Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | BOYD GAMING CORP | |
Entity Central Index Key | 906553 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 110,366,136 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $130,797 | $145,341 |
Restricted cash | 21,465 | 18,107 |
Accounts receivable, net | 30,655 | 27,235 |
Inventories | 14,192 | 15,161 |
Prepaid expenses and other current assets | 33,561 | 32,944 |
Income taxes receivable | 1,247 | 1,243 |
Deferred income taxes and current tax assets | 117 | 1,919 |
Total current assets | 232,034 | 241,950 |
Property and equipment, net | 2,250,796 | 2,286,108 |
Investment in unconsolidated subsidiary | 226,732 | 222,717 |
Debt financing costs, net | 52,303 | 56,540 |
Other assets, net | 52,033 | 52,050 |
Intangible assets, net | 927,576 | 934,249 |
Goodwill, net | 685,310 | 685,310 |
Total assets | 4,426,784 | 4,478,924 |
Current liabilities | ||
Current maturities of long-term debt | 27,688 | 29,753 |
Accounts payable | 56,471 | 85,089 |
Accrued liabilities | 246,899 | 239,266 |
Deferred income taxes and other current tax payable | 3,007 | 3,087 |
Total current liabilities | 334,065 | 357,195 |
Long-term debt, net of current maturities | 3,376,097 | 3,431,638 |
Deferred income taxes | 148,387 | 142,263 |
Other long-term tax liabilities | 5,649 | 28,651 |
Other liabilities | 83,711 | 81,090 |
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 | 1,104 | 1,093 |
Additional paid-in capital | 927,515 | 922,112 |
Accumulated deficit | -450,012 | -485,115 |
Accumulated other comprehensive loss | 218 | -53 |
Total Boyd Gaming Corporation stockholders’ equity | 478,825 | 438,037 |
Noncontrolling interest | 50 | 50 |
Total stockholders’ equity | 478,875 | 438,087 |
Total liabilities and stockholders’ equity | $4,426,784 | $4,478,924 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 110,364,538 | 109,277,060 |
Common stock, shares outstanding | 110,364,538 | 109,277,060 |
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, 2015 | Mar. 31, 2014 |
Revenues | ||
Gaming | $464,757 | $608,757 |
Food and beverage | 76,296 | 106,643 |
Room | 39,353 | 64,380 |
Other | 29,685 | 38,960 |
Gross revenues | 610,091 | 818,740 |
Less promotional allowances | 59,513 | 110,391 |
Net revenues | 550,578 | 708,349 |
Operating costs and expenses | ||
Gaming | 226,697 | 285,174 |
Food and beverage | 41,567 | 57,269 |
Room | 10,047 | 13,170 |
Other | 19,646 | 27,792 |
Selling, general and administrative | 81,689 | 124,679 |
Maintenance and utilities | 25,319 | 43,264 |
Depreciation and amortization | 51,942 | 66,179 |
Corporate expense | 19,652 | 19,920 |
Preopening expenses | 505 | 784 |
Impairments of assets | 1,065 | 1,633 |
Asset transactions costs | 450 | 155 |
Other operating items, net | 116 | -186 |
Total operating costs and expenses | 478,695 | 639,833 |
Boyd's share of Borgata's operating income | 11,675 | 0 |
Operating income | 83,558 | 68,516 |
Other expense (income) | ||
Interest income | -471 | -476 |
Interest expense, net of amounts capitalized | 56,935 | 75,503 |
Loss on early extinguishments of debt | 508 | 154 |
Other, net | 618 | -288 |
Boyd's share of Borgata's non-operating items, net | 7,661 | 0 |
Total other expense, net | 65,251 | 74,893 |
Income (loss) before income taxes | 18,307 | -6,377 |
Income taxes benefit (provision) | 16,796 | -4,848 |
Net income (loss) | 35,103 | -11,225 |
Net loss attributable to noncontrolling interest | 0 | -5,043 |
Basic net income (loss) per common share | $0.31 | ($0.06) |
Weighted average basic shares outstanding | 111,446 | 109,753 |
Diluted net income (loss) per common share | $0.31 | ($0.06) |
Weighted average diluted shares outstanding | 112,358 | 109,753 |
Net income (loss) attributable to Boyd Gaming Corporation | 35,103 | -6,182 |
Unallocated to Segment | ||
Operating costs and expenses | ||
Corporate expense | 16,642 | 14,171 |
Operating income | $68,516 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net loss | $35,103 | ($11,225) |
Other comprehensive income (loss), net of tax: | ||
Fair value of adjustments to available-for-sale securities, net of tax | 271 | 539 |
Comprehensive income (loss) | 35,374 | -10,686 |
Less: net loss attributable to noncontrolling interest | 0 | -5,043 |
Comprehensive income (loss) attributable to Boyd Gaming Corporation | $35,374 | ($5,643) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Fair value of adjustments to available-for-sale securities, tax | $0 | $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 | ||||||
Balances, January 1, 2015 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 | |||||
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 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 102,663 | |||||
Stock options exercised | 757 | 1 | 756 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 39,503 | |||||
Release of performance stock units, net of tax | -200 | 0 | -200 | 0 | 0 | 0 |
Share-based compensation costs | 6,481 | 0 | 6,481 | 0 | 0 | 0 |
Capital Investment Attributable to Noncontrolling Interest | 30 | 0 | 0 | 0 | 0 | 30 |
Balances, March 31, 2015 at Mar. 31, 2014 | 646,819 | 1,083 | 909,533 | -438,256 | -978 | 175,437 |
Balance, shares at Mar. 31, 2014 | 108,297,168 | |||||
Balances, January 1, 2015 at Dec. 31, 2014 | 438,087 | 1,093 | 922,112 | -485,115 | -53 | 50 |
Balance, shares at Dec. 31, 2014 | 109,277,060 | 109,277,060 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | 35,103 | 0 | 0 | 35,103 | 0 | 0 |
Comprehensive income attributable to Boyd | 271 | 0 | 0 | 0 | 271 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 610,274 | |||||
Stock options exercised | 4,419 | 6 | 4,413 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 477,204 | |||||
Release of performance stock units, net of tax | -2,446 | 5 | -2,451 | 0 | 0 | 0 |
Share-based compensation costs | 3,441 | 0 | 3,441 | 0 | 0 | 0 |
Balances, March 31, 2015 at Mar. 31, 2015 | $478,875 | $1,104 | $927,515 | ($450,012) | $218 | $50 |
Balance, shares at Mar. 31, 2015 | 110,364,538 | 110,364,538 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Net income (loss) | $35,103 | ($11,225) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 51,942 | 66,179 |
Amortization of debt financing costs | 4,199 | 4,829 |
Amortization of discounts on debt | 1,127 | 1,257 |
Loss on early extinguishments of debt | 508 | 154 |
Share-based compensation expense | 3,441 | 6,481 |
Deferred income taxes | 5,394 | 4,143 |
Income (Loss) from Equity Method Investments | -4,014 | 0 |
Impairments of assets | 1,065 | 1,633 |
Other operating activities | -1,559 | -199 |
Changes in operating assets and liabilities: | ||
Restricted cash | -3,358 | -10,267 |
Accounts receivable, net | 1,440 | 3,830 |
Inventories | 968 | 1,223 |
Prepaid expenses and other current assets | -615 | -1,891 |
Current other tax asset | 1,802 | 50 |
Income taxes receivable | -4 | -33 |
Other assets, net | 1,581 | -1,504 |
Accounts payable and accrued liabilities | -19,725 | -9,695 |
Other long-term tax liabilities | -23,002 | 605 |
Other liabilities | 3,345 | 1,599 |
Net cash provided by operating activities | 59,638 | 57,169 |
Cash Flows from Investing Activities | ||
Capital expenditures | -19,269 | -18,306 |
Other investing activities | 2,316 | 1,112 |
Net cash used in investing activities | -16,953 | -17,194 |
Cash Flows from Financing Activities | ||
Borrowings under Boyd Gaming bank credit facility | 203,700 | 188,500 |
Payments under Boyd Gaming bank credit facility | -245,675 | -224,275 |
Borrowings under Peninsula bank credit facility | 91,400 | 75,000 |
Payments under Peninsula bank credit facility | -108,625 | -90,525 |
Borrowings under Borgata bank credit facility | 0 | 116,200 |
Payments under Borgata bank credit facility | 0 | -119,400 |
Debt financing costs | 0 | -71 |
Payments on long-term debt | -2 | -952 |
Payments on retirements of long-term debt | -2 | -952 |
Stock options exercised | 4,419 | 757 |
Restricted stock units released, net | 0 | -200 |
Performance Stock, Value, Shares Issued Net of Tax Withholdings | -2,446 | 0 |
Other financing activities | 0 | 31 |
Net cash used in financing activities | -57,229 | -54,935 |
Change in cash and cash equivalents | -14,544 | -14,960 |
Cash and cash equivalents, beginning of period | 145,341 | 177,838 |
Cash and cash equivalents, end of period | 130,797 | 162,878 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 52,239 | 80,541 |
Cash paid (received) for income taxes, net of refunds | -1,656 | 84 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Payables incurred for capital expenditures | 7,333 | 12,478 |
Parent | ||
Cash Flows from Operating Activities | ||
Net income (loss) | -6,182 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,287 | 1,627 |
Loss on early extinguishments of debt | 0 | 0 |
Impairments of assets | 0 | 320 |
Changes in operating assets and liabilities: | ||
Net cash provided by operating activities | -26,888 | -20,187 |
Cash Flows from Investing Activities | ||
Capital expenditures | -6,152 | -4,683 |
Net cash used in investing activities | -6,152 | -4,023 |
Cash Flows from Financing Activities | ||
Debt financing costs | -71 | |
Payments on long-term debt | 0 | 0 |
Stock options exercised | 4,419 | 757 |
Restricted stock units released, net | -200 | |
Performance Stock, Value, Shares Issued Net of Tax Withholdings | -2,446 | |
Net cash used in financing activities | 33,813 | 24,210 |
Change in cash and cash equivalents | 773 | 0 |
Cash and cash equivalents, beginning of period | 2 | 0 |
Cash and cash equivalents, end of period | $775 | $0 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION |
Organization | |
Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. 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 ("Borgata"), in which we hold a non-controlling 50% equity 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 wholly owned subsidiaries. Investments in unconsolidated affiliates, which 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. | |
On September 30, 2014, our Atlantic City partner reacquired its ownership interest in and its substantive participation rights in the management of Borgata. As a result, we deconsolidated Borgata as of the close of business on September 30, 2014, eliminating the assets, liabilities and non-controlling interests from our balance sheet. We are accounting for our investment in Borgata applying the equity method for periods subsequent to the deconsolidation. (See Note 3, Deconsolidation of Borgata.) | |
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, 2014, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 27, 2015. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 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 for complimentary slot play, food and beverage, and to a lesser extent for other goods or services, depending upon the property. | ||||||||
The amounts included in promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Rooms | $ | 18,744 | $ | 35,424 | ||||
Food and beverage | 37,714 | 49,872 | ||||||
Other | 3,055 | 25,095 | ||||||
Total promotional allowances | $ | 59,513 | $ | 110,391 | ||||
The estimated costs of providing such promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Rooms | $ | 8,782 | $ | 14,134 | ||||
Food and beverage | 33,552 | 43,561 | ||||||
Other | 2,787 | 5,014 | ||||||
Total estimated cost of promotional allowances | $ | 45,121 | $ | 62,709 | ||||
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 $83.4 million and $100.4 million for the three months ended March 31, 2015 and 2014, 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 continually assessed 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. Our current rate is also impacted by the resolution of federal and state income tax examinations and changes in accruals established for potentially unfavorable outcomes in connection with these examinations. | ||||||||
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 other long-term tax liabilities on the balance sheet. | ||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | |||||||
Unrecognized tax benefit as of January 1, 2015 | $ | 30,198 | ||||||
Additions: | ||||||||
Tax positions related to current year | — | |||||||
Tax positions related to prior years | — | |||||||
Reductions: | ||||||||
Tax positions related to the deconsolidation of Borgata | — | |||||||
Lapse of applicable statute of limitations | — | |||||||
Tax positions related to prior years | (25,671 | ) | ||||||
Settlement with taxing authorities | — | |||||||
Unrecognized tax benefit as of March 31, 2015 | $ | 4,527 | ||||||
The entire $4.5 million balance of unrecognized tax benefits at March 31, 2015, if recognized, would impact the effective tax rate. We recognize accrued interest related to unrecognized tax benefits in our income tax provision. During the quarter ended March 31, 2015 we recognized an interest related benefit of $5.8 million in our tax provision, as further described below. We have accrued interest and penalties of $1.2 million as of March 31, 2015, in our consolidated balance sheets. | ||||||||
During the quarter, we received Joint Committee approval on our IRS appeals agreement, effectively settling our 2005 through 2009 examination. As a result of the settlement, we received an approximate $2.4 million refund and reduced our unrecognized tax benefits by $25.7 million, of which $17.6 million impacted our effective tax rate. Additionally, as a result of the settlement, we reduced the interest accrued on our unrecognized tax benefits by $5.8 million and recorded a benefit to our tax provision. | ||||||||
We are in various stages of the examination process in connection with many of our audits and it is difficult to determine when these examinations will be closed. However, it is reasonably possible that over the next twelve-month period our unrecognized tax benefits as of March 31, 2015, will decrease in an amount up to $2.0 million, all of which would impact our effective tax rate. Such reduction is due to the resolution of certain issues, primarily related to the realization of tax attributes, in connection with our state examinations. | ||||||||
Net Income (Loss) per Share | ||||||||
Basic net income (loss) per share is computed by dividing net income (loss) applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. | ||||||||
Due to the net loss for the three months ended March 31, 2014, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding for this period. The amount of potential common share equivalents were as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | |||||||
Potential dilutive effect | 942.1 | |||||||
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 | ||||||||
Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ("Update 2015-03") | ||||||||
In April 2015, the Financial Accounting Standards Board ("FASB") issued Update 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, for interim periods within those fiscal years, and early adoption is permitted. The Company determined that the impact of the new standard on its financial reporting will not be material. | ||||||||
Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis ("Update 2015-02") | ||||||||
Update 2015-02, issued by the FASB in February 2015, amends the consolidation requirements in ASC 810 and changes the consolidation analysis required under GAAP. The standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The Company is evaluating the potential impacts of the new standard on its consolidation methodology. | ||||||||
Accounting Standards Update 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ("Update 2015-01") | ||||||||
In January 2015, the FASB issued Update 2015-01 eliminating from GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under Update 2015-01, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The standard is effective for annual periods beginning after December 15, 2015 with early adoption permitted. The Company determined that the impact of the new standard on its financial reporting will not be material. | ||||||||
