Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | BOYD GAMING CORP | |
Entity Central Index Key | 906,553 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 111,048,812 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 125,045 | $ 145,341 |
Restricted cash | 24,734 | 18,107 |
Accounts receivable, net | 25,176 | 27,235 |
Inventories | 15,106 | 15,161 |
Prepaid expenses and other current assets | 38,107 | 32,944 |
Income taxes receivable | 0 | 1,243 |
Deferred income taxes and current tax assets | 0 | 1,919 |
Total current assets | 228,168 | 241,950 |
Property and equipment, net | 2,225,643 | 2,286,108 |
Investment in unconsolidated subsidiary | 251,133 | 222,717 |
Debt financing costs, net | 54,946 | 56,540 |
Other assets, net | 49,724 | 52,050 |
Intangible assets, net | 914,228 | 934,249 |
Goodwill, net | 685,310 | 685,310 |
Total assets | 4,409,152 | 4,478,924 |
Current liabilities | ||
Current maturities of long-term debt | 27,688 | 29,753 |
Accounts payable | 59,837 | 85,089 |
Accrued liabilities | 262,923 | 239,266 |
Deferred income taxes and other current tax payable | 3,098 | 3,087 |
Total current liabilities | 353,546 | 357,195 |
Long-term debt, net of current maturities | 3,302,687 | 3,431,638 |
Deferred income taxes | 159,421 | 142,263 |
Other long-term tax liabilities | 3,071 | 28,651 |
Other liabilities | 84,256 | 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; 111,022,430 and 109,277,060 shares outstanding | 1,110 | 1,093 |
Additional paid-in capital | 936,197 | 922,112 |
Accumulated deficit | (431,012) | (485,115) |
Accumulated other comprehensive income (loss) | (174) | (53) |
Total Boyd Gaming Corporation stockholders' equity | 506,121 | 438,037 |
Noncontrolling interest | 50 | 50 |
Total stockholders' equity | 506,171 | 438,087 |
Total liabilities and stockholders' equity | $ 4,409,152 | $ 4,478,924 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 111,022,430 | 109,277,060 |
Common stock, shares outstanding | 111,022,430 | 109,277,060 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Gaming | $ 457,397 | $ 631,668 | $ 1,390,734 | $ 1,859,339 |
Food and beverage | 76,713 | 115,072 | 230,918 | 332,068 |
Room | 41,649 | 75,330 | 123,334 | 210,072 |
Other | 32,379 | 44,441 | 92,706 | 124,574 |
Gross revenues | 608,138 | 866,511 | 1,837,692 | 2,526,053 |
Less promotional allowances | 61,825 | 127,668 | 180,934 | 356,327 |
Net revenues | 546,313 | 738,843 | 1,656,758 | 2,169,726 |
Operating costs and expenses | ||||
Gaming | 225,653 | 294,118 | 677,036 | 867,506 |
Food and beverage | 41,900 | 61,511 | 126,380 | 179,976 |
Room | 10,765 | 14,679 | 31,494 | 42,330 |
Other | 21,548 | 33,554 | 60,938 | 91,708 |
Selling, general and administrative | 79,954 | 113,436 | 242,656 | 349,494 |
Maintenance and utilities | 29,030 | 45,050 | 80,965 | 131,337 |
Depreciation and amortization | 51,345 | 66,168 | 155,251 | 198,245 |
Corporate expense | 15,009 | 15,064 | 52,013 | 52,605 |
Preopening expenses | 1,434 | 1,262 | 2,769 | 3,836 |
Impairments of assets | 0 | 18,279 | 1,065 | 20,205 |
Asset transactions costs | 80 | 3,064 | 1,449 | 5,078 |
Other operating items, net | 172 | (1,116) | 342 | (1,863) |
Total operating costs and expenses | 476,890 | 665,069 | 1,432,358 | 1,940,457 |
Boyd's share of Borgata's operating income | 31,107 | 0 | 57,870 | 0 |
Operating income | 100,530 | 73,774 | 282,270 | 229,269 |
Other expense (income) | ||||
Interest income | (460) | (466) | (1,396) | (1,412) |
Interest expense, net of amounts capitalized | 56,558 | 75,420 | 170,624 | 226,219 |
Loss on early extinguishments of debt | 863 | 71 | 32,333 | 1,129 |
Other, net | 1,753 | 116 | 3,641 | 498 |
Boyd's share of Borgata's non-operating items, net | 12,681 | 0 | 29,454 | 0 |
Total other expense, net | 71,395 | 75,141 | 234,656 | 226,434 |
Income (loss) before income taxes | 29,135 | (1,367) | 47,614 | 2,835 |
Income taxes benefit (provision) | (3,710) | (1,961) | 6,489 | (12,050) |
Net income (loss) | 25,425 | (3,328) | 54,103 | (9,215) |
Net income attributable to noncontrolling interest | 0 | (11,777) | 0 | (11,403) |
Net income (loss) attributable to Boyd Gaming Corporation | $ 25,425 | $ (15,105) | $ 54,103 | $ (20,618) |
Basic net income (loss) per common share | $ 0.23 | $ (0.14) | $ 0.48 | $ (0.19) |
Weighted average basic shares outstanding | 112,608 | 109,923 | 112,100 | 109,854 |
Diluted net income (loss) per common share | $ 0.22 | $ (0.14) | $ 0.48 | $ (0.19) |
Weighted average diluted shares outstanding | 113,375 | 109,923 | 112,930 | 109,854 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income (loss) | $ 25,425 | $ (3,328) | $ 54,103 | $ (9,215) |
Other comprehensive income (loss), net of tax: | ||||
Fair value of adjustments to available-for-sale securities, net of tax | 642 | 681 | (121) | 1,291 |
Comprehensive income (loss) | 26,067 | (2,647) | 53,982 | (7,924) |
Less: net income attributable to noncontrolling interest | 0 | 11,777 | 0 | 11,403 |
Comprehensive income (loss) attributable to Boyd Gaming Corporation | $ 26,067 | $ (14,424) | $ 53,982 | $ (19,327) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Fair value of adjustments to available-for-sale securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net | Noncontrolling Interest | Other |
Balances 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 income (loss) | (9,215) | $ 0 | 0 | (20,618) | 0 | 11,403 | |
Comprehensive income attributable to Boyd | 1,291 | 0 | 0 | 0 | 1,291 | 0 | |
Stock options exercised | 984 | $ 2 | 982 | 0 | 0 | 0 | |
Release of restricted stock units, net of tax | 138,541 | ||||||
Release of performance stock units, net of tax | (326) | $ 0 | (326) | 0 | 0 | 0 | |
Share-based compensation costs | 131,229 | ||||||
Share-based compensation costs | 11,239 | $ 0 | 11,239 | 0 | 0 | 0 | |
Capital Investment Attributable to Noncontrolling Interest | 30 | 0 | 0 | 0 | 0 | 30 | $ 30 |
Balances at Sep. 30, 2014 | 462,607 | $ 1,084 | 914,391 | (452,692) | (226) | 50 | |
Balance, shares at Sep. 30, 2014 | 108,424,772 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Noncontrolling Interest, Decrease from Deconsolidation | (191,833) | $ 0 | |||||
Balances 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 income (loss) | $ 54,103 | $ 0 | 0 | 54,103 | 0 | 0 | |
Comprehensive income attributable to Boyd | (121) | 0 | 0 | 0 | (121) | 0 | |
Stock options exercised | 8,606 | $ 11 | 8,595 | 0 | 0 | 0 | |
Release of restricted stock units, net of tax | 118,319 | ||||||
Release of performance stock units, net of tax | (285) | $ 1 | (286) | 0 | 0 | 0 | |
Share-based compensation costs | 1,145,302 | ||||||
Performance Stock, Shares Issued Net of Shares for Tax Withholdings | 481,749 | ||||||
Stock Issued During Period, Value, Performance Stock Award, Net of Forfeitures | (2,446) | $ 5 | (2,451) | 0 | 0 | 0 | |
Share-based compensation costs | 8,227 | 0 | 8,227 | 0 | 0 | 0 | |
Balances at Sep. 30, 2015 | $ 506,171 | $ 1,110 | $ 936,197 | $ (431,012) | $ (174) | $ 50 | |
Balance, shares at Sep. 30, 2015 | 111,022,430 | 111,022,430 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 54,103 | $ (9,215) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 155,251 | 198,245 |
Amortization of debt financing costs | 13,091 | 14,498 |
Amortization of discounts on debt | 3,485 | 5,860 |
Loss on early extinguishments of debt | 32,333 | 1,129 |
Share-based compensation expense | 8,227 | 11,239 |
Deferred income taxes | 16,636 | 11,690 |
Operating and non-operating income from Borgata | (28,416) | 0 |
Impairments of assets | 1,065 | 20,205 |
Other operating activities | (341) | 2,370 |
Changes in operating assets and liabilities: | ||
Restricted cash | (6,626) | (10,299) |
Accounts receivable, net | 2,220 | 788 |
Inventories | 55 | (655) |
Prepaid expenses and other current assets | (5,131) | (18,041) |
Current other tax asset | 1,802 | 3,575 |
Income taxes receivable | 1,243 | 396 |
Other assets, net | 2,149 | (650) |
Accounts payable and accrued liabilities | 11,997 | 7,651 |
Other long-term tax liabilities | (25,580) | (3,843) |
Other liabilities | 3,886 | (2,442) |
Net cash provided by operating activities | 241,449 | 232,501 |
Cash Flows from Investing Activities | ||
Capital expenditures | (86,997) | (94,617) |
Cash Divested from Deconsolidation | 0 | (26,891) |
Other investing activities | 3,777 | 3,187 |
Net cash used in investing activities | (83,220) | (118,321) |
Cash Flows from Financing Activities | ||
Borrowings under Boyd Gaming bank credit facility | 627,000 | 605,000 |
Payments under Boyd Gaming bank credit facility | (949,700) | (698,400) |
Borrowings under Peninsula bank credit facility | 262,100 | 242,100 |
Payments under Peninsula bank credit facility | (335,550) | (283,350) |
Borrowings under Borgata bank credit facility | 0 | 410,900 |
Payments under Borgata bank credit facility | 0 | (444,900) |
Payments on retirements of long-term debt | (500,000) | (2,850) |
Premium and consent fees paid | (24,246) | 0 |
Proceeds from issuance of senior secured notes | 750,000 | 0 |
Debt issue costs | (14,001) | (289) |
Share-based compensation activities, net | 5,875 | 783 |
Other financing activities | (3) | (102) |
Net cash used in financing activities | (178,525) | (171,108) |
Change in cash and cash equivalents | (20,296) | (56,928) |
Cash and cash equivalents, beginning of period | 145,341 | 177,838 |
Cash and cash equivalents, end of period | 125,045 | 120,910 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 137,128 | 218,499 |
Cash paid (received) for income taxes, net of refunds | (1,246) | 232 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Payables incurred for capital expenditures | $ 5,031 | $ 10,005 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Rooms $ 19,573 $ 40,420 $ 57,505 $ 112,825 Food and beverage 38,139 53,247 112,984 152,462 Other 4,113 34,001 10,445 91,040 Total promotional allowances $ 61,825 $ 127,668 $ 180,934 $ 356,327 The estimated costs of providing such promotional allowances are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Rooms $ 8,988 $ 15,371 $ 26,240 $ 43,956 Food and beverage 33,925 46,841 99,874 133,889 Other 3,214 6,512 8,889 17,199 Total estimated cost of promotional allowances $ 46,127 $ 68,724 $ 135,003 $ 195,044 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 $83.2 million and $96.8 million for the three months ended September 30, 2015 and 2014 , respectively, and $252.1 million and $289.4 million for the nine months ended September 30, 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: Nine Months Ended September 30, (In thousands) 2015 Unrecognized tax benefit as of January 1, 2015 $ 30,198 Reductions: Tax positions related to prior years (27,717 ) Unrecognized tax benefit as of September 30, 2015 $ 2,481 The entire $2.5 million balance of unrecognized tax benefits at September 30, 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 September 30, 2015 we recognized an interest-related benefit of $0.5 million in our tax provision. We have accrued interest and penalties of $0.6 million as of September 30, 2015, in our consolidated balance sheet. During the first quarter of 2015, 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. During the third quarter of 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. As a result of the determination, we reduced our unrecognized tax benefits by $2.0 million , all of which impacted our effective tax rate. Additionally, as a result of the settlement, we reduced the interest accrued on our unrecognized tax benefits by $0.5 million and recorded a benefit to our tax provision. Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. Due to the net losses for the three months and nine months ended September 30, 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 Nine Months Ended September 30, September 30, (In thousands) 2014 2014 Potential dilutive effect 904.6 926.1 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 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("Update 2015-15") In August 2015, the Financial Accounting Standards Board ("FASB") issued Update 2015-15, which further clarifies the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. Debt issuance costs related to line-of-credit of arrangements can be recorded as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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 consolidated financial statements will not be material. Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14") In August 2015, the FASB issued Update 2015-14, which defers the implementation of Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09") for one year from the initial effective date. The initial effective date of Update 2014-09 was for annual reporting periods beginning after December 15, 2016, and early adoption was not permitted. Update 2015-14 extends the effective date to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is evaluating the impact of the adoption of Update 2015-14 and 2014-09 to the consolidated financial position or results of operations. Accounting Standards Update 2015-11, Simplifying the Measurement of Inventory ("Update 2015-11") In July 2015, the FASB issued Update 2015-11, which provides guidance on inventory measurement. Inventory, excluding inventory that is measured using last-in, first-out (LIFO) or the retail inventory method, should be measured at the lower of cost and net realizable value. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company determined that the impact of the new standard on its consolidated financial statements will not be material. Accounting Standards Update 2015-08 Business Combinations ("Update 2015-08") In May 2015, the FASB issued Update 2015-08, which provides updates to guidance related to pushdown accounting and is effective immediately. The Company determined that the impact of the new standard on its financial reporting will not be material. Accounting Standards Update 2015-05 Customers Accounting for Fees Paid in a Cloud Computing Arrangement (Topic 350) ("Update 2015-05") In April 2015, the FASB issued Update 2015-05, which provides guidance on a customer's accounting for cloud computing costs. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and early adoption is permitted. The Company determined that the impact of the new standard on its consolidated financial statements will not be material. Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ("Update 2015-03") In April 2015, the 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 determined that the impact of the new standard on its financial reporting will not be material. 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 fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company determined that the impact of the new standard on its consolidated financial statements 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 | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Deconsolidation of Borgata | DECONSOLIDATION OF BORGATA 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. 