Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 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 | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 111,750,525 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,186,163 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 158,821 | $ 145,341 |
Restricted cash | 19,030 | 18,107 |
Accounts receivable, net | 25,289 | 27,235 |
Inventories | 15,462 | 15,161 |
Prepaid expenses and other current assets | 37,250 | 32,944 |
Income taxes receivable | 1,380 | 1,243 |
Deferred income taxes and current tax assets | 0 | 1,919 |
Total current assets | 257,232 | 241,950 |
Property and equipment, net | 2,225,342 | 2,286,108 |
Investments in Subsidiaries | 244,621 | 222,717 |
Other assets, net | 48,341 | 52,050 |
Intangible assets, net | 890,054 | 934,249 |
Goodwill, net | 685,310 | 685,310 |
Total assets | 4,350,900 | 4,422,384 |
Current liabilities | ||
Current maturities of long-term debt | 29,750 | 29,753 |
Accounts payable | 75,803 | 85,089 |
Accrued liabilities | 249,518 | 239,266 |
Deferred income taxes | 0 | 3,087 |
Total current liabilities | 355,071 | 357,195 |
Long-term debt, net of current maturities and debt issuance costs | 3,239,799 | 3,375,098 |
Deferred income taxes | 162,189 | 142,263 |
Other long-term tax liabilities | 3,085 | 28,651 |
Other liabilities | $ 82,745 | $ 81,090 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity | ||
Preferred stock, $0.01 par value, 5,000,000 shares authorized | $ 0 | $ 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 111,614,420 and 109,277,060 shares outstanding | 1,117 | 1,093 |
Additional paid-in capital | 945,041 | 922,112 |
Retained earnings (accumulated deficit) | (437,881) | (485,115) |
Accumulated other comprehensive income (loss) | (316) | (53) |
Total Boyd Gaming Corporation stockholders’ equity | 507,961 | 438,037 |
Noncontrolling interest | 50 | 50 |
Total stockholders’ equity | 508,011 | 438,087 |
Total liabilities and stockholders’ equity | $ 4,350,900 | $ 4,422,384 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 111,614,420 | 109,277,060 |
Common stock, shares outstanding | 111,614,420 | 109,277,060 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues: | |||
Gaming | $ 1,847,167 | $ 2,307,565 | $ 2,478,983 |
Food and beverage | 307,442 | 408,236 | 446,367 |
Room | 163,509 | 248,222 | 265,371 |
Other | 123,959 | 154,170 | 165,190 |
Gross revenues | 2,442,077 | 3,118,193 | 3,355,911 |
Less promotional allowances | 242,645 | 416,874 | 461,473 |
Net revenues | 2,199,432 | 2,701,319 | 2,894,438 |
Operating costs and expenses: | |||
Gaming | 900,922 | 1,087,901 | 1,170,843 |
Food and beverage | 168,096 | 222,393 | 240,081 |
Room | 41,298 | 51,906 | 54,338 |
Other | 80,508 | 112,248 | 121,600 |
Selling, general and administrative | 322,420 | 429,529 | 490,226 |
Maintenance and utilities | 104,548 | 156,736 | 166,398 |
Depreciation and amortization | 207,118 | 251,044 | 278,413 |
Corporate expense | 76,941 | 75,626 | 63,249 |
Project development, preopening and writedowns | 14,390 | 14,608 | |
Impairments of assets | 18,565 | 60,780 | 10,383 |
Other operating items, net | 907 | (2,124) | 5,998 |
Total operating costs and expenses | 1,928,230 | 2,460,429 | 2,616,137 |
Boyd's share of Borgata's operating income | 73,421 | 10,626 | 0 |
Operating income | 344,623 | 251,516 | 278,301 |
Other expense (income) | |||
Interest income | (1,858) | (1,879) | (2,147) |
Interest expense, net of amounts capitalized | 224,590 | 283,387 | 344,330 |
Loss on early extinguishments of debt | 40,733 | 1,536 | 54,202 |
Other, net | 3,676 | 48 | (2,090) |
Boyd's share of Borgata's non-operating items, net | 37,422 | 9,309 | 0 |
Total other expense, net | 304,563 | 292,401 | 394,295 |
Income (loss) from continuing operations before income taxes | 40,060 | (40,885) | (115,994) |
Income taxes benefit (provision) | 7,174 | (753) | (3,350) |
Income (loss) from continuing operations, net of tax | 47,234 | (41,638) | (119,344) |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 10,790 |
Net income (loss) | 47,234 | (41,638) | (108,554) |
Net (income) loss attributable to noncontrolling interest | 0 | (11,403) | 28,290 |
Net income (loss) attributable to Boyd Gaming Corporation | $ 47,234 | $ (53,041) | $ (80,264) |
Continuing operations | $ 0.42 | $ (0.48) | $ (0.94) |
Discontinued operations | 0 | 0 | 0.11 |
Basic net income (loss) per common share | $ 0.42 | $ (0.48) | $ (0.83) |
Weighted average basic shares outstanding | 112,789 | 109,979 | 97,243 |
Continuing operations | $ 0.42 | $ (0.48) | $ (0.94) |
Discontinued operations | 0 | 0 | 0.11 |
Diluted net income (loss) per common share | $ 0.42 | $ (0.48) | $ (0.83) |
Weighted average diluted shares outstanding | 113,676 | 109,979 | 97,243 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Boyd's share of Borgata's non-operating items, net | $ 37,422 | $ 9,309 | $ 0 |
Boyd's share of Borgata's operating income | 73,421 | 10,626 | 0 |
Net income (loss) | 47,234 | (41,638) | (108,554) |
Other comprehensive income (loss), net of tax: | |||
Fair value of adjustments to available-for-sale securities | (263) | 824 | (555) |
Comprehensive income (loss) | 46,971 | (40,174) | (109,109) |
Less: other comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 |
Less: net income (loss) attributable to noncontrolling interest | 0 | 11,403 | (28,290) |
Comprehensive income (loss) attributable to Boyd Gaming Corporation | 46,971 | (51,577) | (80,819) |
Accumulated Other Comprehensive Loss, Net | |||
Net income (loss) | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax: | |||
Fair value of adjustments to available-for-sale securities | $ (263) | $ 1,464 | $ (555) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings/(Accumulated Deficit) | Accumulated Other Comprehensive Loss, Net | Noncontrolling Interest [Member] | Other Member [Member] |
Balance at Dec. 31, 2012 | $ 467,127 | $ 869 | $ 655,694 | $ (351,810) | $ (962) | $ 163,336 | |
Balance, shares at Dec. 31, 2012 | 86,871,977 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (108,554) | $ 0 | 0 | (80,264) | 0 | (28,290) | |
Capital investment attributable to noncontrolling interest | 0 | 0 | $ 0 | ||||
Unrealized loss on investment available for sale | (555) | 0 | 0 | 0 | (555) | 0 | |
Stock Issued During Period, Value, New Issues | $ 216,467 | $ 190 | 216,277 | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,848,222 | 1,848,222 | |||||
Stock options exercised, value | $ 13,752 | $ 18 | 13,734 | 0 | 0 | 0 | |
Stock options exercised, shares | 18,975,000 | ||||||
Award of restricted stock units | $ (2,095) | $ 5 | (2,100) | 0 | 0 | 0 | |
Award of restricted stock units, shares | 459,803 | ||||||
Share-based compensation costs | 18,891 | $ 0 | 18,891 | 0 | 0 | 0 | |