A variety of proposed or otherwise potential accounting standards are currently being studied 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. |
Deconsolidation_of_Borgata
Deconsolidation of Borgata | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Impact of Deconsolidation of Borgata [Table Text Block] | DECONSOLIDATION OF BORGATA |
Borgata Hotel Casino and Spa | |
The Company and MGM Resorts International ("MGM") each originally held a 50% interest in Marina District Development Holding Co., LLC ("Holding Company"). Holding Company owns all the equity interests in Marina District Development Company, LLC, d.b.a. Borgata Hotel Casino and Spa ("Borgata"). We are the managing member of Holding Company, and we are responsible for the day-to-day operations of Borgata. | |
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 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"). Upon the transfer of MGM's ownership interest into the Divestiture Trust on March 24, 2010, we determined that we had control, as defined in the relevant accounting literature, of Holding Company and commenced consolidating the business as of that date. Subsequent to a Joint Petition of MGM, the Company and Holding Company, on February 13, 2013, the NJCCC approved amendments to the settlement agreement which permitted MGM to file an application for a statement of compliance, which, if approved, would permit MGM to reacquire its interest in Holding Company. | |
The NJCCC approved MGM’s application for licensure on September 10, 2014. On September 30, 2014, the Divestiture Trust was dissolved and MGM reacquired its Borgata interest and its substantive participation rights in the management of Holding Company. As a result, we deconsolidated Borgata as of the close of business on September 30, 2014, eliminating the assets, liabilities and non-controlling interests recorded for Holding Company from our balance sheet, and are accounting for our investment in Borgata applying the equity method for periods subsequent to the deconsolidation. As a result of the deconsolidation, we adjusted the book value of our investment to equal fair value and recognized a loss due to deconsolidation of $12.1 million in our third quarter 2014 results. |
Property_and_Equipment_Net
Property and Equipment, Net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET | |||||||
Property and equipment, net consists of the following: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2015 | 2014 | ||||||
Land | $ | 229,684 | $ | 229,684 | ||||
Buildings and improvements | 2,528,526 | 2,534,618 | ||||||
Furniture and equipment | 1,109,614 | 1,079,878 | ||||||
Riverboats and barges | 238,723 | 239,669 | ||||||
Construction in progress | 24,034 | 35,675 | ||||||
Other | 8,372 | 11,502 | ||||||
Total property and equipment | 4,138,953 | 4,131,026 | ||||||
Less accumulated depreciation | 1,888,157 | 1,844,918 | ||||||
Property and equipment, net | $ | 2,250,796 | $ | 2,286,108 | ||||
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, 2015 and 2014 was $45.1 million and $57.7 million, respectively. |
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||
Intangible Assets | INTANGIBLE ASSETS | |||||||||||||||||
Intangible assets consist of the following: | ||||||||||||||||||
March 31, 2015 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 2.7 years | $ | 139,600 | $ | (94,056 | ) | $ | — | $ | 45,544 | ||||||||
Favorable lease rates | 33.2 years | 45,370 | (11,215 | ) | — | 34,155 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
206,343 | (105,271 | ) | — | 101,072 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks and other | Indefinite | 129,501 | — | (3,500 | ) | 126,001 | ||||||||||||
Gaming license rights | Indefinite | 873,335 | (33,960 | ) | (138,872 | ) | 700,503 | |||||||||||
1,002,836 | (33,960 | ) | (142,372 | ) | 826,504 | |||||||||||||
Balance, March 31, 2015 | $ | 1,209,179 | $ | (139,231 | ) | $ | (142,372 | ) | $ | 927,576 | ||||||||
December 31, 2014 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 2.9 years | $ | 139,600 | $ | (87,642 | ) | $ | — | $ | 51,958 | ||||||||
Favorable lease rates | 33.4 years | 45,370 | (10,956 | ) | — | 34,414 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
206,343 | (98,598 | ) | — | 107,745 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks | Indefinite | 129,501 | — | (3,500 | ) | 126,001 | ||||||||||||
Gaming license rights | Indefinite | 873,335 | (33,960 | ) | (138,872 | ) | 700,503 | |||||||||||
1,002,836 | (33,960 | ) | (142,372 | ) | 826,504 | |||||||||||||
Balance, December 31, 2014 | $ | 1,209,179 | $ | (132,558 | ) | $ | (142,372 | ) | $ | 934,249 | ||||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Liabilities | ACCRUED LIABILITIES | |||||||
Accrued liabilities consist of the following: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2015 | 2014 | ||||||
Payroll and related expenses | $ | 66,577 | $ | 69,672 | ||||
Interest | 32,724 | 33,985 | ||||||
Gaming liabilities | 32,460 | 35,698 | ||||||
Player loyalty program liabilities | 18,857 | 19,058 | ||||||
Accrued liabilities | 96,281 | 80,853 | ||||||
Total accrued liabilities | $ | 246,899 | $ | 239,266 | ||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT | ||||||||||||||||||
Long-term debt, net of current maturities consists of the following: | |||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Interest | Unamortized | ||||||||||||||||||
Rates at | Outstanding | Unamortized | Origination | Long-Term | |||||||||||||||
(In thousands) | 31-Mar-15 | Principal | Discount | Fees | Debt, Net | ||||||||||||||
Boyd Gaming Corporation Debt: | |||||||||||||||||||
Bank credit facility | 3.68 | % | $ | 1,345,450 | $ | (3,429 | ) | $ | — | $ | 1,342,021 | ||||||||
9.125% senior notes due 2018 | 9.13 | % | 500,000 | — | (4,536 | ) | 495,464 | ||||||||||||
9.00% senior notes due 2020 | 9 | % | 350,000 | — | — | 350,000 | |||||||||||||
HoldCo Note | 8 | % | 151,740 | (10,616 | ) | — | 141,124 | ||||||||||||
2,347,190 | (14,045 | ) | (4,536 | ) | 2,328,609 | ||||||||||||||
Peninsula Segment Debt: | |||||||||||||||||||
Bank credit facility | 4.25 | % | 725,175 | — | — | 725,175 | |||||||||||||
8.375% senior notes due 2018 | 8.38 | % | 350,000 | — | — | 350,000 | |||||||||||||
Other | various | 1 | — | — | 1 | ||||||||||||||
1,075,176 | — | — | 1,075,176 | ||||||||||||||||
Total long-term debt | 3,422,366 | (14,045 | ) | (4,536 | ) | 3,403,785 | |||||||||||||
Less current maturities | 27,688 | — | — | 27,688 | |||||||||||||||
Long-term debt, net | $ | 3,394,678 | $ | (14,045 | ) | $ | (4,536 | ) | $ | 3,376,097 | |||||||||
December 31, 2014 | |||||||||||||||||||
Interest | Unamortized | ||||||||||||||||||
Rates at | Outstanding | Unamortized | Origination | Long-Term | |||||||||||||||
(In thousands) | Dec. 31, 2014 | Principal | Discount | Fees | Debt, Net | ||||||||||||||
Boyd Gaming Corporation Debt: | |||||||||||||||||||
Bank credit facility | 3.66 | % | $ | 1,387,425 | $ | (3,589 | ) | $ | — | $ | 1,383,836 | ||||||||
9.125% senior notes due 2018 | 9.13 | % | 500,000 | — | (4,845 | ) | 495,155 | ||||||||||||
9.00% senior notes due 2020 | 9 | % | 350,000 | — | — | 350,000 | |||||||||||||
HoldCo Note | 8 | % | 151,740 | (11,743 | ) | — | 139,997 | ||||||||||||
2,389,165 | (15,332 | ) | (4,845 | ) | 2,368,988 | ||||||||||||||
Peninsula Segment Debt: | |||||||||||||||||||
Bank credit facility | 4.25 | % | 742,400 | — | — | 742,400 | |||||||||||||
8.375% senior notes due 2018 | 8.38 | % | 350,000 | — | — | 350,000 | |||||||||||||
Other | various | 3 | — | — | 3 | ||||||||||||||
1,092,403 | — | — | 1,092,403 | ||||||||||||||||
Total long-term debt | 3,481,568 | (15,332 | ) | (4,845 | ) | 3,461,391 | |||||||||||||
Less current maturities | 29,753 | — | — | 29,753 | |||||||||||||||
Long-term debt, net | $ | 3,451,815 | $ | (15,332 | ) | $ | (4,845 | ) | $ | 3,431,638 | |||||||||
Boyd Gaming Debt | |||||||||||||||||||
Boyd Bank Credit Facility | |||||||||||||||||||
The outstanding principal amounts under the Third Amended and Restated Credit Agreement (the "Boyd Gaming Credit Facility") are comprised of the following: | |||||||||||||||||||
(In thousands) | March 31, 2015 | December 31, 2014 | |||||||||||||||||
Revolving Credit Facility | $ | 280,000 | $ | 300,000 | |||||||||||||||
Term A Loan | 218,250 | 221,375 | |||||||||||||||||
Term B Loan | 838,500 | 840,750 | |||||||||||||||||
Swing Loan | 8,700 | 25,300 | |||||||||||||||||
Total outstanding principal amounts under the Boyd Gaming Credit Facility | $ | 1,345,450 | $ | 1,387,425 | |||||||||||||||
At March 31, 2015, approximately $1.3 billion was outstanding under the Boyd Gaming Credit Facility and $6.8 million was allocated to support various letters of credit, leaving remaining contractual availability of $304.5 million. | |||||||||||||||||||
Peninsula Segment Debt | |||||||||||||||||||
Bank Credit Facility | |||||||||||||||||||
The outstanding principal amounts under the Peninsula senior secured credit facility (the "Peninsula Credit Facility") are comprised of the following: | |||||||||||||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||
Term Loan | $ | 712,875 | $ | 734,000 | |||||||||||||||
Revolving Facility | 5,000 | 2,000 | |||||||||||||||||
Swing Loan | 7,300 | 6,400 | |||||||||||||||||
Total outstanding principal amounts under the Peninsula Credit Facility | $ | 725,175 | $ | 742,400 | |||||||||||||||
At March 31, 2015, approximately $725.2 million was outstanding under the Peninsula Credit Facility and $5.6 million was allocated to support various letters of credit, leaving remaining contractual availability of $32.1 million. | |||||||||||||||||||
Covenant Compliance | |||||||||||||||||||
As of March 31, 2015, we believe that Boyd Gaming and Peninsula 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, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES |
Commitments | |
There have been no material changes to our commitments described under Note 10, Commitments and Contingencies, in our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on February 27, 2015. | |
Contingencies | |
Legal Matters | |
We are parties to various legal proceedings arising in the ordinary course of business. In our opinion, all pending legal matters are either adequately covered by insurance, or, if not insured, will not have a material adverse impact on our financial position, results of operations or cash flows. |
Stockholders_Equity_and_Stock_
Stockholders' Equity and Stock Incentive Plans | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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) | 2015 | 2014 | ||||||
Gaming | $ | 68 | $ | 115 | ||||
Food and beverage | 13 | 22 | ||||||
Room | 6 | 10 | ||||||
Selling, general and administrative | 344 | 584 | ||||||
Corporate expense | 3,010 | 5,750 | ||||||
Total share-based compensation expense | $ | 3,441 | $ | 6,481 | ||||
Noncontrolling_Interest
Noncontrolling Interest | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||
Noncontrolling Interest | NONCONTROLLING INTEREST | |||||||||||
Noncontrolling interest primarily represents, until the deconsolidation of Borgata on September 30, 2014, 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. | ||||||||||||
There were no changes in the noncontrolling interest during the three months ended March 31, 2015. Changes in the noncontrolling interest for the three months ended March 31, 2014, 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
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
The authoritative accounting guidance for fair value measurements 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. | ||||||||||||||||
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, 2015 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 130,797 | $ | 130,797 | $ | — | $ | — | ||||||||
Restricted cash | 21,465 | 21,465 | — | — | ||||||||||||
Investment available for sale | 18,658 | — | — | 18,658 | ||||||||||||
Liabilities | ||||||||||||||||
Contingent payments | 3,721 | — | — | 3,721 | ||||||||||||
December 31, 2014 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 145,341 | $ | 145,341 | $ | — | $ | — | ||||||||
Restricted cash | 18,107 | 18,107 | — | — | ||||||||||||
Investment available for sale | 18,357 | — | — | 18,357 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 75 | $ | — | $ | — | $ | 75 | ||||||||
Contingent payments | 3,792 | — | — | 3,792 | ||||||||||||
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, 2015 and December 31, 2014. | ||||||||||||||||
Investment Available for Sale | ||||||||||||||||
We have an investment in a single municipal bond issuance of $21.7 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, 2015 and December 31, 2014. 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 both March 31, 2015 and December 31, 2014, $0.4 million of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at March 31, 2015 and December 31, 2014, $18.3 million and $18.0 million, respectively, is included in other assets on the condensed consolidated balance sheets. The discount associated with this investment of $3.3 million as of both March 31, 2015 and December 31, 2014, 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 condensed consolidated statements of operations. | ||||||||||||||||
Merger Earnout | ||||||||||||||||
Under the terms of the Merger Agreement, Boyd Acquisition II, LLC, an indirect wholly owned subsidiary of Boyd Gaming, is obligated to make an additional payment to Peninsula Gaming Partners, LLC, 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 value of this contingency was calculated using a probability-based model. This model requires estimates of forecasted 2015 EBITDA and of probability of exceeding the threshold at which a payment would be made. We formed our valuation assumptions using historical experience in the gaming industry and observable market conditions. The assumptions will be reviewed periodically and any change in the value of the obligation will be included in the consolidated statements of operations. At December 31, 2014, there were outstanding liabilities of $0.1 million, related to the merger earnout which are included in other liabilities on the condensed consolidated balance sheets. There was no outstanding liability at March 31, 2015. | ||||||||||||||||
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 payments using a discounted cash flows approach. At both March 31, 2015 and December 31, 2014, 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 $2.9 million, which were included in other liabilities on the respective condensed consolidated balance sheets. | ||||||||||||||||
The following table summarizes the changes in fair value of the Company's Level 3 assets and liabilities: | ||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
(In thousands) | Investment | Merger | Contingent | |||||||||||||
Available for | Earnout | Payments | ||||||||||||||
Sale | ||||||||||||||||
Balance at January 1, 2015 | $ | 18,357 | $ | (75 | ) | $ | (3,792 | ) | ||||||||
Deposits | — | — | — | |||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 31 | 75 | (159 | ) | ||||||||||||
Included in other comprehensive income (loss) | 270 | — | — | |||||||||||||
Transfers in or out of Level 3 | — | — | — | |||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | — | — | 230 | |||||||||||||
Balance at March 31, 2015 | $ | 18,658 | $ | — | $ | (3,721 | ) | |||||||||
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 | $ | 31 | $ | — | $ | — | ||||||||||
Included in interest expense | — | — | (159 | ) | ||||||||||||
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 | |||||||||||
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 | ) | |||||||||||
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 | 9.9 | % | ||||||||||||
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, 2015 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 36,292 | $ | 28,323 | $ | 29,110 | Level 3 | |||||||||
Other financial instruments | 300 | 273 | 273 | Level 3 | ||||||||||||