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. After submission of 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. Summarized income statement information for Borgata is as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Net revenues $ 237,461 $ 209,946 $ 611,213 $ 559,064 Operating expenses 175,248 166,509 495,473 481,709 Operating income 62,213 43,437 115,740 77,355 Non-operating expenses 25,363 20,460 58,909 56,280 Net income $ 36,850 $ 22,977 $ 56,831 $ 21,075 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: September 30, December 31, (In thousands) 2015 2014 Land $ 229,431 $ 229,684 Buildings and improvements 2,533,795 2,534,618 Furniture and equipment 1,137,757 1,079,878 Riverboats and barges 238,731 239,669 Construction in progress 29,158 35,675 Other 8,078 11,502 Total property and equipment 4,176,950 4,131,026 Less accumulated depreciation 1,951,307 1,844,918 Property and equipment, net $ 2,225,643 $ 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 and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Depreciation expense $ 44,643 $ 57,536 $ 134,904 $ 172,561 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: September 30, 2015 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles: Customer relationships 2.1 years $ 136,300 $ (103,582 ) $ — $ 32,718 Favorable lease rates 32.8 years 45,370 (11,737 ) — 33,633 Development agreement — 21,373 — — 21,373 203,043 (115,319 ) — 87,724 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, September 30, 2015 $ 1,205,879 $ (149,279 ) $ (142,372 ) $ 914,228 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 Annual Impairment Test We perform our annual test of goodwill and other indefinite-lived intangible assets as of October 1. The annual test for 2015 is currently in process. The test is in the preliminary stages and it is not yet possible to determine the amount, if any, of impairment charges that may result from the current year test. The annual test performed in fourth quarter 2014 resulted in the recognition of a non-cash impairment charge of $40.0 million. |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: September 30, December 31, (In thousands) 2015 2014 Payroll and related expenses $ 70,355 $ 69,672 Interest 36,244 33,985 Gaming liabilities 38,990 35,698 Player loyalty program liabilities 18,545 19,058 Accrued liabilities 98,789 80,853 Total accrued liabilities $ 262,923 $ 239,266 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt, net of current maturities consists of the following: September 30, 2015 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Sept. 30, 2015 Principal Discount Fees Debt, Net Boyd Gaming Corporation Debt: Bank credit facility 3.77 % $ 1,064,725 $ (2,853 ) $ — $ 1,061,872 9.00% senior notes due 2020 9.00 % 350,000 — — 350,000 6.875% senior notes due 2023 6.88 % 750,000 — — 750,000 HoldCo Note 8.00 % 157,810 (8,257 ) — 149,553 2,322,535 (11,110 ) — 2,311,425 Peninsula Segment Debt: Bank credit facility 4.25 % 668,950 — — 668,950 8.375% senior notes due 2018 8.38 % 350,000 — — 350,000 1,018,950 — — 1,018,950 Total long-term debt 3,341,485 (11,110 ) — 3,330,375 Less current maturities 27,688 — — 27,688 Long-term debt, net $ 3,313,797 $ (11,110 ) $ — $ 3,302,687 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 9.00 % 350,000 — — 350,000 HoldCo Note 8.00 % 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) September 30, 2015 December 31, 2014 Revolving Credit Facility $ 70,000 $ 300,000 Term A Loan 195,275 221,375 Term B Loan 778,750 840,750 Swing Loan 20,700 25,300 Total outstanding principal amounts under the Boyd Gaming Credit Facility $ 1,064,725 $ 1,387,425 At September 30, 2015 , approximately $1.1 billion was outstanding under the Boyd Gaming Credit Facility and $7.1 million was allocated to support various letters of credit, leaving remaining contractual availability of $502.2 million . Senior Notes 6.875% Senior Notes due May 2023 Significant Terms On May 21, 2015, we issued $750 million aggregate principal amount of 6.875% senior notes due May 2023 (the "2023 Notes"). The 2023 Notes require semi-annual interest payments on May 15 and November 15 of each year, commencing on November 15, 2015. The 2023 Notes will mature on May 15, 2023 and are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The 2023 Notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries (as defined in the base and supplemental indentures governing the 2023 Notes, together, the "Indenture") to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change of control (as defined in the Indenture), we will be required, unless certain conditions are met, to offer to repurchase the 2023 Notes at a price equal to 101% of the principal amount of the 2023 Notes, plus accrued and unpaid interest and Additional Interest (as defined in the Indenture), if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to offer to purchase the 2023 Notes. At any time prior to May 15, 2018, we may redeem the 2023 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. Subsequent to May 15, 2018, we may redeem all or a portion of the 2023 Notes at redemption prices (expressed as percentages of the principal amount) ranging from 105.156% in 2018 to 100% in 2021 and thereafter, plus accrued and unpaid interest and Additional Interest. Debt Financing Costs In conjunction with the issuance of the 2023 Notes, we incurred approximately $14.0 million in debt financing costs that have been deferred and are being amortized over the term of the 2023 Notes using the effective interest method. Senior Notes 9.125% Senior Notes due December 2018 During second quarter 2015 we redeemed all of our 9.125% Senior Notes due December 2018 (the "2018 Notes") at a redemption price of 104.563% plus accrued and unpaid interest and Additional Interest (as defined in the indenture governing the 2018 Notes) to the redemption date. The redemption resulted in premium and consent fees paid of $24.0 million and a write-off of unamortized debt financing costs of $4.9 million , all of which were recognized as loss on early extinguishments of debt in our second quarter 2015 financial results. As a result of this redemption, the 2018 Notes have been fully extinguished. 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 ) September 30, 2015 December 31, 2014 Term Loan $ 656,750 $ 734,000 Revolving Facility 5,000 2,000 Swing Loan 7,200 6,400 Total outstanding principal amounts under the Peninsula Credit Facility $ 668,950 $ 742,400 At September 30, 2015 , approximately $669.0 million was outstanding under the Peninsula Credit Facility and $5.2 million was allocated to support various letters of credit, leaving remaining contractual availability of $32.6 million . Early Extinguishments of Debt In addition to the redemption of the 2018 Notes, optional prepayments of the Term Loans under the Boyd Gaming Credit Facility and Peninsula Credit Facility have been made resulting in the write-off of a ratable amount of deferred finance charges. The components of the loss on early extinguishments of debt are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 9.125% Senior Notes premium and consent fees $ — $ — $ 23,962 $ — 9.125% Senior Notes deferred finance charges — — 4,888 — Boyd Gaming Credit Facility deferred finance charges 444 — 1,602 — Peninsula Credit Facility deferred finance charges 419 71 1,881 1,129 Total loss on early extinguishments of debt $ 863 $ 71 $ 32,333 $ 1,129 Covenant Compliance As of September 30, 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 | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Gaming $ 68 $ 49 $ 191 $ 231 Food and beverage 12 9 36 44 Room 6 4 17 21 Selling, general and administrative 345 247 969 1,173 Corporate expense 1,429 1,217 7,014 9,962 Other operating items, net — (192 ) — (192 ) Total share-based compensation expense $ 1,860 $ 1,334 $ 8,227 $ 11,239 Performance Shares Vesting The Performance Share Unit ("PSU") grant awarded in December 2011 vested during first quarter 2015. A total of 654,478 common shares, representing approximately 1.67 shares per PSU, were issued based on the determination by the Compensation Committee of the Board of Directors of our actual achievement of net revenue growth, Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") growth and customer service scores for the three-year performance period of the grant. The actual achievement level under these award metrics equaled the estimated performance as of year-end 2014; therefore, the vesting of the PSUs did not impact compensation costs in our 2015 condensed consolidated statement of operations. As provided under the provisions of our Stock Incentive Plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs. Of the 654,478 shares issued, a total of 177,274 shares were surrendered by the participants for this purpose, resulting in a net issuance of 477,204 shares due to the vesting of the 2011 grant. |
Noncontrolling Interest
Noncontrolling Interest | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 . Changes in the noncontrolling interest for the nine months ended September 30, 2014 , are as follows: Nine Months Ended September 30, 2014 (In thousands) Holding Company Other Total Balance, January 1, 2014 $ 180,430 $ 20 $ 180,450 Attributable net loss 11,403 — 11,403 Capital contributions — 30 30 Deconsolidation of Borgata on September 30, 2014 (191,833 ) — (191,833 ) Balance, September 30, 2014 $ — $ 50 $ 50 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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: September 30, 2015 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 125,045 $ 125,045 $ — $ — Restricted cash 24,734 24,734 — — Investment available for sale 17,949 — — 17,949 Liabilities Contingent payments $ 3,587 $ — $ — $ 3,587 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 September 30, 2015 and December 31, 2014 . Investment Available for Sale We have an investment in a single municipal bond issuance of $21.4 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities, and degrees of risk and a discounted cash flows analysis as of September 30, 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 September 30, 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 September 30, 2015 and December 31, 2014 , $17.5 million and $18.0 million , respectively, is included in other assets on the condensed consolidated balance sheets. The discount associated with this investment of $3.2 million and $3.3 million as of September 30, 2015 and December 31, 2014 , respectively, is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the condensed consolidated statements of operations. Merger Earnout Under the terms of the agreement (the "Merger Agreement") under which the Company acquired Peninsula Gaming, LLC ("Peninsula"), 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 the 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 September 30, 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 on 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 September 30, 2015 and December 31, 2014 , there was a current liability of $0.9 million related to this agreement, which is recorded in accrued liabilities on the respective condensed consolidated balance sheets, and long-term obligation at September 30, 2015 and December 31, 2014 , of $2.7 million and $2.9 million , respectively, which was 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 September 30, 2015 Assets Liability (In thousands) Investment Available for Sale Contingent Payments Balance at July 1, 2015 $ 17,276 $ (3,642 ) Total gains (losses) (realized or unrealized): Included in earnings 31 (156 ) Included in other comprehensive income (loss) 642 — Transfers in or out of Level 3 — — Purchases, sales, issuances and settlements: Settlements — 211 Balance at September 30, 2015 $ 17,949 $ (3,587 ) 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 — (156 ) Three Months Ended September 30, 2014 Assets Liabilities (In thousands) Investment Available for Sale Merger Earnout Contingent Payments Balance at July 1, 2014 $ 17,443 $ (450 ) $ (4,278 ) Total gains (losses) (realized or unrealized): Included in earnings 29 225 (181 ) Included in other comprehensive income (loss) 681 — — Transfers in or out of Level 3 — — — Purchases, sales, issuances and settlements: Settlements — — 201 Balance at September 30, 2014 $ 18,153 $ (225 ) $ (4,258 ) 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 $ 29 $ — $ — Included in interest expense — — (181 ) Nine Months Ended September 30, 2015 Assets Liabilities (In thousands) Investment Available for Sale Merger Earnout Contingent Payments Balance at January 1, 2015 $ 18,357 $ (75 ) $ (3,792 ) Total gains (losses) (realized or unrealized): Included in earnings 93 75 (476 ) Included in other comprehensive income (loss) (121 ) — — Transfers in or out of Level 3 — — — Purchases, sales, issuances and settlements: Settlements (380 ) — 681 Balance at September 30, 2015 $ 17,949 $ — $ (3,587 ) 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 $ 93 $ — $ — Included in interest expense — — (476 ) Nine Months Ended September 30, 2014 Assets Liabilities (In thousands) Investment Available for Sale Merger Earnout Contingent Payments Balance at January 1, 2014 $ 17,128 $ (1,125 ) $ (4,343 ) Total gains (losses) (realized or unrealized): Included in earnings 89 900 (549 ) Included in other comprehensive income (loss) 1,291 — — Transfers in or out of Level 3 — — — Purchases, sales, issuances and settlements: Settlements (355 ) — 634 Balance at September 30, 2014 $ 18,153 $ (225 ) $ (4,258 ) 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 $ 89 $ — $ — Included in interest expense — — (549 ) The table below summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities: Valuation Technique Unobservable Input Rate Investment available for sale Discounted cash flow Discount rate 10.2 % 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: September 30, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 35,378 $ 27,742 $ 28,222 Level 3 Other financial instruments 200 182 182 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: September 30, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Corporation Debt: Bank credit facility $ 1,064,725 $ 1,061,872 $ 1,062,290 Level 2 9.00% senior notes due 2020 350,000 350,000 374,500 Level 1 6.875% senior notes due 2023 750,000 750,000 759,375 Level 1 HoldCo Note 157,810 149,553 149,919 Level 3 2,322,535 2,311,425 2,346,084 Peninsula Segment Debt: Bank credit facility 668,950 668,950 667,308 Level 2 8.375% Senior Notes due 2018 350,000 350,000 363,125 Level 2 1,018,950 1,018,950 1,030,433 Total debt $ 3,341,485 $ 3,330,375 $ 3,376,517 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 September 30, 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 September 30, 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 September 30, 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 nine months ended September 30, 2015 or 2014 . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Net Revenues Las Vegas Locals $ 148,022 $ 141,207 $ 451,356 $ 440,920 Downtown Las Vegas 56,685 53,379 171,723 164,664 Midwest and South 215,799 210,732 651,341 631,472 Peninsula 125,807 123,579 382,338 373,606 Borgata (1) — 209,946 — 559,064 Total Reportable Segment Net Revenues $ 546,313 $ 738,843 $ 1,656,758 $ 2,169,726 Adjusted EBITDA Las Vegas Locals $ 32,261 $ 28,052 $ 113,313 $ 104,640 Downtown Las Vegas 10,144 6,315 33,128 24,193 Midwest and South 50,717 43,593 153,478 129,890 Peninsula 45,630 42,875 141,157 132,918 Borgata (1) 37,987 56,873 79,163 119,917 Total Reportable Segment Adjusted EBITDA (2) 176,739 177,708 520,239 511,558 Corporate expense (13,581 ) (13,848 ) (45,000 ) (42,643 ) Adjusted EBITDA 163,158 163,860 475,239 468,915 Other operating costs and expenses Deferred rent 857 903 2,573 2,714 Depreciation and amortization 51,345 66,168 155,251 198,245 Preopening expense 1,434 1,262 2,769 3,836 Share-based compensation expense 1,860 1,526 8,227 11,431 Impairments of assets — 18,279 1,065 20,205 Asset transaction costs 80 3,064 1,449 5,078 Other operating charges and credits, net 172 (1,116 ) 342 (1,863 ) Our share of Borgata's other operating costs and expenses 6,880 — 21,293 — Total other operating costs and expenses 62,628 90,086 192,969 239,646 Operating income $ 100,530 $ 73,774 $ 282,270 $ 229,269 (1) Due to the deconsolidation of Borgata on September 30, 2014, our condensed consolidated statement of operations for the three and nine months ended September 30, 2015 reflects our accounting for our 50% ownership interest in Borgata by applying the equity method. For the three and nine months ended September 30, 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: September 30, December 31, (In thousands) 2015 2014 Assets Las Vegas Locals $ 1,150,546 $ 1,164,115 Downtown Las Vegas 134,887 128,682 Midwest and South 1,265,323 1,302,002 Peninsula 1,411,030 1,459,529 Total Reportable Segment Assets 3,961,786 4,054,328 Corporate 447,366 424,596 Total Assets $ 4,409,152 $ 4,478,924 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 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 9.00% Senior Notes due July 2020 and our 6.875% Senior Notes due May 2023 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 September 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 3 $ 94,342 $ 30,481 $ 219 $ — $ 125,045 Other current assets 13,726 75,154 32,967 — (18,724 ) 103,123 Property and equipment, net 60,815 1,746,830 417,998 — — 2,225,643 Investments in subsidiaries 3,531,500 153,970 — — (3,434,337 ) 251,133 Intercompany receivable — 1,833,571 — — (1,833,571 ) — Other assets, net 44,084 9,247 51,339 — — 104,670 Intangible assets, net — 424,301 489,927 — — 914,228 Goodwill, net — 212,794 472,516 — — 685,310 Total assets $ 3,650,128 $ 4,550,209 $ 1,495,228 $ 219 $ (5,286,632 ) $ 4,409,152 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 21,500 $ — $ 6,188 $ — $ — $ 27,688 Other current liabilities 92,761 160,714 72,666 — (283 ) 325,858 Accumulated losses of subsidiaries in excess of investment — — 293 — (293 ) — Intercompany payable 846,906 — 1,004,007 475 (1,851,388 ) — Long-term debt, net of current maturities 2,140,372 — 1,162,315 — — 3,302,687 Other long-term liabilities 42,468 143,864 60,416 — — 246,748 Boyd Gaming Corporation stockholders' equity (deficit) 506,121 4,245,631 (810,657 ) (256 ) (3,434,718 ) 506,121 Noncontrolling interest — — — — 50 50 Total stockholders' equity (deficit) 506,121 4,245,631 (810,657 ) (256 ) (3,434,668 ) 506,171 Total liabilities and stockholders' equity $ 3,650,128 $ 4,550,209 $ 1,495,228 $ 219 $ (5,286,632 ) $ 4,409,152 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 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 September 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 28,946 $ 413,962 $ 137,854 $ — $ (34,449 ) $ 546,313 Costs and expenses Operating 450 224,649 74,767 — — 299,866 Selling, general and administrative 11,083 54,334 14,537 — — 79,954 Maintenance and utilities — 24,977 4,053 — — 29,030 Depreciation and amortization 1,657 31,327 18,361 — — 51,345 Corporate expense 13,503 50 1,456 — — 15,009 Preopening expenses 5 19 1,402 8 — 1,434 Asset transactions costs — 60 20 — — 80 Other operating items, net 136 36 — — — 172 Intercompany expenses 301 29,036 5,112 — (34,449 ) — Total costs and expenses 27,135 364,488 119,708 8 (34,449 ) 476,890 Equity in earnings of subsidiaries 57,937 25,974 (8 ) — (52,796 ) 31,107 Operating income (loss) 59,748 75,448 18,138 (8 ) (52,796 ) 100,530 Other expense (income) Interest expense, net 33,883 130 22,085 — — 56,098 Loss on early extinguishments of debt 444 — 419 — — 863 Other, net (2 ) 1,660 95 — — 1,753 Boyd's share of Borgata's non-operating items, net — 12,681 — — — 12,681 Total other expense, net 34,325 14,471 22,599 — — 71,395 Income (loss) before income taxes 25,423 60,977 (4,461 ) (8 ) (52,796 ) 29,135 Income taxes benefit (provision) 2 859 (4,571 ) — — (3,710 ) Net income (loss) $ 25,425 $ 61,836 $ (9,032 ) $ (8 ) $ (52,796 ) $ 25,425 Comprehensive income (loss) $ 26,067 $ 62,478 $ (8,390 ) $ (8 ) $ (54,080 ) $ 26,067 Condensed Consolidating Statements of Operations - continued Three Months Ended September 30, 2014 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 28,690 $ 398,573 $ 135,380 $ 209,946 $ (33,746 ) $ 738,843 Costs and expenses Operating 450 220,640 76,790 105,982 — 403,862 Selling, general and administrative 11,665 55,703 14,164 31,973 (69 ) 113,436 Maintenance and utilities — 25,967 3,967 15,116 — 45,050 Depreciation and amortization 1,246 31,475 19,309 14,138 — 66,168 Corporate expense 14,060 57 947 — — 15,064 Preopening expense 2 — 1,245 15 — 1,262 Impairments of assets — 12,098 6,181 — — 18,279 Asset transactions costs (1 ) 1,852 838 375 — 3,064 Other operating items, net 592 — 1 (1,709 ) — (1,116 ) Intercompany expenses 301 28,398 4,978 — (33,677 ) — Total costs and expenses 28,315 376,190 128,420 165,890 (33,746 ) 665,069 Equity in earnings of subsidiaries 18,973 12 (15 ) — (18,970 ) — Operating income (loss) 19,348 22,395 6,945 44,056 (18,970 ) 73,774 Other expense (income) Interest expense, net 33,230 1,254 22,661 17,809 — 74,954 Loss on early extinguishments of debt — — 71 — — 71 Other, net — — 116 — — 116 Total other expense, net 33,230 1,254 22,848 17,809 — 75,141 Income (loss) before income taxes (13,882 ) 21,141 (15,903 ) 26,247 (18,970 ) (1,367 ) Income taxes benefit (provision) (1,223 ) 5,829 (3,858 ) (2,709 ) — (1,961 ) Net income (loss) (15,105 ) 26,970 (19,761 ) 23,538 (18,970 ) (3,328 ) Net loss attributable to noncontrolling interest — — — — (11,777 ) (11,777 ) Net income (loss) attributable to controlling interest $ (15,105 ) $ 26,970 $ (19,761 ) $ 23,538 $ (30,747 ) $ (15,105 ) Comprehensive income (loss) $ (14,424 ) $ 27,651 $ (19,080 ) $ 23,538 $ (20,332 ) $ (2,647 ) Condensed Consolidating Statements of Operations - continued Nine Months Ended September 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 91,048 $ 1,255,657 $ 417,906 $ — $ (107,853 ) $ 1,656,758 Costs and expenses Operating 1,350 669,541 224,957 — — 895,848 Selling, general and administrative 35,828 162,718 44,110 — — 242,656 Maintenance and utilities — 69,643 11,322 — — 80,965 Depreciation and amortization 4,446 96,381 54,424 — — 155,251 Corporate expense 48,032 174 3,807 — — 52,013 Preopening expenses 7 69 2,615 78 — 2,769 Impairments of assets — — 1,065 — — 1,065 Asset transactions costs (43 ) 293 1,199 — — 1,449 Other operating items, net 136 106 100 — — 342 Intercompany expenses 903 91,226 15,724 — (107,853 ) — Total costs and expenses 90,659 1,090,151 359,323 78 (107,853 ) 1,432,358 Equity in earnings of subsidiaries 162,729 46,495 (78 ) — (151,276 ) 57,870 Operating income (loss) 163,118 212,001 58,505 (78 ) (151,276 ) 282,270 Other expense (income) Interest expense, net 101,302 1,251 66,675 — — 169,228 Loss on early extinguishments of debt 30,452 — 1,881 — — 32,333 Other, net 415 2,660 566 — — 3,641 Boyd's share of Borgata's non-operating items, net — 29,454 — — — 29,454 Total other expense, net 132,169 33,365 69,122 — — 234,656 Income (loss) before income taxes 30,949 178,636 (10,617 ) (78 ) (151,276 ) 47,614 Income taxes benefit (provision) 23,154 (3,091 ) (13,574 ) — — 6,489 Net income (loss) $ 54,103 $ 175,545 $ (24,191 ) $ (78 ) $ (151,276 ) $ 54,103 Comprehensive income (loss) $ 53,982 $ 175,424 $ (24,312 ) $ (78 ) $ (151,034 ) $ 53,982 Condensed Consolidating Statements of Operations - continued Nine Months Ended September 30, 2014 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 87,719 $ 1,215,918 $ 410,235 $ 559,064 $ (103,210 ) $ 2,169,726 Costs and expenses Operating 1,350 660,321 229,844 290,005 — 1,181,520 Selling, general and administrative 35,010 169,837 42,859 101,930 (142 ) 349,494 Maintenance and utilities — 72,855 11,271 47,211 — 131,337 Depreciation and amortization 4,399 94,351 57,366 42,129 — 198,245 Corporate expense 49,884 167 2,554 — — 52,605 Preopening expense 44 6 3,389 397 — 3,836 Impairments of assets 320 13,116 6,769 — — 20,205 Asset transactions costs 57 3,341 1,306 374 — 5,078 Other operating items, net 164 84 (2,111 ) — (1,863 ) Intercompany expenses 903 86,946 15,219 — (103,068 ) — Total costs and expenses 92,131 1,100,940 370,661 479,935 (103,210 ) 1,940,457 Equity in earnings of subsidiaries 84,689 (9,127 ) (128 ) — (75,434 ) — Operating income (loss) 80,277 105,851 39,446 79,129 (75,434 ) 229,269 Other expense (income) Interest expense, net 99,045 4,542 67,893 53,327 — 224,807 Loss on early extinguishments of debt — — 1,129 — — 1,129 Other, net — — 498 — — 498 Total other expense, net 99,045 4,542 69,520 53,327 — 226,434 Income (loss) before income taxes (18,768 ) 101,309 (30,074 ) 25,802 (75,434 ) 2,835 Income taxes provision (1,850 ) 4,377 (11,452 ) (3,125 ) — (12,050 ) Net income (loss) (20,618 ) 105,686 (41,526 ) 22,677 (75,434 ) (9,215 ) Net loss attributable to noncontrolling interest — — — — (11,403 ) (11,403 ) Net income (loss) attributable to controlling interest $ (20,618 ) $ 105,686 $ (41,526 ) $ 22,677 $ (86,837 ) $ (20,618 ) Comprehensive income (loss) $ (19,327 ) $ 106,977 $ (40,235 ) $ 22,677 $ (78,016 ) $ (7,924 ) Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 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 $ (38,073 ) $ 216,405 $ 49,409 $ (78 ) $ 13,786 $ 241,449 Cash flows from investing activities Capital expenditures (38,068 ) (37,045 ) (11,884 ) — — (86,997 ) Net activity with affiliates — (196,470 ) — — 196,470 — Other investing activities 2,618 — 1,159 — — 3,777 Net cash from investing activities (35,450 ) (233,515 ) (10,725 ) — 196,470 (83,220 ) Cash flows from financing activities Borrowings under bank credit facility 627,000 — 262,100 — — 889,100 Payments under bank credit facility (949,700 ) — (335,550 ) — — (1,285,250 ) Payments on retirements of long-term debt (500,000 ) — — — — (500,000 ) Premium and consent fees paid (24,246 ) — — — — (24,246 ) Proceeds from issuance of senior secured notes 750,000 — — — — 750,000 Debt issue costs (14,001 ) — — — — (14,001 ) Net activity with affiliates 178,596 — 31,582 78 (210,256 ) — Share-based compensation activities, net 5,875 — — — — 5,875 Other financing activities — — (3 ) — — (3 ) Net cash from financing activities 73,524 — (41,871 ) 78 (210,256 ) (178,525 ) Net change in cash and cash equivalents 1 (17,110 ) (3,187 ) — — (20,296 ) Cash and cash equivalents, beginning of period 2 111,452 33,668 219 — 145,341 Cash and cash equivalents, end of period $ 3 $ 94,342 $ 30,481 $ 219 $ — $ 125,045 Condensed Consolidating Statements of Cash Flows - continued Nine Months Ended September 30, 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 $ (43,397 ) $ 188,817 $ 54,828 $ 35,866 $ (3,613 ) $ 232,501 Cash flows from investing activities Capital expenditures (24,090 ) (36,269 ) (22,635 ) (11,623 ) — (94,617 ) Deconsolidation of Borgata — — — (26,891 ) — (26,891 ) Net activity with affiliates — (169,594 ) 5,598 98 163,898 — Other investing activities — 1,629 (639 ) 2,197 — 3,187 Net cash from investing activities (24,090 ) (204,234 ) (17,676 ) (36,219 ) 163,898 (118,321 ) Cash flows from financing activities Borrowings under bank credit facility 605,000 — 242,100 410,900 — 1,258,000 Payments under bank credit facility (698,400 ) — (283,350 ) (444,900 ) — (1,426,650 ) Debt financing costs, net (84 ) — — (205 ) — (289 ) Net activity with affiliates 160,285 — — — (160,285 ) — Share-based compensation activities, net 783 — — — — 783 Other financing activities (95 ) — (7 ) (2,850 ) — (2,952 ) Net cash from financing activities 67,489 — (41,257 ) (37,055 ) (160,285 ) (171,108 ) Net change in cash and cash equivalents 2 (15,417 ) (4,105 ) (37,408 ) — (56,928 ) Cash and cash equivalents, beginning of period — 106,445 33,766 37,627 — 177,838 Cash and cash equivalents, end of period $ 2 $ 91,028 $ 29,661 $ 219 $ — $ 120,910 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Redemption of HoldCo Note As part of the consideration tendered in the November 2012 acquisition of Peninsula, Boyd Acquisition II, LLC ("HoldCo"), an indirect wholly-owned subsidiary of Boyd, issued a promissory note (the "HoldCo Note") to the seller. The principal balance assigned to the HoldCo Note was $143.0 million . At the option of HoldCo, the semi-annual interest on the HoldCo Note could be paid in cash or paid-in-kind and added to the principal balance. In accordance with these terms, $14.8 million of accrued and unpaid interest was added to the principal balance of the HoldCo Note, resulting in a total principal balance of $157.8 million . On November 6, 2015, HoldCo prepaid the HoldCo Note and $5.8 million of related accrued interest. As a result of this redemption, the Company will record a loss on early extinguishment of debt of $7.9 million during fourth quarter 2015 to write-off the remaining unamortized discount and deferred finance charges. The redemption was funded with borrowings under the Boyd Gaming Credit Facility. We have evaluated all events or transactions that occurred after September 30, 2015 . During this period, up to the filing date, we did not identify any additional subsequent events, the effects of which would require disclosure or adjustment to our financial position or results of operations. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Gaming Taxes | Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $83.2 million and $96.8 million for the three months ended September 30, 2015 and 2014 , respectively, and $252.1 million and $289.4 million for the nine months ended September 30, 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: Nine Months Ended September 30, (In thousands) 2015 Unrecognized tax benefit as of January 1, 2015 $ 30,198 Reductions: Tax positions related to prior years (27,717 ) Unrecognized tax benefit as of September 30, 2015 $ 2,481 The entire $2.5 million balance of unrecognized tax benefits at September 30, 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 September 30, 2015 we recognized an interest-related benefit of $0.5 million in our tax provision. We have accrued interest and penalties of $0.6 million as of September 30, 2015, in our consolidated balance sheet. During the first quarter of 2015, 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. During the third quarter of 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. As a result of the determination, we reduced our unrecognized tax benefits by $2.0 million , all of which impacted our effective tax rate. Additionally, as a result of the settlement, we reduced the interest accrued on our unrecognized tax benefits by $0.5 million and recorded a benefit to our tax provision. |
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 losses for the three months and nine months ended September 30, 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 Nine Months Ended September 30, September 30, (In thousands) 2014 2014 Potential dilutive effect 904.6 926.1 |
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 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("Update 2015-15") In August 2015, the Financial Accounting Standards Board ("FASB") issued Update 2015-15, which further clarifies the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. Debt issuance costs related to line-of-credit of arrangements can be recorded as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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 consolidated financial statements will not be material. Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14") In August 2015, the FASB issued Update 2015-14, which defers the implementation of Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09") for one year from the initial effective date. The initial effective date of Update 2014-09 was for annual reporting periods beginning after December 15, 2016, and early adoption was not permitted. Update 2015-14 extends the effective date to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is evaluating the impact of the adoption of Update 2015-14 and 2014-09 to the consolidated financial position or results of operations. Accounting Standards Update 2015-11, Simplifying the Measurement of Inventory ("Update 2015-11") In July 2015, the FASB issued Update 2015-11, which provides guidance on inventory measurement. Inventory, excluding inventory that is measured using last-in, first-out (LIFO) or the retail inventory method, should be measured at the lower of cost and net realizable value. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company determined that the impact of the new standard on its consolidated financial statements will not be material. Accounting Standards Update 2015-08 Business Combinations ("Update 2015-08") In May 2015, the FASB issued Update 2015-08, which provides updates to guidance related to pushdown accounting and is effective immediately. The Company determined that the impact of the new standard on its financial reporting will not be material. Accounting Standards Update 2015-05 Customers Accounting for Fees Paid in a Cloud Computing Arrangement (Topic 350) ("Update 2015-05") In April 2015, the FASB issued Update 2015-05, which provides guidance on a customer's accounting for cloud computing costs. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and early adoption is permitted. The Company determined that the impact of the new standard on its consolidated financial statements will not be material. Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ("Update 2015-03") In April 2015, the 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 determined that the impact of the new standard on its financial reporting will not be material. 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 fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. The Company determined that the impact of the new standard on its consolidated financial statements 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 Accoun24