Stockholders' Equity, Other | 45,404 | 0 | 0 | 0 | 0 | 45,404 | |
Balance at Dec. 31, 2013 | 650,437 | $ 1,082 | 902,496 | (432,074) | (1,517) | 180,450 | |
Balance, shares at Dec. 31, 2013 | 108,155,002 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (41,638) | $ 0 | 0 | (53,041) | 0 | 11,403 | |
Capital investment attributable to noncontrolling interest | (30) | 0 | 0 | 0 | 0 | 0 | (30) |
Unrealized loss on investment available for sale | $ 824 | $ 0 | (640) | 0 | 1,464 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 562,234 | 562,234 | |||||
Stock options exercised, value | $ 4,152 | $ 6 | 4,146 | 0 | 0 | 0 | |
Stock options exercised, shares | 18,975,000 | ||||||
Award of restricted stock units | $ (2,361) | $ 5 | (2,366) | 0 | 0 | 0 | |
Award of restricted stock units, shares | 559,824 | ||||||
Share-based compensation costs | 18,476 | $ 0 | 18,476 | 0 | 0 | 0 | |
Stockholders' Equity, Other | (191,833) | 0 | 0 | 0 | 0 | (191,833) | |
Balance 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) | $ 47,234 | $ 0 | 0 | 47,234 | 0 | 0 | |
Capital investment attributable to noncontrolling interest | 0 | 0 | $ 0 | ||||
Unrealized loss on investment available for sale | $ (263) | $ 0 | 0 | 0 | (263) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,301,789 | 1,301,789 | |||||
Stock options exercised, value | $ 9,807 | $ 13 | 9,794 | 0 | 0 | 0 | |
Award of restricted stock units | (3,672) | $ 6 | (3,678) | 0 | 0 | 0 | |
Stock Issued During Period, Shares, Performance Stock Award Gross | 481,749 | ||||||
Stock Issued During Period, Value, Performance Stock Award, Gross | (2,446) | $ 5 | (2,451) | 0 | 0 | 0 | |
Award of restricted stock units, shares | 553,822 | ||||||
Share-based compensation costs | 19,264 | $ 0 | 19,264 | 0 | 0 | 0 | |
Balance at Dec. 31, 2015 | $ 508,011 | $ 1,117 | $ 945,041 | $ (437,881) | $ (316) | $ 50 | |
Balance, shares at Dec. 31, 2015 | 111,614,420 | 111,614,420 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 47,234 | $ (41,638) | $ (108,554) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on discontinued operations, net of tax | 0 | 0 | (10,790) |
Depreciation and amortization | 207,118 | 251,044 | 278,413 |
Amortization of debt financing costs | 17,415 | 18,698 | 21,381 |
Amortization of discounts on debt | 3,893 | 7,346 | 17,999 |
Share-based compensation expense | 19,264 | 18,476 | 18,891 |
Deferred income taxes | 16,306 | 1,488 | 2,986 |
Impairments of assets | 18,565 | 60,780 | 10,383 |
Noncash Asset Impairment and Other Charges | 11,636 | ||
Loss on early extinguishments of debt | (40,733) | (1,536) | (54,202) |
Boyd's share of Borgata's net income | (35,999) | (1,317) | 0 |
Other operating activities | 2,145 | 566 | 2,424 |
Changes in operating assets and liabilities: | |||
Restricted cash | (923) | (3,243) | 2,214 |
Accounts receivable, net | 1,971 | 2,373 | (10,596) |
Inventories | (301) | 226 | (1,181) |
Prepaid expenses and other current assets | (4,275) | (13,388) | 6,245 |
Current other tax asset | 1,802 | 3,685 | 2,171 |
Income taxes receivable | (137) | (109) | 1,076 |
Other assets, net | 922 | (1,314) | 21,559 |
Accounts payable and accrued liabilities | 13,207 | 24,214 | (31,321) |
Other long-term tax liabilities | (25,566) | (3,898) | (4,011) |
Other liabilities | 2,377 | (2,666) | 2,291 |
Net cash provided by operating activities | 339,846 | 322,859 | 277,035 |
Cash Flows from Investing Activities | |||
Capital expenditures | (131,170) | (149,374) | (144,520) |
Dividends | 14,095 | 0 | 0 |
Deconsolidation of Borgata | 0 | 26,891 | 0 |
Proceeds from sale of Echelon, net | 0 | 0 | 343,750 |
Cash paid for exercise of LVE option | 0 | 0 | (187,000) |
Proceeds from sale of other assets, net | 0 | 0 | 4,875 |
Other investing activities | 4,528 | (3,715) | 2,473 |
Net cash provided by (used in) investing activities | (126,642) | (179,980) | 19,578 |
Cash Flows from Financing Activities | |||
Proceeds from issuance of senior notes, net | 750,000 | 0 | 0 |
Debt financing costs, net | (14,004) | (288) | (44,752) |
Payments on retirements of long-term debt | (657,813) | (2,850) | (875,487) |
Payments under note payable | 0 | (9) | (10,820) |
Net proceeds from issuance of term loan | 0 | 376,200 | |
Proceeds from issuance of non-recourse debt by variable interest entity | 24,246 | 0 | 0 |
Share-based compensation activities, net | 3,689 | 1,791 | 13,752 |
Proceeds from sale of common stock, net | 0 | 0 | 216,467 |
Other financing activities | 0 | 30 | (2,095) |
Net cash provided by (used in) financing activities | (199,724) | (175,376) | (366,210) |
Cash flows from operating activities | 0 | 0 | (2,144) |
Cash flows from investing activities | 0 | 0 | 56,751 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by discontinued operations | 0 | 0 | 54,607 |
Change in cash and cash equivalents | 13,480 | (32,497) | (14,990) |
Cash and cash equivalents, beginning of period | 145,341 | 177,838 | 192,545 |
Change in cash classified as discontinued operations | 0 | 0 | 283 |
Cash and cash equivalents, end of period | 158,821 | 145,341 | 177,838 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid for interest, net of amounts capitalized | 178,433 | 263,935 | 319,620 |
Cash paid (received) for income taxes, net of refunds | (1,159) | 226 | (6,398) |
Supplemental Schedule of Non-cash Investing and Financing Activities | |||
Payables incurred for capital expenditures | 7,235 | 16,902 | 11,511 |
Increase (decrease) in fair value of derivative instruments | 224,590 | 283,387 | 344,330 |
Boyd | |||
Cash Flows from Operating Activities | |||
Net income (loss) | 47,234 | (53,041) | (80,264) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 6,179 | 5,667 | 6,619 |
Impairments of assets | 0 | 320 | 0 |
Loss on early extinguishments of debt | (20,800) | ||
Changes in operating assets and liabilities: | |||
Net cash provided by operating activities | 102,080 | (39,524) | (229,447) |
Cash Flows from Investing Activities | |||
Capital expenditures | (48,591) | (43,164) | (44,985) |
Deconsolidation of Borgata | 0 | ||
Proceeds from sale of Echelon, net | 0 | 0 | 343,750 |
Cash paid for exercise of LVE option | 0 | 0 | (187,000) |
Proceeds from sale of other assets, net | 0 | 0 | 4,875 |
Other investing activities | 0 | 0 | |
Net cash provided by (used in) investing activities | (34,099) | (37,864) | 123,860 |
Cash Flows from Financing Activities | |||
Borrowings under bank credit facility | 1,033,500 | 830,400 | 2,920,675 |
Payments under bank credit facility | (1,211,200) | (910,700) | (2,927,800) |
Proceeds from issuance of senior notes, net | 750,000 | 0 | 0 |
Debt financing costs, net | (14,004) | (83) | (24,349) |
Payments on retirements of long-term debt | (500,000) | 0 | (459,278) |
Payments under note payable | 0 | 0 | (10,341) |