December 31, 2014 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 36,749 | $ | 28,612 | $ | 29,529 | Level 3 | |||||||||
Other financial instruments | 300 | 268 | 268 | Level 3 | ||||||||||||
The following tables provide the fair value measurement information about our long-term debt: | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Bank credit facility | $ | 1,345,450 | $ | 1,342,021 | $ | 1,344,236 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 495,464 | 525,000 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 378,875 | Level 1 | ||||||||||||
HoldCo Note | 151,740 | 141,124 | 144,153 | Level 3 | ||||||||||||
2,347,190 | 2,328,609 | 2,392,264 | ||||||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 725,175 | 725,175 | 726,529 | Level 2 | ||||||||||||
8.375% Senior Notes due 2018 | 350,000 | 350,000 | 369,250 | Level 2 | ||||||||||||
Other | 1 | 1 | 1 | Level 3 | ||||||||||||
1,075,176 | 1,075,176 | 1,095,780 | ||||||||||||||
Total debt | $ | 3,422,366 | $ | 3,403,785 | $ | 3,488,044 | ||||||||||
December 31, 2014 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Gaming Corporation Debt: | ||||||||||||||||
Bank credit facility | $ | 1,387,425 | $ | 1,383,836 | $ | 1,395,595 | Level 2 | |||||||||
9.125% senior notes due 2018 | 500,000 | 495,155 | 517,500 | Level 1 | ||||||||||||
9.00% senior notes due 2020 | 350,000 | 350,000 | 359,625 | Level 1 | ||||||||||||
HoldCo Note | 151,740 | 139,997 | 144,153 | Level 3 | ||||||||||||
2,389,165 | 2,368,988 | 2,416,873 | ||||||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 742,400 | 742,400 | 754,364 | Level 2 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | 350,000 | 363,125 | Level 2 | ||||||||||||
Other | 3 | 3 | 3 | Level 3 | ||||||||||||
1,092,403 | 1,092,403 | 1,117,492 | ||||||||||||||
Total debt | $ | 3,481,568 | $ | 3,461,391 | $ | 3,534,365 | ||||||||||
The estimated fair value of the Boyd Gaming Credit Facility is based on a relative value analysis performed on or about March 31, 2015 and December 31, 2014. The estimated fair value of the Peninsula Credit Facility is based on a relative value analysis performed on or about March 31, 2015 and December 31, 2014. The estimated fair values of our senior notes and Peninsula's senior notes are based on quoted market prices as of March 31, 2015 and December 31, 2014. 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, 2015 or 2014. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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) | 2015 | 2014 | ||||||
Net Revenues | ||||||||
Las Vegas Locals | $ | 150,302 | $ | 151,443 | ||||
Downtown Las Vegas | 56,603 | 55,733 | ||||||
Midwest and South | 217,764 | 211,636 | ||||||
Peninsula | 125,909 | 122,273 | ||||||
Borgata (1) | — | 167,264 | ||||||
Total Reportable Segment Net Revenues | $ | 550,578 | $ | 708,349 | ||||
Reportable Segment Adjusted EBITDA | ||||||||
Las Vegas Locals | $ | 38,877 | $ | 40,007 | ||||
Downtown Las Vegas | 10,677 | 9,327 | ||||||
Midwest and South | 50,984 | 44,098 | ||||||
Peninsula | 46,363 | 44,761 | ||||||
Borgata (1) | 18,913 | 20,446 | ||||||
Total Reportable Segment Adjusted EBITDA (2) | 165,814 | 158,639 | ||||||
Other operating costs and expenses | ||||||||
Corporate expense | 16,642 | 14,171 | ||||||
Deferred rent | 857 | 906 | ||||||
Depreciation and amortization | 51,942 | 66,179 | ||||||
Preopening expense | 505 | 784 | ||||||
Share-based compensation expense | 3,441 | 6,481 | ||||||
Impairments of assets | 1,065 | 1,633 | ||||||
Asset transaction costs | 450 | 155 | ||||||
Other operating charges and credits, net | 116 | (186 | ) | |||||
Our share of Borgata's other operating costs and expenses | 7,238 | — | ||||||
Total other operating costs and expenses | 82,256 | 90,123 | ||||||
Operating income | $ | 83,558 | $ | 68,516 | ||||
(1) Due to the deconsolidation of Borgata on September 30, 2014, our condensed consolidated statement of operations for the three months ended March 31, 2015 reflects our accounting for our 50% ownership interest in Borgata by applying the equity method. For the three months ended March 31, 2014, Borgata's financial results are reflected on a full consolidation basis. | ||||||||
-2 | Total Reportable Segment Adjusted EBITDA excludes corporate expense. | |||||||
Total Reportable Segment Assets | ||||||||
The Company's assets by Reportable Segment consisted of the following amounts: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2015 | 2014 | ||||||
Assets | ||||||||
Las Vegas Locals | $ | 1,153,323 | $ | 1,164,115 | ||||
Downtown Las Vegas | 129,986 | 128,682 | ||||||
Midwest and South | 1,279,751 | 1,302,002 | ||||||
Peninsula | 1,446,827 | 1,459,529 | ||||||
Total Reportable Segment Assets | 4,009,887 | 4,054,328 | ||||||
Corporate | 416,897 | 424,596 | ||||||
Total Assets | $ | 4,426,784 | $ | 4,478,924 | ||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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 those entities comprising our Peninsula segment, special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 775 | $ | 98,105 | $ | 31,698 | $ | 219 | $ | — | $ | 130,797 | ||||||||||||
Other current assets | 11,211 | 70,428 | 29,173 | — | (9,575 | ) | 101,237 | |||||||||||||||||
Property and equipment, net | 58,015 | 1,757,614 | 435,167 | — | — | 2,250,796 | ||||||||||||||||||
Investments in subsidiaries | 3,416,980 | 137,237 | — | — | (3,327,485 | ) | 226,732 | |||||||||||||||||
Intercompany receivable | — | 1,720,432 | — | — | (1,720,432 | ) | — | |||||||||||||||||
Other assets, net | 35,708 | 9,271 | 59,357 | — | — | 104,336 | ||||||||||||||||||
Intangible assets, net | — | 424,823 | 502,753 | — | — | 927,576 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,522,689 | $ | 4,430,704 | $ | 1,530,664 | $ | 219 | $ | (5,057,492 | ) | $ | 4,426,784 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 6,188 | $ | — | $ | — | $ | 27,688 | ||||||||||||
Other current liabilities | 71,938 | 158,951 | 75,736 | — | (248 | ) | 306,377 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 237 | — | (237 | ) | — | |||||||||||||||||
Intercompany payable | 742,125 | — | 986,747 | 438 | (1,729,310 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,165,985 | — | 1,210,112 | — | — | 3,376,097 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 42,316 | 148,777 | 46,654 | — | — | 237,747 | ||||||||||||||||||
Common stock | 1,104 | 31,124 | (27 | ) | — | (31,097 | ) | 1,104 | ||||||||||||||||
Additional paid-in capital | 927,515 | 2,717,938 | 248,203 | 4,250 | (2,970,391 | ) | 927,515 | |||||||||||||||||
Retained earnings (deficit) | (450,012 | ) | 1,373,696 | (1,043,404 | ) | (4,469 | ) | (325,823 | ) | (450,012 | ) | |||||||||||||
Accumulated other | 218 | 218 | 218 | — | (436 | ) | 218 | |||||||||||||||||
comprehensive income (loss), net | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 478,825 | 4,122,976 | (795,010 | ) | (219 | ) | (3,327,747 | ) | 478,825 | |||||||||||||||
stockholders' equity (deficit) | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 50 | 50 | ||||||||||||||||||
Total stockholders' equity (deficit) | 478,825 | 4,122,976 | (795,010 | ) | (219 | ) | (3,327,697 | ) | 478,875 | |||||||||||||||
Total liabilities and stockholders' | $ | 3,522,689 | $ | 4,430,704 | $ | 1,530,664 | $ | 219 | $ | (5,057,492 | ) | $ | 4,426,784 | |||||||||||
equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
December 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 | $ | 2 | $ | 111,452 | $ | 33,668 | $ | 219 | $ | — | $ | 145,341 | ||||||||||||
Other current assets | 10,234 | 69,012 | 21,980 | — | (4,617 | ) | 96,609 | |||||||||||||||||
Property and equipment, net | 65,365 | 1,775,486 | 445,257 | — | — | 2,286,108 | ||||||||||||||||||
Investments in subsidiaries | 3,345,735 | 150,694 | — | — | (3,273,712 | ) | 222,717 | |||||||||||||||||
Intercompany receivable | — | 1,637,101 | — | — | (1,637,101 | ) | — | |||||||||||||||||
Other assets, net | 36,600 | 9,149 | 62,841 | — | — | 108,590 | ||||||||||||||||||
Intangible assets, net | — | 425,083 | 509,166 | — | — | 934,249 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,457,936 | $ | 4,390,771 | $ | 1,545,428 | $ | 219 | $ | (4,915,430 | ) | $ | 4,478,924 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,253 | $ | — | $ | — | $ | 29,753 | ||||||||||||
Other current liabilities | 82,711 | 160,542 | 84,427 | — | (238 | ) | 327,442 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 3,619 | — | (3,619 | ) | — | |||||||||||||||||
Intercompany payable | 668,310 | — | 972,425 | 397 | (1,641,132 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,207,490 | — | 1,224,148 | — | — | 3,431,638 | ||||||||||||||||||
Other long-term liabilities | 39,888 | 169,824 | 42,292 | — | — | 252,004 | ||||||||||||||||||
Common stock | 1,093 | 31,124 | (27 | ) | — | (31,097 | ) | 1,093 | ||||||||||||||||
Additional paid-in capital | 922,112 | 2,717,841 | 248,203 | 4,250 | (2,970,294 | ) | 922,112 | |||||||||||||||||
Retained earnings (deficit) | (485,115 | ) | 1,311,492 | (1,037,860 | ) | (4,428 | ) | (269,204 | ) | (485,115 | ) | |||||||||||||
Accumulated other comprehensive loss, net | (53 | ) | (52 | ) | (52 | ) | — | 104 | (53 | ) | ||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 438,037 | 4,060,405 | (789,736 | ) | (178 | ) | (3,270,491 | ) | 438,037 | |||||||||||||||
Noncontrolling interest | — | — | — | — | 50 | 50 | ||||||||||||||||||
Total stockholders' equity (deficit) | 438,037 | 4,060,405 | (789,736 | ) | (178 | ) | (3,270,441 | ) | 438,087 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 3,457,936 | $ | 4,390,771 | $ | 1,545,428 | $ | 219 | $ | (4,915,430 | ) | $ | 4,478,924 | |||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 30,796 | $ | 418,592 | $ | 137,525 | $ | — | $ | (36,335 | ) | $ | 550,578 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 450 | 223,587 | 73,920 | — | — | 297,957 | ||||||||||||||||||
Selling, general and | 12,403 | 54,342 | 14,944 | — | — | 81,689 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 21,711 | 3,608 | — | — | 25,319 | ||||||||||||||||||
Depreciation and amortization | 1,287 | 32,687 | 17,968 | — | — | 51,942 | ||||||||||||||||||
Corporate expense | 18,467 | 54 | 1,131 | — | — | 19,652 | ||||||||||||||||||
Preopening expenses | — | — | 464 | 41 | — | 505 | ||||||||||||||||||
Impairments of assets | — | — | 1,065 | — | — | 1,065 | ||||||||||||||||||
Asset transactions costs | (52 | ) | (17 | ) | 519 | — | — | 450 | ||||||||||||||||
Other operating items, net | — | 70 | 46 | — | — | 116 | ||||||||||||||||||
Intercompany expenses | 301 | 30,841 | 5,193 | — | (36,335 | ) | — | |||||||||||||||||
Total costs and expenses | 32,856 | 363,275 | 118,858 | 41 | (36,335 | ) | 478,695 | |||||||||||||||||
Equity in earnings of subsidiaries | 47,768 | 7,652 | (41 | ) | — | (43,704 | ) | 11,675 | ||||||||||||||||
Operating income (loss) | 45,708 | 62,969 | 18,626 | (41 | ) | (43,704 | ) | 83,558 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 33,396 | 702 | 22,366 | — | — | 56,464 | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | 508 | — | — | 508 | ||||||||||||||||||
Other, net | 416 | — | 202 | — | — | 618 | ||||||||||||||||||
Boyd's share of Borgata's non-operating items, net | — | 7,661 | — | — | — | 7,661 | ||||||||||||||||||
Total other expense, net | 33,812 | 8,363 | 23,076 | — | — | 65,251 | ||||||||||||||||||
Income (loss) before income taxes | 11,896 | 54,606 | (4,450 | ) | (41 | ) | (43,704 | ) | 18,307 | |||||||||||||||
Income taxes benefit (provision) | 23,207 | (1,927 | ) | (4,484 | ) | — | — | 16,796 | ||||||||||||||||
Net income (loss) | $ | 35,103 | $ | 52,679 | $ | (8,934 | ) | $ | (41 | ) | $ | (43,704 | ) | $ | 35,103 | |||||||||
Comprehensive income (loss) | $ | 35,374 | $ | 52,950 | $ | (8,663 | ) | $ | (41 | ) | $ | (44,246 | ) | $ | 35,374 | |||||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
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 expense | 36 | 6 | 628 | 114 | — | 784 | ||||||||||||||||||
Impairments of assets | 320 | 1,013 | 300 | — | — | 1,633 | ||||||||||||||||||
Asset transactions costs | — | (20 | ) | 177 | (2 | ) | — | 155 | ||||||||||||||||
Other operating items, 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 (provision) | (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 Cash Flows | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
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 | $ | (26,888 | ) | $ | 75,990 | $ | 5,730 | $ | (41 | ) | $ | 4,847 | $ | 59,638 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (6,152 | ) | (6,006 | ) | (7,111 | ) | — | — | (19,269 | ) | ||||||||||||||
Net activity with affiliates | — | (83,331 | ) | — | — | 83,331 | — | |||||||||||||||||
Other investing activities | — | — | 2,316 | — | — | 2,316 | ||||||||||||||||||
Net cash from investing activities | (6,152 | ) | (89,337 | ) | (4,795 | ) | — | 83,331 | (16,953 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 203,700 | — | 91,400 | — | — | 295,100 | ||||||||||||||||||
Payments under bank credit facility | (245,675 | ) | — | (108,625 | ) | — | — | (354,300 | ) | |||||||||||||||
Payments on long-term debt | — | — | (2 | ) | — | — | (2 | ) | ||||||||||||||||
Net activity with affiliates | 73,815 | — | 14,322 | 41 | (88,178 | ) | — | |||||||||||||||||
Stock options exercised | 4,419 | — | — | — | — | 4,419 | ||||||||||||||||||
Performance stock units released, net | (2,446 | ) | — | — | — | — | (2,446 | ) | ||||||||||||||||
Net cash from financing activities | 33,813 | — | (2,905 | ) | 41 | (88,178 | ) | (57,229 | ) | |||||||||||||||
Net change in cash and cash | 773 | (13,347 | ) | (1,970 | ) | — | — | (14,544 | ) | |||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | 2 | 111,452 | 33,668 | 219 | — | 145,341 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Cash and cash equivalents, end of | $ | 775 | $ | 98,105 | $ | 31,698 | $ | 219 | $ | — | $ | 130,797 | ||||||||||||
period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
We have evaluated all events or transactions that occurred after March 31, 2015. 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, 2015 | ||||
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 $83.4 million and $100.4 million for the three months ended March 31, 2015 and 2014, 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 continually assessed 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. Our current rate is also impacted by the resolution of federal and state income tax examinations and changes in accruals established for potentially unfavorable outcomes in connection with these examinations. | ||||
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 other long-term tax liabilities on the balance sheet. | ||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||
Three Months Ended | ||||
March 31, | ||||
(In thousands) | 2015 | |||
Unrecognized tax benefit as of January 1, 2015 | $ | 30,198 | ||
Additions: | ||||
Tax positions related to current year | — | |||
Tax positions related to prior years | — | |||
Reductions: | ||||
Tax positions related to the deconsolidation of Borgata | — | |||
Lapse of applicable statute of limitations | — | |||
Tax positions related to prior years | (25,671 | ) | ||
Settlement with taxing authorities | — | |||
Unrecognized tax benefit as of March 31, 2015 | $ | 4,527 | ||
The entire $4.5 million balance of unrecognized tax benefits at March 31, 2015, if recognized, would impact the effective tax rate. We recognize accrued interest related to unrecognized tax benefits in our income tax provision. During the quarter ended March 31, 2015 we recognized an interest related benefit of $5.8 million in our tax provision, as further described below. We have accrued interest and penalties of $1.2 million as of March 31, 2015, in our consolidated balance sheets. | ||||
