | — | — | — | 180,450 | 180,450 | ||||||||||||||||||
Total stockholders' equity (deficit) | 469,987 | 3,907,845 | (736,654 | ) | 402,237 | (3,392,978 | ) | 650,437 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,392,130 | $ | 4,273,148 | $ | 1,613,296 | $ | 1,334,814 | $ | (4,871,657 | ) | $ | 5,741,731 | |||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 29,602 | $ | 411,801 | $ | 134,441 | $ | 167,264 | $ | (34,759 | ) | $ | 708,349 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 450 | 220,425 | 74,088 | 88,442 | — | 383,405 | ||||||||||||||||||
Selling, general and | 11,652 | 57,315 | 14,309 | 41,403 | — | 124,679 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 22,750 | 3,538 | 16,976 | — | 43,264 | ||||||||||||||||||
Depreciation and amortization | 1,627 | 31,624 | 19,068 | 13,860 | — | 66,179 | ||||||||||||||||||
Corporate expense | 19,030 | 23 | 867 | — | — | 19,920 | ||||||||||||||||||
Preopening expenses | 36 | 6 | 628 | 114 | — | 784 | ||||||||||||||||||
Impairments of assets | 320 | 1,013 | 300 | — | — | 1,633 | ||||||||||||||||||
Asset transactions costs | — | (20 | ) | 177 | (2 | ) | — | 155 | ||||||||||||||||
Other operating charges and credits, net | 150 | — | 66 | (402 | ) | — | (186 | ) | ||||||||||||||||
Intercompany expenses | 301 | 29,407 | 5,051 | — | (34,759 | ) | — | |||||||||||||||||
Total costs and expenses | 33,566 | 362,543 | 118,092 | 160,391 | (34,759 | ) | 639,833 | |||||||||||||||||
Equity in earnings of subsidiaries | 31,935 | (10,855 | ) | (81 | ) | — | (20,999 | ) | — | |||||||||||||||
Operating income (loss) | 27,971 | 38,403 | 16,268 | 6,873 | (20,999 | ) | 68,516 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 32,920 | 1,770 | 22,647 | 17,690 | — | 75,027 | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | 154 | — | — | 154 | ||||||||||||||||||
Other, net | — | — | (288 | ) | — | — | (288 | ) | ||||||||||||||||
Total other expense, net | 32,920 | 1,770 | 22,513 | 17,690 | — | 74,893 | ||||||||||||||||||
Income (loss) before income taxes | (4,949 | ) | 36,633 | (6,245 | ) | (10,817 | ) | (20,999 | ) | (6,377 | ) | |||||||||||||
Income taxes benefit (expense) | (1,233 | ) | (468 | ) | (3,795 | ) | 648 | — | (4,848 | ) | ||||||||||||||
Net income (loss) | (6,182 | ) | 36,165 | (10,040 | ) | (10,169 | ) | (20,999 | ) | (11,225 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 5,043 | 5,043 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (6,182 | ) | $ | 36,165 | $ | (10,040 | ) | $ | (10,169 | ) | $ | (15,956 | ) | $ | (6,182 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (5,643 | ) | $ | 36,704 | $ | (9,501 | ) | $ | (10,169 | ) | $ | (22,077 | ) | $ | (10,686 | ) | |||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 37,175 | $ | 429,836 | $ | 145,779 | $ | 167,577 | $ | (44,783 | ) | $ | 735,584 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 462 | 231,768 | 78,211 | 88,148 | — | 398,589 | ||||||||||||||||||
Selling, general and | 11,814 | 61,025 | 16,414 | 34,775 | — | 124,028 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 21,457 | 3,435 | 14,317 | — | 39,209 | ||||||||||||||||||
Depreciation and amortization | 1,714 | 30,424 | 22,292 | 15,608 | — | 70,038 | ||||||||||||||||||
Corporate expense | 13,886 | 116 | 1,354 | — | — | 15,356 | ||||||||||||||||||
Preopening expense | 1,030 | 1 | 3,202 | 4 | (1,872 | ) | 2,365 | |||||||||||||||||
Other operating charges and credits, net | 2,849 | 1,259 | 137 | 334 | — | 4,579 | ||||||||||||||||||
Intercompany expenses | 324 | 36,787 | 5,800 | — | (42,911 | ) | — | |||||||||||||||||
Total costs and expenses | 32,079 | 382,837 | 130,845 | 153,186 | (44,783 | ) | 654,164 | |||||||||||||||||
Equity in earnings of subsidiaries | 27,992 | (12,297 | ) | — | — | (15,695 | ) | — | ||||||||||||||||
Operating income (loss) | 33,088 | 34,702 | 14,934 | 14,391 | (15,695 | ) | 81,420 | |||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 43,774 | 2,841 | 25,260 | 23,151 | — | 95,026 | ||||||||||||||||||
Other, net | — | — | (518 | ) | — | — | (518 | ) | ||||||||||||||||
Total other expense, net | 43,774 | 2,841 | 24,742 | 23,151 | — | 94,508 | ||||||||||||||||||
Income (loss) from continuing | (10,686 | ) | 31,861 | (9,808 | ) | (8,760 | ) | (15,695 | ) | (13,088 | ) | |||||||||||||
operations before income taxes | ||||||||||||||||||||||||
Income taxes benefit (expense) | 3,402 | 3,203 | (4,693 | ) | 512 | — | 2,424 | |||||||||||||||||
Income (loss) from continuing | (7,284 | ) | 35,064 | (14,501 | ) | (8,248 | ) | (15,695 | ) | (10,664 | ) | |||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Income (loss) from discontinued | — | — | (963 | ) | — | — | (963 | ) | ||||||||||||||||
operations, net of tax | ||||||||||||||||||||||||
Net income (loss) | (7,284 | ) | 35,064 | (15,464 | ) | (8,248 | ) | (15,695 | ) | (11,627 | ) | |||||||||||||
Net loss attributable to | — | — | — | — | 4,343 | 4,343 | ||||||||||||||||||
noncontrolling interest | ||||||||||||||||||||||||
Net income (loss) attributable to | $ | (7,284 | ) | $ | 35,064 | $ | (15,464 | ) | $ | (8,248 | ) | $ | (11,352 | ) | $ | (7,284 | ) | |||||||
controlling interest | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | (6,989 | ) | $ | 35,359 | $ | (15,169 | ) | $ | (8,248 | ) | $ | (16,285 | ) | $ | (11,332 | ) | |||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
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 | $ | (20,187 | ) | $ | 68,688 | $ | 14,670 | $ | (2,942 | ) | $ | (3,060 | ) | $ | 57,169 | |||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (4,683 | ) | (6,298 | ) | (5,516 | ) | (1,809 | ) | — | (18,306 | ) | |||||||||||||
Net activity with affiliates | — | (65,848 | ) | 3,278 | 42 | 62,528 | — | |||||||||||||||||
Other investing activities | 660 | — | 1 | 451 | — | 1,112 | ||||||||||||||||||
Net cash from investing activities | (4,023 | ) | (72,146 | ) | (2,237 | ) | (1,316 | ) | 62,528 | (17,194 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 188,500 | — | 75,000 | 116,200 | — | 379,700 | ||||||||||||||||||
Payments under bank credit facility | (224,275 | ) | — | (90,525 | ) | (119,400 | ) | — | (434,200 | ) | ||||||||||||||
Debt financing costs, net | (71 | ) | — | — | — | — | (71 | ) | ||||||||||||||||
Payments on long-term debt | — | — | (2 | ) | (950 | ) | — | (952 | ) | |||||||||||||||
Net activity with affiliates | 59,468 | — | — | — | (59,468 | ) | — | |||||||||||||||||
Stock options exercised | 757 | — | — | — | — | 757 | ||||||||||||||||||
Restricted stock units released, net | (200 | ) | — | — | — | — | (200 | ) | ||||||||||||||||
Other financing activities | 31 | — | — | — | — | 31 | ||||||||||||||||||
Net cash from financing activities | 24,210 | — | (15,527 | ) | (4,150 | ) | (59,468 | ) | (54,935 | ) | ||||||||||||||
Net change in cash and cash | — | (3,458 | ) | (3,094 | ) | (8,408 | ) | — | (14,960 | ) | ||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | — | 106,445 | 33,766 | 37,627 | — | 177,838 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Cash and cash equivalents, end of | $ | — | $ | 102,987 | $ | 30,672 | $ | 29,219 | $ | — | $ | 162,878 | ||||||||||||
period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
Three Months Ended March 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 | $ | (169,979 | ) | $ | 190,807 | $ | 60,538 | $ | 7,299 | $ | 239 | $ | 88,904 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (1,028 | ) | (12,494 | ) | (5,881 | ) | (3,155 | ) | — | (22,558 | ) | |||||||||||||
Proceeds from Echelon sale | 343,750 | — | — | — | — | 343,750 | ||||||||||||||||||
Cash paid for LVE option | (187,000 | ) | — | — | — | — | (187,000 | ) | ||||||||||||||||
Investments in and advances to unconsolidated subsidiaries, net | (3,716 | ) | — | — | — | 3,716 | — | |||||||||||||||||
Net activity with affiliates | — | (172,369 | ) | (36,727 | ) | 5 | 209,091 | — | ||||||||||||||||
Distributions from subsidiary | 9,500 | — | — | — | (9,500 | ) | — | |||||||||||||||||
Other investing activities | — | — | (79 | ) | (24 | ) | — | (103 | ) | |||||||||||||||
Net cash from investing activities | 161,506 | (184,863 | ) | (42,687 | ) | (3,174 | ) | 203,307 | 134,089 | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 202,200 | — | 68,200 | 103,600 | — | 374,000 | ||||||||||||||||||
Payments under bank credit facility | (232,025 | ) | — | (78,863 | ) | (109,600 | ) | — | (420,488 | ) | ||||||||||||||
Debt issuance cost, net | 694 | — | — | — | — | 694 | ||||||||||||||||||
Payments under note payable | (10,341 | ) | — | (473 | ) | — | — | (10,814 | ) | |||||||||||||||
Advances from parent | — | — | — | 3,716 | (3,716 | ) | — | |||||||||||||||||
Net activity with affiliates | 209,330 | — | — | — | (209,330 | ) | — | |||||||||||||||||
Distributions to parent | — | — | (9,500 | ) | — | 9,500 | — | |||||||||||||||||
Other financing activities | (50 | ) | — | — | — | — | (50 | ) | ||||||||||||||||
Net cash from financing activities | 169,808 | — | (20,636 | ) | (2,284 | ) | (203,546 | ) | (56,658 | ) | ||||||||||||||
Cash flows from discontinued | ||||||||||||||||||||||||
operations | ||||||||||||||||||||||||
Cash flows from operating activities | — | — | (786 | ) | — | — | (786 | ) | ||||||||||||||||
Cash flows from investing activities | — | — | (23 | ) | — | — | (23 | ) | ||||||||||||||||
Cash flows from financing activities | — | — | — | — | — | — | ||||||||||||||||||