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Promotional Allowances | The amounts included in promotional allowances are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Rooms $ 19,573 $ 40,420 $ 57,505 $ 112,825 Food and beverage 38,139 53,247 112,984 152,462 Other 4,113 34,001 10,445 91,040 Total promotional allowances $ 61,825 $ 127,668 $ 180,934 $ 356,327 The estimated costs of providing such promotional allowances are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Rooms $ 8,988 $ 15,371 $ 26,240 $ 43,956 Food and beverage 33,925 46,841 99,874 133,889 Other 3,214 6,512 8,889 17,199 Total estimated cost of promotional allowances $ 46,127 $ 68,724 $ 135,003 $ 195,044 |
Unrecognized Tax Benefit | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Nine Months Ended September 30, (In thousands) 2015 Unrecognized tax benefit as of January 1, 2015 $ 30,198 Reductions: Tax positions related to prior years (27,717 ) Unrecognized tax benefit as of September 30, 2015 $ 2,481 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The amount of potential common share equivalents were as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2014 2014 Potential dilutive effect 904.6 926.1 |
Deconsolidation of Borgata Equi
Deconsolidation of Borgata Equity Subsidiary Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Summarized income statement information for Borgata is as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Net revenues $ 237,461 $ 209,946 $ 611,213 $ 559,064 Operating expenses 175,248 166,509 495,473 481,709 Operating income 62,213 43,437 115,740 77,355 Non-operating expenses 25,363 20,460 58,909 56,280 Net income $ 36,850 $ 22,977 $ 56,831 $ 21,075 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consists of the following: September 30, December 31, (In thousands) 2015 2014 Land $ 229,431 $ 229,684 Buildings and improvements 2,533,795 2,534,618 Furniture and equipment 1,137,757 1,079,878 Riverboats and barges 238,731 239,669 Construction in progress 29,158 35,675 Other 8,078 11,502 Total property and equipment 4,176,950 4,131,026 Less accumulated depreciation 1,951,307 1,844,918 Property and equipment, net $ 2,225,643 $ 2,286,108 |
Depreciation Expense Table | Depreciation expense for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Depreciation expense $ 44,643 $ 57,536 $ 134,904 $ 172,561 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: September 30, 2015 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles: Customer relationships 2.1 years $ 136,300 $ (103,582 ) $ — $ 32,718 Favorable lease rates 32.8 years 45,370 (11,737 ) — 33,633 Development agreement — 21,373 — — 21,373 203,043 (115,319 ) — 87,724 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, September 30, 2015 $ 1,205,879 $ (149,279 ) $ (142,372 ) $ 914,228 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) | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: September 30, December 31, (In thousands) 2015 2014 Payroll and related expenses $ 70,355 $ 69,672 Interest 36,244 33,985 Gaming liabilities 38,990 35,698 Player loyalty program liabilities 18,545 19,058 Accrued liabilities 98,789 80,853 Total accrued liabilities $ 262,923 $ 239,266 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Line of Credit Facility [Line Items] | |
Schedule of Long-term Debt Instruments | Long-term debt, net of current maturities consists of the following: September 30, 2015 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Sept. 30, 2015 Principal Discount Fees Debt, Net Boyd Gaming Corporation Debt: Bank credit facility 3.77 % $ 1,064,725 $ (2,853 ) $ — $ 1,061,872 9.00% senior notes due 2020 9.00 % 350,000 — — 350,000 6.875% senior notes due 2023 6.88 % 750,000 — — 750,000 HoldCo Note 8.00 % 157,810 (8,257 ) — 149,553 2,322,535 (11,110 ) — 2,311,425 Peninsula Segment Debt: Bank credit facility 4.25 % 668,950 — — 668,950 8.375% senior notes due 2018 8.38 % 350,000 — — 350,000 1,018,950 — — 1,018,950 Total long-term debt 3,341,485 (11,110 ) — 3,330,375 Less current maturities 27,688 — — 27,688 Long-term debt, net $ 3,313,797 $ (11,110 ) $ — $ 3,302,687 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 9.00 % 350,000 — — 350,000 HoldCo Note 8.00 % 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 |
Schedule of Extinguishment of Debt | The components of the loss on early extinguishments of debt are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 9.125% Senior Notes premium and consent fees $ — $ — $ 23,962 $ — 9.125% Senior Notes deferred finance charges — — 4,888 — Boyd Gaming Credit Facility deferred finance charges 444 — 1,602 — Peninsula Credit Facility deferred finance charges 419 71 1,881 1,129 Total loss on early extinguishments of debt $ 863 $ 71 $ 32,333 $ 1,129 |
Bank Credit Facility | Bank Credit Facility [Member] | Parent | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities | The outstanding principal amounts under the Third Amended and Restated Credit Agreement (the "Boyd Gaming Credit Facility") are comprised of the following: (In thousands) September 30, 2015 December 31, 2014 Revolving Credit Facility $ 70,000 $ 300,000 Term A Loan 195,275 221,375 Term B Loan 778,750 840,750 Swing Loan 20,700 25,300 Total outstanding principal amounts under the Boyd Gaming Credit Facility $ 1,064,725 $ 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 | The outstanding principal amounts under the Peninsula senior secured credit facility (the "Peninsula Credit Facility") are comprised of the following: ( In thousands ) September 30, 2015 December 31, 2014 Term Loan $ 656,750 $ 734,000 Revolving Facility 5,000 2,000 Swing Loan 7,200 6,400 Total outstanding principal amounts under the Peninsula Credit Facility $ 668,950 $ 742,400 |
Stockholders' Equity and Stoc30
Stockholders' Equity and Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Gaming $ 68 $ 49 $ 191 $ 231 Food and beverage 12 9 36 44 Room 6 4 17 21 Selling, general and administrative 345 247 969 1,173 Corporate expense 1,429 1,217 7,014 9,962 Other operating items, net — (192 ) — (192 ) Total share-based compensation expense $ 1,860 $ 1,334 $ 8,227 $ 11,239 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Noncontrolling Interest | Changes in the noncontrolling interest for the nine months ended September 30, 2014 , are as follows: Nine Months Ended September 30, 2014 (In thousands) Holding Company Other Total Balance, January 1, 2014 $ 180,430 $ 20 $ 180,450 Attributable net loss 11,403 — 11,403 Capital contributions — 30 30 Deconsolidation of Borgata on September 30, 2014 (191,833 ) — (191,833 ) Balance, September 30, 2014 $ — $ 50 $ 50 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2015 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 125,045 $ 125,045 $ — $ — Restricted cash 24,734 24,734 — — Investment available for sale 17,949 — — 17,949 Liabilities Contingent payments $ 3,587 $ — $ — $ 3,587 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 September 30, 2015 Assets Liability (In thousands) Investment Available for Sale Contingent Payments Balance at July 1, 2015 $ 17,276 $ (3,642 ) Total gains (losses) (realized or unrealized): Included in earnings 31 (156 ) Included in other comprehensive income (loss) 642 — Transfers in or out of Level 3 — — Purchases, sales, issuances and settlements: Settlements — 211 Balance at September 30, 2015 $ 17,949 $ (3,587 ) 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 — (156 ) Three Months Ended September 30, 2014 Assets Liabilities (In thousands) Investment Available for Sale Merger Earnout Contingent Payments Balance at July 1, 2014 $ 17,443 $ (450 ) $ (4,278 ) Total gains (losses) (realized or unrealized): Included in earnings 29 225 (181 ) Included in other comprehensive income (loss) 681 — — Transfers in or out of Level 3 — — — Purchases, sales, issuances and settlements: Settlements — — 201 Balance at September 30, 2014 $ 18,153 $ (225 ) $ (4,258 ) 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 $ 29 $ — $ — Included in interest expense — — (181 ) Nine Months Ended September 30, 2015 Assets Liabilities (In thousands) Investment Available for Sale Merger Earnout Contingent Payments Balance at January 1, 2015 $ 18,357 $ (75 ) $ (3,792 ) Total gains (losses) (realized or unrealized): Included in earnings 93 75 (476 ) Included in other comprehensive income (loss) (121 ) — — Transfers in or out of Level 3 — — — Purchases, sales, issuances and settlements: Settlements (380 ) — 681 Balance at September 30, 2015 $ 17,949 $ — $ (3,587 ) 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 $ 93 $ — $ — Included in interest expense — — (476 ) Nine Months Ended September 30, 2014 Assets Liabilities (In thousands) Investment Available for Sale Merger Earnout Contingent Payments Balance at January 1, 2014 $ 17,128 $ (1,125 ) $ (4,343 ) Total gains (losses) (realized or unrealized): Included in earnings 89 900 (549 ) Included in other comprehensive income (loss) 1,291 — — Transfers in or out of Level 3 — — — Purchases, sales, issuances and settlements: Settlements (355 ) — 634 Balance at September 30, 2014 $ 18,153 $ (225 ) $ (4,258 ) 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 $ 89 $ — $ — Included in interest expense — — (549 ) |
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 Technique Unobservable Input Rate Investment available for sale Discounted cash flow Discount rate 10.2 % Contingent payments Discounted cash flow Discount rate 18.5 % |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | The following tables provide the fair value measurement information about our long-term debt: September 30, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Corporation Debt: Bank credit facility $ 1,064,725 $ 1,061,872 $ 1,062,290 Level 2 9.00% senior notes due 2020 350,000 350,000 374,500 Level 1 6.875% senior notes due 2023 750,000 750,000 759,375 Level 1 HoldCo Note 157,810 149,553 149,919 Level 3 2,322,535 2,311,425 2,346,084 Peninsula Segment Debt: Bank credit facility 668,950 668,950 667,308 Level 2 8.375% Senior Notes due 2018 350,000 350,000 363,125 Level 2 1,018,950 1,018,950 1,030,433 Total debt $ 3,341,485 $ 3,330,375 $ 3,376,517 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 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: September 30, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 35,378 $ 27,742 $ 28,222 Level 3 Other financial instruments 200 182 182 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 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Net Revenues Las Vegas Locals $ 148,022 $ 141,207 $ 451,356 $ 440,920 Downtown Las Vegas 56,685 53,379 171,723 164,664 Midwest and South 215,799 210,732 651,341 631,472 Peninsula 125,807 123,579 382,338 373,606 Borgata (1) — 209,946 — 559,064 Total Reportable Segment Net Revenues $ 546,313 $ 738,843 $ 1,656,758 $ 2,169,726 Adjusted EBITDA Las Vegas Locals $ 32,261 $ 28,052 $ 113,313 $ 104,640 Downtown Las Vegas 10,144 6,315 33,128 24,193 Midwest and South 50,717 43,593 153,478 129,890 Peninsula 45,630 42,875 141,157 132,918 Borgata (1) 37,987 56,873 79,163 119,917 Total Reportable Segment Adjusted EBITDA (2) 176,739 177,708 520,239 511,558 Corporate expense (13,581 ) (13,848 ) (45,000 ) (42,643 ) Adjusted EBITDA 163,158 163,860 475,239 468,915 Other operating costs and expenses Deferred rent 857 903 2,573 2,714 Depreciation and amortization 51,345 66,168 155,251 198,245 Preopening expense 1,434 1,262 2,769 3,836 Share-based compensation expense 1,860 1,526 8,227 11,431 Impairments of assets — 18,279 1,065 20,205 Asset transaction costs 80 3,064 1,449 5,078 Other operating charges and credits, net 172 (1,116 ) 342 (1,863 ) Our share of Borgata's other operating costs and expenses 6,880 — 21,293 — Total other operating costs and expenses 62,628 90,086 192,969 239,646 Operating income $ 100,530 $ 73,774 $ 282,270 $ 229,269 (1) Due to the deconsolidation of Borgata on September 30, 2014, our condensed consolidated statement of operations for the three and nine months ended September 30, 2015 reflects our accounting for our 50% ownership interest in Borgata by applying the equity method. For the three and nine months ended September 30, 2014 , Borgata's financial results are reflected on a full consolidation basis. (2) Total Reportable Segment Adjusted EBITDA excludes corporate expense. |
Reconciliation of Assets from Segment to Consolidated | The Company's assets by Reportable Segment consisted of the following amounts: September 30, December 31, (In thousands) 2015 2014 Assets Las Vegas Locals $ 1,150,546 $ 1,164,115 Downtown Las Vegas 134,887 128,682 Midwest and South 1,265,323 1,302,002 Peninsula 1,411,030 1,459,529 Total Reportable Segment Assets 3,961,786 4,054,328 Corporate 447,366 424,596 Total Assets $ 4,409,152 $ 4,478,924 |
Condensed Consolidating Finan34
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of adjustments [Line Items] | |