During the quarter, we received Joint Committee approval on our IRS appeals agreement, effectively settling our 2005 through 2009 examination. As a result of the settlement, we received an approximate $2.4 million refund and reduced our unrecognized tax benefits by $25.7 million, of which $17.6 million impacted our effective tax rate. Additionally, as a result of the settlement, we reduced the interest accrued on our unrecognized tax benefits by $5.8 million and recorded a benefit to our tax provision. | ||||
We are in various stages of the examination process in connection with many of our audits and it is difficult to determine when these examinations will be closed. However, it is reasonably possible that over the next twelve-month period our unrecognized tax benefits as of March 31, 2015, will decrease in an amount up to $2.0 million, all of which would impact our effective tax rate. Such reduction is due to the resolution of certain issues, primarily related to the realization of tax attributes, in connection with our state examinations. | ||||
Net Income (Loss) Per Share | Net Income (Loss) per Share | |||
Basic net income (loss) per share is computed by dividing net income (loss) applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. | ||||
Due to the net loss for the three months ended March 31, 2014, the effect of all potential common share equivalents was anti-dilutive, and therefore all such shares were excluded from the computation of diluted weighted average shares outstanding for this period. The amount of potential common share equivalents were as follows: | ||||
Three Months Ended | ||||
March 31, | ||||
(In thousands) | 2014 | |||
Potential dilutive effect | 942.1 | |||
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 | |||
Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ("Update 2015-03") | ||||
In April 2015, the Financial Accounting Standards Board ("FASB") issued Update 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, for interim periods within those fiscal years, and early adoption is permitted. The Company determined that the impact of the new standard on its financial reporting will not be material. | ||||
Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis ("Update 2015-02") | ||||
Update 2015-02, issued by the FASB in February 2015, amends the consolidation requirements in ASC 810 and changes the consolidation analysis required under GAAP. The standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The Company is evaluating the potential impacts of the new standard on its consolidation methodology. | ||||
Accounting Standards Update 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ("Update 2015-01") | ||||
In January 2015, the FASB issued Update 2015-01 eliminating from GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under Update 2015-01, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. The standard is effective for annual periods beginning after December 15, 2015 with early adoption permitted. The Company determined that the impact of the new standard on its financial reporting will not be material. | ||||
A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The amount of potential common share equivalents were as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | |||||||
Potential dilutive effect | 942.1 | |||||||
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 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 for complimentary slot play, food and beverage, and to a lesser extent for other goods or services, depending upon the property. | ||||||||
The amounts included in promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Rooms | $ | 18,744 | $ | 35,424 | ||||
Food and beverage | 37,714 | 49,872 | ||||||
Other | 3,055 | 25,095 | ||||||
Total promotional allowances | $ | 59,513 | $ | 110,391 | ||||
The estimated costs of providing such promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Rooms | $ | 8,782 | $ | 14,134 | ||||
Food and beverage | 33,552 | 43,561 | ||||||
Other | 2,787 | 5,014 | ||||||
Total estimated cost of promotional allowances | $ | 45,121 | $ | 62,709 | ||||
The amounts included in promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Rooms | $ | 18,744 | $ | 35,424 | ||||
Food and beverage | 37,714 | 49,872 | ||||||
Other | 3,055 | 25,095 | ||||||
Total promotional allowances | $ | 59,513 | $ | 110,391 | ||||
The estimated costs of providing such promotional allowances are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Rooms | $ | 8,782 | $ | 14,134 | ||||
Food and beverage | 33,552 | 43,561 | ||||||
Other | 2,787 | 5,014 | ||||||
Total estimated cost of promotional allowances | $ | 45,121 | $ | 62,709 | ||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Property and Equipment | Property and equipment, net consists of the following: | |||||||
March 31, | December 31, | |||||||
(In thousands) | 2015 | 2014 | ||||||
Land | $ | 229,684 | $ | 229,684 | ||||
Buildings and improvements | 2,528,526 | 2,534,618 | ||||||
Furniture and equipment | 1,109,614 | 1,079,878 | ||||||
Riverboats and barges | 238,723 | 239,669 | ||||||
Construction in progress | 24,034 | 35,675 | ||||||
Other | 8,372 | 11,502 | ||||||
Total property and equipment | 4,138,953 | 4,131,026 | ||||||
Less accumulated depreciation | 1,888,157 | 1,844,918 | ||||||
Property and equipment, net | $ | 2,250,796 | $ | 2,286,108 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||
Schedule of Intangible Assets | Intangible assets consist of the following: | |||||||||||||||||
March 31, 2015 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 2.7 years | $ | 139,600 | $ | (94,056 | ) | $ | — | $ | 45,544 | ||||||||
Favorable lease rates | 33.2 years | 45,370 | (11,215 | ) | — | 34,155 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
206,343 | (105,271 | ) | — | 101,072 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks and other | Indefinite | 129,501 | — | (3,500 | ) | 126,001 | ||||||||||||
Gaming license rights | Indefinite | 873,335 | (33,960 | ) | (138,872 | ) | 700,503 | |||||||||||
1,002,836 | (33,960 | ) | (142,372 | ) | 826,504 | |||||||||||||
Balance, March 31, 2015 | $ | 1,209,179 | $ | (139,231 | ) | $ | (142,372 | ) | $ | 927,576 | ||||||||
December 31, 2014 | ||||||||||||||||||
Weighted | Gross | Cumulative | ||||||||||||||||
Average Life | Carrying | Cumulative | Impairment | Intangible | ||||||||||||||
(In thousands) | Remaining | Value | Amortization | Losses | Assets, Net | |||||||||||||
Amortizing intangibles: | ||||||||||||||||||
Customer relationships | 2.9 years | $ | 139,600 | $ | (87,642 | ) | $ | — | $ | 51,958 | ||||||||
Favorable lease rates | 33.4 years | 45,370 | (10,956 | ) | — | 34,414 | ||||||||||||
Development agreement | — | 21,373 | — | — | 21,373 | |||||||||||||
206,343 | (98,598 | ) | — | 107,745 | ||||||||||||||
Indefinite lived intangible assets: | ||||||||||||||||||
Trademarks | Indefinite | 129,501 | — | (3,500 | ) | 126,001 | ||||||||||||
Gaming license rights | Indefinite | 873,335 | (33,960 | ) | (138,872 | ) | 700,503 | |||||||||||
1,002,836 | (33,960 | ) | (142,372 | ) | 826,504 | |||||||||||||
Balance, December 31, 2014 | $ | 1,209,179 | $ | (132,558 | ) | $ | (142,372 | ) | $ | 934,249 | ||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: | |||||||
March 31, | December 31, | |||||||
(In thousands) | 2015 | 2014 | ||||||
Payroll and related expenses | $ | 66,577 | $ | 69,672 | ||||
Interest | 32,724 | 33,985 | ||||||
Gaming liabilities | 32,460 | 35,698 | ||||||
Player loyalty program liabilities | 18,857 | 19,058 | ||||||
Accrued liabilities | 96,281 | 80,853 | ||||||
Total accrued liabilities | $ | 246,899 | $ | 239,266 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt, net of current maturities consists of the following: | ||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Interest | Unamortized | ||||||||||||||||||
Rates at | Outstanding | Unamortized | Origination | Long-Term | |||||||||||||||
(In thousands) | 31-Mar-15 | Principal | Discount | Fees | Debt, Net | ||||||||||||||
Boyd Gaming Corporation Debt: | |||||||||||||||||||
Bank credit facility | 3.68 | % | $ | 1,345,450 | $ | (3,429 | ) | $ | — | $ | 1,342,021 | ||||||||
9.125% senior notes due 2018 | 9.13 | % | 500,000 | — | (4,536 | ) | 495,464 | ||||||||||||
9.00% senior notes due 2020 | 9 | % | 350,000 | — | — | 350,000 | |||||||||||||
HoldCo Note | 8 | % | 151,740 | (10,616 | ) | — | 141,124 | ||||||||||||
2,347,190 | (14,045 | ) | (4,536 | ) | 2,328,609 | ||||||||||||||
Peninsula Segment Debt: | |||||||||||||||||||
Bank credit facility | 4.25 | % | 725,175 | — | — | 725,175 | |||||||||||||
8.375% senior notes due 2018 | 8.38 | % | 350,000 | — | — | 350,000 | |||||||||||||
Other | various | 1 | — | — | 1 | ||||||||||||||
1,075,176 | — | — | 1,075,176 | ||||||||||||||||
Total long-term debt | 3,422,366 | (14,045 | ) | (4,536 | ) | 3,403,785 | |||||||||||||
Less current maturities | 27,688 | — | — | 27,688 | |||||||||||||||
Long-term debt, net | $ | 3,394,678 | $ | (14,045 | ) | $ | (4,536 | ) | $ | 3,376,097 | |||||||||
December 31, 2014 | |||||||||||||||||||
Interest | Unamortized | ||||||||||||||||||
Rates at | Outstanding | Unamortized | Origination | Long-Term | |||||||||||||||
(In thousands) | Dec. 31, 2014 | Principal | Discount | Fees | Debt, Net | ||||||||||||||
Boyd Gaming Corporation Debt: | |||||||||||||||||||
Bank credit facility | 3.66 | % | $ | 1,387,425 | $ | (3,589 | ) | $ | — | $ | 1,383,836 | ||||||||
9.125% senior notes due 2018 | 9.13 | % | 500,000 | — | (4,845 | ) | 495,155 | ||||||||||||
9.00% senior notes due 2020 | 9 | % | 350,000 | — | — | 350,000 | |||||||||||||
HoldCo Note | 8 | % | 151,740 | (11,743 | ) | — | 139,997 | ||||||||||||
2,389,165 | (15,332 | ) | (4,845 | ) | 2,368,988 | ||||||||||||||
Peninsula Segment Debt: | |||||||||||||||||||
Bank credit facility | 4.25 | % | 742,400 | — | — | 742,400 | |||||||||||||
8.375% senior notes due 2018 | 8.38 | % | 350,000 | — | — | 350,000 | |||||||||||||
Other | various | 3 | — | — | 3 | ||||||||||||||
1,092,403 | — | — | 1,092,403 | ||||||||||||||||
Total long-term debt | 3,481,568 | (15,332 | ) | (4,845 | ) | 3,461,391 | |||||||||||||
Less current maturities | 29,753 | — | — | 29,753 | |||||||||||||||
Long-term debt, net | $ | 3,451,815 | $ | (15,332 | ) | $ | (4,845 | ) | $ | 3,431,638 | |||||||||
Bank Credit Facility | Bank Credit Facility [Member] | Parent | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | The outstanding principal amounts under the Third Amended and Restated Credit Agreement (the "Boyd Gaming Credit Facility") are comprised of the following: | ||||||||||||||||||
(In thousands) | March 31, 2015 | December 31, 2014 | |||||||||||||||||
Revolving Credit Facility | $ | 280,000 | $ | 300,000 | |||||||||||||||
Term A Loan | 218,250 | 221,375 | |||||||||||||||||
Term B Loan | 838,500 | 840,750 | |||||||||||||||||
Swing Loan | 8,700 | 25,300 | |||||||||||||||||
Total outstanding principal amounts under the Boyd Gaming Credit Facility | $ | 1,345,450 | $ | 1,387,425 | |||||||||||||||
Bank Credit Facility | Bank Credit Facility [Member] | Subsidiary, Peninsula Gaming [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | The outstanding principal amounts under the Peninsula senior secured credit facility (the "Peninsula Credit Facility") are comprised of the following: | ||||||||||||||||||
(In thousands) | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||
Term Loan | $ | 712,875 | $ | 734,000 | |||||||||||||||
Revolving Facility | 5,000 | 2,000 | |||||||||||||||||
Swing Loan | 7,300 | 6,400 | |||||||||||||||||
Total outstanding principal amounts under the Peninsula Credit Facility | $ | 725,175 | $ | 742,400 | |||||||||||||||
Stockholders_Equity_and_Stock_1
Stockholders' Equity and Stock Incentive Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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) | 2015 | 2014 | ||||||
Gaming | $ | 68 | $ | 115 | ||||
Food and beverage | 13 | 22 | ||||||
Room | 6 | 10 | ||||||
Selling, general and administrative | 344 | 584 | ||||||
Corporate expense | 3,010 | 5,750 | ||||||
Total share-based compensation expense | $ | 3,441 | $ | 6,481 | ||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||
Schedule of Changes in Noncontrolling Interest | Changes in the noncontrolling interest for the three months ended March 31, 2014, 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, 2015 | ||||||||||||||||
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, 2015 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 130,797 | $ | 130,797 | $ | — | $ | — | ||||||||
Restricted cash | 21,465 | 21,465 | — | — | ||||||||||||
Investment available for sale | 18,658 | — | — | 18,658 | ||||||||||||
Liabilities | ||||||||||||||||
Contingent payments | 3,721 | — | — | 3,721 | ||||||||||||
December 31, 2014 | ||||||||||||||||
(In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 145,341 | $ | 145,341 | $ | — | $ | — | ||||||||
Restricted cash | 18,107 | 18,107 | — | — | ||||||||||||
Investment available for sale | 18,357 | — | — | 18,357 | ||||||||||||
Liabilities | ||||||||||||||||
Merger earnout | $ | 75 | $ | — | $ | — | $ | 75 | ||||||||
Contingent payments | 3,792 | — | — | 3,792 | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in fair value of the Company's Level 3 assets and liabilities: | |||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
(In thousands) | Investment | Merger | Contingent | |||||||||||||
Available for | Earnout | Payments | ||||||||||||||
Sale | ||||||||||||||||
Balance at January 1, 2015 | $ | 18,357 | $ | (75 | ) | $ | (3,792 | ) | ||||||||
Deposits | — | — | — | |||||||||||||
Total gains (losses) (realized or unrealized): | ||||||||||||||||
Included in earnings | 31 | 75 | (159 | ) | ||||||||||||
Included in other comprehensive income (loss) | 270 | — | — | |||||||||||||
Transfers in or out of Level 3 | — | — | — | |||||||||||||
Purchases, sales, issuances and settlements: | ||||||||||||||||
Settlements | — | — | 230 | |||||||||||||
Balance at March 31, 2015 | $ | 18,658 | $ | — | $ | (3,721 | ) | |||||||||
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 | $ | 31 | $ | — | $ | — | ||||||||||
Included in interest expense | — | — | (159 | ) | ||||||||||||
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 | |||||||||||
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 | ) | |||||||||||
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 | 9.9 | % | ||||||||||||
Contingent payments | Discounted cash flow | Discount rate | 18.5 | % | ||||||||||||
Fair Value, Liabilities 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, 2015 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 36,292 | $ | 28,323 | $ | 29,110 | Level 3 | |||||||||
Other financial instruments | 300 | 273 | 273 | Level 3 | ||||||||||||
December 31, 2014 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Liabilities | ||||||||||||||||
Obligation under assessment arrangements | $ | 36,749 | $ | 28,612 | $ | 29,529 | Level 3 | |||||||||
Other financial instruments | 300 | 268 | 268 | Level 3 | ||||||||||||
The following tables provide the fair value measurement information about our long-term debt: | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Debt: | ||||||||||||||||
Boyd Gaming Debt: | ||||||||||||||||
Bank credit facility | $ | 1,345,450 | $ | 1,342,021 | $ | 1,344,236 | Level 2 | |||||||||
9.125% Senior Notes due 2018 | 500,000 | 495,464 | 525,000 | Level 1 | ||||||||||||
9.00% Senior Notes due 2020 | 350,000 | 350,000 | 378,875 | Level 1 | ||||||||||||
HoldCo Note | 151,740 | 141,124 | 144,153 | Level 3 | ||||||||||||
2,347,190 | 2,328,609 | 2,392,264 | ||||||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 725,175 | 725,175 | 726,529 | Level 2 | ||||||||||||
8.375% Senior Notes due 2018 | 350,000 | 350,000 | 369,250 | Level 2 | ||||||||||||
Other | 1 | 1 | 1 | Level 3 | ||||||||||||
1,075,176 | 1,075,176 | 1,095,780 | ||||||||||||||
Total debt | $ | 3,422,366 | $ | 3,403,785 | $ | 3,488,044 | ||||||||||
December 31, 2014 | ||||||||||||||||
(In thousands) | Outstanding Face Amount | Carrying Value | Estimated Fair Value | Fair Value Hierarchy | ||||||||||||
Boyd Gaming Corporation Debt: | ||||||||||||||||