Net cash from discontinued | — | — | (809 | ) | — | — | (809 | ) | ||||||||||||||||
operations | ||||||||||||||||||||||||
Net change in cash and cash | 161,335 | 5,944 | (3,594 | ) | 1,841 | — | 165,526 | |||||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | 2,520 | 118,714 | 36,619 | 34,692 | — | 192,545 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Change in cash classified as discontinued operations | — | — | 36 | — | — | 36 | ||||||||||||||||||
Cash and cash equivalents, end of | $ | 163,855 | $ | 124,658 | $ | 33,061 | $ | 36,533 | $ | — | $ | 358,107 | ||||||||||||
period | ||||||||||||||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | 3 Months Ended | |
Mar. 31, 2014 | Jan. 31, 2010 | |
property | Affiliated Entity | |
entity | ||
Consolidated Entities [Line Items] | ' | ' |
Number of gaming entertainment properties | 21 | ' |
Number of controlling interests held | 1 | ' |
Equity Method Investment, Ownership Percentage | ' | 50.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Promotional Allowances) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowances [Line Items] | ' | ' |
Promotional allowances | $110,391 | $111,915 |
Cost of promotional allowances | 62,709 | 64,896 |
Rooms | ' | ' |
Allowances [Line Items] | ' | ' |
Promotional allowances | 35,424 | 35,120 |
Cost of promotional allowances | 14,134 | 14,711 |
Food and Beverage | ' | ' |
Allowances [Line Items] | ' | ' |
Promotional allowances | 49,872 | 50,780 |
Cost of promotional allowances | 43,561 | 45,059 |
Other Products and Services | ' | ' |
Allowances [Line Items] | ' | ' |
Promotional allowances | 25,095 | 26,015 |
Cost of promotional allowances | $5,014 | $5,126 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Weighted Average Shares Outstanding) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 942,141 | 379,593 |
Weighted average shares outstanding: | ' | ' |
Basic | 109,753,000 | 87,974,000 |
Weighted average diluted shares outstanding | 109,753,000 | 87,974,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Gaming Taxes) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Gaming taxes | $100.40 | $102.30 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (CRDA) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of CRDA Deposits [Line Items] | ' | ' |
Impairments of assets | $1,633 | $0 |
Disposition_Disposition_Detail
Disposition (Disposition) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Net revenues | $708,349 | $735,584 |
Net income (loss) attributable to Boyd Gaming Corporation | ($6,182) | ($7,284) |
Disposition_Real_Estate_Dispos
Disposition (Real Estate Dispositions) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
23-May-13 | Mar. 31, 2014 | Mar. 31, 2013 | 23-May-13 | Mar. 31, 2012 | |
Dania Jai-Alai | Dania Jai-Alai | ||||
Disposition of Dania Jai-Alai | ' | ' | ' | ' | ' |
Divestiture of Business Unit, Consideration Received | ' | ' | ' | $65,500,000 | ' |
Discontinued Operation, Intercompany Amounts with Discontinued Operation before Disposal Transaction, Revenue | ' | ' | ' | ' | 5,000,000 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | ' | ' | 2,000,000 |
Proceeds from Divestiture of Businesses | ' | ' | ' | 58,500,000 | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 18,900,000 | ' | ' | ' | ' |
Income Statement Disclosures | ' | ' | ' | ' | ' |
(Loss) income from discontinued operations, net of tax | ' | $0 | ($963,000) | ' | ' |
Consolidation_of_Certain_Inter1
Consolidation of Certain Interests (Narrative) (Details) (USD $) | Jan. 31, 2010 | Mar. 04, 2013 |
In Millions, unless otherwise specified | Subsidiary, Borgata | Echelon Central Energy Facility [Member] |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Consolidated Entities [Line Items] | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' |
Purchase Price for VIE Assets | ' | $187 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $5,820,342,000 | ' | $5,803,274,000 |
Less accumulated depreciation | 2,354,777,000 | ' | 2,297,661,000 |
Property and equipment, net | 3,465,565,000 | ' | 3,505,613,000 |
Depreciation expense | 57,700,000 | 58,200,000 | ' |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 334,746,000 | ' | 336,079,000 |
Buildings and Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 3,854,230,000 | ' | 3,852,039,000 |
Furniture and Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 1,359,670,000 | ' | 1,332,090,000 |
Riverboats and Barges | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 189,569,000 | ' | 189,175,000 |
Construction in Progress | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 60,677,000 | ' | 72,141,000 |
Other | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $21,450,000 | ' | $21,750,000 |
Intangible_Assets_Summary_of_A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | $1,372,365 | $1,375,565 |
Intangible assets, cumulative amortization | -121,193 | -115,805 |
Intangible assets, cumulative impairment | -189,100 | -189,100 |
Intangible assets, net | 1,062,072 | 1,070,660 |
Amortizing intangibles: | ' | ' |
Gross carrying value | 220,743 | 223,943 |
Cumulative amortization | -87,233 | -81,845 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 133,510 | 142,098 |
Indefinite lived intangible assets: | ' | ' |
Gross carrying value | 1,151,622 | 1,151,622 |
Cumulative amortization | -33,960 | -33,960 |
Cumulative impairment losses | -189,100 | -189,100 |
Intangible assets, net | 928,562 | 928,562 |
Customer Relationships [Member] | ' | ' |
Amortizing intangibles: | ' | ' |
Weighted average life | '3 years 3 months | '3 years 7 months |
Gross carrying value | 154,000 | 154,000 |
Cumulative amortization | -77,060 | -68,733 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 76,940 | 85,267 |
Off-Market Favorable Lease [Member] | ' | ' |
Amortizing intangibles: | ' | ' |
Weighted average life | '34 years 1 month 24 days | '34 years 4 months 24 days |
Gross carrying value | 45,370 | 45,370 |
Cumulative amortization | -10,173 | -9,912 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 35,197 | 35,458 |
Non-Competition Agreement | ' | ' |
Amortizing intangibles: | ' | ' |
Weighted average life | ' | '0 years |
Gross carrying value | ' | 3,200 |
Cumulative amortization | ' | -3,200 |
Cumulative impairment losses | ' | 0 |
Intangible assets, net | ' | 0 |
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 |
Trademarks | ' | ' |
Indefinite lived intangible assets: | ' | ' |
Gross carrying value | 196,487 | 196,487 |
Cumulative amortization | 0 | 0 |
Cumulative impairment losses | -8,200 | -8,200 |
Intangible assets, net | 188,287 | 188,287 |
Gaming License Rights | ' | ' |
Indefinite lived intangible assets: | ' | ' |
Gross carrying value | 955,135 | 955,135 |
Cumulative amortization | -33,960 | -33,960 |
Cumulative impairment losses | -180,900 | -180,900 |
Intangible assets, net | $740,275 | $740,275 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Payroll and related expenses | $83,133 | $90,602 |
Interest | 35,941 | 47,497 |
Gaming liabilities | 83,109 | 83,304 |
Accrued liabilities | 137,186 | 120,544 |
Total accrued liabilities | $339,369 | $341,947 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 10, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 08, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 16, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Senior Notes | Senior Notes | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Consolidated, Excluding Borgata [Member] | Consolidated, Excluding Borgata [Member] | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Borgata Bank Credit Facility Amendment [Member] | Borgata Bank Credit Facility Amendment [Member] | Borgata Bank Credit Facility Amendment [Member] | Borgata Bank Credit Facility Amendment [Member] | |||
9.125% Senior Notes Due 2018 | 9.00% Senior Notes Due 2020 | Bank Credit Facility | Bank Credit Facility | Other | Other | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Other | Other | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Senior Notes | Senior Notes | Senior Notes | Other | Other | Bank Credit Facility | Bank Credit Facility | Secured Debt [Member] | Secured Debt [Member] | Senior Secured Notes Due 2018 [Member] | Senior Secured Notes Due 2018 [Member] | Term Loan [Member] | Term Loan [Member] | Senior Secured Notes | Senior Secured Notes | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | Subsidiary, Borgata | |||||||||||
Bank Credit Facility [Member] | Bank Credit Facility [Member] | Incremental Term Loan [Member] | Incremental Term Loan [Member] | 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 | Holdco Note [Member] | Holdco Note [Member] | Bank Credit Facility [Member] | Bank Credit Facility [Member] | Peninsula Senior Notes due 2018 [Member] | Peninsula Senior Notes due 2018 [Member] | Peninsula Senior Notes due 2018 [Member] | Bank Credit Facility [Member] | Bank Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes Due 2018 [Member] | Senior Secured Notes Due 2018 [Member] | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | |||||||||||||||||||||||||