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheets September 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 3 $ 94,342 $ 30,481 $ 219 $ — $ 125,045 Other current assets 13,726 75,154 32,967 — (18,724 ) 103,123 Property and equipment, net 60,815 1,746,830 417,998 — — 2,225,643 Investments in subsidiaries 3,531,500 153,970 — — (3,434,337 ) 251,133 Intercompany receivable — 1,833,571 — — (1,833,571 ) — Other assets, net 44,084 9,247 51,339 — — 104,670 Intangible assets, net — 424,301 489,927 — — 914,228 Goodwill, net — 212,794 472,516 — — 685,310 Total assets $ 3,650,128 $ 4,550,209 $ 1,495,228 $ 219 $ (5,286,632 ) $ 4,409,152 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 21,500 $ — $ 6,188 $ — $ — $ 27,688 Other current liabilities 92,761 160,714 72,666 — (283 ) 325,858 Accumulated losses of subsidiaries in excess of investment — — 293 — (293 ) — Intercompany payable 846,906 — 1,004,007 475 (1,851,388 ) — Long-term debt, net of current maturities 2,140,372 — 1,162,315 — — 3,302,687 Other long-term liabilities 42,468 143,864 60,416 — — 246,748 Boyd Gaming Corporation stockholders' equity (deficit) 506,121 4,245,631 (810,657 ) (256 ) (3,434,718 ) 506,121 Noncontrolling interest — — — — 50 50 Total stockholders' equity (deficit) 506,121 4,245,631 (810,657 ) (256 ) (3,434,668 ) 506,171 Total liabilities and stockholders' equity $ 3,650,128 $ 4,550,209 $ 1,495,228 $ 219 $ (5,286,632 ) $ 4,409,152 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 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 September 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 28,946 $ 413,962 $ 137,854 $ — $ (34,449 ) $ 546,313 Costs and expenses Operating 450 224,649 74,767 — — 299,866 Selling, general and administrative 11,083 54,334 14,537 — — 79,954 Maintenance and utilities — 24,977 4,053 — — 29,030 Depreciation and amortization 1,657 31,327 18,361 — — 51,345 Corporate expense 13,503 50 1,456 — — 15,009 Preopening expenses 5 19 1,402 8 — 1,434 Asset transactions costs — 60 20 — — 80 Other operating items, net 136 36 — — — 172 Intercompany expenses 301 29,036 5,112 — (34,449 ) — Total costs and expenses 27,135 364,488 119,708 8 (34,449 ) 476,890 Equity in earnings of subsidiaries 57,937 25,974 (8 ) — (52,796 ) 31,107 Operating income (loss) 59,748 75,448 18,138 (8 ) (52,796 ) 100,530 Other expense (income) Interest expense, net 33,883 130 22,085 — — 56,098 Loss on early extinguishments of debt 444 — 419 — — 863 Other, net (2 ) 1,660 95 — — 1,753 Boyd's share of Borgata's non-operating items, net — 12,681 — — — 12,681 Total other expense, net 34,325 14,471 22,599 — — 71,395 Income (loss) before income taxes 25,423 60,977 (4,461 ) (8 ) (52,796 ) 29,135 Income taxes benefit (provision) 2 859 (4,571 ) — — (3,710 ) Net income (loss) $ 25,425 $ 61,836 $ (9,032 ) $ (8 ) $ (52,796 ) $ 25,425 Comprehensive income (loss) $ 26,067 $ 62,478 $ (8,390 ) $ (8 ) $ (54,080 ) $ 26,067 Condensed Consolidating Statements of Operations - continued Three Months Ended September 30, 2014 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 28,690 $ 398,573 $ 135,380 $ 209,946 $ (33,746 ) $ 738,843 Costs and expenses Operating 450 220,640 76,790 105,982 — 403,862 Selling, general and administrative 11,665 55,703 14,164 31,973 (69 ) 113,436 Maintenance and utilities — 25,967 3,967 15,116 — 45,050 Depreciation and amortization 1,246 31,475 19,309 14,138 — 66,168 Corporate expense 14,060 57 947 — — 15,064 Preopening expense 2 — 1,245 15 — 1,262 Impairments of assets — 12,098 6,181 — — 18,279 Asset transactions costs (1 ) 1,852 838 375 — 3,064 Other operating items, net 592 — 1 (1,709 ) — (1,116 ) Intercompany expenses 301 28,398 4,978 — (33,677 ) — Total costs and expenses 28,315 376,190 128,420 165,890 (33,746 ) 665,069 Equity in earnings of subsidiaries 18,973 12 (15 ) — (18,970 ) — Operating income (loss) 19,348 22,395 6,945 44,056 (18,970 ) 73,774 Other expense (income) Interest expense, net 33,230 1,254 22,661 17,809 — 74,954 Loss on early extinguishments of debt — — 71 — — 71 Other, net — — 116 — — 116 Total other expense, net 33,230 1,254 22,848 17,809 — 75,141 Income (loss) before income taxes (13,882 ) 21,141 (15,903 ) 26,247 (18,970 ) (1,367 ) Income taxes benefit (provision) (1,223 ) 5,829 (3,858 ) (2,709 ) — (1,961 ) Net income (loss) (15,105 ) 26,970 (19,761 ) 23,538 (18,970 ) (3,328 ) Net loss attributable to noncontrolling interest — — — — (11,777 ) (11,777 ) Net income (loss) attributable to controlling interest $ (15,105 ) $ 26,970 $ (19,761 ) $ 23,538 $ (30,747 ) $ (15,105 ) Comprehensive income (loss) $ (14,424 ) $ 27,651 $ (19,080 ) $ 23,538 $ (20,332 ) $ (2,647 ) Condensed Consolidating Statements of Operations - continued Nine Months Ended September 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 91,048 $ 1,255,657 $ 417,906 $ — $ (107,853 ) $ 1,656,758 Costs and expenses Operating 1,350 669,541 224,957 — — 895,848 Selling, general and administrative 35,828 162,718 44,110 — — 242,656 Maintenance and utilities — 69,643 11,322 — — 80,965 Depreciation and amortization 4,446 96,381 54,424 — — 155,251 Corporate expense 48,032 174 3,807 — — 52,013 Preopening expenses 7 69 2,615 78 — 2,769 Impairments of assets — — 1,065 — — 1,065 Asset transactions costs (43 ) 293 1,199 — — 1,449 Other operating items, net 136 106 100 — — 342 Intercompany expenses 903 91,226 15,724 — (107,853 ) — Total costs and expenses 90,659 1,090,151 359,323 78 (107,853 ) 1,432,358 Equity in earnings of subsidiaries 162,729 46,495 (78 ) — (151,276 ) 57,870 Operating income (loss) 163,118 212,001 58,505 (78 ) (151,276 ) 282,270 Other expense (income) Interest expense, net 101,302 1,251 66,675 — — 169,228 Loss on early extinguishments of debt 30,452 — 1,881 — — 32,333 Other, net 415 2,660 566 — — 3,641 Boyd's share of Borgata's non-operating items, net — 29,454 — — — 29,454 Total other expense, net 132,169 33,365 69,122 — — 234,656 Income (loss) before income taxes 30,949 178,636 (10,617 ) (78 ) (151,276 ) 47,614 Income taxes benefit (provision) 23,154 (3,091 ) (13,574 ) — — 6,489 Net income (loss) $ 54,103 $ 175,545 $ (24,191 ) $ (78 ) $ (151,276 ) $ 54,103 Comprehensive income (loss) $ 53,982 $ 175,424 $ (24,312 ) $ (78 ) $ (151,034 ) $ 53,982 Condensed Consolidating Statements of Operations - continued Nine Months Ended September 30, 2014 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 87,719 $ 1,215,918 $ 410,235 $ 559,064 $ (103,210 ) $ 2,169,726 Costs and expenses Operating 1,350 660,321 229,844 290,005 — 1,181,520 Selling, general and administrative 35,010 169,837 42,859 101,930 (142 ) 349,494 Maintenance and utilities — 72,855 11,271 47,211 — 131,337 Depreciation and amortization 4,399 94,351 57,366 42,129 — 198,245 Corporate expense 49,884 167 2,554 — — 52,605 Preopening expense 44 6 3,389 397 — 3,836 Impairments of assets 320 13,116 6,769 — — 20,205 Asset transactions costs 57 3,341 1,306 374 — 5,078 Other operating items, net 164 84 (2,111 ) — (1,863 ) Intercompany expenses 903 86,946 15,219 — (103,068 ) — Total costs and expenses 92,131 1,100,940 370,661 479,935 (103,210 ) 1,940,457 Equity in earnings of subsidiaries 84,689 (9,127 ) (128 ) — (75,434 ) — Operating income (loss) 80,277 105,851 39,446 79,129 (75,434 ) 229,269 Other expense (income) Interest expense, net 99,045 4,542 67,893 53,327 — 224,807 Loss on early extinguishments of debt — — 1,129 — — 1,129 Other, net — — 498 — — 498 Total other expense, net 99,045 4,542 69,520 53,327 — 226,434 Income (loss) before income taxes (18,768 ) 101,309 (30,074 ) 25,802 (75,434 ) 2,835 Income taxes provision (1,850 ) 4,377 (11,452 ) (3,125 ) — (12,050 ) Net income (loss) (20,618 ) 105,686 (41,526 ) 22,677 (75,434 ) (9,215 ) Net loss attributable to noncontrolling interest — — — — (11,403 ) (11,403 ) Net income (loss) attributable to controlling interest $ (20,618 ) $ 105,686 $ (41,526 ) $ 22,677 $ (86,837 ) $ (20,618 ) Comprehensive income (loss) $ (19,327 ) $ 106,977 $ (40,235 ) $ 22,677 $ (78,016 ) $ (7,924 ) |
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 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 $ (38,073 ) $ 216,405 $ 49,409 $ (78 ) $ 13,786 $ 241,449 Cash flows from investing activities Capital expenditures (38,068 ) (37,045 ) (11,884 ) — — (86,997 ) Net activity with affiliates — (196,470 ) — — 196,470 — Other investing activities 2,618 — 1,159 — — 3,777 Net cash from investing activities (35,450 ) (233,515 ) (10,725 ) — 196,470 (83,220 ) Cash flows from financing activities Borrowings under bank credit facility 627,000 — 262,100 — — 889,100 Payments under bank credit facility (949,700 ) — (335,550 ) — — (1,285,250 ) Payments on retirements of long-term debt (500,000 ) — — — — (500,000 ) Premium and consent fees paid (24,246 ) — — — — (24,246 ) Proceeds from issuance of senior secured notes 750,000 — — — — 750,000 Debt issue costs (14,001 ) — — — — (14,001 ) Net activity with affiliates 178,596 — 31,582 78 (210,256 ) — Share-based compensation activities, net 5,875 — — — — 5,875 Other financing activities — — (3 ) — — (3 ) Net cash from financing activities 73,524 — (41,871 ) 78 (210,256 ) (178,525 ) Net change in cash and cash equivalents 1 (17,110 ) (3,187 ) — — (20,296 ) Cash and cash equivalents, beginning of period 2 111,452 33,668 219 — 145,341 Cash and cash equivalents, end of period $ 3 $ 94,342 $ 30,481 $ 219 $ — $ 125,045 Condensed Consolidating Statements of Cash Flows - continued Nine Months Ended September 30, 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 $ (43,397 ) $ 188,817 $ 54,828 $ 35,866 $ (3,613 ) $ 232,501 Cash flows from investing activities Capital expenditures (24,090 ) (36,269 ) (22,635 ) (11,623 ) — (94,617 ) Deconsolidation of Borgata — — — (26,891 ) — (26,891 ) Net activity with affiliates — (169,594 ) 5,598 98 163,898 — Other investing activities — 1,629 (639 ) 2,197 — 3,187 Net cash from investing activities (24,090 ) (204,234 ) (17,676 ) (36,219 ) 163,898 (118,321 ) Cash flows from financing activities Borrowings under bank credit facility 605,000 — 242,100 410,900 — 1,258,000 Payments under bank credit facility (698,400 ) — (283,350 ) (444,900 ) — (1,426,650 ) Debt financing costs, net (84 ) — — (205 ) — (289 ) Net activity with affiliates 160,285 — — — (160,285 ) — Share-based compensation activities, net 783 — — — — 783 Other financing activities (95 ) — (7 ) (2,850 ) — (2,952 ) Net cash from financing activities 67,489 — (41,257 ) (37,055 ) (160,285 ) (171,108 ) Net change in cash and cash equivalents 2 (15,417 ) (4,105 ) (37,408 ) — (56,928 ) Cash and cash equivalents, beginning of period — 106,445 33,766 37,627 — 177,838 Cash and cash equivalents, end of period $ 2 $ 91,028 $ 29,661 $ 219 $ — $ 120,910 |
Organization and Basis of Pre35
Organization and Basis of Presentation (Details) | 3 Months Ended | |
Sep. 30, 2015propertyentity | Jan. 31, 2010 | |
Consolidated Entities [Line Items] | ||
Number of gaming entertainment properties | property | 21 | |
Number of controlling interests held | 1 | |
Subsidiary, Borgata | ||
Consolidated Entities [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Promotional Allowances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowances [Line Items] | ||||
Promotional allowances | $ 61,825 | $ 127,668 | $ 180,934 | $ 356,327 |
Cost of promotional allowances | 46,127 | 68,724 | 135,003 | 195,044 |
Rooms | ||||
Allowances [Line Items] | ||||
Promotional allowances | 19,573 | 40,420 | 57,505 | 112,825 |
Cost of promotional allowances | 8,988 | 15,371 | 26,240 | 43,956 |
Food and Beverage | ||||
Allowances [Line Items] | ||||
Promotional allowances | 38,139 | 53,247 | 112,984 | 152,462 |
Cost of promotional allowances | 33,925 | 46,841 | 99,874 | 133,889 |
Other Products and Services | ||||
Allowances [Line Items] | ||||
Promotional allowances | 4,113 | 34,001 | 10,445 | 91,040 |
Cost of promotional allowances | $ 3,214 | $ 6,512 | $ 8,889 | $ 17,199 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Gaming Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Gaming taxes | $ 83.2 | $ 96.8 | $ 252.1 | $ 289.4 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 2,481 | $ 2,481 | $ 30,198 | |
Interest Expense in Tax Provision | 500 | |||
Income Tax Examination, Penalties and Interest Accrued | 600 | 600 | ||
Refund from Tax Settlement | $ 2,400 | |||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 17,600 | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (25,700) | (27,717) | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 500 | $ 5,800 | ||
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $ 2,000 | $ 2,000 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies Net Loss per Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 904.6 | 926.1 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 904,600 | 926,100 | ||
Weighted average shares outstanding: | ||||
Basic | 112,608 | 109,923 | 112,100 | 109,854 |
Weighted average diluted shares outstanding | 113,375 | 109,923 | 112,930 | 109,854 |
Disposition (Disposition) (Deta
Disposition (Disposition) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Net revenues | $ 546,313 | $ 738,843 | $ 1,656,758 | $ 2,169,726 |
Net income (loss) attributable to Boyd Gaming Corporation | $ 25,425 | $ (15,105) | $ 54,103 | $ (20,618) |
Deconsolidation of Borgata (Nar
Deconsolidation of Borgata (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jan. 31, 2010 | |
Consolidated Entities [Line Items] | ||||||
Assets, Current | $ 228,168 | $ 228,168 | $ 241,950 | |||
Impairments of assets | 0 | $ 18,279 | 1,065 | $ 20,205 | ||
Investment in unconsolidated subsidiary | 251,133 | 251,133 | 222,717 | |||
Assets | (4,409,152) | (4,409,152) | (4,478,924) | |||
Liabilities, Current | $ 353,546 | $ 353,546 | $ 357,195 | |||
Subsidiary, Borgata | ||||||
Consolidated Entities [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% |
Deconsolidation of Borgata Eq43
Deconsolidation of Borgata Equity Investment Summarized Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Non-operating expenses | $ 56,558 | $ 75,420 | $ 170,624 | $ 226,219 |
Income taxes benefit (provision) | 3,710 | 1,961 | (6,489) | 12,050 |
Subsidiary, Borgata | ||||
Net revenues | 237,461 | 209,946 | 611,213 | 559,064 |
Operating expenses | 175,248 | 166,509 | 495,473 | 481,709 |
Operating income | 62,213 | 43,437 | 115,740 | 77,355 |
Non-operating expenses | 25,363 | 20,460 | 58,909 | 56,280 |
Net income | $ (36,850) | $ (22,977) | $ (56,831) | $ (21,075) |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 4,176,950 | $ 4,176,950 | $ 4,131,026 | ||
Less accumulated depreciation | 1,951,307 | 1,951,307 | 1,844,918 | ||
Property and equipment, net | 2,225,643 | 2,225,643 | 2,286,108 | ||
Depreciation expense | 44,643 | $ 57,536 | 134,904 | $ 172,561 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 229,431 | 229,431 | 229,684 | ||
Buildings and Improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 2,533,795 | 2,533,795 | 2,534,618 | ||
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 1,137,757 | 1,137,757 | 1,079,878 | ||
Riverboats and Barges | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 238,731 | 238,731 | 239,669 | ||
Construction in Progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 29,158 | 29,158 | 35,675 | ||
Other | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 8,078 | $ 8,078 | $ 11,502 |
Intangible Assets (Summary of A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,205,879 | $ 1,209,179 |
Intangible assets, cumulative amortization | (149,279) | (132,558) |
Intangible assets, cumulative impairment | (142,372) | (142,372) |
Intangible assets, net | 914,228 | 934,249 |
Amortizing intangibles: | ||
Gross carrying value | 203,043 | 206,343 |
Cumulative amortization | (115,319) | (98,598) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 87,724 | 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 1 month | 2 years 11 months |
Gross carrying value | $ 136,300 | $ 139,600 |
Cumulative amortization | (103,582) | (87,642) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 32,718 | $ 51,958 |
Off-Market Favorable Lease [Member] | ||
Amortizing intangibles: | ||
Weighted average life | 32 years 9 months | 33 years 4 months 24 days |
Gross carrying value | $ 45,370 | $ 45,370 |
Cumulative amortization | (11,737) | (10,956) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 33,633 | $ 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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 70,355 | $ 69,672 |
Interest | 36,244 | 33,985 |
Gaming liabilities | 38,990 | 35,698 |
Customer Loyalty Program Liability, Current | 18,545 | 19,058 |
Accrued liabilities | 98,789 | 80,853 |
Total accrued liabilities | $ 262,923 | $ 239,266 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Unamortized discount | $ (11,110) | $ (15,332) |
Unamortized origination fees | 0 | (4,845) |
Current maturities of long-term debt | 27,688 | 29,753 |
Long-term debt, gross, excluding current maturities | 3,313,797 | 3,451,815 |
Long-term debt, net of current maturities | $ 3,302,687 | 3,431,638 |
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 | $ 2,322,535 | 2,389,165 |
Unamortized discount | (11,110) | (15,332) |
Unamortized origination fees | 0 | (4,845) |
Long-term debt, net | 2,311,425 | 2,368,988 |
Current maturities of long-term debt | 21,500 | 21,500 |
Long-term debt, net of current maturities | 2,140,372 | 2,207,490 |
Parent | Bank Credit Facility | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 1,064,725 | $ 1,387,425 |
Remaining borrowing capacity | $ 502,200 | |
Parent | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 3.774% | 3.66% |
Unamortized discount | $ (2,853) | $ (3,589) |
Unamortized origination fees | $ 0 | 0 |
Parent | Senior Notes | 9.125% Senior Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0 | |
Unamortized origination fees | $ (4,845) | |
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | 9.125% |
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0 | $ 0 |