Bank credit facility | $ | 1,387,425 | $ | 1,383,836 | $ | 1,395,595 | Level 2 | |||||||||
9.125% senior notes due 2018 | 500,000 | 495,155 | 517,500 | Level 1 | ||||||||||||
9.00% senior notes due 2020 | 350,000 | 350,000 | 359,625 | Level 1 | ||||||||||||
HoldCo Note | 151,740 | 139,997 | 144,153 | Level 3 | ||||||||||||
2,389,165 | 2,368,988 | 2,416,873 | ||||||||||||||
Peninsula Segment Debt: | ||||||||||||||||
Bank credit facility | 742,400 | 742,400 | 754,364 | Level 2 | ||||||||||||
8.375% senior notes due 2018 | 350,000 | 350,000 | 363,125 | Level 2 | ||||||||||||
Other | 3 | 3 | 3 | Level 3 | ||||||||||||
1,092,403 | 1,092,403 | 1,117,492 | ||||||||||||||
Total debt | $ | 3,481,568 | $ | 3,461,391 | $ | 3,534,365 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of Composition of Segments | 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 | |||||||
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) | 2015 | 2014 | ||||||
Net Revenues | ||||||||
Las Vegas Locals | $ | 150,302 | $ | 151,443 | ||||
Downtown Las Vegas | 56,603 | 55,733 | ||||||
Midwest and South | 217,764 | 211,636 | ||||||
Peninsula | 125,909 | 122,273 | ||||||
Borgata (1) | — | 167,264 | ||||||
Total Reportable Segment Net Revenues | $ | 550,578 | $ | 708,349 | ||||
Reportable Segment Adjusted EBITDA | ||||||||
Las Vegas Locals | $ | 38,877 | $ | 40,007 | ||||
Downtown Las Vegas | 10,677 | 9,327 | ||||||
Midwest and South | 50,984 | 44,098 | ||||||
Peninsula | 46,363 | 44,761 | ||||||
Borgata (1) | 18,913 | 20,446 | ||||||
Total Reportable Segment Adjusted EBITDA (2) | 165,814 | 158,639 | ||||||
Other operating costs and expenses | ||||||||
Corporate expense | 16,642 | 14,171 | ||||||
Deferred rent | 857 | 906 | ||||||
Depreciation and amortization | 51,942 | 66,179 | ||||||
Preopening expense | 505 | 784 | ||||||
Share-based compensation expense | 3,441 | 6,481 | ||||||
Impairments of assets | 1,065 | 1,633 | ||||||
Asset transaction costs | 450 | 155 | ||||||
Other operating charges and credits, net | 116 | (186 | ) | |||||
Our share of Borgata's other operating costs and expenses | 7,238 | — | ||||||
Total other operating costs and expenses | 82,256 | 90,123 | ||||||
Operating income | $ | 83,558 | $ | 68,516 | ||||
(1) Due to the deconsolidation of Borgata on September 30, 2014, our condensed consolidated statement of operations for the three months ended March 31, 2015 reflects our accounting for our 50% ownership interest in Borgata by applying the equity method. For the three months ended March 31, 2014, Borgata's financial results are reflected on a full consolidation basis. | ||||||||
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) | 2015 | 2014 | ||||||
Assets | ||||||||
Las Vegas Locals | $ | 1,153,323 | $ | 1,164,115 | ||||
Downtown Las Vegas | 129,986 | 128,682 | ||||||
Midwest and South | 1,279,751 | 1,302,002 | ||||||
Peninsula | 1,446,827 | 1,459,529 | ||||||
Total Reportable Segment Assets | 4,009,887 | 4,054,328 | ||||||
Corporate | 416,897 | 424,596 | ||||||
Total Assets | $ | 4,426,784 | $ | 4,478,924 | ||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheets | |||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 775 | $ | 98,105 | $ | 31,698 | $ | 219 | $ | — | $ | 130,797 | ||||||||||||
Other current assets | 11,211 | 70,428 | 29,173 | — | (9,575 | ) | 101,237 | |||||||||||||||||
Property and equipment, net | 58,015 | 1,757,614 | 435,167 | — | — | 2,250,796 | ||||||||||||||||||
Investments in subsidiaries | 3,416,980 | 137,237 | — | — | (3,327,485 | ) | 226,732 | |||||||||||||||||
Intercompany receivable | — | 1,720,432 | — | — | (1,720,432 | ) | — | |||||||||||||||||
Other assets, net | 35,708 | 9,271 | 59,357 | — | — | 104,336 | ||||||||||||||||||
Intangible assets, net | — | 424,823 | 502,753 | — | — | 927,576 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,522,689 | $ | 4,430,704 | $ | 1,530,664 | $ | 219 | $ | (5,057,492 | ) | $ | 4,426,784 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 6,188 | $ | — | $ | — | $ | 27,688 | ||||||||||||
Other current liabilities | 71,938 | 158,951 | 75,736 | — | (248 | ) | 306,377 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 237 | — | (237 | ) | — | |||||||||||||||||
Intercompany payable | 742,125 | — | 986,747 | 438 | (1,729,310 | ) | — | |||||||||||||||||
Long-term debt, net of current | 2,165,985 | — | 1,210,112 | — | — | 3,376,097 | ||||||||||||||||||
maturities | ||||||||||||||||||||||||
Other long-term liabilities | 42,316 | 148,777 | 46,654 | — | — | 237,747 | ||||||||||||||||||
Common stock | 1,104 | 31,124 | (27 | ) | — | (31,097 | ) | 1,104 | ||||||||||||||||
Additional paid-in capital | 927,515 | 2,717,938 | 248,203 | 4,250 | (2,970,391 | ) | 927,515 | |||||||||||||||||
Retained earnings (deficit) | (450,012 | ) | 1,373,696 | (1,043,404 | ) | (4,469 | ) | (325,823 | ) | (450,012 | ) | |||||||||||||
Accumulated other | 218 | 218 | 218 | — | (436 | ) | 218 | |||||||||||||||||
comprehensive income (loss), net | ||||||||||||||||||||||||
Total Boyd Gaming Corporation | 478,825 | 4,122,976 | (795,010 | ) | (219 | ) | (3,327,747 | ) | 478,825 | |||||||||||||||
stockholders' equity (deficit) | ||||||||||||||||||||||||
Noncontrolling interest | — | — | — | — | 50 | 50 | ||||||||||||||||||
Total stockholders' equity (deficit) | 478,825 | 4,122,976 | (795,010 | ) | (219 | ) | (3,327,697 | ) | 478,875 | |||||||||||||||
Total liabilities and stockholders' | $ | 3,522,689 | $ | 4,430,704 | $ | 1,530,664 | $ | 219 | $ | (5,057,492 | ) | $ | 4,426,784 | |||||||||||
equity | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets - continued | ||||||||||||||||||||||||
December 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 | $ | 2 | $ | 111,452 | $ | 33,668 | $ | 219 | $ | — | $ | 145,341 | ||||||||||||
Other current assets | 10,234 | 69,012 | 21,980 | — | (4,617 | ) | 96,609 | |||||||||||||||||
Property and equipment, net | 65,365 | 1,775,486 | 445,257 | — | — | 2,286,108 | ||||||||||||||||||
Investments in subsidiaries | 3,345,735 | 150,694 | — | — | (3,273,712 | ) | 222,717 | |||||||||||||||||
Intercompany receivable | — | 1,637,101 | — | — | (1,637,101 | ) | — | |||||||||||||||||
Other assets, net | 36,600 | 9,149 | 62,841 | — | — | 108,590 | ||||||||||||||||||
Intangible assets, net | — | 425,083 | 509,166 | — | — | 934,249 | ||||||||||||||||||
Goodwill, net | — | 212,794 | 472,516 | — | — | 685,310 | ||||||||||||||||||
Total assets | $ | 3,457,936 | $ | 4,390,771 | $ | 1,545,428 | $ | 219 | $ | (4,915,430 | ) | $ | 4,478,924 | |||||||||||
Liabilities and Stockholders' | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 21,500 | $ | — | $ | 8,253 | $ | — | $ | — | $ | 29,753 | ||||||||||||
Other current liabilities | 82,711 | 160,542 | 84,427 | — | (238 | ) | 327,442 | |||||||||||||||||
Accumulated losses of subsidiaries in excess of investment | — | — | 3,619 | — | (3,619 | ) | — | |||||||||||||||||
Intercompany payable | 668,310 | — | 972,425 | 397 | (1,641,132 | ) | — | |||||||||||||||||
Long-term debt, net of current maturities | 2,207,490 | — | 1,224,148 | — | — | 3,431,638 | ||||||||||||||||||
Other long-term liabilities | 39,888 | 169,824 | 42,292 | — | — | 252,004 | ||||||||||||||||||
Common stock | 1,093 | 31,124 | (27 | ) | — | (31,097 | ) | 1,093 | ||||||||||||||||
Additional paid-in capital | 922,112 | 2,717,841 | 248,203 | 4,250 | (2,970,294 | ) | 922,112 | |||||||||||||||||
Retained earnings (deficit) | (485,115 | ) | 1,311,492 | (1,037,860 | ) | (4,428 | ) | (269,204 | ) | (485,115 | ) | |||||||||||||
Accumulated other comprehensive loss, net | (53 | ) | (52 | ) | (52 | ) | — | 104 | (53 | ) | ||||||||||||||
Total Boyd Gaming Corporation stockholders' equity (deficit) | 438,037 | 4,060,405 | (789,736 | ) | (178 | ) | (3,270,491 | ) | 438,037 | |||||||||||||||
Noncontrolling interest | — | — | — | — | 50 | 50 | ||||||||||||||||||
Total stockholders' equity (deficit) | 438,037 | 4,060,405 | (789,736 | ) | (178 | ) | (3,270,441 | ) | 438,087 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 3,457,936 | $ | 4,390,771 | $ | 1,545,428 | $ | 219 | $ | (4,915,430 | ) | $ | 4,478,924 | |||||||||||
Schedule of Condensed Income Statement | Condensed Consolidating Statements of Operations | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Non- | Non- | |||||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Guarantor | (100% | (Not 100% | ||||||||||||||||||||||
(In thousands) | Parent | Subsidiaries | Owned) | Owned) | Eliminations | Consolidated | ||||||||||||||||||
Net revenues | $ | 30,796 | $ | 418,592 | $ | 137,525 | $ | — | $ | (36,335 | ) | $ | 550,578 | |||||||||||
Costs and expenses | ||||||||||||||||||||||||
Operating | 450 | 223,587 | 73,920 | — | — | 297,957 | ||||||||||||||||||
Selling, general and | 12,403 | 54,342 | 14,944 | — | — | 81,689 | ||||||||||||||||||
administrative | ||||||||||||||||||||||||
Maintenance and utilities | — | 21,711 | 3,608 | — | — | 25,319 | ||||||||||||||||||
Depreciation and amortization | 1,287 | 32,687 | 17,968 | — | — | 51,942 | ||||||||||||||||||
Corporate expense | 18,467 | 54 | 1,131 | — | — | 19,652 | ||||||||||||||||||
Preopening expenses | — | — | 464 | 41 | — | 505 | ||||||||||||||||||
Impairments of assets | — | — | 1,065 | — | — | 1,065 | ||||||||||||||||||
Asset transactions costs | (52 | ) | (17 | ) | 519 | — | — | 450 | ||||||||||||||||
Other operating items, net | — | 70 | 46 | — | — | 116 | ||||||||||||||||||
Intercompany expenses | 301 | 30,841 | 5,193 | — | (36,335 | ) | — | |||||||||||||||||
Total costs and expenses | 32,856 | 363,275 | 118,858 | 41 | (36,335 | ) | 478,695 | |||||||||||||||||
Equity in earnings of subsidiaries | 47,768 | 7,652 | (41 | ) | — | (43,704 | ) | 11,675 | ||||||||||||||||
Operating income (loss) | 45,708 | 62,969 | 18,626 | (41 | ) | (43,704 | ) | 83,558 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||||
Interest expense, net | 33,396 | 702 | 22,366 | — | — | 56,464 | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | 508 | — | — | 508 | ||||||||||||||||||
Other, net | 416 | — | 202 | — | — | 618 | ||||||||||||||||||
Boyd's share of Borgata's non-operating items, net | — | 7,661 | — | — | — | 7,661 | ||||||||||||||||||
Total other expense, net | 33,812 | 8,363 | 23,076 | — | — | 65,251 | ||||||||||||||||||
Income (loss) before income taxes | 11,896 | 54,606 | (4,450 | ) | (41 | ) | (43,704 | ) | 18,307 | |||||||||||||||
Income taxes benefit (provision) | 23,207 | (1,927 | ) | (4,484 | ) | — | — | 16,796 | ||||||||||||||||
Net income (loss) | $ | 35,103 | $ | 52,679 | $ | (8,934 | ) | $ | (41 | ) | $ | (43,704 | ) | $ | 35,103 | |||||||||
Comprehensive income (loss) | $ | 35,374 | $ | 52,950 | $ | (8,663 | ) | $ | (41 | ) | $ | (44,246 | ) | $ | 35,374 | |||||||||
Condensed Consolidating Statements of Operations - continued | ||||||||||||||||||||||||
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 expense | 36 | 6 | 628 | 114 | — | 784 | ||||||||||||||||||
Impairments of assets | 320 | 1,013 | 300 | — | — | 1,633 | ||||||||||||||||||
Asset transactions costs | — | (20 | ) | 177 | (2 | ) | — | 155 | ||||||||||||||||
Other operating items, 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 (provision) | (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 | ) | |||||||
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
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 | $ | (26,888 | ) | $ | 75,990 | $ | 5,730 | $ | (41 | ) | $ | 4,847 | $ | 59,638 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Capital expenditures | (6,152 | ) | (6,006 | ) | (7,111 | ) | — | — | (19,269 | ) | ||||||||||||||
Net activity with affiliates | — | (83,331 | ) | — | — | 83,331 | — | |||||||||||||||||
Other investing activities | — | — | 2,316 | — | — | 2,316 | ||||||||||||||||||
Net cash from investing activities | (6,152 | ) | (89,337 | ) | (4,795 | ) | — | 83,331 | (16,953 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Borrowings under bank credit facility | 203,700 | — | 91,400 | — | — | 295,100 | ||||||||||||||||||
Payments under bank credit facility | (245,675 | ) | — | (108,625 | ) | — | — | (354,300 | ) | |||||||||||||||
Payments on long-term debt | — | — | (2 | ) | — | — | (2 | ) | ||||||||||||||||
Net activity with affiliates | 73,815 | — | 14,322 | 41 | (88,178 | ) | — | |||||||||||||||||
Stock options exercised | 4,419 | — | — | — | — | 4,419 | ||||||||||||||||||
Performance stock units released, net | (2,446 | ) | — | — | — | — | (2,446 | ) | ||||||||||||||||
Net cash from financing activities | 33,813 | — | (2,905 | ) | 41 | (88,178 | ) | (57,229 | ) | |||||||||||||||
Net change in cash and cash | 773 | (13,347 | ) | (1,970 | ) | — | — | (14,544 | ) | |||||||||||||||
equivalents | ||||||||||||||||||||||||
Cash and cash equivalents, beginning | 2 | 111,452 | 33,668 | 219 | — | 145,341 | ||||||||||||||||||
of period | ||||||||||||||||||||||||
Cash and cash equivalents, end of | $ | 775 | $ | 98,105 | $ | 31,698 | $ | 219 | $ | — | $ | 130,797 | ||||||||||||
period | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows - continued | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details) | 3 Months Ended | |
Mar. 31, 2015 | Jan. 31, 2010 | |
property | ||
entity | ||
Consolidated Entities [Line Items] | ||
Number of gaming entertainment properties | 21 | |
Number of controlling interests held | 1 | |
Subsidiary, Borgata | ||
Consolidated Entities [Line Items] | ||
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, 2015 | Mar. 31, 2014 |
Allowances [Line Items] | ||
Promotional allowances | $59,513 | $110,391 |
Cost of promotional allowances | 45,121 | 62,709 |
Rooms | ||
Allowances [Line Items] | ||
Promotional allowances | 18,744 | 35,424 |
Cost of promotional allowances | 8,782 | 14,134 |
Food and Beverage | ||
Allowances [Line Items] | ||
Promotional allowances | 37,714 | 49,872 |
Cost of promotional allowances | 33,552 | 43,561 |
Other Products and Services | ||
Allowances [Line Items] | ||
Promotional allowances | 3,055 | 25,095 |
Cost of promotional allowances | $2,787 | $5,014 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Weighted Average Shares Outstanding) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accounting Policies [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 942,100,000 | |
Weighted average shares outstanding: | ||
Basic | 111,446,000 | 109,753,000 |
Weighted average diluted shares outstanding | 112,358,000 | 109,753,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Gaming Taxes) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounting Policies [Abstract] | ||
Gaming taxes | $83.40 | $100.40 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Net Loss per Share (Details) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 942.1 |
Disposition_Disposition_Detail
Disposition (Disposition) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Acquisition [Line Items] | ||
Net revenues | $550,578 | $708,349 |
Net income (loss) attributable to Boyd Gaming Corporation | $35,103 | ($6,182) |
Deconsolidation_of_Borgata_Nar
Deconsolidation of Borgata (Narrative) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2010 |
Consolidated Entities [Line Items] | ||||
Assets, Current | $232,034 | $241,950 | ||
Impairments of assets | 1,065 | 1,633 | ||
Investment in unconsolidated subsidiary | 226,732 | 222,717 | ||
Assets | -4,426,784 | -4,478,924 | ||
Liabilities, Current | $334,065 | $357,195 | ||
Subsidiary, Borgata | ||||
Consolidated Entities [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% |
Deconsolidation_of_Borgata_Equ
Deconsolidation of Borgata Equity Investment Summarized Financial Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Net revenues | $550,578 | $708,349 |
ERROR in label resolution. | -478,695 | -639,833 |
Operating Income (Loss) | 83,558 | 68,516 |
Interest Expense | 56,935 | 75,503 |
Income taxes benefit (provision) | -16,796 | 4,848 |
Net Income (Loss) Attributable to Parent | ($35,103) | $6,182 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $4,138,953,000 | $4,131,026,000 | |