Incremental Term Loan [Member] | Incremental Term Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | ' | 3.67% | 3.66% | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.86% | 3.86% | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $875,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,427,877,000 | 1,463,492,000 | ' | ' | 895,500,000 | 897,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 786,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,700,000 | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,100,000 | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | 2,424,980,000 | 2,460,755,000 | ' | ' | ' | ' | ' | ' | 1,431,950,000 | 1,467,725,000 | ' | ' | 500,000,000 | 500,000,000 | ' | 350,000,000 | 350,000,000 | ' | 143,030,000 | 143,030,000 | 1,136,636,000 | 1,152,162,000 | ' | ' | 786,625,000 | 802,150,000 | 350,000,000 | 350,000,000 | ' | 11,000 | 12,000 | 3,561,616,000 | 3,612,917,000 | 809,250,000 | 813,400,000 | 36,700,000 | 39,900,000 | 379,050,000 | 380,000,000 | ' | ' | ' | ' | 393,500,000 | 393,500,000 | ' | ' | ' | ' |
Unamortized discount | -26,046,000 | -27,181,000 | ' | ' | -20,750,000 | -21,604,000 | ' | ' | ' | ' | ' | ' | -4,073,000 | -4,233,000 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | -16,677,000 | -17,371,000 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | ' | 0 | 0 | -20,750,000 | -21,604,000 | -5,296,000 | -5,577,000 | 0 | 0 | ' | ' | ' | ' | -3,563,000 | -3,766,000 | -1,733,000 | -1,811,000 | ' | ' | ' | ' |
Unamortized origination fees | -12,054,000 | -12,645,000 | ' | ' | -5,773,000 | -6,082,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | -5,773,000 | -6,082,000 | ' | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | ' | 0 | 0 | -5,773,000 | -6,082,000 | -6,281,000 | -6,563,000 | 0 | 0 | ' | ' | ' | ' | 0 | 0 | -6,281,000 | -6,563,000 | ' | ' | ' | ' |
Long-term debt, net | ' | ' | ' | ' | 2,398,457,000 | 2,433,069,000 | ' | ' | ' | ' | ' | ' | ' | 1,463,492,000 | ' | ' | ' | 493,918,000 | ' | ' | 350,000,000 | ' | ' | 125,659,000 | 1,136,636,000 | 1,152,162,000 | ' | ' | ' | 802,150,000 | ' | 350,000,000 | ' | ' | 12,000 | 3,535,093,000 | 3,585,231,000 | 797,673,000 | 801,260,000 | ' | 39,900,000 | ' | 376,234,000 | ' | ' | ' | ' | ' | 385,126,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | 6.75% |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 9.13% | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.13% | ' | 9.13% | 9.00% | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.38% | ' | 8.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.88% | 9.88% | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 31,497,000 | 33,559,000 | ' | ' | 21,500,000 | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, gross, excluding current maturities | 4,339,369,000 | 4,392,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net of current maturities | $4,301,269,000 | $4,352,932,000 | ' | ' | $2,250,605,000 | $2,285,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Boyd
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) (USD $) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Parent | Parent | Parent | 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 | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | ||||
Initial Term Loan | Initial Term Loan | Incremental Term Loan [Member] | Incremental Term Loan [Member] | Swing Loan [Member] | Swing Loan [Member] | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $875,000,000 | ' |
Amount outstanding | ' | ' | ' | ' | ' | 1,427,877,000 | 1,463,492,000 | 243,750,000 | 246,875,000 | 895,500,000 | 897,750,000 | 8,627,000 | 23,867,000 | 786,600,000 | ' |
Borrowings under Boyd Gaming bank credit facility | 188,500,000 | 202,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | 3.67% | 3.66% | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | 4.20% |
Loss on early extinguishments of debt | $154,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Boyd_Bank_Credit
Long-Term Debt (Boyd Bank Credit Facility Narrative) (Details) (USD $) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Peninsula Gaming [Member] | Subsidiary, Borgata | |||
Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Letter of Credit | ||||
Initial Term Loan | Initial Term Loan | Incremental Term Loan [Member] | Incremental Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early retirements of debt | ($154,000) | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | 4.20% | ' | ' |
Amount outstanding | ' | ' | ' | 1,427,877,000 | 1,463,492,000 | 243,750,000 | 246,875,000 | 895,500,000 | 897,750,000 | 7,800,000 | 786,600,000 | ' | 5,200,000 | 3,200,000 |
Remaining borrowing capacity | ' | ' | ' | 299,500,000 | ' | ' | ' | ' | ' | ' | 34,800,000 | ' | ' | ' |
Extended Revolving Facility: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $875,000,000 | ' | ' | ' |
LongTerm_Debt_Boyd_Senior_and_
Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 10, 2010 | Mar. 31, 2014 | Jun. 08, 2012 |
Senior Notes | Senior Notes | Parent | Parent | Parent | Parent | Parent | |||
9.125% Senior Notes Due 2018 | 9.00% Senior Notes Due 2020 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | ||||
9.125% Senior Notes Due 2018 | 9.125% Senior Notes Due 2018 | 9.00% Senior Notes Due 2020 | 9.00% Senior Notes Due 2020 | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 9.13% | 9.00% | ' | 9.13% | 9.13% | 9.00% | 9.00% |
Loss on early retirements of debt | ($154) | $0 | ' | ' | $0 | ' | ' | ' | ' |
LongTerm_Debt_Peninsula_Bank_C
Long-Term Debt (Peninsula Bank Credit Facility Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Parent | Bank Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount outstanding | $1,427,877,000 | $1,463,492,000 |
Remaining borrowing capacity | 299,500,000 | ' |
Parent | Letter of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount outstanding | 7,800,000 | ' |
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum borrowing capacity | 875,000,000 | ' |
Interest rate at period end | 4.20% | 4.20% |
Amount outstanding | 786,600,000 | ' |
Remaining borrowing capacity | 34,800,000 | ' |
Subsidiary, Peninsula Gaming [Member] | Letter of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount outstanding | $5,200,000 | ' |
LongTerm_Debt_Borgata_Debt_Nar
Long-Term Debt (Borgata Debt Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Subsidiary, Borgata | Parent Company | Parent Company | Parent Company | Parent Company | Borgata Bank Credit Facility Amendment [Member] | Borgata Bank Credit Facility Amendment [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Initial Term Loan | Initial Term Loan | Incremental Term Loan [Member] | Incremental Term Loan [Member] | Swing Loan [Member] | Swing Loan [Member] | |||
Letter of Credit | Bank Credit Facility | Bank Credit Facility | Letter of Credit | Subsidiary, Borgata | Subsidiary, Borgata | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | ||||
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 | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | $3,200,000 | ' | $1,427,877,000 | $1,463,492,000 | $7,800,000 | $36,700,000 | ' | $280,000,000 | $295,000,000 | $243,750,000 | $246,875,000 | $895,500,000 | $897,750,000 | $8,627,000 | $23,867,000 |
Interest rate at period end | ' | ' | ' | ' | ' | ' | ' | 3.86% | 3.86% | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | 299,500,000 | ' | ' | 20,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early retirements of debt | ($154,000) | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Gain Contingency) (Details) (Subsidiary, Borgata, Real Estate Tax Expense [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Subsidiary, Borgata | Real Estate Tax Expense [Member] | ' |
Gain Contingencies [Line Items] | ' |
Estimated refund claimed | $48 |
Gain Contingency, Unrecorded Amount, Interest | $9 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Loss Contingency) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2009 | Dec. 31, 2010 | Dec. 31, 2009 | |
State of New Jersey | Subsidiary, Borgata | Subsidiary, Borgata | |
Real Estate Tax Expense [Member] | Property Tax Assessment | Property Tax Assessment | |
Loss Contingencies [Line Items] | ' | ' | ' |
Amount of assessment by taxing authority | $2,300,000,000 | ' | ' |
Range of possible additional tax obligation, maximum | ' | $870,000,000 | $880,000,000 |
Stockholders_Equity_and_Stock_2
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | $6,481 | $4,091 |
Gaming | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 115 | 59 |
Food and Beverage | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 22 | 11 |
Room | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 10 | 5 |
Selling, General and Administrative | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 584 | 298 |
Corporate Expense | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | $5,750 | $3,718 |
Noncontrolling_Interest_Narrat
Noncontrolling Interest (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | $175,437 | $180,450 |
Subsidiary, Borgata | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interest | $175,387 | $180,430 |
Ownership percentage by noncontrolling owners | 50.00% | ' |
Noncontrolling_Interest_Change
Noncontrolling Interest (Changes in Noncontrolling Interest) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' |
Balance, January 1, 2014 | $180,450 | ' |
Attributable net loss | 5,043 | 4,343 |
Capital Investment Attributable to Noncontrolling Interest | 30 | ' |
Balance, March 31, 2014 | 175,437 | ' |
Subsidiary, Borgata | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' |
Balance, January 1, 2014 | 180,430 | ' |
Attributable net loss | 5,043 | ' |
Balance, March 31, 2014 | 175,387 | ' |
Other | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' |