Unamortized origination fees | $ 0 | $ 0 |
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% |
Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0 | |
Unamortized origination fees | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |
Parent | Other | Holdco Note [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 8.00% | 8.00% |
Long-term Debt, Gross | $ 157,810 | $ 143,000 |
Unamortized discount | (8,257) | (11,743) |
Unamortized origination fees | 0 | 0 |
Subsidiary, Peninsula Gaming [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,018,950 | 1,092,403 |
Unamortized discount | 0 | 0 |
Unamortized origination fees | 0 | 0 |
Long-term debt, net | 1,018,950 | 1,092,403 |
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 668,950 | $ 742,400 |
Remaining borrowing capacity | $ 32,600 | |
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 4.25% | 4.25% |
Unamortized discount | $ 0 | $ 0 |
Unamortized origination fees | 0 | 0 |
Subsidiary, Peninsula Gaming [Member] | Senior Notes | Peninsula Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0 | 0 |
Unamortized origination fees | $ 0 | $ 0 |
Debt Instrument, Interest Rate, Stated Percentage | 8.38% | 8.38% |
Subsidiary, Peninsula Gaming [Member] | Other | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0 | |
Unamortized origination fees | 0 | |
Consolidated, Excluding Borgata [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3,341,485 | 3,481,568 |
Unamortized discount | (11,110) | (15,332) |
Unamortized origination fees | 0 | (4,845) |
Long-term debt, net | 3,330,375 | 3,461,391 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Parent | ||
Debt Instrument [Line Items] | ||
Commitments, Fair Value Disclosure | 28,222 | 29,529 |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Parent | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,064,725 | 1,387,425 |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 668,950 | 742,400 |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Peninsula Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 350,000 | 350,000 |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 9.125% Senior Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 500,000 | |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 9.00% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 350,000 | 350,000 |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 750,000 | |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Parent | ||
Debt Instrument [Line Items] | ||
Commitments, Fair Value Disclosure | 35,378 | 36,749 |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Parent | Other | Holdco Note [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 151,740 | |
Outstanding Face Amount | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Subsidiary, Peninsula Gaming [Member] | Other | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 3 | |
Carrying Value | Parent | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 2,311,425 | 2,368,988 |
Carrying Value | Subsidiary, Peninsula Gaming [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 1,018,950 | 1,092,403 |
Carrying Value | Consolidated, Excluding Borgata [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 3,330,375 | 3,461,391 |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Parent | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 1,061,872 | 1,383,836 |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 668,950 | 742,400 |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Peninsula Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 350,000 | 350,000 |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 9.125% Senior Notes Due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 495,155 | |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 9.00% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 350,000 | 350,000 |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 750,000 | |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Parent | ||
Debt Instrument [Line Items] | ||
Commitments, Fair Value Disclosure | 27,742 | 28,612 |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Parent | Other | Holdco Note [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 149,553 | 139,997 |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Other | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3 |
Long-Term Debt (Schedule of Boy
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||||
Borrowings under Boyd Gaming bank credit facility | $ 627,000 | $ 605,000 | |||
Loss on early extinguishments of debt | $ 863 | $ 71 | 32,333 | 1,129 | |
Parent | |||||
Line of Credit Facility [Line Items] | |||||
Loss on early extinguishments of debt | 444 | $ 0 | 30,452 | $ 0 | |
Bank Credit Facility | Swing Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 7,200 | 7,200 | $ 6,400 | ||
Bank Credit Facility | Parent | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 1,064,725 | 1,064,725 | 1,387,425 | ||
Bank Credit Facility | Parent | Initial Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 195,275 | 195,275 | 221,375 | ||
Bank Credit Facility | Parent | Incremental Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 778,750 | 778,750 | 840,750 | ||
Bank Credit Facility | Parent | Swing Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 20,700 | 20,700 | 25,300 | ||
Bank Credit Facility | Subsidiary, Peninsula Gaming [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | $ 668,950 | $ 668,950 | $ 742,400 |
Long-Term Debt (Boyd Bank Credi
Long-Term Debt (Boyd Bank Credit Facility Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||||
Loss on early extinguishments of debt | $ 863 | $ 71 | $ 32,333 | $ 1,129 | |
Parent | |||||
Line of Credit Facility [Line Items] | |||||
Loss on early extinguishments of debt | 444 | $ 0 | 30,452 | $ 0 | |
Parent | Bank Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 1,064,725 | 1,064,725 | $ 1,387,425 | ||
Remaining borrowing capacity | 502,200 | 502,200 | |||
Parent | Bank Credit Facility | Initial Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 195,275 | 195,275 | 221,375 | ||
Parent | Bank Credit Facility | Incremental Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 778,750 | 778,750 | 840,750 | ||
Parent | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 7,100 | 7,100 | |||
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 668,950 | 668,950 | $ 742,400 | ||
Remaining borrowing capacity | 32,600 | 32,600 | |||
Subsidiary, Peninsula Gaming [Member] | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | $ 5,200 | $ 5,200 |
Long-Term Debt (Boyd Senior and
Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Payments of Debt Issuance Costs | $ 14,001 | $ 289 | |||
Loss on early extinguishments of debt | $ 863 | $ 71 | 32,333 | 1,129 | |
Premium and Consent Fees Paid | $ 24,246 | 0 | |||
Senior Notes | 9.00% Senior Notes Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | |||
Parent | |||||
Debt Instrument [Line Items] | |||||
Payments of Debt Issuance Costs | $ 14,001 | 84 | |||
Loss on early extinguishments of debt | $ 444 | $ 0 | 30,452 | $ 0 | |
Premium and Consent Fees Paid | $ 24,246 | ||||
Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | |||
Payments of Debt Issuance Costs | $ 14,000 | ||||
Parent | Senior Notes | 9.125% Senior Notes Due 2018 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | 9.125% | 9.125% | ||
Debt Instrument, Redemption Price, Percentage | 104.563% | ||||
Premium and Consent Fees Paid | $ 24,000 | ||||
Unamortized Debt Issuance Expense | $ 4,900 | ||||
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% |
Long-Term Debt (Peninsula Bank
Long-Term Debt (Peninsula Bank Credit Facility Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Loss on early extinguishments of debt | $ 863 | $ 71 | $ 32,333 | $ 1,129 | |
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 668,950 | 668,950 | $ 742,400 | ||
Remaining borrowing capacity | 32,600 | 32,600 | |||
Subsidiary, Peninsula Gaming [Member] | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 5,200 | 5,200 | |||
Term Loan [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 656,750 | 656,750 | 734,000 | ||
Revolver [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 5,000 | 5,000 | 2,000 | ||
Swing Loan [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | $ 7,200 | $ 7,200 | $ 6,400 |
Long-Term Debt (Borgata Debt Na
Long-Term Debt (Borgata Debt Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Loss on early retirements of debt | $ (863) | $ (71) | $ (32,333) | $ (1,129) | |
Parent | |||||
Debt Instrument [Line Items] | |||||
Loss on early retirements of debt | (444) | $ 0 | (30,452) | $ 0 | |
Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 1,064,725 | 1,064,725 | $ 1,387,425 | ||
Remaining borrowing capacity | 502,200 | 502,200 | |||
Parent | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 7,100 | 7,100 | |||
Revolving Credit Facility [Member] | Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 70,000 | 70,000 | 300,000 | ||
Initial Term Loan | Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 195,275 | 195,275 | 221,375 | ||
Incremental Term Loan [Member] | Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 778,750 | 778,750 | 840,750 | ||
Swing Loan [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 7,200 | 7,200 | 6,400 | ||
Swing Loan [Member] | Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | $ 20,700 | $ 20,700 | $ 25,300 |
Long-Term Debt Loss on Early Ex
Long-Term Debt Loss on Early Extinguishment of Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | $ 863 | $ 71 | $ 32,333 | $ 1,129 |
Parent | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | 444 | 0 | 30,452 | 0 |
Long-term Debt [Member] | Senior Notes | Parent | 9.125% Senior Notes Due 2018 | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | 0 | 0 | 4,888 | 0 |
Bank Credit Facility | Bank Credit Facility | Parent | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | 444 | 0 | 1,602 | 0 |
Bank Credit Facility | Bank Credit Facility | Subsidiary, Peninsula Gaming [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | 419 | 71 | 1,881 | 1,129 |
Premium and consent fees [Member] | Senior Notes | Parent | 9.125% Senior Notes Due 2018 | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | $ 0 | $ 0 | $ 23,962 | $ 0 |
Stockholders' Equity and Stoc54
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 1,860 | $ 1,334 | $ 8,227 | $ 11,239 | |
Gaming | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 68 | 49 | 191 | 231 | |
Food and Beverage | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 12 | 9 | 36 | 44 | |
Room | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 6 | 4 | 17 | 21 | |
Selling, General and Administrative | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 345 | 247 | 969 | 1,173 | |
Corporate Expense | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 1,429 | 1,217 | 7,014 | 9,962 | |
Other Expense [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 0 | $ (192) | $ 0 | $ (192) | |
Common Stock | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 654,478 | ||||
Shares to be issued to settle PSUs | 1.67 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 177,274 | ||||
Performance Stock, Shares Issued Net of Shares for Tax Withholdings | 477,204 | 481,749 |
Noncontrolling Interest (Narrat
Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | $ 50 | $ 50 | $ 50 | $ 180,450 |
Subsidiary, Borgata | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest | $ 0 | $ 180,430 | ||
Ownership percentage by noncontrolling owners | 50.00% |
Noncontrolling Interest (Change
Noncontrolling Interest (Changes in Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, January 1, 2015 | $ 50 | $ 180,450 | ||
Attributable net income | $ 0 | $ (11,777) | 0 | (11,403) |
Noncontrolling Interest, Decrease from Deconsolidation | (191,833) | |||
Balance, March 31, 2015 | $ 50 | 50 | $ 50 | 50 |
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 | (11,403) | |||
Noncontrolling Interest, Decrease from Deconsolidation | (191,833) | |||
Balance, March 31, 2015 | 0 | 0 | ||
Capital Investment Attributable to Noncontrolling Interest | 0 | |||
Other | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, January 1, 2015 | 20 | |||
Attributable net income | 0 | |||
Noncontrolling Interest, Decrease from Deconsolidation | 0 | |||
Balance, March 31, 2015 | $ 50 | 50 | ||
Capital Investment Attributable to Noncontrolling Interest | $ 30 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balance Measured at Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | $ 125,045 | $ 145,341 | $ 120,910 | $ 177,838 |
Restricted Cash and Cash Equivalents, Current | 24,734 | 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 | 17,949 | 18,357 | ||
Liabilities | ||||
Merger earnout | 75 | |||
Business Combination, Contingent Consideration, Liability | 3,587 | 3,792 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||||
Assets | ||||
Cash and cash equivalents | 125,045 | 145,341 | ||
Restricted cash | 24,734 | 18,107 | ||
Investment available for sale | 17,949 | 18,357 | ||
Liabilities | ||||
Merger earnout | 75 | |||
Business Combination, Contingent Consideration, Liability | 3,587 | 3,792 | ||
Parent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Gross | 2,322,535 | 2,389,165 | ||
Long-term debt, net | 2,311,425 | 2,368,988 | ||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 3 | 2 | $ 2 | $ 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] | ||||
Commitments, Fair Value Disclosure | 28,222 | 29,529 | ||
Liabilities | ||||
Other Financial Instruments | 182 | 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] | ||||
Commitments, Fair Value Disclosure | 35,378 | 36,749 | ||
Liabilities | ||||
Other Financial Instruments | 200 | 300 | ||
Other | Holdco Note [Member] | Parent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Gross | 157,810 | 143,000 | ||
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 | |||
Peninsula Gaming | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities, Current | 400 | |||
Assets | ||||
Investment available for sale | 17,500 | $ 18,000 | ||
Liabilities | ||||
Fair Value, Discount Amount, Available for sales securities | $ 3,200 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative-Balances Measured at Fair Value) (Details) $ in Millions | Dec. 20, 2011 | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
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] | |||
Available-for-sale Securities, Current | $ 0.4 | ||
Investment available for sale | 17.5 | $ 18 | |
Fair Value, Discount Amount, Available for sales securities | 3.2 | ||
Contingent Consideration, Kansas Star earnout | 0 | 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 | 2.7 | $ 2.9 | |
Carrying Value | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment available for sale | $ 21.4 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Merger Earnout | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ (450) | $ (75) | $ (1,125) | |
Included in Earnings | 225 | 75 | 900 | |
Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | |
Transfers, Net | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | |
Ending Balance | $ 0 | (225) | 0 | (225) |
Contingent Payments | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | (3,642) | (4,278) | (3,792) | (4,343) |
Included in Earnings | (156) | (181) | (476) | (549) |
Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Transfers, Net | 0 | 0 | 0 | 0 |
Settlements | 211 | 201 | 681 | 634 |
Ending Balance | (3,587) | (4,258) | (3,587) | (4,258) |
Investment Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 17,276 | 17,443 | 18,357 | 17,128 |
Included in Earnings | 31 | 29 | 93 | 89 |
Included in Other Comprehensive Income (Loss) | 642 | 681 | (121) | 1,291 |
Transfers, Net | 0 | 0 | 0 | 0 |
Ending Balance | 17,949 | 18,153 | 17,949 | 18,153 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Settlements | 0 | 0 | 380 | 355 |