Less accumulated depreciation | 1,888,157,000 | 1,844,918,000 | |
Property and equipment, net | 2,250,796,000 | 2,286,108,000 | |
Depreciation expense | 45,100,000 | 57,700,000 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 229,684,000 | 229,684,000 | |
Buildings and Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,528,526,000 | 2,534,618,000 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,109,614,000 | 1,079,878,000 | |
Riverboats and Barges | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 238,723,000 | 239,669,000 | |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 24,034,000 | 35,675,000 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $8,372,000 | $11,502,000 |
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, 2015 | Dec. 31, 2013 | Dec. 31, 2014 |
Intangible Assets [Line Items] | |||
Intangible assets, gross | $1,209,179 | $1,209,179 | |
Intangible assets, cumulative amortization | -139,231 | -132,558 | |
Intangible assets, cumulative impairment | -142,372 | -142,372 | |
Intangible assets, net | 927,576 | 934,249 | |
Amortizing intangibles: | |||
Gross carrying value | 206,343 | 206,343 | |
Cumulative amortization | -105,271 | -98,598 | |
Cumulative impairment losses | 0 | 0 | |
Intangible assets, net | 101,072 | 107,745 | |
Indefinite lived intangible assets: | |||
Gross carrying value | 1,002,836 | 1,002,836 | |
Cumulative amortization | -33,960 | -33,960 | |
Cumulative impairment losses | -142,372 | -142,372 | |
Intangible assets, net | 826,504 | 826,504 | |
Customer Relationships [Member] | |||
Amortizing intangibles: | |||
Weighted average life | 2 years 8 months | 2 years 11 months | |
Gross carrying value | 139,600 | 139,600 | |
Cumulative amortization | -94,056 | -87,642 | |
Cumulative impairment losses | 0 | 0 | |
Intangible assets, net | 45,544 | 51,958 | |
Off-Market Favorable Lease [Member] | |||
Amortizing intangibles: | |||
Weighted average life | 33 years 2 months | 33 years 4 months 24 days | |
Gross carrying value | 45,370 | 45,370 | |
Cumulative amortization | -11,215 | -10,956 | |
Cumulative impairment losses | 0 | 0 | |
Intangible assets, net | 34,155 | 34,414 | |
Non-Competition Agreement | |||
Amortizing intangibles: | |||
Weighted average life | 0 years | ||
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 | 129,501 | 129,501 | |
Cumulative amortization | 0 | 0 | |
Cumulative impairment losses | -3,500 | -3,500 | |
Intangible assets, net | 126,001 | 126,001 | |
Gaming License Rights | |||
Indefinite lived intangible assets: | |||
Gross carrying value | 873,335 | 873,335 | |
Cumulative amortization | -33,960 | -33,960 | |
Cumulative impairment losses | -138,872 | -138,872 | |
Intangible assets, net | $700,503 | $700,503 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $66,577 | $69,672 |
Interest | 32,724 | 33,985 |
Gaming liabilities | 32,460 | 35,698 |
Customer Loyalty Program Liability, Current | 18,857 | 19,058 |
Accrued liabilities | 96,281 | 80,853 |
Total accrued liabilities | $246,899 | $239,266 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||
Unamortized discount | ($14,045,000) | ($15,332,000) | |
Unamortized origination fees | -4,536,000 | -4,845,000 | |
Current maturities of long-term debt | 27,688,000 | 29,753,000 | |
Long-term debt, gross, excluding current maturities | 3,394,678,000 | 3,451,815,000 | |
Long-term debt, net of current maturities | 3,376,097,000 | 3,431,638,000 | |
Senior Notes | 9.125% Senior Notes Due 2018 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | ||
Senior Notes | 9.00% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||
Parent | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 2,347,190,000 | 2,389,165,000 | |
Unamortized discount | -14,045,000 | -15,332,000 | |
Unamortized origination fees | -4,536,000 | -4,845,000 | |
Long-term debt, net | 2,328,609,000 | 2,368,988,000 | |
Current maturities of long-term debt | 21,500,000 | 21,500,000 | |
Long-term debt, net of current maturities | 2,165,985,000 | 2,207,490,000 | |
Parent | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 1,345,450,000 | 1,387,425,000 | |
Remaining borrowing capacity | 304,500,000 | ||
Parent | Bank Credit Facility | Bank Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate at period end | 3.68% | 3.66% | |
Long-term Debt, Gross | 1,387,425,000 | ||
Unamortized discount | -3,429,000 | -3,589,000 | |
Unamortized origination fees | 0 | 0 | |
Long-term debt, net | 1,383,836,000 | ||
Parent | Senior Notes | 9.125% Senior Notes Due 2018 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 500,000,000 | ||
Unamortized discount | 0 | 0 | |
Unamortized origination fees | -4,536,000 | -4,845,000 | |
Long-term debt, net | 495,155,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | 9.13% | |
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 350,000,000 | ||
Unamortized discount | 0 | 0 | |
Unamortized origination fees | 0 | 0 | |
Long-term debt, net | 350,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | |
Parent | Other | Holdco Note [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate at period end | 8.00% | 8.00% | |
Long-term Debt, Gross | 151,740,000 | ||
Unamortized discount | -10,616,000 | -11,743,000 | |
Unamortized origination fees | 0 | 0 | |
Long-term debt, net | 139,997,000 | ||
Subsidiary, Peninsula Gaming [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 1,075,176,000 | 1,092,403,000 | |
Unamortized discount | 0 | 0 | |
Unamortized origination fees | 0 | 0 | |
Long-term debt, net | 1,075,176,000 | 1,092,403,000 | |
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 725,200,000 | ||
Remaining borrowing capacity | 32,100,000 | ||
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Bank Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate at period end | 4.25% | 4.25% | |
Long-term Debt, Gross | 742,400,000 | ||
Unamortized discount | 0 | 0 | |
Unamortized origination fees | 0 | 0 | |
Long-term debt, net | 742,400,000 | ||
Subsidiary, Peninsula Gaming [Member] | Senior Notes | Peninsula Senior Notes due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 350,000,000 | ||
Unamortized discount | 0 | 0 | |
Unamortized origination fees | 0 | 0 | |
Long-term debt, net | 350,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.38% | 8.38% | |
Subsidiary, Peninsula Gaming [Member] | Other | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 3,000 | ||
Unamortized discount | 0 | 0 | |
Unamortized origination fees | 0 | 0 | |
Long-term debt, net | 3,000 | ||
Consolidated, Excluding Borgata [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 3,422,366,000 | 3,481,568,000 | |
Unamortized discount | -14,045,000 | -15,332,000 | |
Unamortized origination fees | -4,536,000 | -4,845,000 | |
Long-term debt, net | $3,403,785,000 | $3,461,391,000 |
LongTerm_Debt_Schedule_of_Boyd
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | |||
Borrowings under Boyd Gaming bank credit facility | $203,700 | $188,500 | |
Loss on early extinguishments of debt | 508 | 154 | |
Parent | |||
Line of Credit Facility [Line Items] | |||
Loss on early extinguishments of debt | 0 | 0 | |
Bank Credit Facility | Parent | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 1,345,450 | 1,387,425 | |
Bank Credit Facility | Parent | Initial Term Loan | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 218,250 | 221,375 | |
Bank Credit Facility | Parent | Incremental Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 838,500 | 840,750 | |
Bank Credit Facility | Parent | Swing Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 8,700 | 25,300 | |
Bank Credit Facility | Subsidiary, Peninsula Gaming [Member] | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | $725,200 |
LongTerm_Debt_Boyd_Bank_Credit
Long-Term Debt (Boyd Bank Credit Facility Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Loss on early extinguishments of debt | $508,000 | $154,000 | |
Parent | |||
Line of Credit Facility [Line Items] | |||
Loss on early extinguishments of debt | 0 | 0 | |
Parent | Bank Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 1,345,450,000 | 1,387,425,000 | |
Remaining borrowing capacity | 304,500,000 | ||
Parent | Bank Credit Facility | Initial Term Loan | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 218,250,000 | 221,375,000 | |
Parent | Bank Credit Facility | Incremental Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 838,500,000 | 840,750,000 | |
Parent | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 6,800,000 | ||
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | 725,200,000 | ||
Remaining borrowing capacity | 32,100,000 | ||
Subsidiary, Peninsula Gaming [Member] | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | $5,600,000 |
LongTerm_Debt_Boyd_Senior_and_
Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Loss on early extinguishments of debt | $508 | $154 | |
Senior Notes | 9.125% Senior Notes Due 2018 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | ||
Senior Notes | 9.00% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||
Parent | |||
Debt Instrument [Line Items] | |||
Loss on early extinguishments of debt | $0 | $0 | |
Parent | Senior Notes | 9.125% Senior Notes Due 2018 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | 9.13% | |
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% |
LongTerm_Debt_Peninsula_Bank_C
Long-Term Debt (Peninsula Bank Credit Facility Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Loss on early extinguishments of debt | $508,000 | $154,000 | |
Parent | |||
Debt Instrument [Line Items] | |||
Loss on early extinguishments of debt | 0 | 0 | |
Parent | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 1,345,450,000 | 1,387,425,000 | |
Remaining borrowing capacity | 304,500,000 | ||
Parent | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 6,800,000 | ||
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 725,200,000 | ||
Remaining borrowing capacity | 32,100,000 | ||
Subsidiary, Peninsula Gaming [Member] | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 5,600,000 | ||
Swing Loan [Member] | Parent | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | $8,700,000 | $25,300,000 |
LongTerm_Debt_Borgata_Debt_Nar
Long-Term Debt (Borgata Debt Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Loss on early retirements of debt | ($508,000) | ($154,000) | |
Parent | |||
Debt Instrument [Line Items] | |||
Loss on early retirements of debt | 0 | 0 | |
Parent | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 1,345,450,000 | 1,387,425,000 | |
Remaining borrowing capacity | 304,500,000 | ||
Parent | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 6,800,000 | ||
Revolving Credit Facility [Member] | Parent | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 280,000,000 | 300,000,000 | |
Initial Term Loan | Parent | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 218,250,000 | 221,375,000 | |
Incremental Term Loan [Member] | Parent | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 838,500,000 | 840,750,000 | |
Swing Loan [Member] | Parent | Bank Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | $8,700,000 | $25,300,000 |
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, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $3,441 | $6,481 |
Gaming | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 68 | 115 |
Food and Beverage | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 13 | 22 |
Room | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 6 | 10 |
Selling, General and Administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 344 | 584 |
Corporate Expense | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $3,010 | $5,750 |
Noncontrolling_Interest_Narrat
Noncontrolling Interest (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | $50 | $50 | $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, 2015 | Mar. 31, 2014 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Balance, January 1, 2015 | $50 | $180,450 |
Attributable net income | 0 | 5,043 |
Capital Investment Attributable to Noncontrolling Interest | -30 | |
Balance, March 31, 2015 | 50 | 175,437 |
Capital Investment Attributable to Noncontrolling Interest | 30 | |
Subsidiary, Borgata | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Balance, January 1, 2015 | 180,430 | |
Attributable net income | 5,043 | |
Capital Investment Attributable to Noncontrolling Interest | 0 | |
Balance, March 31, 2015 | 175,387 | |
Other | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Balance, January 1, 2015 | 20 | |
Attributable net income | 0 | |
Capital Investment Attributable to Noncontrolling Interest | 30 | |
Balance, March 31, 2015 | $50 |
Fair_Value_Measurements_Balanc
Fair Value Measurements (Balance Measured at Fair Value) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | $130,797 | $145,341 | $162,878 | $177,838 |
Restricted Cash and Cash Equivalents, Current | 21,465 | 18,107 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 | ||||
Assets | ||||
Investment available for sale | 0 | 0 | ||
Liabilities | ||||
Merger earnout | 0 | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Investment available for sale | 0 | 0 | ||
Liabilities | ||||
Merger earnout | 0 | |||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Investment available for sale | 18,658 | 18,357 | ||
Liabilities | ||||
Merger earnout | 75 | |||
Business Combination, Contingent Consideration, Liability | 3,721 | 3,792 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||||
Assets | ||||
Cash and cash equivalents | 130,797 | 145,341 | ||
Restricted cash | 21,465 | 18,107 | ||
Investment available for sale | 18,658 | 18,357 | ||
Liabilities | ||||
Merger earnout | 75 | |||
Business Combination, Contingent Consideration, Liability | 3,721 | 3,792 | ||
Parent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Gross | 2,347,190 | 2,389,165 | ||
Long-term debt, net | 2,328,609 | 2,368,988 | ||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 775 | 2 | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Parent | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Obligation Under Assessment Arrangements | 29,110 | 29,529 | ||
Liabilities | ||||
Other Financial Instruments | 273 | 268 | ||
Outstanding Face Amount | Parent | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Obligation Under Assessment Arrangements | 36,292 | 36,749 | ||
Liabilities | ||||
Other Financial Instruments | 300 | 300 | ||
Carrying Value | Parent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt, net | 2,328,609 | 2,368,988 | ||
Carrying Value | Parent | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Obligation Under Assessment Arrangements | 28,323 | 28,612 | ||
Liabilities | ||||
Other Financial Instruments | 273 | 268 | ||
Other | Holdco Note [Member] | Parent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Gross | 151,740 | |||
Long-term debt, net | 139,997 | |||
Other | Holdco Note [Member] | Outstanding Face Amount | Parent | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Gross | 151,740 | |||
Other | Holdco Note [Member] | Carrying Value | Parent | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term debt, net | $141,124 |
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, 2015 | Dec. 31, 2014 |
Kansas Star | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Payment to Option Holder, Percentage of EBITDA | 1.00% | ||
Payment to Option Holder, Term | 10 years | ||
Merger Earnout | 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 | ||
Peninsula Gaming | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent Consideration, Kansas Star earnout | 0.1 | ||
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 | $2.90 | $2.90 |
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, 2015 | Mar. 31, 2014 |
Merger Earnout | ||
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 | $0 | $0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | -75 | -1,125 |
Included in Earnings | 75 | 375 |
Included in Other Comprehensive Income (Loss) | 0 | 0 |
Transfers, Net | 0 | 0 |
Settlements | 0 | 0 |
Ending Balance | 0 | -750 |
Contingent Payments | ||