Balance, January 1, 2014 | 20 | ' |
Capital Investment Attributable to Noncontrolling Interest | -30 | ' |
Balance, March 31, 2014 | $50 | ' |
Fair_Value_Measurements_Balanc
Fair Value Measurements (Balance Measured at Fair Value) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||||
Assets | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $162,878 | $177,838 | $358,107 | $192,545 | $358,107 |
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 162,878 | 177,838 | ' | ' | ' |
Restricted Cash and Cash Equivalents, Current | -30,953 | -20,686 | ' | ' | ' |
CRDA deposits | 0 | 0 | ' | ' | ' |
Investment available for sale | 0 | 0 | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' |
Merger earnout | 0 | 0 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' | ' |
Restricted cash | 0 | 0 | ' | ' | ' |
CRDA deposits | 0 | 0 | ' | ' | ' |
Investment available for sale | 0 | 0 | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' |
Merger earnout | 0 | 0 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | 0 | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring | Level 3 | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' | ' |
Restricted cash | 0 | 0 | ' | ' | ' |
CRDA deposits | 5,547 | 4,613 | ' | ' | ' |
Investment available for sale | 18,067 | 17,128 | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' |
Merger earnout | 750 | 1,125 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | 4,330 | 4,343 | ' | ' | ' |
Fair Value, Measurements, Recurring | Balance | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 162,878 | 177,838 | ' | ' | ' |
Restricted cash | 30,953 | 20,686 | ' | ' | ' |
CRDA deposits | 5,547 | 4,613 | ' | ' | ' |
Investment available for sale | 18,067 | 17,128 | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' |
Merger earnout | 750 | 1,125 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | $4,330 | $4,343 | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative-Balances Measured at Fair Value) (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 20, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Kansas Star | Merger Earnout | Peninsula Gaming | Peninsula Gaming | |
Kansas Star | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Earnout Threshold, EBITDA of Certain Properties | ' | $105 | ' | ' |
Earnout Multiple | ' | 7.5 | ' | ' |
Contingent Consideration, Kansas Star earnout | ' | ' | 0.8 | 1.1 |
Payment to Option Holder, Percentage of EBITDA | 1.00% | ' | ' | ' |
Payment to Option Holder, Term | '10 years | ' | ' | ' |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Current | ' | ' | 0.9 | 0.9 |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | ' | ' | $3.40 | $3.40 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Settlements | $0 | ' |
Merger Earnout | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning Balance | ' | -1,125 |
Included in Earnings | 375 | ' |
Included in Other Comprehensive Income (Loss) | 0 | ' |
Transfers, Net | 0 | ' |
Ending Balance | -750 | -1,125 |
Contingent Payments | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning Balance | ' | -4,343 |
Included in Earnings | -185 | ' |
Included in Other Comprehensive Income (Loss) | 0 | ' |
Transfers, Net | 0 | ' |
Settlements | 198 | ' |
Ending Balance | -4,330 | -4,343 |
Investment Available for Sale | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning Balance | ' | 17,128 |
Included in Earnings | 30 | ' |
Included in Other Comprehensive Income (Loss) | 909 | ' |
Transfers, Net | 0 | ' |
Ending Balance | 18,067 | 17,128 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning Balance | ' | 17,128 |
Included in Earnings | 30 | ' |
Included in Other Comprehensive Income (Loss) | 909 | ' |
Transfers, Net | 0 | ' |
Ending Balance | 18,067 | 17,128 |
CRDA Deposits | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,747 | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning Balance | ' | 4,613 |
Included in Earnings | -554 | ' |
Included in Other Comprehensive Income (Loss) | 0 | ' |
Transfers, Net | 0 | ' |
Ending Balance | 5,547 | 4,613 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Settlements | -259 | ' |
Beginning Balance | ' | 4,613 |
Included in Earnings | -554 | ' |
Included in Other Comprehensive Income (Loss) | 0 | ' |
Transfers, Net | 0 | ' |
Ending Balance | 5,547 | 4,613 |
Interest Income | Merger Earnout | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 0 | ' |
Interest Income | Contingent Payments | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 0 | ' |
Interest Income | Investment Available for Sale | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 30 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 30 | ' |
Interest Income | CRDA Deposits | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 0 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 0 | ' |
Interest Expense | Merger Earnout | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 0 | ' |
Interest Expense | Contingent Payments | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | -185 | ' |
Interest Expense | Investment Available for Sale | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 0 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 0 | ' |
Interest Expense | CRDA Deposits | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | 0 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Included in Earnings | $0 | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value, by Balance Sheet Grouping) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Obligation Under Assessment Arrangements | $37,620,000 | $37,783,000 |
Other Financial Instruments | 400,000 | 400,000 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Obligation Under Assessment Arrangements | 28,983,000 | 28,980,000 |
Other Financial Instruments | 350,000 | 343,000 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Obligation Under Assessment Arrangements | 28,663,000 | 27,608,000 |
Other Financial Instruments | 350,000 | 343,000 |
Peninsula Gaming | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment available for sale | 17,700,000 | 16,800,000 |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Current | 900,000 | 900,000 |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | $3,400,000 | $3,400,000 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $2,424,980 | $2,460,755 |
Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 2,507,426 | 2,522,628 |
Parent | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 2,398,457 | 2,433,069 |
Subsidiary, Peninsula Gaming [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 1,136,636 | 1,152,162 |
Long-term debt, net | 1,136,636 | 1,152,162 |
Subsidiary, Peninsula Gaming [Member] | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,136,636 | 1,152,162 |
Subsidiary, Peninsula Gaming [Member] | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 1,136,636 | 1,152,162 |
Subsidiary, Peninsula Gaming [Member] | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,176,420 | 1,196,453 |
Subsidiary, Peninsula Gaming [Member] | Other | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 11 | 12 |
Long-term debt, net | ' | 12 |
Consolidated, Excluding Borgata [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 3,561,616 | 3,612,917 |
Long-term debt, net | 3,535,093 | 3,585,231 |
Consolidated, Excluding Borgata [Member] | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 3,561,616 | 3,612,917 |
Consolidated, Excluding Borgata [Member] | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 3,535,093 | 3,585,231 |
Consolidated, Excluding Borgata [Member] | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 3,683,846 | 3,719,081 |
Subsidiary, Borgata | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 809,250 | 813,400 |
Long-term debt, net | 797,673 | 801,260 |
Subsidiary, Borgata | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 809,250 | 813,400 |
Subsidiary, Borgata | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 797,673 | 801,260 |
Subsidiary, Borgata | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 842,166 | 847,272 |
Fair Value, Measurements, Nonrecurring | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 4,370,866 | 4,426,317 |
Fair Value, Measurements, Nonrecurring | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 4,332,766 | 4,386,491 |
Fair Value, Measurements, Nonrecurring | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 4,526,012 | 4,566,353 |
Bank Credit Facility [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 786,625 | 802,150 |
Long-term debt, net | ' | 802,150 |
Bank Credit Facility [Member] | Subsidiary, Borgata | Bank Credit Facility | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 36,700 | 39,900 |
Long-term debt, net | ' | 39,900 |
Peninsula Senior Notes due 2018 [Member] | Subsidiary, Peninsula Gaming [Member] | Senior Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 350,000 | 350,000 |
Long-term debt, net | ' | 350,000 |
Level 1 | Peninsula Senior Notes due 2018 [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 350,000 | ' |
Level 1 | Peninsula Senior Notes due 2018 [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 350,000 | ' |