Net proceeds from issuance of term loan | 0 | ||
Proceeds from issuance of non-recourse debt by variable interest entity | 24,246 | 0 | 0 |
Share-based compensation activities, net | 3,689 | 1,791 | 13,752 |
Proceeds from sale of common stock, net | 0 | 0 | 216,467 |
Other financing activities | 0 | 30 | (2,095) |
Net cash provided by (used in) financing activities | (67,981) | 77,390 | 103,067 |
Cash flows from operating activities | 0 | ||
Cash flows from investing activities | 0 | ||
Cash flows from financing activities | 0 | ||
Net cash provided by discontinued operations | 0 | ||
Change in cash and cash equivalents | 0 | 2 | (2,520) |
Cash and cash equivalents, beginning of period | 2 | 0 | 2,520 |
Change in cash classified as discontinued operations | 0 | ||
Cash and cash equivalents, end of period | 2 | 2 | 0 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid for interest, net of amounts capitalized | 112,075 | 131,517 | 155,889 |
Cash paid (received) for income taxes, net of refunds | 212 | (3) | 2 |
Supplemental Schedule of Non-cash Investing and Financing Activities | |||
Payables incurred for capital expenditures | 4,296 | 6,931 | 0 |
Peninsula | |||
Cash Flows from Financing Activities | |||
Borrowings under bank credit facility | 345,500 | 317,400 | 354,700 |
Payments under bank credit facility | (425,150) | (377,150) | (406,950) |
Borgata | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Impairments of assets | 12,100 | ||
Cash Flows from Financing Activities | |||
Borrowings under bank credit facility | 0 | 410,900 | 444,500 |
Payments under bank credit facility | 0 | $ (444,900) | $ (424,600) |
Net proceeds from issuance of term loan | 0 | ||
Supplemental Schedule of Non-cash Investing and Financing Activities | |||
Increase (decrease) in fair value of derivative instruments | $ 59,681 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company," the "Registrant", "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 which we aggregate in order to present the following five reportable segments: Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eldorado Casino Henderson, Nevada Jokers Wild Casino Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel and Casino Las Vegas, Nevada Main Street Station Casino, Brewery and Hotel Las Vegas, Nevada Midwest and South Sam's Town Hotel and Gambling Hall Tunica, Mississippi IP Casino Resort Spa Biloxi, Mississippi Par-A-Dice Hotel Casino East Peoria, Illinois Blue Chip Casino, Hotel & Spa Michigan City, Indiana Treasure Chest Casino Kenner, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Peninsula Diamond Jo Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Evangeline Downs Racetrack and Casino Opelousas, Louisiana Amelia Belle Casino Amelia, Louisiana Kansas Star Casino Mulvane, Kansas Borgata Borgata Hotel Casino & Spa Atlantic City, New Jersey In addition to these properties, we own and operate a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. 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 Certain Interests .) Investments in unconsolidated affiliates, which are 50% or less owned and do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand. Restricted Cash Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities. Accounts Receivable, net Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. The activity comprising our allowance for doubtful accounts is as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Beginning balance, January 1, $ 1,971 $ 23,908 $ 25,693 Additions 361 2,058 2,868 Deductions (245 ) (4,182 ) (4,653 ) Deconsolidation of Borgata on September 30, 2014 — (19,813 ) — Ending balance $ 2,087 $ 1,971 $ 23,908 Inventories Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. Property and Equipment, net Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 10 years Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. All resulting recognized impairment charges are recorded as Impairment of Assets within operating expenses. Capitalized Interest Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. Interest capitalized during the years ended December 31, 2015 , 2014 and 2013 was $0.1 million , $1.4 million and $1.1 million , respectively. Investment in Unconsolidated Subsidiary We have a 50% non-controlling investment in Borgata, an unconsolidated subsidiary, accounted for under the equity method since its deconsolidation on September 30, 2014. Under the equity method, carrying value is adjusted for our share of the investees’ earnings and losses, as well as capital contributions to and distributions from this entity. We evaluate our equity method investment for impairment when events or changes in circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether such impairment is other than temporary based on its assessment of all relevant factors. Estimated fair value is determined using a discounted cash flow analysis based on estimated future cash flows of the investee. Investment in Available for Sale Securities Peninsula has an investment in $21.4 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 ("City Bonds"). This investment is classified as available-for-sale and is recorded at fair value. The fair value at December 31, 2015 and 2014 was $17.8 million and $18.4 million , respectively. At both December 31, 2015 and 2014 , $0.4 million is included in prepaid expenses and other current assets, and $17.4 million and $18.0 million , respectively, is included in other assets, net. Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows: (In thousands) For the year ending December 31, 2016 $ 410 2017 440 2018 475 2019 510 2020 550 Thereafter 18,985 Total $ 21,370 Intangible Assets Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks. Amortizing Intangible Assets Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years . Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement. Indefinite-Lived Intangible Assets Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. Goodwill Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances. We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonable similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonable expected to be realized from the sale of the subject reporting unit. Player Loyalty Point Program We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food and beverage, and other free goods and services. We record points redeemed for complimentary slot play as a reduction to gaming revenue and points redeemed for food and beverage and other free goods and services as promotional allowances. The accrual for unredeemed points is based on estimates and assumptions regarding the redemption mix of complimentary slot play, food and beverage, and other free goods and services and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals. The player loyalty point program accrual is included in accrued liabilities on our consolidated balance sheets. Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt (see further discussion under Recently Issued Accounting Pronouncements - Accounting Standards Update 2015-03 ). The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt. Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is 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. Our current rate is impacted by adjustments that are largely independent of our operating results before taxes. Such adjustments relate primarily to the accrual of non-cash tax expense in connection with the tax amortization of indefinite-lived intangible assets that are not available to offset existing deferred tax assets. The deferred tax liabilities created by the tax amortization of these intangibles cannot be used to offset corresponding increases in the net operating loss deferred tax assets when determining our valuation allowance. Other Long Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. Accrued interest and penalties are included in other long-term tax liabilities on the balance sheet. Self-Insurance Reserves We are self-insured for general liability costs and self-insured up to certain stop loss amounts for employee health coverage and workers' compensation costs. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets. Year Ended December 31, (In thousands) 2015 2014 2013 Beginning balance $ 33,004 $ 44,073 $ 38,663 Additions Charged to costs and expenses 80,311 95,269 110,683 Payments made (83,247 ) (93,168 ) (105,273 ) Deconsolidation of Borgata — (13,170 ) — Ending balance $ 30,068 $ 33,004 $ 44,073 Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). Components of the Company's comprehensive income (loss) are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income (loss). The accumulated other comprehensive income (loss) at December 31, 2015 , consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value. Noncontrolling Interest Noncontrolling interest primarily represents: (i) until the deconsolidation of Borgata on September 30, 2014, the 50% interest in Marina District Development Holding Co., LLC ("Holding Company") held by the Divestiture Trust for the economic benefit of MGM Resorts International ("MGM"), which was initially recorded at fair value at the March 24, 2010 date of the effective change in control; and (ii) until the Echelon sale, which closed on March 4, 2013, all 100% of the members' equity interest in LVE, the variable interest entity which had been consolidated in our financial statements, but in which we held no equity interest. Revenue Recognition Gaming revenue represents the net win from gaming activities, which is the aggregate difference between gaming wins and losses. The majority of our gaming revenue is counted in the form of cash and chips and therefore is not subject to any significant or complex estimation procedures. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gross gaming revenues. Race revenue recognition criteria are met at the time the results of the event are official. Room revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. Promotional Allowances The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as a promotional allowance. Promotional allowances also include incentives earned in our slot bonus program such as cash 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: Year Ended December 31, (In thousands) 2015 2014 2013 Rooms $ 77,177 $ 132,231 $ 147,305 Food and beverage 150,598 190,632 207,072 Other 14,870 94,011 107,096 Total promotional allowances $ 242,645 $ 416,874 $ 461,473 The estimated costs of providing such promotional allowances are as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Rooms $ 35,605 $ 53,167 $ 58,960 Food and beverage 133,717 168,626 181,689 Other 12,290 20,238 22,667 Total cost of promotional allowances $ 181,612 $ 242,031 $ 263,316 Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $332.1 million , $370.0 million and $393.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Advertising Expense Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations and totaled $33.4 million , $50.5 million and $44.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Corporate Expense Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations. Project Development, Preopening and Writedowns Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not qualify as capital costs; and (iii) asset write-downs. The following reconciles our project development, preopening and writedowns expenses to provide the amounts incurred, net of the amounts eliminated upon the consolidation of LVE prior to the deconsolidation of the entity due to the sale of Echelon: Year Ended (In thousands) December 31, 2013 Project development, preopening and writedown expense: Amounts incurred by Boyd Gaming Corporation $ 16,541 Amounts eliminated upon consolidation of LVE (1,933 ) Amounts reported in our consolidated statements of operations $ 14,608 Share-Based Compensation Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions. The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards: Year Ended December 31, 2015 2014 2013 Expected stock price volatility 49.06 % 54.14 % 73.75 % Annual dividend rate — — — Risk-free interest rate 1.59 % 1.64 % 1.40 % Expected option life (in years) 5.3 5.4 5.3 Estimated fair value per share $ 9.06 $ 5.70 $ 6.09 Net Income (loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. Due to the net losses for the years ended December 31, 2014 and 2013 , 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: Year Ended December 31, (In thousands) 2014 2013 Potential dilutive effect 913.9 955.6 Concentration of Credit Risk Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable. Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits which may at times exceed federally-insured limits. Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Discontinued Operations Our consolidated financial statements reflect the results of operations and cash flows of our Dania Jai-Alai property as discontinued operations. See Note 2, Acquisitions and Divestitures , for further discussion. Reclassifications Certain prior period amounts presented in our consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications relate to debt issuance costs being recorded as a direct deduction from the carrying amount of the related debt liability (see further discussion under Recently Issued Accounting Pronouncements - Accounting Standards Update 2015-03 ). This reclassification reduced our total assets and total liabilities as previously reported in our consolidated balance sheet for December 31, 2014, by $56.5 million . In addition, asset transactions costs that were previously disaggregated in our consolidated statements of operations for the years ended December 31, 2014 and 2013 were accumulated with preopening expenses. This reclassification had no effect on our retained earnings or net loss as previously reported. Recently Issued Accounting Pronouncements Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes ("Update 2015-17") In November 2015, the FASB issued Update 2015-17 which requires that deferred tax assets and liabilities be presented in the balance sheet as noncurrent. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2016, and early adoption is permitted. The Company adopted this change in accounting principle during the fourth quarter 2015 prospectively to all deferred tax liabilities and assets, including any related valuation allowance. The deferred tax liabilities and assets in prior periods were not retrospectively adjusted. The Company determined that the impact of the new standard on its consolidated financial statements was not material. Accounting Standards Update 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ("Update 2015-16") In September 2015, the FASB issued Update 2015-16, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Update 2015-16 further requires an entity to present separately on the face of the income statement or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. The impact of the new standard will depend on any future events whereby we have any business combinations and any adjustments to the provisional amounts identified during the measurement period are recorded. 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 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 arrangements can either be recorded as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts, or 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 Company has elected to record debt issuance costs related to line-of-credit arrangements as a direct deduction from the carrying amount of the related debt liability, consistent with the treatment of all other debt issuance costs with the adoption of Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (“Update 2015-03”) in the fourth quarter 2015 . See further discussion under Update 2015-03 of the impact of the adoption of Update 2015-15 and Update 2015-03 below. Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effecti |
Asset Acquisitions
Asset Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Asset Acquisitions | ACQUISITIONS AND DIVESTITURES Disposition of Echelon On March 1, 2013, we entered into a definitive agreement to sell the Echelon site for $350 million in cash. The sale agreement included the 87 -acre land parcel, as well as site improvements. The transaction was completed on March 4, 2013, and we realized approximately $157.0 million in net proceeds from the sale after consideration of direct transaction costs and after payment of a portion of the proceeds to a third party to fulfill our obligations to LVE. Discontinued Operations - Disposition of Dania Jai-Alai On May 22, 2013, we consummated the sale of certain assets and liabilities of the Dania Jai-Alia pari-mutuel facility ("Dania Jai-Alia"), with approximately 47 acres of related land located in Dania Beach, Broward County, Florida, for a sales price of $65.5 million . The sale was pursuant to an asset agreement (the "New Dania Agreement") that we entered into with Dania Entertainment Center, LLC ("Dania Entertainment"). As part of the New Dania Agreement, the $5 million non-refundable deposit and $2 million fees paid to us in 2011 by Dania Entertainment were applied to the sales price, and we received $58.5 million in cash and recorded a pre-tax gain of $18.9 million . We have presented the results of Dania Jai-Alai as discontinued operations for all periods presented in these condensed consolidated financial statements. |
Deconsolidation of Certain Inte
Deconsolidation of Certain Interests | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation of Certain Interests | CONSOLIDATION OF CERTAIN INTERESTS Borgata Hotel Casino and Spa The Company and MGM each originally held a 50% interest in Holding Company. Holding Company owns all the equity interests in Marina District Development Company, LLC ("MDDC"), d.b.a. Borgata Hotel Casino and Spa ("Borgata"). We are the managing member of Holding Company, and we are responsible for the day-to-day operations of Borgata. In February 2010, we entered into an agreement with MGM to amend the operating agreement to, among other things, facilitate the transfer of MGM's interest in Holding Company ("MGM Interest") to a divestiture trust (the "Divestiture Trust") established for the purpose of selling the MGM Interest to a third party. The proposed sale of the MGM Interest through the Divestiture Trust was part of a then-proposed settlement agreement between MGM and the New Jersey Department of Gaming Enforcement (the "NJDGE"). On March 17, 2010, MGM announced that its settlement agreement with the NJDGE had been approved by the New Jersey Casino Control Commission ("NJCCC"). Upon the transfer of MGM's ownership interest into the Divestiture Trust on March 24, 2010, we determined that we had control, as defined in the relevant accounting literature, of Holding Company and commenced consolidating the business as of that date. Subsequent to a Joint Petition of MGM, the Company and Holding Company, on February 13, 2013, the NJCCC approved amendments to the settlement agreement which permitted MGM to file an application for a statement of compliance, which, if approved, would permit MGM to reacquire its interest in Holding Company. The NJCCC approved MGM’s application for licensure on September 10, 2014. On September 30, 2014, the Divestiture Trust was dissolved and MGM reacquired its Borgata interest and its substantive participation rights in the management of Holding Company. As a result, we deconsolidated Borgata as of the close of business on September 30, 2014, eliminating the assets, liabilities and non-controlling interests recorded for Holding Company from our balance sheet, and are accounting for our investment in Borgata applying the equity method for periods subsequent to the deconsolidation. As a result of the deconsolidation, we adjusted the book value of our investment to equal fair value. We determined the fair value of our investment in Borgata as of the date of deconsolidation using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flows of Borgata for a finite period of years and discounting them to present value. The market approach focuses on comparing Borgata to selected reasonable similar (or “guideline”) publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of Borgata relative to the selected guideline companies; and (iii) applied to the operating data of Borgata to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonably expected to be realized from a sale of Borgata. Using these models, we determined that the fair value of our investment in Borgata at September 30, 2014, was $221.4 million and recognized a loss due to the deconsolidation of $12.1 million in our third quarter 2014 results, which was recorded in impairments of assets on our consolidated statement of operations. The following table presents the carrying values of the major categories of assets and liabilities of Borgata, immediately preceding its deconsolidation on September 30, 2014, which were excluded from our consolidated balance sheet as of September 30, 2014: September 30, (In thousands) 2014 ASSETS Current assets $ 98,119 Long-term assets 1,220,036 Total Assets $ 1,318,155 LIABILITIES AND NONCONTROLLING INTERESTS Current liabilities $ 106,666 Long-term liabilities 786,278 Noncontrolling interests 191,833 Total Liabilities and Noncontrolling Interests $ 1,084,777 Summarized balance sheet and results of operations information for periods subsequent to the deconsolidation of Borgata on September 30, 2014 is as follows: Balance Sheet Information December 31, (In thousands) 2015 2014 Current assets $ 97,935 $ 100,297 Property and other long-term assets, net 1,149,337 1,196,339 Current liabilities 117,452 122,150 Long-term debt and other liabilities 687,307 762,609 Equity 455,685 411,877 Results of Operations Information Twelve Months Ended Three Months Ended (In thousands) December 31, 2015 December 31, 2014 Net revenues $ 804,166 $ 179,147 Operating expenses 657,324 157,896 Operating income 146,842 21,251 Interest expense 59,681 17,431 Loss on early extinguishments of debt 18,895 740 State income tax expense (benefit) (3,731 ) 446 Net income $ 71,997 $ 2,634 LVE Energy Partners, LLC LVE was a joint venture between Marina Energy LLC and DCO ECH Energy, LLC. Through our wholly-owned subsidiary, Echelon Resorts, LLC ("Echelon Resorts"), we had entered into an Energy Sales Agreement ("ESA") with LVE to design, build, own and operate a central energy center and related distribution system for our planned Echelon resort development. Accounting guidance required us to consolidate LVE for financial statement purposes, as we determined that we were the primary beneficiary of the executory contract, the ESA, giving rise to the variable interest. In connection with the disposition of Echelon on March 4, 2013, (see Note 2, Acquisitions and Divestitures) , we exercised an option to acquire the central energy center assets from LVE for $187.0 million . We immediately sold these assets to the buyer of Echelon and the ESA agreement was terminated. As a result, we ceased consolidation of LVE as of that date. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: December 31, (In thousands) 2015 2014 Land $ 229,857 $ 229,684 Buildings and improvements 2,539,578 2,534,618 Furniture and equipment 1,152,277 1,079,878 Riverboats and barges 238,743 239,669 Construction in progress 42,497 35,675 Other 7,404 11,502 Total property and equipment 4,210,356 4,131,026 Less accumulated depreciation 1,985,014 1,844,918 Property and equipment, net $ 2,225,342 $ 2,286,108 Construction in progress primarily relates to costs capitalized in conjunction with major improvements that have not yet been placed into service, and accordingly, such costs are not currently being depreciated. Other property and equipment 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 years ended December 31, 2015 , 2014 and 2013 was $179.9 million , $218.6 million and $232.0 million , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: December 31, 2015 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles: Customer relationships 1.9 years $ 136,300 $ (109,994 ) $ — $ 26,306 Favorable lease rates 32.4 years 45,370 (11,997 ) — 33,373 Development agreement — 21,373 — — 21,373 203,043 (121,991 ) — 81,052 Indefinite lived intangible assets: Trademarks Indefinite 129,501 — (3,500 ) 126,001 Gaming license rights Indefinite 873,335 (33,960 ) (156,374 ) 683,001 1,002,836 (33,960 ) (159,874 ) 809,002 Balance, December 31, 2015 $ 1,205,879 $ (155,951 ) $ (159,874 ) $ 890,054 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 Amortizing Intangible Assets Customer Relationships Customer relationships represent the value of repeat business associated with our customer loyalty programs. The value of customer relationships is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these customers, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: revenue of our rated customers, based on expected level of play; promotional allowances provided to these existing customers; attrition rate related to these customers; operating expenses; general and administrative expenses; trademark expense; discount rate; and the present value of tax benefit. Favorable Lease Rates Favorable lease rates represent the rental rates for assumed land leases that are favorable to comparable market rates. The fair value is determined on a technique whereby the difference between the lease rate and the then current market rate for the remaining contractual term is discounted to present value. The assumptions underlying this computation include the actual lease rates, the expected remaining lease term, including renewal options, based on the existing lease; current rates of rent for leases on comparable properties with similar terms obtained from market data and analysis; and an assumed discount rate. The estimates underlying the result covered a term of 41 to 52 years . Development Agreement Development agreement is an acquired contract with a Native American tribe (the "Tribe") under which the Company has the right to assist the Tribe in the development and management of a gaming facility on the Tribe's land. This asset although amortizable, is not amortized until development is completed, which at December 31, 2015 remains indeterminate. In the interim, this asset is subject to periodic impairment reviews. Indefinite Lived Intangible Assets Trademarks Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademark, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the trade name. We used the following significant projections and assumptions to determine value under the relief from royalty method: revenue from gaming and hotel activities; royalty rate; tax expense; terminal growth rate; discount rate; and the present value of tax benefit. Gaming License Rights Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. In the majority of cases, the value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to future gaming revenue, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: gaming revenues; gaming operating