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 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | -3,792 | -4,343 |
Included in Earnings | -159 | -185 |
Included in Other Comprehensive Income (Loss) | 0 | 0 |
Transfers, Net | 0 | 0 |
Settlements | 230 | 198 |
Ending Balance | -3,721 | -4,330 |
Investment Available for Sale | ||
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 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 18,357 | 17,128 |
Included in Earnings | 31 | 30 |
Included in Other Comprehensive Income (Loss) | 270 | 909 |
Transfers, Net | 0 | 0 |
Ending Balance | 18,658 | 18,067 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements | 0 | 0 |
Beginning Balance | 18,357 | 17,128 |
Included in Earnings | 31 | 30 |
Included in Other Comprehensive Income (Loss) | 270 | 909 |
Transfers, Net | 0 | 0 |
Ending Balance | 18,658 | 18,067 |
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 | |
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 | |
Interest Income | Merger Earnout | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in Earnings | 0 | 0 |
Interest Income | Contingent Payments | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in Earnings | 0 | 0 |
Interest Income | Investment Available for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in Earnings | 31 | 30 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in Earnings | 31 | 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 | 0 |
Interest Expense | Contingent Payments | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in Earnings | 159 | 185 |
Interest Expense | Investment Available for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in Earnings | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in Earnings | 0 | 0 |
Interest Expense | CRDA Deposits | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in Earnings | 0 | |
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, 2015 | Dec. 31, 2014 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Obligation Under Assessment Arrangements | $36,292,000 | $36,749,000 |
Other Financial Instruments | 300,000 | 300,000 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Obligation Under Assessment Arrangements | 28,323,000 | 28,612,000 |
Other Financial Instruments | 273,000 | 268,000 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Obligation Under Assessment Arrangements | 29,110,000 | 29,529,000 |
Other Financial Instruments | 273,000 | 268,000 |
Peninsula Gaming | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment available for sale | 18,300,000 | 18,000,000 |
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 | $2,900,000 | $2,900,000 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Parent | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | $2,347,190 | $2,389,165 |
Long-term debt, net | 2,328,609 | 2,368,988 |
Parent | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,347,190 | 2,389,165 |
Parent | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 2,328,609 | 2,368,988 |
Parent | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,392,264 | 2,416,873 |
Subsidiary, Peninsula Gaming [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 1,075,176 | 1,092,403 |
Long-term debt, net | 1,075,176 | 1,092,403 |
Subsidiary, Peninsula Gaming [Member] | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,075,176 | 1,092,403 |
Subsidiary, Peninsula Gaming [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 1,075,176 | 1,092,403 |
Subsidiary, Peninsula Gaming [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,095,780 | 1,117,492 |
Subsidiary, Peninsula Gaming [Member] | Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 3 | |
Long-term debt, net | 3 | |
Consolidated, Excluding Borgata [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 3,422,366 | 3,481,568 |
Long-term debt, net | 3,403,785 | 3,461,391 |
Consolidated, Excluding Borgata [Member] | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,422,366 | 3,481,568 |
Consolidated, Excluding Borgata [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 3,403,785 | 3,461,391 |
Consolidated, Excluding Borgata [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,488,044 | 3,534,365 |
Bank Credit Facility [Member] | Parent | Bank Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 1,387,425 | |
Long-term debt, net | 1,383,836 | |
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 | 742,400 | |
Long-term debt, net | 742,400 | |
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 | |
Long-term debt, net | 350,000 | |
9.125% Senior Notes Due 2018 | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 500,000 | |
Long-term debt, net | 495,155 | |
9.00% Senior Notes Due 2020 | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 350,000 | |
Long-term debt, net | 350,000 | |
Level 1 | Peninsula Senior Notes due 2018 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 350,000 | |
Level 1 | Peninsula Senior Notes due 2018 [Member] | Fair Value, Measurements, Nonrecurring [Member] | 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 [Member] | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 369,250 | 363,125 |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 500,000 | |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 495,464 | |
Level 1 | 9.125% Senior Notes Due 2018 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 525,000 | 517,500 |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 350,000 | |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring [Member] | 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 [Member] | Parent | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 378,875 | 359,625 |
Level 2 | 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 | 725,175 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Bank Credit Facility | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 1,345,450 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Bank Credit Facility | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 1,342,021 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Bank Credit Facility | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,344,236 | 1,395,595 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 725,175 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 726,529 | 754,364 |
Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Other | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 144,153 | |
Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Other | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 1 | |
Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Other | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 1 | |
Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Other | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1 | 3 |
Level 3 | Debt Due March 2013 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Fixed Rate Debt | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $144,153 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value, Recurring and Nonrecurring, Valuation Techniques) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Discount Rate | Contingent Payments | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 18.50% | |
Discount Rate | Available-for-sale Securities | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 9.90% | |
Fair Value, Measurements, Recurring [Member] | Carrying Value | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment available for sale | 21,700,000 | |
Debt Security, Interest Rate, Stated Percentage | 7.50% | |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment available for sale | 18,658,000 | 18,357,000 |
Peninsula Gaming | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | 2,900,000 | 2,900,000 |
Investment available for sale | 18,300,000 | 18,000,000 |
Available-for-sale Securities, Current | 400,000 | |
Fair Value, Discount Amount, Available for sales securities | $3,300,000 |
Segment_Information_Certain_Se
Segment Information (Certain Segment Operating Data and Other) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Net revenues | $550,578 | $708,349 |
Deferred rent | 857 | 906 |
Corporate expense | 19,652 | 19,920 |
Depreciation and amortization | 51,942 | 66,179 |
Depreciation and amortization | 51,942 | 66,179 |
Preopening expenses | 505 | 784 |
Share-based compensation expense | 3,441 | 6,481 |
Impairments of assets | 1,065 | 1,633 |
Asset transaction costs | 450 | 155 |
Other operating charges and credits, net | 116 | -186 |
Other operating costs and expenses from equity investment | 7,238 | 0 |
Total other operating costs and expenses | 82,256 | 90,123 |
Operating income | 83,558 | 68,516 |
Las Vegas Locals | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Net revenues | 150,302 | 151,443 |
Adjusted EBITDA | 38,877 | 40,007 |
Downtown Las Vegas | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Net revenues | 56,603 | 55,733 |
Adjusted EBITDA | 10,677 | 9,327 |
Midwest and South | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Net revenues | 217,764 | 211,636 |
Adjusted EBITDA | 50,984 | 44,098 |
Peninsula | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Net revenues | 125,909 | 122,273 |
Adjusted EBITDA | 46,363 | 44,761 |
Borgata | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Net revenues | 0 | 167,264 |
Adjusted EBITDA | 18,913 | 20,446 |
Unallocated to Segment | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | 165,814 | 158,639 |
Corporate expense | 16,642 | 14,171 |
Operating income | $68,516 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $4,426,784 | $4,478,924 |
Las Vegas Locals | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,153,323 | 1,164,115 |
Downtown Las Vegas | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 129,986 | 128,682 |
Midwest and South | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,279,751 | 1,302,002 |
Peninsula | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,446,827 | 1,459,529 |
Reportable Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,009,887 | 4,054,328 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $416,897 | $424,596 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Balance Sheets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents, end of period | $130,797 | $145,341 | $162,878 | $177,838 |
Other Assets, Current | 101,237 | 96,609 | ||
Property and equipment, net | 2,250,796 | 2,286,108 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 226,732 | 222,717 | ||
Interest Receivable | 0 | 0 | ||
Other Noncurrent Assets | 104,336 | 108,590 | ||
Intangible assets, net | 927,576 | 934,249 | ||
Goodwill, net | 685,310 | 685,310 | ||
Total assets | 4,426,784 | 4,478,924 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 27,688 | 29,753 | ||
Current liabilities | 306,377 | 327,442 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities | 3,376,097 | 3,431,638 | ||
Other long-term liabilities | 237,747 | 252,004 | ||
Common stock | 1,104 | 1,093 | ||
Additional paid-in capital | 927,515 | 922,112 | ||
Retained earnings (deficit) | -450,012 | -485,115 | ||
Accumulated other comprehensive income (loss) | 218 | -53 | ||
Total Boyd Gaming Corporation stockholders’ equity | 478,825 | 438,037 | ||
Noncontrolling interest | 50 | 50 | 175,437 | 180,450 |
Total stockholders’ equity | 478,875 | 438,087 | 646,819 | 650,437 |
Total liabilities and stockholders’ equity | 4,426,784 | 4,478,924 | ||
Parent | ||||
Assets | ||||
Cash and cash equivalents, end of period | 775 | 2 | 0 | 0 |
Other Assets, Current | 11,211 | 10,234 | ||
Property and equipment, net | 58,015 | 65,365 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,416,980 | 3,345,735 | ||
Interest Receivable | 0 | 0 | ||
Other Noncurrent Assets | 35,708 | 36,600 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 3,522,689 | 3,457,936 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 21,500 | 21,500 | ||
Current liabilities | 71,938 | 82,711 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 742,125 | 668,310 | ||
Long-term debt, net of current maturities | 2,165,985 | 2,207,490 | ||
Other long-term liabilities | 42,316 | 39,888 | ||
Common stock | 1,104 | 1,093 | ||
Additional paid-in capital | 927,515 | 922,112 | ||
Retained earnings (deficit) | -450,012 | -485,115 | ||
Accumulated other comprehensive income (loss) | 218 | -53 | ||
Total Boyd Gaming Corporation stockholders’ equity | 478,825 | 438,037 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | 478,825 | 438,037 | ||
Total liabilities and stockholders’ equity | 3,522,689 | 3,457,936 | ||
Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents, end of period | 98,105 | 111,452 | 102,987 | 106,445 |
Other Assets, Current | 70,428 | 69,012 | ||
Property and equipment, net | 1,757,614 | 1,775,486 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 137,237 | 150,694 | ||
Interest Receivable | 1,720,432 | 1,637,101 | ||
Other Noncurrent Assets | 9,271 | 9,149 | ||
Intangible assets, net | 424,823 | 425,083 | ||
Goodwill, net | 212,794 | 212,794 | ||
Total assets | 4,430,704 | 4,390,771 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Current liabilities | 158,951 | 160,542 | ||
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 | 148,777 | 169,824 | ||
Common stock | 31,124 | 31,124 | ||
Additional paid-in capital | 2,717,938 | 2,717,841 | ||
Retained earnings (deficit) | 1,373,696 | 1,311,492 | ||
Accumulated other comprehensive income (loss) | 218 | -52 | ||
Total Boyd Gaming Corporation stockholders’ equity | 4,122,976 | 4,060,405 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | 4,122,976 | 4,060,405 | ||
Total liabilities and stockholders’ equity | 4,430,704 | 4,390,771 | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Assets | ||||
Cash and cash equivalents, end of period | 31,698 | 33,668 | 30,672 | 33,766 |
Other Assets, Current | 29,173 | 21,980 | ||
Property and equipment, net | 435,167 | 445,257 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Interest Receivable | 0 | 0 | ||
Other Noncurrent Assets | 59,357 | 62,841 | ||
Intangible assets, net | 502,753 | 509,166 | ||
Goodwill, net | 472,516 | 472,516 | ||
Total assets | 1,530,664 | 1,545,428 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 6,188 | 8,253 | ||
Current liabilities | 75,736 | 84,427 | ||
Accumulated losses of subsidiaries in excess of investment | 237 | 3,619 | ||
Intercompany payable | 986,747 | 972,425 | ||
Long-term debt, net of current maturities | 1,210,112 | 1,224,148 | ||
Other long-term liabilities | 46,654 | 42,292 | ||
Common stock | -27 | -27 | ||
Additional paid-in capital | 248,203 | 248,203 | ||
Retained earnings (deficit) | -1,043,404 | -1,037,860 | ||
Accumulated other comprehensive income (loss) | 218 | -52 | ||
Total Boyd Gaming Corporation stockholders’ equity | -795,010 | -789,736 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | -795,010 | -789,736 | ||
Total liabilities and stockholders’ equity | 1,530,664 | 1,545,428 | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Assets | ||||
Cash and cash equivalents, end of period | 219 | 219 | 29,219 | 37,627 |
Other Assets, Current | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Interest Receivable | 0 | 0 | ||
Other Noncurrent Assets | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 219 | 219 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 438 | 397 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Common stock | 0 | 0 | ||
Additional paid-in capital | 4,250 | 4,250 | ||
Retained earnings (deficit) | -4,469 | -4,428 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total Boyd Gaming Corporation stockholders’ equity | -219 | -178 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders’ equity | -219 | -178 | ||
Total liabilities and stockholders’ equity | 219 | 219 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents, end of period | 0 | 0 | 0 | 0 |
Other Assets, Current | -9,575 | -4,617 | ||
Property and equipment, net | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -3,327,485 | -3,273,712 | ||
Interest Receivable | -1,720,432 | -1,637,101 | ||