Level 1 | Peninsula Senior Notes due 2018 [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 377,125 | ' |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 500,000 | ' |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 494,227 | ' |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 540,000 | ' |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 350,000 | ' |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 350,000 | ' |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring | Parent | Senior Notes | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 385,000 | ' |
Level 1 | 9.50% Senior Secured Notes Due 2015 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt [Member] | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 379,050 | ' |
Level 1 | 9.50% Senior Secured Notes Due 2015 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt [Member] | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 375,487 | ' |
Level 1 | 9.50% Senior Secured Notes Due 2015 | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt [Member] | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 384,421 | ' |
Level 1 | Senior Secured Notes Due 2018 [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt [Member] | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 393,500 | ' |
Level 1 | Senior Secured Notes Due 2018 [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt [Member] | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 385,486 | ' |
Level 1 | Senior Secured Notes Due 2018 [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Secured Debt [Member] | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 421,045 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Parent | Bank Credit Facility | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,431,950 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Parent | Bank Credit Facility | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 1,427,877 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Parent | Bank Credit Facility | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 1,446,547 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Gross | 786,625 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 786,625 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 799,284 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Bank Credit Facility | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 36,700 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Bank Credit Facility | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 36,700 | ' |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring | Subsidiary, Borgata | Bank Credit Facility | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 36,700 | ' |
Level 3 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Other | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 11 | ' |
Level 3 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Other | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 11 | ' |
Level 3 | Fair Value, Measurements, Nonrecurring | Subsidiary, Peninsula Gaming [Member] | Other | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 11 | ' |
Level 3 | Debt Due March 2013 | Fair Value, Measurements, Nonrecurring | Parent | Fixed Rate Debt | Outstanding Face Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 143,030 | ' |
Level 3 | Debt Due March 2013 | Fair Value, Measurements, Nonrecurring | Parent | Fixed Rate Debt | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, net | 126,353 | ' |
Level 3 | Debt Due March 2013 | Fair Value, Measurements, Nonrecurring | Parent | Fixed Rate Debt | Estimate Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $135,879 | ' |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value, Recurring and Nonrecurring, Valuation Techniques) (Details) (USD $) | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Discount Rate | Discount Rate | CRDA Reserves | Risk-free Interest Rate | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Peninsula Gaming | Peninsula Gaming | |
Contingent Payments | Available-for-sale Securities | CRDA Deposits | Merger Earnout | Carrying Value | Level 3 | Level 3 | |||
Level 3 | Level 3 | Level 3 | Level 3 | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | ' | ' | ' | ' | ' | ' | ' | $3,400,000 | $3,400,000 |
Investment available for sale | ' | ' | ' | ' | 22,100,000 | 18,067,000 | 17,128,000 | 17,700,000 | 16,800,000 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 18.50% | 10.50% | 33.30% | 5.00% | ' | ' | ' | ' | ' |
Debt Security, Interest Rate, Stated Percentage | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' |
Available-for-sale Securities, Current | ' | ' | ' | ' | ' | ' | ' | 400,000 | 300,000 |
Fair Value, Discount Amount, Available for sales securities | ' | ' | ' | ' | ' | ' | ' | $3,400,000 | $3,500,000 |
Segment_Information_Certain_Se
Segment Information (Certain Segment Operating Data and Other) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' |
Net revenues | $708,349 | $735,584 |
Corporate expense | 19,920 | 15,356 |
Depreciation and amortization | 66,179 | 70,038 |
Preopening expense | 784 | 2,365 |
Share-based compensation expense | 6,481 | 4,091 |
Impairments of assets | 1,633 | 0 |
Asset transaction costs | 155 | 3,013 |
Other operating charges and credits, net | -186 | 1,566 |
Operating income | 68,516 | 81,420 |
Las Vegas Locals | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' |
Net revenues | 151,443 | 152,827 |
Adjusted EBITDA | 40,007 | 39,205 |
Downtown Las Vegas | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' |
Net revenues | 55,733 | 54,083 |
Adjusted EBITDA | 9,327 | 7,111 |
Midwest and South | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' |
Net revenues | 211,636 | 229,117 |
Adjusted EBITDA | 44,098 | 49,682 |
Peninsula | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' |
Net revenues | 122,273 | 133,913 |
Adjusted EBITDA | 44,761 | 50,712 |
Borgata | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' |
Net revenues | 167,264 | 165,644 |
Adjusted EBITDA | 20,446 | 28,405 |
Reportable Segment [Member] | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' |
Net revenues | 708,349 | ' |
Adjusted EBITDA | 158,639 | 175,115 |
Unallocated to Segment | ' | ' |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ' | ' |
Corporate expense | 14,171 | 11,638 |
Deferred rent | 906 | 957 |
Depreciation and amortization | 66,179 | ' |
Depreciation and amortization | ' | 70,038 |
Preopening expense | ' | 2,365 |
Share-based compensation expense | 6,481 | 4,091 |
Asset transaction costs | ' | 3,013 |
Other operating charges and credits, net | ' | 1,593 |
Total other operating costs and expenses | $75,952 | $82,057 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $5,680,091 | $5,741,731 |
Las Vegas Locals | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,177,097 | 1,190,234 |
Downtown Las Vegas | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 126,305 | 125,618 |
Midwest and South | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,340,505 | 1,349,155 |
Peninsula | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,500,876 | 1,511,606 |
Borgata | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,321,292 | 1,334,714 |
Reportable Segment [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 5,466,075 | 5,511,327 |
Corporate | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 214,016 | 230,267 |
Other | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $0 | $137 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||||
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents, end of period | $162,878 | $177,838 | $358,107 | $192,545 | $358,107 |
Other current assets | 161,523 | 156,842 | ' | ' | ' |
Property and equipment, net | 3,465,565 | 3,505,613 | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' | ' |
Other assets, net | 142,743 | 145,468 | ' | ' | ' |
Intangible assets, net | 1,062,072 | 1,070,660 | ' | ' | ' |
Goodwill, net | 685,310 | 685,310 | ' | ' | ' |
Total assets | 5,680,091 | 5,741,731 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 31,497 | 33,559 | ' | ' | ' |
Current liabilities | 410,774 | 420,304 | ' | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ' | ' | ' |
Intercompany payable | 0 | 0 | ' | ' | ' |
Long-term debt, net of current maturities | 4,301,269 | 4,352,932 | ' | ' | ' |
Other long-term liabilities | 289,732 | 284,499 | ' | ' | ' |
Common stock | 1,083 | 1,082 | ' | ' | ' |
Additional paid-in capital | 909,533 | 902,496 | ' | ' | ' |
Retained earnings (deficit) | -438,256 | -432,074 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -978 | -1,517 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 471,382 | 469,987 | ' | ' | ' |
Noncontrolling interest | 175,437 | 180,450 | ' | ' | ' |
Total stockholders’ equity | 646,819 | 650,437 | ' | ' | ' |
Total liabilities and stockholders’ equity | 5,680,091 | 5,741,731 | ' | ' | ' |
Parent | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents, end of period | 0 | 0 | 163,855 | 2,520 | ' |
Other current assets | 10,700 | 13,772 | ' | ' | ' |
Property and equipment, net | 57,569 | 69,309 | ' | ' | ' |
Investments in subsidiaries | 3,298,645 | 3,265,579 | ' | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' | ' |
Other assets, net | 41,695 | 43,470 | ' | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' | ' |
Goodwill, net | 0 | 0 | ' | ' | ' |
Total assets | 3,408,609 | 3,392,130 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 21,500 | 21,500 | ' | ' | ' |
Current liabilities | 46,334 | 57,156 | ' | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ' | ' | ' |