Beginning Balance | 17,276 | 17,443 | 18,357 | 17,128 |
Included in Earnings | 31 | 29 | 93 | 89 |
Included in Other Comprehensive Income (Loss) | 642 | 681 | (121) | 1,291 |
Transfers, Net | 0 | 0 | 0 | 0 |
Ending Balance | 17,949 | 18,153 | 17,949 | 18,153 |
Interest Income | Merger Earnout | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 0 | 0 | 0 | |
Interest Income | Contingent Payments | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 0 | 0 | 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 | 29 | 93 | 89 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 31 | 29 | 93 | 89 |
Interest Expense | Merger Earnout | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 0 | 0 | 0 | |
Interest Expense | Contingent Payments | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 156 | 181 | 476 | 549 |
Interest Expense | Investment Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Sep. 30, 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] | ||
Commitments, Fair Value Disclosure | $ 35,378 | $ 36,749 |
Other Financial Instruments | 200 | 300 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | 27,742 | 28,612 |
Other Financial Instruments | 182 | 268 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | 28,222 | 29,529 |
Other Financial Instruments | 182 | 268 |
Peninsula Gaming | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment available for sale | 17,500 | 18,000 |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Current | 900 | 900 |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | $ 2,700 | $ 2,900 |
Fair Value Measurements (Fair61
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Parent | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | $ 2,322,535 | $ 2,389,165 |
Long-term debt, net | 2,311,425 | 2,368,988 |
Parent | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,322,535 | 2,389,165 |
Parent | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 2,311,425 | 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 | 2,346,084 | 2,416,873 |
Subsidiary, Peninsula Gaming [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 1,018,950 | 1,092,403 |
Long-term debt, net | 1,018,950 | 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 | 1,018,950 | 1,092,403 |
Subsidiary, Peninsula Gaming [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 1,018,950 | 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 | 1,030,433 | 1,117,492 |
Consolidated, Excluding Borgata [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 3,341,485 | 3,481,568 |
Long-term debt, net | 3,330,375 | 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 | 3,341,485 | 3,481,568 |
Consolidated, Excluding Borgata [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 3,330,375 | 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 | 3,376,517 | 3,534,365 |
Holdco Note [Member] | Parent | Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 157,810 | 143,000 |
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 | 495,155 | |
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 | 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 | 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 | 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 | 374,500 | 359,625 |
Level 1 | 6.875 % Senior Notes Due 2023 | 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 | 750,000 | |
Level 1 | 6.875 % Senior Notes Due 2023 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 750,000 | |
Level 1 | 6.875 % Senior Notes Due 2023 | 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 | 759,375 | |
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 | 1,064,725 | 1,387,425 |
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 | 1,061,872 | 1,383,836 |
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 | 1,062,290 | 1,395,595 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 668,950 | 742,400 |
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 | 668,950 | 742,400 |
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 | 667,308 | 754,364 |
Level 2 | 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 | 350,000 |
Level 2 | 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 | 350,000 |
Level 2 | 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 | 363,125 | 363,125 |
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 | 3 | |
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 | 3 | |
Level 3 | Holdco Note [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Other | Outstanding Face Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 151,740 | |
Level 3 | Holdco Note [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Other | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 149,553 | 139,997 |
Level 3 | Holdco Note [Member] | 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 | $ 149,919 | 144,153 |
Level 3 | Other | 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, Gross | $ 3 |
Fair Value Measurements (Fair62
Fair Value Measurements (Fair Value, Recurring and Nonrecurring, Valuation Techniques) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 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 | 10.20% | |
Fair Value, Measurements, Recurring [Member] | Carrying Value | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment available for sale | $ 21,400 | |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment available for sale | 17,949 | $ 18,357 |
Peninsula Gaming | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | 2,700 | 2,900 |
Investment available for sale | 17,500 | $ 18,000 |
Available-for-sale Securities, Current | 400 | |
Fair Value, Discount Amount, Available for sales securities | $ 3,200 |
Segment Information (Certain Se
Segment Information (Certain Segment Operating Data and Other) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | $ 546,313 | $ 738,843 | $ 1,656,758 | $ 2,169,726 |
Adjusted EBITDA | 163,158 | 163,860 | 475,239 | 468,915 |
Corporate expense | 15,009 | 15,064 | 52,013 | 52,605 |
Deferred rent | 857 | 903 | 2,573 | 2,714 |
Depreciation and amortization | 51,345 | 66,168 | 155,251 | 198,245 |
Depreciation and amortization | 51,345 | 66,168 | 155,251 | 198,245 |
Preopening expenses | 1,434 | 1,262 | 2,769 | 3,836 |
Share-based compensation expense | 1,860 | 1,526 | 8,227 | 11,239 |
Impairments of assets | 0 | 18,279 | 1,065 | 20,205 |
Asset transaction costs | 80 | 3,064 | 1,449 | 5,078 |
Other operating charges and credits, net | 172 | (1,116) | 342 | (1,863) |
Our share of Borgata's other operating costs and expenses | 6,880 | 0 | 21,293 | 0 |
Total other operating costs and expenses | 62,628 | 90,086 | 192,969 | 239,646 |
Operating income | 100,530 | 73,774 | 282,270 | 229,269 |
Las Vegas Locals | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 148,022 | 141,207 | 451,356 | 440,920 |
Adjusted EBITDA | 32,261 | 28,052 | 113,313 | 104,640 |
Downtown Las Vegas | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 56,685 | 53,379 | 171,723 | 164,664 |
Adjusted EBITDA | 10,144 | 6,315 | 33,128 | 24,193 |
Midwest and South | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 215,799 | 210,732 | 651,341 | 631,472 |
Adjusted EBITDA | 50,717 | 43,593 | 153,478 | 129,890 |
Peninsula | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 125,807 | 123,579 | 382,338 | 373,606 |
Adjusted EBITDA | 45,630 | 42,875 | 141,157 | 132,918 |
Borgata | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 0 | 209,946 | 0 | 559,064 |
Adjusted EBITDA | 37,987 | 56,873 | 79,163 | 119,917 |
Corporate expense | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Adjusted EBITDA | 176,739 | 177,708 | 520,239 | 511,558 |
Corporate expense | $ (13,581) | $ (13,848) | $ (45,000) | (42,643) |
Consolidated Entities [Member] | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Share-based compensation expense | $ 11,431 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 4,409,152 | $ 4,478,924 |
Las Vegas Locals | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,150,546 | 1,164,115 |
Downtown Las Vegas | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 134,887 | 128,682 |
Midwest and South | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,265,323 | 1,302,002 |
Peninsula | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,411,030 | 1,459,529 |
Total Reportable Segment Adjusted EBITDA (2) | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,961,786 | 4,054,328 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 447,366 | $ 424,596 |
Condensed Consolidating Finan65
Condensed Consolidating Financial Information (Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Assets | ||||
Other current assets | $ 103,123 | $ 96,609 | ||
Property and equipment, net | 2,225,643 | 2,286,108 | ||
Investments in subsidiaries | 251,133 | 222,717 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 104,670 | 108,590 | ||
Intangible assets, net | 914,228 | 934,249 | ||
Goodwill, net | 685,310 | 685,310 | ||
Total assets | 4,409,152 | 4,478,924 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 27,688 | 29,753 | ||
Other current liabilities | 325,858 | 327,442 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities | 3,302,687 | 3,431,638 | ||
Other long-term liabilities | 246,748 | 252,004 | ||
Common stock | 1,110 | 1,093 | ||
Additional paid-in capital | 936,197 | 922,112 | ||
Retained earnings (deficit) | (431,012) | (485,115) | ||
Accumulated other comprehensive income (loss), net | (174) | (53) | ||
Total Boyd Gaming Corporation stockholders' equity | 506,121 | 438,037 | ||
Noncontrolling interest | 50 | 50 | $ 50 | $ 180,450 |
Total stockholders' equity (deficit) | 506,171 | 438,087 | $ 462,607 | $ 650,437 |
Total liabilities and stockholders' equity | 4,409,152 | 4,478,924 | ||
Parent | ||||
Assets | ||||
Other current assets | 13,726 | 10,234 | ||
Property and equipment, net | 60,815 | 65,365 | ||
Investments in subsidiaries | 3,531,500 | 3,345,735 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 44,084 | 36,600 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 3,650,128 | 3,457,936 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 21,500 | 21,500 | ||
Other current liabilities | 92,761 | 82,711 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 846,906 | 668,310 | ||
Long-term debt, net of current maturities | 2,140,372 | 2,207,490 | ||
Other long-term liabilities | 42,468 | 39,888 | ||
Total Boyd Gaming Corporation stockholders' equity | 506,121 | 438,037 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders' equity (deficit) | 506,121 | 438,037 | ||
Total liabilities and stockholders' equity | 3,650,128 | 3,457,936 | ||
Guarantor Subsidiaries | ||||
Assets | ||||
Other current assets | 75,154 | 69,012 | ||
Property and equipment, net | 1,746,830 | 1,775,486 | ||
Investments in subsidiaries | 153,970 | 150,694 | ||
Intercompany receivable | 1,833,571 | 1,637,101 | ||
Other assets, net | 9,247 | 9,149 | ||
Intangible assets, net | 424,301 | 425,083 | ||
Goodwill, net | 212,794 | 212,794 | ||
Total assets | 4,550,209 | 4,390,771 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | 160,714 | 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 | 143,864 | 169,824 | ||
Total Boyd Gaming Corporation stockholders' equity | 4,245,631 | 4,060,405 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders' equity (deficit) | 4,245,631 | 4,060,405 | ||
Total liabilities and stockholders' equity | 4,550,209 | 4,390,771 | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Assets | ||||
Other current assets | 32,967 | 21,980 | ||
Property and equipment, net | 417,998 | 445,257 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 51,339 | 62,841 | ||
Intangible assets, net | 489,927 | 509,166 | ||
Goodwill, net | 472,516 | 472,516 | ||
Total assets | 1,495,228 | 1,545,428 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 6,188 | 8,253 | ||
Other current liabilities | 72,666 | 84,427 | ||
Accumulated losses of subsidiaries in excess of investment | 293 | 3,619 | ||
Intercompany payable | 1,004,007 | 972,425 | ||
Long-term debt, net of current maturities | 1,162,315 | 1,224,148 | ||
Other long-term liabilities | 60,416 | 42,292 | ||
Total Boyd Gaming Corporation stockholders' equity | (810,657) | (789,736) | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders' equity (deficit) | (810,657) | (789,736) | ||
Total liabilities and stockholders' equity | 1,495,228 | 1,545,428 | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Assets | ||||
Other current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 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 | ||
Other current liabilities | 0 | 0 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 475 | 397 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total Boyd Gaming Corporation stockholders' equity | (256) | (178) | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders' equity (deficit) | (256) | (178) | ||
Total liabilities and stockholders' equity | 219 | 219 | ||
Eliminations | ||||
Assets | ||||
Other current assets | (18,724) | (4,617) | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | (3,434,337) | (3,273,712) | ||
Intercompany receivable | (1,833,571) | (1,637,101) | ||
Other assets, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | (5,286,632) | (4,915,430) | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | (283) | (238) | ||
Accumulated losses of subsidiaries in excess of investment | (293) | (3,619) | ||
Intercompany payable | (1,851,388) | (1,641,132) | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total Boyd Gaming Corporation stockholders' equity | (3,434,718) | (3,270,491) | ||
Noncontrolling interest | 50 | 50 | ||
Total stockholders' equity (deficit) | (3,434,668) | (3,270,441) | ||
Total liabilities and stockholders' equity | $ (5,286,632) | $ (4,915,430) |
Condensed Consolidating Finan66
Condensed Consolidating Financial Information (Income Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | $ 546,313 | $ 738,843 | $ 1,656,758 | $ 2,169,726 |
Costs and Expenses | ||||
Operating | 299,866 | 403,862 | 895,848 | 1,181,520 |
Selling, general and administrative | 79,954 | 113,436 | 242,656 | 349,494 |
Maintenance and utilities | 29,030 | 45,050 | 80,965 | 131,337 |
Depreciation and amortization | 51,345 | 66,168 | 155,251 | 198,245 |
Corporate expense | 15,009 | 15,064 | 52,013 | 52,605 |
Preopening expenses | 1,434 | 1,262 | 2,769 | 3,836 |
Impairments of assets | 0 | 18,279 | 1,065 | 20,205 |
Asset transactions costs | 80 | 3,064 | 1,449 | 5,078 |
Other operating charges and credits, net | 172 | (1,116) | 342 | (1,863) |
Intercompany expenses | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 476,890 | 665,069 | 1,432,358 | 1,940,457 |
Equity in earnings of subsidiaries | 31,107 | 0 | 57,870 | 0 |
Operating income | 100,530 | 73,774 | 282,270 | 229,269 |
Other expense (income) | ||||
Interest expense, net | 56,098 | 74,954 | 169,228 | 224,807 |
Loss on early extinguishments of debt | 863 | 71 | 32,333 | 1,129 |
Other, net | 1,753 | 116 | 3,641 | 498 |
Boyd's share of Borgata's non-operating items, net | 12,681 | 0 | 29,454 | 0 |
Total other expense, net | 71,395 | 75,141 | 234,656 | 226,434 |
Income (loss) before income taxes | 29,135 | (1,367) | 47,614 | 2,835 |
Income taxes benefit (provision) | 3,710 | 1,961 | (6,489) | 12,050 |
Attributable net income | 0 | (11,777) | 0 | (11,403) |
Net income (loss) | (25,425) | 15,105 | (54,103) | 20,618 |
Comprehensive income (loss) | 26,067 | (2,647) | 53,982 | (7,924) |
Net income (loss) | 25,425 | (3,328) | 54,103 | (9,215) |
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 28,946 | 28,690 | 91,048 | 87,719 |
Costs and Expenses | ||||
Operating | 450 | 450 | 1,350 | 1,350 |
Selling, general and administrative | 11,083 | 11,665 | 35,828 | 35,010 |
Maintenance and utilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 1,657 | 1,246 | 4,446 | 4,399 |
Corporate expense | 13,503 | 14,060 | 48,032 | 49,884 |
Preopening expenses | 5 | 2 | 7 | 44 |