Other Noncurrent Assets | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | -5,057,492 | -4,915,430 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Current liabilities | -248 | -238 | ||
Accumulated losses of subsidiaries in excess of investment | -237 | -3,619 | ||
Intercompany payable | -1,729,310 | -1,641,132 | ||
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 | -2,970,391 | -2,970,294 | ||
Retained earnings (deficit) | -325,823 | -269,204 | ||
Accumulated other comprehensive income (loss) | -436 | 104 | ||
Total Boyd Gaming Corporation stockholders’ equity | -3,327,747 | -3,270,491 | ||
Noncontrolling interest | 50 | 50 | ||
Total stockholders’ equity | -3,327,697 | -3,270,441 | ||
Total liabilities and stockholders’ equity | ($5,057,492) | ($4,915,430) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Income Statements) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | $550,578 | $708,349 |
Costs and Expenses | ||
Operating | 297,957 | 383,405 |
Selling, general and administrative | 81,689 | 124,679 |
Maintenance and utilities | 25,319 | 43,264 |
Depreciation and amortization | 51,942 | 66,179 |
Corporate expense | 19,652 | 19,920 |
Preopening expenses | 505 | 784 |
Impairments of assets | 1,065 | 1,633 |
Asset transactions costs | 450 | 155 |
Other operating charges and credits, net | 116 | -186 |
Intercompany expenses | 0 | 0 |
Total operating costs and expenses | 478,695 | 639,833 |
Equity in earnings of subsidiaries | 11,675 | 0 |
Operating income | 83,558 | 68,516 |
Other expense (income) | ||
Interest expense, net | 56,464 | 75,027 |
Loss on early extinguishments of debt | 508 | 154 |
Other, net | 618 | -288 |
Boyd's share of Borgata's non-operating items, net | 7,661 | 0 |
Total other expense, net | 65,251 | 74,893 |
Income (loss) before income taxes | 18,307 | -6,377 |
Income taxes benefit (provision) | -16,796 | 4,848 |
Attributable net income | 0 | 5,043 |
Net income (loss) | -35,103 | 6,182 |
Comprehensive income (loss) | 35,374 | -10,686 |
Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 30,796 | 29,602 |
Costs and Expenses | ||
Operating | 450 | 450 |
Selling, general and administrative | 12,403 | 11,652 |
Maintenance and utilities | 0 | 0 |
Depreciation and amortization | 1,287 | 1,627 |
Corporate expense | 18,467 | 19,030 |
Preopening expenses | 0 | 36 |
Impairments of assets | 0 | 320 |
Asset transactions costs | -52 | 0 |
Other operating charges and credits, net | 0 | 150 |
Intercompany expenses | 301 | 301 |
Total operating costs and expenses | 32,856 | 33,566 |
Equity in earnings of subsidiaries | 47,768 | 31,935 |
Operating income | 45,708 | 27,971 |
Other expense (income) | ||
Interest expense, net | 33,396 | 32,920 |
Loss on early extinguishments of debt | 0 | 0 |
Other, net | 416 | 0 |
Boyd's share of Borgata's non-operating items, net | 0 | |
Total other expense, net | 33,812 | 32,920 |
Income (loss) before income taxes | 11,896 | -4,949 |
Income taxes benefit (provision) | -23,207 | 1,233 |
Attributable net income | 0 | |
Net income (loss) | -35,103 | 6,182 |
Comprehensive income (loss) | 35,374 | -5,643 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 418,592 | 411,801 |
Costs and Expenses | ||
Operating | 223,587 | 220,425 |
Selling, general and administrative | 54,342 | 57,315 |
Maintenance and utilities | 21,711 | 22,750 |
Depreciation and amortization | 32,687 | 31,624 |
Corporate expense | 54 | 23 |
Preopening expenses | 0 | 6 |
Impairments of assets | 0 | 1,013 |
Asset transactions costs | -17 | -20 |
Other operating charges and credits, net | 70 | 0 |
Intercompany expenses | 30,841 | 29,407 |
Total operating costs and expenses | 363,275 | 362,543 |
Equity in earnings of subsidiaries | 7,652 | -10,855 |
Operating income | 62,969 | 38,403 |
Other expense (income) | ||
Interest expense, net | 702 | 1,770 |
Loss on early extinguishments of debt | 0 | 0 |
Other, net | 0 | 0 |
Boyd's share of Borgata's non-operating items, net | 7,661 | |
Total other expense, net | 8,363 | 1,770 |
Income (loss) before income taxes | 54,606 | 36,633 |
Income taxes benefit (provision) | 1,927 | 468 |
Attributable net income | 0 | |
Net income (loss) | -52,679 | -36,165 |
Comprehensive income (loss) | 52,950 | 36,704 |
Non-Guarantor Subsidiaries (100% Owned) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 137,525 | 134,441 |
Costs and Expenses | ||
Operating | 73,920 | 74,088 |
Selling, general and administrative | 14,944 | 14,309 |
Maintenance and utilities | 3,608 | 3,538 |
Depreciation and amortization | 17,968 | 19,068 |
Corporate expense | 1,131 | 867 |
Preopening expenses | 464 | 628 |
Impairments of assets | 1,065 | 300 |
Asset transactions costs | 519 | 177 |
Other operating charges and credits, net | 46 | 66 |
Intercompany expenses | 5,193 | 5,051 |
Total operating costs and expenses | 118,858 | 118,092 |
Equity in earnings of subsidiaries | -41 | -81 |
Operating income | 18,626 | 16,268 |
Other expense (income) | ||
Interest expense, net | 22,366 | 22,647 |
Loss on early extinguishments of debt | 508 | 154 |
Other, net | 202 | -288 |
Boyd's share of Borgata's non-operating items, net | 0 | |
Total other expense, net | 23,076 | 22,513 |
Income (loss) before income taxes | -4,450 | -6,245 |
Income taxes benefit (provision) | 4,484 | 3,795 |
Attributable net income | 0 | |
Net income (loss) | 8,934 | 10,040 |
Comprehensive income (loss) | -8,663 | -9,501 |
Non-Guarantor Subsidiaries (Not 100% Owned) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 0 | 167,264 |
Costs and Expenses | ||
Operating | 0 | 88,442 |
Selling, general and administrative | 0 | 41,403 |
Maintenance and utilities | 0 | 16,976 |
Depreciation and amortization | 0 | 13,860 |
Corporate expense | 0 | 0 |
Preopening expenses | 41 | 114 |
Impairments of assets | 0 | 0 |
Asset transactions costs | 0 | -2 |
Other operating charges and credits, net | 0 | -402 |
Intercompany expenses | 0 | 0 |
Total operating costs and expenses | 41 | 160,391 |
Equity in earnings of subsidiaries | 0 | 0 |
Operating income | -41 | 6,873 |
Other expense (income) | ||
Interest expense, net | 0 | 17,690 |
Loss on early extinguishments of debt | 0 | 0 |
Other, net | 0 | 0 |
Boyd's share of Borgata's non-operating items, net | 0 | |
Total other expense, net | 0 | 17,690 |
Income (loss) before income taxes | -41 | -10,817 |
Income taxes benefit (provision) | 0 | -648 |
Attributable net income | 0 | |
Net income (loss) | 41 | 10,169 |
Comprehensive income (loss) | -41 | -10,169 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | -36,335 | -34,759 |
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 | 0 |
Impairments of assets | 0 | 0 |
Asset transactions costs | 0 | 0 |
Other operating charges and credits, net | 0 | 0 |
Intercompany expenses | -36,335 | -34,759 |
Total operating costs and expenses | -36,335 | -34,759 |
Equity in earnings of subsidiaries | -43,704 | -20,999 |
Operating income | -43,704 | -20,999 |
Other expense (income) | ||
Interest expense, net | 0 | 0 |
Loss on early extinguishments of debt | 0 | 0 |
Other, net | 0 | 0 |
Boyd's share of Borgata's non-operating items, net | 0 | |
Total other expense, net | 0 | 0 |
Income (loss) before income taxes | -43,704 | -20,999 |
Income taxes benefit (provision) | 0 | 0 |
Attributable net income | 5,043 | |
Net income (loss) | 43,704 | 15,956 |
Comprehensive income (loss) | -44,246 | -22,077 |
Unallocated to Segment | ||
Costs and Expenses | ||
Corporate expense | 16,642 | 14,171 |
Operating income | $68,516 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net Cash Provided by (Used in) Operating Activities | $59,638 | $57,169 |
Cash flows from investing activities | ||
Capital expenditures | -19,269 | -18,306 |
Net Investing Activity with Affiliates | 0 | 0 |
Other investing activities | 2,316 | 1,112 |
Net cash used in investing activities | -16,953 | -17,194 |
Cash flows from financing activities | ||
Borrowings under bank credit facility | 295,100 | 379,700 |
Payments under bank credit facility | -354,300 | -434,200 |
Debt financing costs | 0 | -71 |
Payments on long-term debt | -2 | -952 |
Payments on retirements of long-term debt | -2 | -952 |
Proceeds from Contributions from Affiliates | 0 | 0 |
Stock options exercised | 4,419 | 757 |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | 0 | 200 |
Performance Stock, Value, Shares Issued Net of Tax Withholdings | -2,446 | 0 |
Proceeds from (Payments for) Combined Other Financing Activities | 31 | |
Net cash used in financing activities | -57,229 | -54,935 |
Cash and cash equivalents, beginning of period | 145,341 | 177,838 |
Cash and cash equivalents, end of period | -130,797 | -162,878 |
Cash and Cash Equivalents, Period Increase (Decrease) | -14,544 | -14,960 |
Parent | ||
Cash flows from operating activities | ||
Net Cash Provided by (Used in) Operating Activities | -26,888 | -20,187 |
Cash flows from investing activities | ||
Capital expenditures | -6,152 | -4,683 |
Net Investing Activity with Affiliates | 0 | 0 |
Other investing activities | 0 | 660 |
Net cash used in investing activities | -6,152 | -4,023 |
Cash flows from financing activities | ||
Borrowings under bank credit facility | 203,700 | 188,500 |
Payments under bank credit facility | -245,675 | -224,275 |
Debt financing costs | -71 | |
Payments on long-term debt | 0 | 0 |
Proceeds from Contributions from Affiliates | 73,815 | 59,468 |
Stock options exercised | 4,419 | 757 |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | 200 | |
Performance Stock, Value, Shares Issued Net of Tax Withholdings | -2,446 | |
Proceeds from (Payments for) Combined Other Financing Activities | 31 | |
Net cash used in financing activities | 33,813 | 24,210 |
Cash and cash equivalents, beginning of period | 2 | 0 |
Cash and cash equivalents, end of period | -775 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 773 | 0 |
Guarantor Subsidiaries | ||
Cash flows from operating activities | ||
Net Cash Provided by (Used in) Operating Activities | 75,990 | 68,688 |
Cash flows from investing activities | ||
Capital expenditures | -6,006 | -6,298 |
Net Investing Activity with Affiliates | -83,331 | -65,848 |
Other investing activities | 0 | 0 |
Net cash used in investing activities | -89,337 | -72,146 |
Cash flows from financing activities | ||
Borrowings under bank credit facility | 0 | 0 |
Payments under bank credit facility | 0 | 0 |
Debt financing costs | 0 | |
Payments on long-term debt | 0 | 0 |
Proceeds from Contributions from Affiliates | 0 | 0 |
Stock options exercised | 0 | 0 |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | 0 | |
Performance Stock, Value, Shares Issued Net of Tax Withholdings | 0 | |
Proceeds from (Payments for) Combined Other Financing Activities | 0 | |
Net cash used in financing activities | 0 | 0 |
Cash and cash equivalents, beginning of period | 111,452 | 106,445 |
Cash and cash equivalents, end of period | -98,105 | -102,987 |
Cash and Cash Equivalents, Period Increase (Decrease) | -13,347 | -3,458 |
Non-Guarantor Subsidiaries (100% Owned) | ||
Cash flows from operating activities | ||
Net Cash Provided by (Used in) Operating Activities | 5,730 | 14,670 |
Cash flows from investing activities | ||
Capital expenditures | -7,111 | -5,516 |
Net Investing Activity with Affiliates | 0 | 3,278 |
Other investing activities | 2,316 | 1 |
Net cash used in investing activities | -4,795 | -2,237 |
Cash flows from financing activities | ||
Borrowings under bank credit facility | 91,400 | 75,000 |
Payments under bank credit facility | -108,625 | -90,525 |
Debt financing costs | 0 | |
Payments on long-term debt | -2 | -2 |
Proceeds from Contributions from Affiliates | 14,322 | 0 |
Stock options exercised | 0 | 0 |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | 0 | |
Performance Stock, Value, Shares Issued Net of Tax Withholdings | 0 | |
Proceeds from (Payments for) Combined Other Financing Activities | 0 | |
Net cash used in financing activities | -2,905 | -15,527 |
Cash and cash equivalents, beginning of period | 33,668 | 33,766 |
Cash and cash equivalents, end of period | -31,698 | -30,672 |
Cash and Cash Equivalents, Period Increase (Decrease) | -1,970 | -3,094 |
Non-Guarantor Subsidiaries (Not 100% Owned) | ||
Cash flows from operating activities | ||
Net Cash Provided by (Used in) Operating Activities | -41 | -2,942 |
Cash flows from investing activities | ||
Capital expenditures | 0 | -1,809 |
Net Investing Activity with Affiliates | 0 | 42 |
Other investing activities | 0 | 451 |
Net cash used in investing activities | 0 | -1,316 |
Cash flows from financing activities | ||
Borrowings under bank credit facility | 0 | 116,200 |
Payments under bank credit facility | 0 | -119,400 |
Debt financing costs | 0 | |
Payments on long-term debt | 0 | -950 |
Proceeds from Contributions from Affiliates | 41 | 0 |
Stock options exercised | 0 | 0 |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | 0 | |
Performance Stock, Value, Shares Issued Net of Tax Withholdings | 0 | |
Proceeds from (Payments for) Combined Other Financing Activities | 0 | |
Net cash used in financing activities | 41 | -4,150 |
Cash and cash equivalents, beginning of period | 219 | 37,627 |
Cash and cash equivalents, end of period | -219 | -29,219 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | -8,408 |
Eliminations | ||
Cash flows from operating activities | ||
Net Cash Provided by (Used in) Operating Activities | 4,847 | -3,060 |
Cash flows from investing activities | ||
Capital expenditures | 0 | 0 |
Net Investing Activity with Affiliates | 83,331 | 62,528 |
Other investing activities | 0 | 0 |
Net cash used in investing activities | 83,331 | 62,528 |
Cash flows from financing activities | ||
Borrowings under bank credit facility | 0 | 0 |
Payments under bank credit facility | 0 | 0 |
Debt financing costs | 0 | |
Payments on long-term debt | 0 | 0 |
Proceeds from Contributions from Affiliates | -88,178 | -59,468 |
Stock options exercised | 0 | 0 |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | 0 | |
Performance Stock, Value, Shares Issued Net of Tax Withholdings | 0 | |
Proceeds from (Payments for) Combined Other Financing Activities | 0 | |
Net cash used in financing activities | -88,178 | -59,468 |
Cash and cash equivalents, beginning of period | 0 | 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 | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Assets | $4,426,784 | $4,478,924 | |
Net loss | 35,103 | -11,225 | |
Net Cash Provided by (Used in) Operating Activities | 59,638 | 57,169 | |
Senior Notes | 9.125% Senior Notes Due 2018 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | ||
Senior Notes | 9.00% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||
Parent | |||
Debt Instrument [Line Items] | |||
Assets | 3,522,689 | 3,457,936 | |
Net loss | -6,182 | ||
Net Cash Provided by (Used in) Operating Activities | -26,888 | -20,187 | |
Parent | Senior Notes | 9.125% Senior Notes Due 2018 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | 9.13% | |
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | |
Guarantor Subsidiaries | |||
Debt Instrument [Line Items] | |||
Assets | 4,430,704 | 4,390,771 | |
Net loss | 36,165 | ||
Net Cash Provided by (Used in) Operating Activities | 75,990 | 68,688 | |
Non-Guarantor Subsidiaries (100% Owned) | |||
Debt Instrument [Line Items] | |||
Assets | 1,530,664 | 1,545,428 | |
Net loss | -10,040 | ||
Net Cash Provided by (Used in) Operating Activities | 5,730 | 14,670 | |
Non-Guarantor Subsidiaries (Not 100% Owned) | |||
Debt Instrument [Line Items] | |||
Assets | 219 | 219 | |
Net loss | -10,169 | ||
Net Cash Provided by (Used in) Operating Activities | -41 | -2,942 | |
Eliminations | |||
Debt Instrument [Line Items] | |||
Assets | -5,057,492 | -4,915,430 | |
Net loss | -20,999 | ||
Net Cash Provided by (Used in) Operating Activities | $4,847 | ($3,060) |
Subsequent_Event_Details
Subsequent Event (Details) (Parent, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Parent | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $2,347,190 | $2,389,165 |