Intercompany payable | 571,826 | 512,358 | ' | ' | ' |
Long-term debt, net of current maturities | 2,250,605 | 2,285,910 | ' | ' | ' |
Other long-term liabilities | 46,962 | 45,219 | ' | ' | ' |
Common stock | 1,083 | 1,082 | ' | ' | ' |
Additional paid-in capital | 909,533 | 902,496 | ' | ' | ' |
Retained earnings (deficit) | -438,256 | -432,074 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -978 | -1,517 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 471,382 | 469,987 | ' | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' | ' |
Total stockholders’ equity | 471,382 | 469,987 | ' | ' | ' |
Total liabilities and stockholders’ equity | 3,408,609 | 3,392,130 | ' | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents, end of period | 102,987 | 106,445 | 124,658 | 118,714 | ' |
Other current assets | 65,185 | 67,991 | ' | ' | ' |
Property and equipment, net | 1,794,224 | 1,808,450 | ' | ' | ' |
Investments in subsidiaries | 178,348 | 129,692 | ' | ' | ' |
Intercompany receivable | 1,540,260 | 1,474,412 | ' | ' | ' |
Other assets, net | 8,186 | 8,105 | ' | ' | ' |
Intangible assets, net | 464,805 | 465,259 | ' | ' | ' |
Goodwill, net | 212,794 | 212,794 | ' | ' | ' |
Total assets | 4,366,789 | 4,273,148 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' | ' |
Current liabilities | 185,325 | 186,539 | ' | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ' | ' | ' |
Intercompany payable | 0 | 0 | ' | ' | ' |
Long-term debt, net of current maturities | 0 | 0 | ' | ' | ' |
Other long-term liabilities | 179,427 | 178,764 | ' | ' | ' |
Common stock | 31,124 | 31,124 | ' | ' | ' |
Additional paid-in capital | 2,717,470 | 2,736,895 | ' | ' | ' |
Retained earnings (deficit) | 1,253,443 | 1,139,826 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 0 | 0 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 4,002,037 | 3,907,845 | ' | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' | ' |
Total stockholders’ equity | 4,002,037 | 3,907,845 | ' | ' | ' |
Total liabilities and stockholders’ equity | 4,366,789 | 4,273,148 | ' | ' | ' |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents, end of period | 30,672 | 33,766 | 33,061 | 36,619 | ' |
Other current assets | 33,901 | 28,639 | ' | ' | ' |
Property and equipment, net | 458,683 | 460,789 | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' | ' |
Other assets, net | 71,301 | 72,185 | ' | ' | ' |
Intangible assets, net | 537,267 | 545,401 | ' | ' | ' |
Goodwill, net | 472,516 | 472,516 | ' | ' | ' |
Total assets | 1,604,340 | 1,613,296 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 6,197 | 8,259 | ' | ' | ' |
Current liabilities | 78,540 | 70,678 | ' | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 142 | 2,026 | ' | ' | ' |
Intercompany payable | 969,406 | 966,128 | ' | ' | ' |
Long-term debt, net of current maturities | 1,256,791 | 1,269,562 | ' | ' | ' |
Other long-term liabilities | 37,226 | 33,297 | ' | ' | ' |
Common stock | -27 | -27 | ' | ' | ' |
Additional paid-in capital | 248,203 | 248,083 | ' | ' | ' |
Retained earnings (deficit) | -991,530 | -983,193 | ' | ' | ' |
Accumulated other comprehensive income (loss) | -608 | -1,517 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | -743,962 | -736,654 | ' | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' | ' |
Total stockholders’ equity | -743,962 | -736,654 | ' | ' | ' |
Total liabilities and stockholders’ equity | 1,604,340 | 1,613,296 | ' | ' | ' |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents, end of period | 29,219 | 37,627 | 36,533 | 34,692 | ' |
Other current assets | 55,641 | 48,414 | ' | ' | ' |
Property and equipment, net | 1,155,089 | 1,167,065 | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' | ' |
Other assets, net | 21,561 | 21,708 | ' | ' | ' |
Intangible assets, net | 60,000 | 60,000 | ' | ' | ' |
Goodwill, net | 0 | 0 | ' | ' | ' |
Total assets | 1,321,510 | 1,334,814 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 3,800 | 3,800 | ' | ' | ' |
Current liabilities | 105,192 | 103,833 | ' | ' | ' |
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ' | ' | ' |
Intercompany payable | 307 | 265 | ' | ' | ' |
Long-term debt, net of current maturities | 793,873 | 797,460 | ' | ' | ' |
Other long-term liabilities | 26,117 | 27,219 | ' | ' | ' |
Common stock | 0 | 0 | ' | ' | ' |
Additional paid-in capital | 480,983 | 480,833 | ' | ' | ' |
Retained earnings (deficit) | -88,762 | -78,596 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 0 | 0 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | 392,221 | 402,237 | ' | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' | ' |
Total stockholders’ equity | 392,221 | 402,237 | ' | ' | ' |
Total liabilities and stockholders’ equity | 1,321,510 | 1,334,814 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' |
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 | ' |
Other current assets | -3,904 | -1,974 | ' | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' | ' |
Investments in subsidiaries | -3,476,993 | -3,395,271 | ' | ' | ' |
Intercompany receivable | -1,540,260 | -1,474,412 | ' | ' | ' |
Other assets, net | 0 | 0 | ' | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' | ' |
Goodwill, net | 0 | 0 | ' | ' | ' |
Total assets | -5,021,157 | -4,871,657 | ' | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' | ' |
Current liabilities | -4,617 | 2,098 | ' | ' | ' |
Accumulated losses of subsidiaries in excess of investment | -142 | -2,026 | ' | ' | ' |
Intercompany payable | -1,541,539 | -1,478,751 | ' | ' | ' |
Long-term debt, net of current maturities | 0 | 0 | ' | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' | ' |
Common stock | -31,097 | -31,097 | ' | ' | ' |
Additional paid-in capital | -3,446,656 | -3,465,811 | ' | ' | ' |
Retained earnings (deficit) | -173,151 | -78,037 | ' | ' | ' |
Accumulated other comprehensive income (loss) | 608 | 1,517 | ' | ' | ' |
Total Boyd Gaming Corporation stockholders’ equity | -3,650,296 | -3,573,428 | ' | ' | ' |
Noncontrolling interest | 175,437 | 180,450 | ' | ' | ' |
Total stockholders’ equity | -3,474,859 | -3,392,978 | ' | ' | ' |
Total liabilities and stockholders’ equity | ($5,021,157) | ($4,871,657) | ' | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Income Statements) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net revenues | $708,349 | $735,584 |
Costs and Expenses | ' | ' |
Operating | 383,405 | 398,589 |
Selling, general and administrative | 124,679 | 124,028 |
Maintenance and utilities | 43,264 | 39,209 |
Depreciation and amortization | 66,179 | 70,038 |
Corporate expense | 19,920 | 15,356 |
Preopening expenses | 784 | 2,365 |
Impairments of assets | 1,633 | 0 |
Asset transactions costs | 155 | 3,013 |
Other operating charges, net | -186 | 4,579 |
Intercompany Expense | 0 | 0 |
Total operating costs and expenses | 639,833 | 654,164 |
Equity in earnings of subsidiaries | 0 | 0 |
Operating income | 68,516 | 81,420 |
Other expense (income) | ' | ' |
Interest expense | 75,027 | 95,026 |
Other Nonoperating Income (Expense) | ' | -518 |
Loss on early extinguishments of debt | 154 | 0 |
Other, net | -288 | -518 |
Total other expense, net | -74,893 | -94,508 |
Loss from continuing operations before income taxes | -6,377 | -13,088 |
Income taxes benefit (expense) | -4,848 | 2,424 |
Income (loss) from continuing operations, net of tax | -11,225 | -10,664 |
Income (Loss) from Discontinued Operations, Net of Tax | 0 | -963 |
Income (loss) from discontinued operations, net of tax | 0 | -963 |
Net loss | -11,225 | -11,627 |
Attributable net loss | 5,043 | 4,343 |
Net Income (Loss) Attributable to Parent | -6,182 | -7,284 |
Comprehensive income (loss) | 10,686 | 11,332 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net revenues | 29,602 | 37,175 |
Costs and Expenses | ' | ' |
Operating | 450 | 462 |
Selling, general and administrative | 11,652 | 11,814 |
Maintenance and utilities | 0 | 0 |
Depreciation and amortization | 1,627 | 1,714 |
Corporate expense | 19,030 | 13,886 |
Preopening expenses | 36 | 1,030 |
Impairments of assets | 320 | ' |
Asset transactions costs | 0 | ' |
Other operating charges, net | 150 | 2,849 |
Intercompany Expense | 301 | 324 |
Total operating costs and expenses | 33,566 | 32,079 |
Equity in earnings of subsidiaries | 31,935 | 27,992 |
Operating income | 27,971 | 33,088 |
Other expense (income) | ' | ' |
Interest expense | 32,920 | 43,774 |
Other Nonoperating Income (Expense) | ' | 0 |
Loss on early extinguishments of debt | 0 | ' |
Other, net | 0 | ' |
Total other expense, net | -32,920 | -43,774 |
Loss from continuing operations before income taxes | -4,949 | -10,686 |
Income taxes benefit (expense) | -1,233 | 3,402 |
Income (loss) from continuing operations, net of tax | ' | -7,284 |
Income (loss) from discontinued operations, net of tax | ' | 0 |
Net loss | -6,182 | -7,284 |
Attributable net loss | 0 | 0 |
Net Income (Loss) Attributable to Parent | -6,182 | -7,284 |
Comprehensive income (loss) | 5,643 | 6,989 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net revenues | 411,801 | 429,836 |
Costs and Expenses | ' | ' |
Operating | 220,425 | 231,768 |
Selling, general and administrative | 57,315 | 61,025 |
Maintenance and utilities | 22,750 | 21,457 |
Depreciation and amortization | 31,624 | 30,424 |
Corporate expense | 23 | 116 |
Preopening expenses | 6 | 1 |
Impairments of assets | 1,013 | ' |
Asset transactions costs | -20 | ' |