Impairments of assets | 0 | 0 | 320 | |
Asset transactions costs | 0 | (1) | (43) | 57 |
Other operating charges and credits, net | 136 | 592 | 136 | 164 |
Intercompany expenses | 301 | 301 | 903 | 903 |
Total operating costs and expenses | 27,135 | 28,315 | 90,659 | 92,131 |
Equity in earnings of subsidiaries | 57,937 | 18,973 | 162,729 | 84,689 |
Operating income | 59,748 | 19,348 | 163,118 | 80,277 |
Other expense (income) | ||||
Interest expense, net | 33,883 | 33,230 | 101,302 | 99,045 |
Loss on early extinguishments of debt | 444 | 0 | 30,452 | 0 |
Other, net | (2) | 0 | 415 | 0 |
Boyd's share of Borgata's non-operating items, net | 0 | 0 | ||
Total other expense, net | 34,325 | 33,230 | 132,169 | 99,045 |
Income (loss) before income taxes | 25,423 | (13,882) | 30,949 | (18,768) |
Income taxes benefit (provision) | (2) | 1,223 | (23,154) | 1,850 |
Attributable net income | 0 | 0 | ||
Net income (loss) | (25,425) | 15,105 | (54,103) | 20,618 |
Comprehensive income (loss) | 26,067 | (14,424) | 53,982 | (19,327) |
Net income (loss) | (15,105) | (20,618) | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 413,962 | 398,573 | 1,255,657 | 1,215,918 |
Costs and Expenses | ||||
Operating | 224,649 | 220,640 | 669,541 | 660,321 |
Selling, general and administrative | 54,334 | 55,703 | 162,718 | 169,837 |
Maintenance and utilities | 24,977 | 25,967 | 69,643 | 72,855 |
Depreciation and amortization | 31,327 | 31,475 | 96,381 | 94,351 |
Corporate expense | 50 | 57 | 174 | 167 |
Preopening expenses | 19 | 0 | 69 | 6 |
Impairments of assets | 12,098 | 0 | 13,116 | |
Asset transactions costs | 60 | 1,852 | 293 | $ 3,341 |
Other operating charges and credits, net | 36 | 0 | 106 | |
Intercompany expenses | 29,036 | 28,398 | 91,226 | $ 86,946 |
Total operating costs and expenses | 364,488 | 376,190 | 1,090,151 | 1,100,940 |
Equity in earnings of subsidiaries | 25,974 | 12 | 46,495 | (9,127) |
Operating income | 75,448 | 22,395 | 212,001 | 105,851 |
Other expense (income) | ||||
Interest expense, net | 130 | 1,254 | 1,251 | 4,542 |
Loss on early extinguishments of debt | 0 | 0 | 0 | 0 |
Other, net | 1,660 | 0 | 2,660 | 0 |
Boyd's share of Borgata's non-operating items, net | 12,681 | 29,454 | ||
Total other expense, net | 14,471 | 1,254 | 33,365 | 4,542 |
Income (loss) before income taxes | 60,977 | 21,141 | 178,636 | 101,309 |
Income taxes benefit (provision) | (859) | (5,829) | 3,091 | (4,377) |
Attributable net income | 0 | 0 | ||
Net income (loss) | (61,836) | (26,970) | (175,545) | (105,686) |
Comprehensive income (loss) | 62,478 | 27,651 | 175,424 | 106,977 |
Net income (loss) | 26,970 | 105,686 | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 137,854 | 135,380 | 417,906 | 410,235 |
Costs and Expenses | ||||
Operating | 74,767 | 76,790 | 224,957 | 229,844 |
Selling, general and administrative | 14,537 | 14,164 | 44,110 | 42,859 |
Maintenance and utilities | 4,053 | 3,967 | 11,322 | 11,271 |
Depreciation and amortization | 18,361 | 19,309 | 54,424 | 57,366 |
Corporate expense | 1,456 | 947 | 3,807 | 2,554 |
Preopening expenses | 1,402 | 1,245 | 2,615 | 3,389 |
Impairments of assets | 6,181 | 1,065 | 6,769 | |
Asset transactions costs | 20 | 838 | 1,199 | 1,306 |
Other operating charges and credits, net | 0 | 1 | 100 | 84 |
Intercompany expenses | 5,112 | 4,978 | 15,724 | 15,219 |
Total operating costs and expenses | 119,708 | 128,420 | 359,323 | 370,661 |
Equity in earnings of subsidiaries | (8) | (15) | (78) | (128) |
Operating income | 18,138 | 6,945 | 58,505 | 39,446 |
Other expense (income) | ||||
Interest expense, net | 22,085 | 22,661 | 66,675 | 67,893 |
Loss on early extinguishments of debt | 419 | 71 | 1,881 | 1,129 |
Other, net | 95 | 116 | 566 | 498 |
Boyd's share of Borgata's non-operating items, net | 0 | 0 | ||
Total other expense, net | 22,599 | 22,848 | 69,122 | 69,520 |
Income (loss) before income taxes | (4,461) | (15,903) | (10,617) | (30,074) |
Income taxes benefit (provision) | 4,571 | 3,858 | 13,574 | 11,452 |
Attributable net income | 0 | 0 | ||
Net income (loss) | 9,032 | 19,761 | 24,191 | 41,526 |
Comprehensive income (loss) | (8,390) | (19,080) | (24,312) | (40,235) |
Net income (loss) | (19,761) | (41,526) | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 0 | 209,946 | 0 | 559,064 |
Costs and Expenses | ||||
Operating | 0 | 105,982 | 0 | 290,005 |
Selling, general and administrative | 0 | 31,973 | 0 | 101,930 |
Maintenance and utilities | 0 | 15,116 | 0 | 47,211 |
Depreciation and amortization | 0 | 14,138 | 0 | 42,129 |
Corporate expense | 0 | 0 | 0 | 0 |
Preopening expenses | 8 | 15 | 78 | 397 |
Impairments of assets | 0 | 0 | 0 | |
Asset transactions costs | 0 | 375 | 0 | 374 |
Other operating charges and credits, net | 0 | (1,709) | 0 | (2,111) |
Intercompany expenses | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 8 | 165,890 | 78 | 479,935 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income | (8) | 44,056 | (78) | 79,129 |
Other expense (income) | ||||
Interest expense, net | 0 | 17,809 | 0 | 53,327 |
Loss on early extinguishments of debt | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Boyd's share of Borgata's non-operating items, net | 0 | 0 | ||
Total other expense, net | 0 | 17,809 | 0 | 53,327 |
Income (loss) before income taxes | (8) | 26,247 | (78) | 25,802 |
Income taxes benefit (provision) | 0 | 2,709 | 0 | 3,125 |
Attributable net income | 0 | 0 | ||
Net income (loss) | 8 | (23,538) | 78 | (22,677) |
Comprehensive income (loss) | (8) | 23,538 | (78) | 22,677 |
Net income (loss) | 23,538 | 22,677 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | (34,449) | (33,746) | (107,853) | (103,210) |
Costs and Expenses | ||||
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | (69) | 0 | (142) |
Maintenance and utilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Corporate expense | 0 | 0 | 0 | 0 |
Preopening expenses | 0 | 0 | 0 | 0 |
Impairments of assets | 0 | 0 | 0 | |
Asset transactions costs | 0 | 0 | 0 | 0 |
Other operating charges and credits, net | 0 | 0 | 0 | 0 |
Intercompany expenses | (34,449) | (33,677) | (107,853) | (103,068) |
Total operating costs and expenses | (34,449) | (33,746) | (107,853) | (103,210) |
Equity in earnings of subsidiaries | (52,796) | (18,970) | (151,276) | (75,434) |
Operating income | (52,796) | (18,970) | (151,276) | (75,434) |
Other expense (income) | ||||
Interest expense, net | 0 | 0 | 0 | 0 |
Loss on early extinguishments of debt | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Boyd's share of Borgata's non-operating items, net | 0 | 0 | ||
Total other expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (52,796) | (18,970) | (151,276) | (75,434) |
Income taxes benefit (provision) | 0 | 0 | 0 | 0 |
Attributable net income | (11,777) | (11,403) | ||
Net income (loss) | 52,796 | 30,747 | 151,276 | 86,837 |
Comprehensive income (loss) | (54,080) | (20,332) | (151,034) | (78,016) |
Net income (loss) | (18,970) | (75,434) | ||
Corporate expense | ||||
Costs and Expenses | ||||
Corporate expense | $ (13,581) | $ (13,848) | $ (45,000) | $ (42,643) |
Condensed Consolidating Finan67
Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||||
Net cash from operating activities | $ 241,449 | $ 232,501 | ||
Cash flows from investing activities | ||||
Capital expenditures | (86,997) | (94,617) | ||
Cash Divested from Deconsolidation | 0 | (26,891) | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 3,777 | 3,187 | ||
Net cash used in investing activities | (83,220) | (118,321) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 889,100 | 1,258,000 | ||
Payments under bank credit facility | (1,285,250) | (1,426,650) | ||
Payments on retirements of long-term debt | (500,000) | (2,850) | ||
Premium and consent fees paid | (24,246) | 0 | ||
Proceeds from issuance of senior secured notes | 750,000 | 0 | ||
Debt issue costs | (14,001) | (289) | ||
Net activity with affiliates | 0 | 0 | ||
Share-based compensation activities, net | 5,875 | 783 | ||
Proceeds from (Payments for) Combined Other Financing Activities | (3) | (2,952) | ||
Net cash used in financing activities | (178,525) | (171,108) | ||
Cash and cash equivalents, beginning of period | 145,341 | 177,838 | ||
Cash and cash equivalents, end of period | (145,341) | (177,838) | $ (125,045) | $ (120,910) |
Net change in cash and cash equivalents | (20,296) | (56,928) | ||
Parent | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | (38,073) | (43,397) | ||
Cash flows from investing activities | ||||
Capital expenditures | (38,068) | (24,090) | ||
Cash Divested from Deconsolidation | 0 | |||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 2,618 | 0 | ||
Net cash used in investing activities | (35,450) | (24,090) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 627,000 | 605,000 | ||
Payments under bank credit facility | (949,700) | (698,400) | ||
Payments on retirements of long-term debt | (500,000) | |||
Premium and consent fees paid | (24,246) | |||
Proceeds from issuance of senior secured notes | 750,000 | |||
Debt issue costs | (14,001) | (84) | ||
Net activity with affiliates | 178,596 | 160,285 | ||
Share-based compensation activities, net | 5,875 | 783 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | (95) | ||
Net cash used in financing activities | 73,524 | 67,489 | ||
Cash and cash equivalents, beginning of period | 2 | 0 | ||
Cash and cash equivalents, end of period | (2) | 0 | (3) | (2) |
Net change in cash and cash equivalents | 1 | 2 | ||
Guarantor Subsidiaries | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 216,405 | 188,817 | ||
Cash flows from investing activities | ||||
Capital expenditures | (37,045) | (36,269) | ||
Cash Divested from Deconsolidation | 0 | |||
Net activity with affiliates | (196,470) | (169,594) | ||
Other investing activities | 0 | 1,629 | ||
Net cash used in investing activities | (233,515) | (204,234) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
Payments on retirements of long-term debt | 0 | |||
Premium and consent fees paid | 0 | |||
Proceeds from issuance of senior secured notes | 0 | |||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | 0 | 0 | ||
Share-based compensation activities, net | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 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 | (111,452) | (106,445) | (94,342) | (91,028) |
Net change in cash and cash equivalents | (17,110) | (15,417) | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 49,409 | 54,828 | ||
Cash flows from investing activities | ||||
Capital expenditures | (11,884) | (22,635) | ||
Cash Divested from Deconsolidation | 0 | |||
Net activity with affiliates | 0 | 5,598 | ||
Other investing activities | 1,159 | (639) | ||
Net cash used in investing activities | (10,725) | (17,676) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 262,100 | 242,100 | ||
Payments under bank credit facility | (335,550) | (283,350) | ||
Payments on retirements of long-term debt | 0 | |||
Premium and consent fees paid | 0 | |||
Proceeds from issuance of senior secured notes | 0 | |||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | 31,582 | 0 | ||
Share-based compensation activities, net | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | (3) | (7) | ||
Net cash used in financing activities | (41,871) | (41,257) | ||
Cash and cash equivalents, beginning of period | 33,668 | 33,766 | ||
Cash and cash equivalents, end of period | (33,668) | (33,766) | (30,481) | (29,661) |
Net change in cash and cash equivalents | (3,187) | (4,105) | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | (78) | 35,866 | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | (11,623) | ||
Cash Divested from Deconsolidation | (26,891) | |||
Net activity with affiliates | 0 | 98 | ||
Other investing activities | 0 | 2,197 | ||
Net cash used in investing activities | 0 | (36,219) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 410,900 | ||
Payments under bank credit facility | 0 | (444,900) | ||
Payments on retirements of long-term debt | 0 | |||
Premium and consent fees paid | 0 | |||
Proceeds from issuance of senior secured notes | 0 | |||
Debt issue costs | 0 | (205) | ||
Net activity with affiliates | 78 | 0 | ||
Share-based compensation activities, net | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | (2,850) | ||
Net cash used in financing activities | 78 | (37,055) | ||
Cash and cash equivalents, beginning of period | 219 | 37,627 | ||
Cash and cash equivalents, end of period | (219) | (37,627) | (219) | (219) |
Net change in cash and cash equivalents | 0 | (37,408) | ||
Eliminations | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 13,786 | (3,613) | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Cash Divested from Deconsolidation | 0 | |||
Net activity with affiliates | 196,470 | 163,898 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 196,470 | 163,898 | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
Payments on retirements of long-term debt | 0 | |||
Premium and consent fees paid | 0 | |||
Proceeds from issuance of senior secured notes | 0 | |||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | (210,256) | (160,285) | ||
Share-based compensation activities, net | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||
Net cash used in financing activities | (210,256) | (160,285) | ||
Cash and cash equivalents, beginning of period | 0 | 0 | ||
Cash and cash equivalents, end of period | 0 | 0 | $ 0 | $ 0 |
Net change in cash and cash equivalents | $ 0 | $ 0 |
Condensed Consolidating Finan68
Condensed Consolidating Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Assets | $ 4,409,152 | $ 4,409,152 | $ 4,478,924 | ||
Net income (loss) | $ 25,425 | $ (3,328) | 54,103 | $ (9,215) | |
Net cash from operating activities | $ 241,449 | 232,501 | |||
Senior Notes | 9.00% Senior Notes Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | |||
Parent | |||||
Debt Instrument [Line Items] | |||||
Assets | $ 3,650,128 | $ 3,650,128 | $ 3,457,936 | ||
Net income (loss) | (15,105) | (20,618) | |||
Net cash from operating activities | $ (38,073) | (43,397) | |||
Parent | Senior Notes | 9.125% Senior Notes Due 2018 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | 9.125% | 9.125% | ||
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | ||
Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | |||
Guarantor Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Assets | $ 4,550,209 | $ 4,550,209 | $ 4,390,771 | ||
Net income (loss) | 26,970 | 105,686 | |||
Net cash from operating activities | 216,405 | 188,817 | |||
Non-Guarantor Subsidiaries (100% Owned) | |||||
Debt Instrument [Line Items] | |||||
Assets | 1,495,228 | 1,495,228 | 1,545,428 | ||
Net income (loss) | (19,761) | (41,526) | |||
Net cash from operating activities | 49,409 | 54,828 | |||
Non-Guarantor Subsidiaries (Not 100% Owned) | |||||
Debt Instrument [Line Items] | |||||
Assets | 219 | 219 | 219 | ||
Net income (loss) | 23,538 | 22,677 | |||
Net cash from operating activities | (78) | 35,866 | |||
Eliminations | |||||
Debt Instrument [Line Items] | |||||
Assets | $ (5,286,632) | (5,286,632) | $ (4,915,430) | ||
Net income (loss) | $ (18,970) | (75,434) | |||
Net cash from operating activities | $ 13,786 | $ (3,613) |
Subsequent Events Redemption of
Subsequent Events Redemption of HoldCo Note (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||||
Interest | $ 36,244 | $ 36,244 | $ 33,985 | |||
Loss on early extinguishments of debt | 863 | $ 71 | 32,333 | $ 1,129 | ||
Parent | ||||||
Subsequent Event [Line Items] | ||||||
Long-term Debt, Gross | 2,322,535 | 2,322,535 | 2,389,165 | |||
Loss on early extinguishments of debt | 444 | $ 0 | 30,452 | $ 0 | ||
Other | Holdco Note [Member] | Parent | ||||||
Subsequent Event [Line Items] | ||||||
Interest | 5,800 | 5,800 | ||||
Long-term Debt, Gross | $ 157,810 | 157,810 | $ 143,000 | |||
Interest added to principal | $ 14,800 | |||||
Loss on early extinguishments of debt | $ (7,900) |