expenses; general and administrative expenses; tax expense; terminal value; and discount rate. In two instances, we determine the value of our gaming licenses by applying a cost approach. Our primary consideration in the application of this methodology is the initial statutory fee associated with acquiring a gaming license in the jurisdiction. Activity for the Years Ended December 31, 2015, 2014 and 2013 The following table sets forth the changes in these intangible assets: (In thousands) Customer Relationships Non-competition Agreement Favorable Lease Rates Development Agreements Trademarks Gaming License Rights Intangible Assets, Net Balance, January 1, 2013 $ 130,941 $ 2,846 $ 36,503 $ 21,373 $ 186,800 $ 741,175 $ 1,119,638 Additions — — — — 4,687 — 4,687 Impairments — — — — (3,200 ) (900 ) (4,100 ) Amortization (45,674 ) (2,846 ) (1,045 ) — — — (49,565 ) Balance, December 31, 2013 85,267 — 35,458 21,373 188,287 740,275 1,070,660 Additions — — — — 14 — 14 Impairments — — — — (300 ) (39,772 ) (40,072 ) Amortization (33,309 ) — (1,044 ) — — — (34,353 ) Other — — — — (62,000 ) — (62,000 ) Balance, December 31, 2014 51,958 — 34,414 21,373 126,001 700,503 934,249 Additions — — — — — — — Impairments — — — — — (17,502 ) (17,502 ) Amortization (25,652 ) — (1,041 ) — — — (26,693 ) Balance, December 31, 2015 $ 26,306 $ — $ 33,373 $ 21,373 $ 126,001 $ 683,001 $ 890,054 Other activity during 2014 in the table above is primarily due to the effects of the deconsolidation of Borgata (see Note 3, Deconsolidation of Certain Interests ). Future Amortization Customer relationships are being amortized on an accelerated basis over an approximate remaining two -year period. Favorable lease rates are being amortized on a straight-line basis over a weighted-average original useful life of 43.8 years . Future amortization is as follows: (In thousands) Customer Relationships Favorable Lease Rates Total For the year ending December 31, 2016 $ 14,870 $ 1,043 $ 15,913 2017 11,436 1,043 12,479 2018 — 1,043 1,043 2019 — 1,043 1,043 2020 — 1,043 1,043 Thereafter — 28,158 28,158 Total future amortization $ 26,306 $ 33,373 $ 59,679 Trademarks and gaming license rights are not subject to amortization, as we have determined that they have an indefinite useful life; however, these assets are subject to an annual impairment test each year and between annual test dates in certain circumstances. Impairment Considerations As a result of our annual impairment testing in the fourth quarter of 2015, we recognized a non-cash impairment charges of $17.5 million of a gaming license in our Midwest and South segment. This amount is included in impairments of assets in the consolidated statements of operations for the year ended December 31, 2015. During the year ended 2014, we recognized a non-cash impairment charges of $38.3 million of gaming licenses in our Midwest and South segment, $1.4 million of gaming licenses in our Peninsula segment, and $0.3 million in Peninsula trademarks. During the year ended 2013, we recognized a non-cash impairment charges of $3.2 million in Peninsula trademarks and $0.9 million in gaming license rights at our Sam's Town Shreveport location. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Goodwill | GOODWILL Goodwill consists of the following: (In thousands) Gross Carrying Value Cumulative Amortization Cumulative Impairment Losses Goodwill, Net Goodwill, net by Reportable Segment: Las Vegas Locals $ 378,192 $ — $ (165,479 ) $ 212,713 Downtown Las Vegas 6,997 (6,134 ) — 863 Peninsula 471,734 — — 471,734 Balance, December 31, 2015 $ 856,923 $ (6,134 ) $ (165,479 ) $ 685,310 Changes in Goodwill During fourth quarter of 2013, the purchase price allocation for our November 2012 purchase of Peninsula Gaming, LLC, was finalized and resulted in a decrease to goodwill in an amount equal to the purchase price reduction of $9.6 million . There were no other changes to goodwill during the three year period ended December 31, 2015. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: December 31, (In thousands) 2015 2014 Payroll and related expenses $ 71,815 $ 69,672 Interest 35,337 33,985 Gaming liabilities 37,496 35,698 Player loyalty program liabilities 18,491 19,058 Accrued liabilities 86,379 80,853 Total accrued liabilities $ 249,518 $ 239,266 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt, net of current maturities and debt issuance costs consists of the following: December 31, 2015 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Dec. 31, 2015 Principal Discount Fees and Costs Debt, Net Boyd Gaming Corporation Debt: Bank credit facility 3.75 % $ 1,209,725 $ (2,702 ) $ (9,746 ) $ 1,197,277 9.00% senior notes due 2020 9.00 % 350,000 — (7,044 ) $ 342,956 6.875% senior notes due 2023 6.88 % 750,000 — (12,934 ) $ 737,066 2,309,725 (2,702 ) (29,724 ) 2,277,299 Peninsula Segment Debt: Bank credit facility 4.25 % 662,750 — (14,143 ) 648,607 8.375% senior notes due 2018 8.38 % 350,000 — (6,357 ) 343,643 1,012,750 — (20,500 ) 992,250 Total long-term debt 3,322,475 (2,702 ) (50,224 ) 3,269,549 Less current maturities 29,750 — — 29,750 Long-term debt, net $ 3,292,725 $ (2,702 ) $ (50,224 ) $ 3,239,799 December 31, 2014 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Dec. 31, 2014 Principal Discount Fees and Costs Debt, Net Boyd Gaming Corporation Debt: Bank credit facility 3.66 % $ 1,387,425 $ (3,589 ) $ (14,660 ) $ 1,369,176 9.125% senior notes due 2018 9.13 % 500,000 — (12,235 ) 487,765 9.00% senior notes due 2020 9.00 % 350,000 — (1,926 ) 348,074 HoldCo Note 8.00 % 151,740 (11,743 ) (29 ) 139,968 2,389,165 (15,332 ) (28,850 ) 2,344,983 Peninsula Segment Debt: Bank credit facility 4.25 % 742,400 — (23,593 ) 718,807 8.375% senior notes due 2018 8.38 % 350,000 — (8,942 ) 341,058 Other various 3 — — 3 1,092,403 — (32,535 ) 1,059,868 Total long-term debt 3,481,568 (15,332 ) (61,385 ) 3,404,851 Less current maturities 29,753 — — 29,753 Long-term debt, net $ 3,451,815 $ (15,332 ) $ (61,385 ) $ 3,375,098 Boyd Gaming Corporation Debt Bank Credit Facility Credit Agreement On August 14, 2013, we entered into a Third Amended and Restated Credit Agreement (the "Boyd Gaming Credit Facility"), among the Company, certain financial institutions, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as swing line lender. The Boyd Gaming Credit Facility replaced the Second Amended and Restated Credit Agreement (the "Prior Credit Facility") dated as of December 17, 2010. The Boyd Gaming Credit Facility provides for: (i) a $600.0 million senior secured revolving credit facility including a $100.0 million swing loan sublimit (the "Revolving Credit Facility"); (ii) a $250.0 million senior secured term A loan (the "Term A Loan"); and (iii) a $900.0 million senior secured term B loan (the "Term B Loan"). The Revolving