Other operating charges, net | 0 | 1,259 |
Intercompany Expense | 29,407 | 36,787 |
Total operating costs and expenses | 362,543 | 382,837 |
Equity in earnings of subsidiaries | -10,855 | -12,297 |
Operating income | 38,403 | 34,702 |
Other expense (income) | ' | ' |
Interest expense | 1,770 | 2,841 |
Other Nonoperating Income (Expense) | ' | 0 |
Loss on early extinguishments of debt | 0 | ' |
Other, net | 0 | ' |
Total other expense, net | -1,770 | -2,841 |
Loss from continuing operations before income taxes | 36,633 | 31,861 |
Income taxes benefit (expense) | -468 | 3,203 |
Income (loss) from continuing operations, net of tax | ' | 35,064 |
Income (loss) from discontinued operations, net of tax | ' | 0 |
Net loss | 36,165 | 35,064 |
Attributable net loss | 0 | 0 |
Net Income (Loss) Attributable to Parent | 36,165 | 35,064 |
Comprehensive income (loss) | -36,704 | -35,359 |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net revenues | 134,441 | 145,779 |
Costs and Expenses | ' | ' |
Operating | 74,088 | 78,211 |
Selling, general and administrative | 14,309 | 16,414 |
Maintenance and utilities | 3,538 | 3,435 |
Depreciation and amortization | 19,068 | 22,292 |
Corporate expense | 867 | 1,354 |
Preopening expenses | 628 | 3,202 |
Impairments of assets | 300 | ' |
Asset transactions costs | 177 | ' |
Other operating charges, net | 66 | 137 |
Intercompany Expense | 5,051 | 5,800 |
Total operating costs and expenses | 118,092 | 130,845 |
Equity in earnings of subsidiaries | -81 | 0 |
Operating income | 16,268 | 14,934 |
Other expense (income) | ' | ' |
Interest expense | 22,647 | 25,260 |
Other Nonoperating Income (Expense) | ' | -518 |
Loss on early extinguishments of debt | 154 | ' |
Other, net | -288 | ' |
Total other expense, net | -22,513 | -24,742 |
Loss from continuing operations before income taxes | -6,245 | -9,808 |
Income taxes benefit (expense) | -3,795 | -4,693 |
Income (loss) from continuing operations, net of tax | ' | -14,501 |
Income (loss) from discontinued operations, net of tax | ' | -963 |
Net loss | -10,040 | -15,464 |
Attributable net loss | 0 | 0 |
Net Income (Loss) Attributable to Parent | -10,040 | -15,464 |
Comprehensive income (loss) | 9,501 | 15,169 |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net revenues | 167,264 | 167,577 |
Costs and Expenses | ' | ' |
Operating | 88,442 | 88,148 |
Selling, general and administrative | 41,403 | 34,775 |
Maintenance and utilities | 16,976 | 14,317 |
Depreciation and amortization | 13,860 | 15,608 |
Corporate expense | 0 | 0 |
Preopening expenses | 114 | 4 |
Impairments of assets | 0 | ' |
Asset transactions costs | -2 | ' |
Other operating charges, net | -402 | 334 |
Intercompany Expense | 0 | 0 |
Total operating costs and expenses | 160,391 | 153,186 |
Equity in earnings of subsidiaries | 0 | 0 |
Operating income | 6,873 | 14,391 |
Other expense (income) | ' | ' |
Interest expense | 17,690 | 23,151 |
Other Nonoperating Income (Expense) | ' | 0 |
Loss on early extinguishments of debt | 0 | ' |
Other, net | 0 | ' |
Total other expense, net | -17,690 | -23,151 |
Loss from continuing operations before income taxes | -10,817 | -8,760 |
Income taxes benefit (expense) | 648 | 512 |
Income (loss) from continuing operations, net of tax | ' | -8,248 |
Income (loss) from discontinued operations, net of tax | ' | 0 |
Net loss | -10,169 | -8,248 |
Attributable net loss | 0 | 0 |
Net Income (Loss) Attributable to Parent | -10,169 | -8,248 |
Comprehensive income (loss) | 10,169 | 8,248 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net revenues | -34,759 | -44,783 |
Costs and Expenses | ' | ' |
Operating | 0 | 0 |
Selling, general and administrative | 0 | 0 |
Maintenance and utilities | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Corporate expense | 0 | 0 |
Preopening expenses | 0 | -1,872 |
Impairments of assets | 0 | ' |
Asset transactions costs | 0 | ' |
Other operating charges, net | 0 | 0 |
Intercompany Expense | -34,759 | -42,911 |
Total operating costs and expenses | -34,759 | -44,783 |
Equity in earnings of subsidiaries | -20,999 | -15,695 |
Operating income | -20,999 | -15,695 |
Other expense (income) | ' | ' |
Interest expense | 0 | 0 |
Other Nonoperating Income (Expense) | ' | 0 |
Loss on early extinguishments of debt | 0 | ' |
Other, net | 0 | ' |
Total other expense, net | 0 | 0 |
Loss from continuing operations before income taxes | -20,999 | -15,695 |
Income taxes benefit (expense) | 0 | 0 |
Income (loss) from continuing operations, net of tax | ' | -15,695 |
Income (loss) from discontinued operations, net of tax | ' | 0 |
Net loss | -20,999 | -15,695 |
Attributable net loss | 5,043 | 4,343 |
Net Income (Loss) Attributable to Parent | -15,956 | -11,352 |
Comprehensive income (loss) | $22,077 | $16,285 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Cash Flows) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $57,169 | $88,904 | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -18,306 | -22,558 | ' |
Proceeds from sale of Echelon, net | 0 | 343,750 | ' |
Cash paid for exercise of LVE option | 0 | -187,000 | ' |
Investment in subsidiaries | ' | 0 | ' |
Net Investing Activity with Affiliates | 0 | 0 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 0 | ' |
Other investing activities | 1,112 | -103 | ' |
Net cash provided by (used in) investing activities | -17,194 | 134,089 | ' |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 379,700 | 374,000 | ' |
Payments under bank credit facility | -434,200 | -420,488 | ' |
Payments on long-term debt | ' | 694 | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | -10,814 | ' |
Proceeds from Contributions from Parent | ' | 0 | ' |
Proceeds from Contributions from Affiliates | ' | 0 | ' |
Debt financing costs, net | -71 | 694 | ' |
Payments on long-term debt | -952 | -10,814 | ' |
Payments on retirements of long-term debt | -952 | ' | ' |
Proceeds from Contributions from Affiliates | 0 | 0 | ' |
Stock options exercised | 757 | 0 | ' |
Restricted stock units released, net | -200 | 0 | ' |
Other financing activities | 31 | -50 | ' |
Net cash used in financing activities | -54,935 | -56,658 | ' |
Cash Flows from Discontinued Operations | ' | ' | ' |
Cash flows from operating activities | 0 | -786 | ' |
Cash flows from investing activities | 0 | -23 | ' |
Cash flows from financing activities | 0 | 0 | ' |
Net Cash Provided by (Used in) Discontinued Operations | 0 | -809 | ' |
Cash and cash equivalents, beginning of period | 177,838 | 192,545 | 358,107 |
Change in cash classified as discontinued operations | 0 | 36 | 36 |
Cash and cash equivalents, end of period | -162,878 | -358,107 | -358,107 |
Cash and Cash Equivalents, Period Increase (Decrease) | -14,960 | 165,526 | ' |
Parent | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -20,187 | -169,979 | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -4,683 | -1,028 | ' |
Proceeds from sale of Echelon, net | ' | 343,750 | ' |
Cash paid for exercise of LVE option | ' | -187,000 | ' |
Investment in subsidiaries | ' | -3,716 | ' |
Net Investing Activity with Affiliates | 0 | 0 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 9,500 | ' |
Other investing activities | 660 | 0 | ' |
Net cash provided by (used in) investing activities | -4,023 | 161,506 | ' |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 188,500 | 202,200 | ' |
Payments under bank credit facility | -224,275 | -232,025 | ' |
Payments on long-term debt | ' | 694 | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | -10,341 | ' |
Proceeds from Contributions from Parent | ' | 0 | ' |
Proceeds from Contributions from Affiliates | ' | 0 | ' |
Debt financing costs, net | -71 | ' | ' |
Payments on retirements of long-term debt | 0 | ' | ' |
Proceeds from Contributions from Affiliates | 59,468 | 209,330 | ' |
Stock options exercised | 757 | ' | ' |
Restricted stock units released, net | 200 | ' | ' |
Other financing activities | 31 | -50 | ' |
Net cash used in financing activities | 24,210 | 169,808 | ' |
Cash Flows from Discontinued Operations | ' | ' | ' |
Cash flows from operating activities | ' | 0 | ' |
Cash flows from investing activities | ' | 0 | ' |
Cash flows from financing activities | ' | 0 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 0 | ' |
Cash and cash equivalents, beginning of period | 0 | 2,520 | ' |
Change in cash classified as discontinued operations | ' | 0 | ' |
Cash and cash equivalents, end of period | 0 | -163,855 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 161,335 | ' |
Guarantor Subsidiaries | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 68,688 | 190,807 | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -6,298 | -12,494 | ' |
Proceeds from sale of Echelon, net | ' | 0 | ' |
Cash paid for exercise of LVE option | ' | 0 | ' |
Investment in subsidiaries | ' | 0 | ' |
Net Investing Activity with Affiliates | -65,848 | -172,369 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 0 | ' |
Other investing activities | 0 | 0 | ' |
Net cash provided by (used in) investing activities | -72,146 | -184,863 | ' |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 0 | 0 | ' |
Payments under bank credit facility | 0 | 0 | ' |
Payments on long-term debt | ' | 0 | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | 0 | ' |
Proceeds from Contributions from Parent | ' | 0 | ' |
Proceeds from Contributions from Affiliates | ' | 0 | ' |
Debt financing costs, net | 0 | ' | ' |
Payments on retirements of long-term debt | 0 | ' | ' |
Proceeds from Contributions from Affiliates | 0 | 0 | ' |
Stock options exercised | 0 | ' | ' |
Restricted stock units released, net | 0 | ' | ' |
Other financing activities | 0 | 0 | ' |
Net cash used in financing activities | 0 | 0 | ' |
Cash Flows from Discontinued Operations | ' | ' | ' |
Cash flows from operating activities | ' | 0 | ' |
Cash flows from investing activities | ' | 0 | ' |
Cash flows from financing activities | ' | 0 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 0 | ' |
Cash and cash equivalents, beginning of period | 106,445 | 118,714 | ' |
Change in cash classified as discontinued operations | ' | 0 | ' |
Cash and cash equivalents, end of period | -102,987 | -124,658 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | -3,458 | 5,944 | ' |
Non-Guarantor Subsidiaries (100% Owned) | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 14,670 | 60,538 | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -5,516 | -5,881 | ' |
Proceeds from sale of Echelon, net | ' | 0 | ' |
Cash paid for exercise of LVE option | ' | 0 | ' |
Investment in subsidiaries | ' | 0 | ' |
Net Investing Activity with Affiliates | 3,278 | -36,727 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 0 | ' |
Other investing activities | 1 | -79 | ' |
Net cash provided by (used in) investing activities | -2,237 | -42,687 | ' |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 75,000 | 68,200 | ' |
Payments under bank credit facility | -90,525 | -78,863 | ' |
Payments on long-term debt | ' | 0 | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | 473 | ' |
Proceeds from Contributions from Parent | ' | 0 | ' |
Proceeds from Contributions from Affiliates | ' | -9,500 | ' |
Debt financing costs, net | 0 | ' | ' |
Payments on retirements of long-term debt | 2 | ' | ' |
Proceeds from Contributions from Affiliates | 0 | 0 | ' |
Stock options exercised | 0 | ' | ' |
Restricted stock units released, net | 0 | ' | ' |
Other financing activities | 0 | 0 | ' |
Net cash used in financing activities | -15,527 | -20,636 | ' |
Cash Flows from Discontinued Operations | ' | ' | ' |
Cash flows from operating activities | ' | -786 | ' |
Cash flows from investing activities | ' | -23 | ' |
Cash flows from financing activities | ' | 0 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | -809 | ' |
Cash and cash equivalents, beginning of period | 33,766 | 36,619 | ' |
Change in cash classified as discontinued operations | ' | 36 | ' |
Cash and cash equivalents, end of period | -30,672 | -33,061 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | -3,094 | -3,594 | ' |
Non-Guarantor Subsidiaries (Not 100% Owned) | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -2,942 | 7,299 | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -1,809 | -3,155 | ' |
Proceeds from sale of Echelon, net | ' | 0 | ' |
Cash paid for exercise of LVE option | ' | 0 | ' |
Investment in subsidiaries | ' | 0 | ' |
Net Investing Activity with Affiliates | 42 | 5 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 0 | ' |
Other investing activities | 451 | -24 | ' |
Net cash provided by (used in) investing activities | -1,316 | -3,174 | ' |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 116,200 | 103,600 | ' |
Payments under bank credit facility | -119,400 | -109,600 | ' |
Payments on long-term debt | ' | 0 | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | 0 | ' |
Proceeds from Contributions from Parent | ' | 3,716 | ' |
Proceeds from Contributions from Affiliates | ' | 0 | ' |
Debt financing costs, net | 0 | ' | ' |
Payments on retirements of long-term debt | 950 | ' | ' |
Proceeds from Contributions from Affiliates | 0 | 0 | ' |
Stock options exercised | 0 | ' | ' |
Restricted stock units released, net | 0 | ' | ' |
Other financing activities | 0 | 0 | ' |
Net cash used in financing activities | -4,150 | -2,284 | ' |
Cash Flows from Discontinued Operations | ' | ' | ' |
Cash flows from operating activities | ' | 0 | ' |
Cash flows from investing activities | ' | 0 | ' |
Cash flows from financing activities | ' | 0 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 0 | ' |
Cash and cash equivalents, beginning of period | 37,627 | 34,692 | ' |
Change in cash classified as discontinued operations | ' | 0 | ' |
Cash and cash equivalents, end of period | -29,219 | -36,533 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | -8,408 | 1,841 | ' |
Eliminations | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -3,060 | 239 | ' |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | 0 | 0 | ' |
Proceeds from sale of Echelon, net | ' | 0 | ' |
Cash paid for exercise of LVE option | ' | 0 | ' |
Investment in subsidiaries | ' | 3,716 | ' |
Net Investing Activity with Affiliates | 62,528 | 209,091 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | ' | -9,500 | ' |
Other investing activities | 0 | 0 | ' |
Net cash provided by (used in) investing activities | 62,528 | 203,307 | ' |
Cash flows from financing activities | ' | ' | ' |
Borrowings under bank credit facility | 0 | 0 | ' |
Payments under bank credit facility | 0 | 0 | ' |
Payments on long-term debt | ' | 0 | ' |
Proceeds from issuance of non-recourse debt by variable interest entity | ' | 0 | ' |
Proceeds from Contributions from Parent | ' | -3,716 | ' |
Proceeds from Contributions from Affiliates | ' | 9,500 | ' |
Debt financing costs, net | 0 | ' | ' |
Payments on retirements of long-term debt | 0 | ' | ' |
Proceeds from Contributions from Affiliates | -59,468 | -209,330 | ' |
Stock options exercised | 0 | ' | ' |
Restricted stock units released, net | 0 | ' | ' |
Other financing activities | 0 | 0 | ' |
Net cash used in financing activities | -59,468 | -203,546 | ' |
Cash Flows from Discontinued Operations | ' | ' | ' |
Cash flows from operating activities | ' | 0 | ' |
Cash flows from investing activities | ' | 0 | ' |
Cash flows from financing activities | ' | 0 | ' |
Net Cash Provided by (Used in) Discontinued Operations | ' | 0 | ' |
Cash and cash equivalents, beginning of period | 0 | 0 | ' |
Change in cash classified as discontinued operations | ' | 0 | ' |
Cash and cash equivalents, end of period | 0 | 0 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | $0 | $0 | ' |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Nov. 10, 2010 | Mar. 31, 2014 | Jun. 08, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
Senior Notes | Senior Notes | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | Non-Guarantor Subsidiaries (100% Owned) | Non-Guarantor Subsidiaries (100% Owned) | Non-Guarantor Subsidiaries (100% Owned) | Non-Guarantor Subsidiaries (Not 100% Owned) | Non-Guarantor Subsidiaries (Not 100% Owned) | Non-Guarantor Subsidiaries (Not 100% Owned) | Eliminations | Eliminations | Eliminations | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | ||||
9.125% Senior Notes Due 2018 | 9.00% Senior Notes Due 2020 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Parent | Parent | Guarantor Subsidiaries | Guarantor Subsidiaries | Non-Guarantor Subsidiaries (100% Owned) | Non-Guarantor Subsidiaries (100% Owned) | Non-Guarantor Subsidiaries (Not 100% Owned) | Non-Guarantor Subsidiaries (Not 100% Owned) | Eliminations | Eliminations | Parent | Guarantor Subsidiaries | Guarantor Subsidiaries | Non-Guarantor Subsidiaries (100% Owned) | Non-Guarantor Subsidiaries (100% Owned) | Non-Guarantor Subsidiaries (Not 100% Owned) | Non-Guarantor Subsidiaries (Not 100% Owned) | Eliminations | Eliminations | ||||||||||||||||||||||
9.125% Senior Notes Due 2018 | 9.125% Senior Notes Due 2018 | 9.00% Senior Notes Due 2020 | 9.00% Senior Notes Due 2020 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | $5,680,091 | ' | $5,741,731 | ' | ' | $3,408,609 | ' | $3,392,130 | ' | ' | ' | ' | $4,366,789 | ' | $4,273,148 | $1,604,340 | ' | $1,613,296 | $1,321,510 | ' | $1,334,814 | ($5,021,157) | ' | ($4,871,657) | ' | $0 | ' | $0 | ' | $804,906 | ' | $20,350 | ' | $0 | ' | ($825,256) | ' | ' | ' | $3,468,242 | ' | $1,592,946 | ' | $1,334,814 | ' | ($4,046,401) |
Net loss | -11,225 | -11,627 | ' | ' | ' | -6,182 | -7,284 | ' | ' | ' | ' | ' | 36,165 | 35,064 | ' | -10,040 | -15,464 | ' | -10,169 | -8,248 | ' | -20,999 | -15,695 | ' | 0 | ' | 0 | ' | -12 | ' | -7,678 | ' | 0 | ' | ' | ' | ' | ' | 35,076 | ' | -7,786 | ' | -8,248 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 9.13% | 9.00% | ' | ' | ' | 9.13% | 9.13% | 9.00% | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations, net of tax | -11,225 | -10,664 | ' | ' | ' | ' | -7,284 | ' | ' | ' | ' | ' | ' | 35,064 | ' | ' | -14,501 | ' | ' | -8,248 | ' | ' | -15,695 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,690 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,385 | ' |
Net Cash Provided by (Used in) Operating Activities | $57,169 | $88,904 | ' | ' | ' | ($20,187) | ($169,979) | ' | ' | ' | ' | ' | $68,688 | $190,807 | ' | $14,670 | $60,538 | ' | ($2,942) | $7,299 | ' | ($3,060) | $239 | ' | $786 | ' | ($209,330) | ' | $172,369 | ' | $37,513 | ' | ($3,721) | ' | $3,955 | ' | $88,118 | $39,351 | $18,438 | ' | $23,025 | ' | $11,020 | ' | ($3,716) | ' |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Parent | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Long-term Debt, Gross | $2,424,980 | $2,460,755 |
Subsidiary, Borgata | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Long-term Debt, Gross | $809,250 | $813,400 |