Credit Facility and Term A Loan mature in August 2018 (or earlier upon the occurrence or non-occurrence of certain events); The Term B Loan matures in August 2020 (or earlier upon occurrence or non-occurrence of certain events). The Term A Loan and Term B Loan were fully funded on the closing date. Proceeds from the Boyd Gaming Credit Facility were used to refinance all outstanding obligations under the Prior Credit Facility and to fund transactions costs in connection with the Boyd Gaming Credit Facility and may be used for working capital and other general corporate purposes. During the year ended December 31, 2013, we recognized approximately $20.8 million of loss on the early extinguishment of the Prior Credit Facility. The Boyd Gaming Credit Facility includes an accordion feature which permits an increase in the Revolving Credit Facility and the issuance and increase of senior secured term loans in an amount up to the greater of: (i) $400.0 million to be comprised of increases to the Revolving Credit Facility and new or increased term loans plus $150.0 million of increases to the Revolving Credit Facility; and (ii) the maximum amount of incremental commitments which, after giving effect thereto, would not cause the Secured Leverage Ratio (as defined in the Boyd Gaming Credit Agreement) to exceed 4.25 to 1.00 on a pro forma basis, in each case, subject to the satisfaction of certain conditions. Pursuant to the terms of the Boyd Gaming Credit Facility: (i) the loans under the Term A Loan will amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing December 31, 2013, payable on a quarterly basis; (ii) the loans under the Term B Loan will amortize in an annual amount equal to 1.00% of the original principal amount thereof, commencing December 31, 2013, payable on a quarterly basis; and (iii) beginning with the fiscal year ending December 31, 2014, the Company is required to use a portion of its annual excess cash flow to prepay loans outstanding under the Boyd Gaming Credit Facility. Amounts Outstanding The outstanding principal amounts under the Boyd Gaming Credit Facility are comprised of the following: December 31, (In thousands) 2015 2014 Revolving Credit Facility $ 240,000 $ 300,000 Term A Loan 183,275 221,375 Term B Loan 730,750 840,750 Swing Loan 55,700 25,300 Total outstanding principal amounts under the Boyd Gaming Credit Facility $ 1,209,725 $ 1,387,425 At December 31, 2015 approximately $1.2 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 $297.2 million . Interest and Fees The interest rate on the outstanding balance of the Revolving Credit Facility, Swing Loans and the Term A Loan is based upon, at the Company's option, either: (i) the Eurodollar rate; or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with a specified pricing grid based on the total leverage ratio and ranges from 2.00% to 3.00% (if using the Eurodollar rate) and from 1.00% to 2.00% (if using the base rate). A fee of a percentage per annum (which ranges from 0.25% to 0.50% determined in accordance with a specified pricing grid based on the total leverage ratio) will be payable on the unused portions of the Revolving Credit Facility. The interest rate on the outstanding balance from time to time of the Term B Loan is based upon, at the Company's option, either: (i) the Eurodollar rate (subject to a 1.00% minimum) plus 3.00% ; or (ii) the base rate plus 2.00% . The "base rate" under the Boyd Gaming Credit Facility is the highest of (x) Bank of America's publicly-announced prime rate, (y) the federal funds rate plus 0.50% , or (z) the Eurodollar rate for a one month period plus 1.00% . Optional and Mandatory Prepayments Amounts outstanding under the Boyd Gaming Credit Facility may be prepaid without premium or penalty, and the unutilized portion of the commitments may be terminated without penalty, subject to certain exceptions. The Boyd Gaming Credit Facility requires that the Company prepay the loans with proceeds of certain asset sales and issuances of certain additional secured indebtedness. In addition, it requires fixed quarterly amortization of principal equal to 1.25% for Term Loan A and 0.25% for Term Loan B of the original aggregate principal amount of the respective Term Loan, and requires that the Company use a portion of its annual excess cash flow as defined in the agreement to prepay the loans. During the year ended December 31, 2015 , the Company paid $21.5 million in mandatory principal payments and $126.6 million in optional principal prepayments. During the year ended December 31, 2014 , the Company paid $21.5 million in mandatory principal payments and $61.0 million in optional principal prepayments. None of these payments were subject to any prepayment premium. Guarantees and Collateral The Company's obligations under the Boyd Gaming Credit Facility, subject to certain exceptions, are guaranteed by certain of the Company's subsidiaries and are secured by the capital stock of certain subsidiaries. In addition, subject to certain exceptions, the Company and each of the guarantors will grant the administrative agent first priority liens and security interests on substantially all of their real and personal property (other than gaming licenses and subject to certain other exceptions) as additional security for the performance of the secured obligations under the Boyd Gaming Credit Facility. Financial and Other Covenants The Boyd Gaming Credit Facility contains certain financial and other covenants, including, without limitation, various covenants: (i) requiring the maintenance of a minimum consolidated interest coverage ratio 1.75 to 1.00; (ii) establishing a maximum permitted consolidated total leverage ratio (discussed below); (iii) establishing a maximum permitted secured leverage ratio (discussed below); (iv) imposing limitations on the incurrence of indebtedness; (v) imposing limitations on transfers, sales and other dispositions; and (vi) imposing restrictions on investments, dividends and certain other payments. The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the Boyd Gaming Credit Facility: Maximum Total For the Trailing Four Quarters Ending Leverage Ratio March 31, 2016 through December 31, 2016 8.25 to 1.00 March 31, 2017 through December 31, 2017 8.00 to 1.00 March 31, 2018 and thereafter 7.75 to 1.00 The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the Boyd Gaming Credit Facility: Maximum Secured For the Trailing Four Quarters Ending Leverage Ratio March 31, 2015 through December 31, 2016 4.75 to 1.00 March 31, 2017 through December 31, 2017 4.50 to 1.00 March 31, 2018 and thereafter 4.25 to 1.00 Current Maturities of Our Indebtedness We classified certain non-extending balances under the Boyd Gaming Credit Facility as a current maturity, as such amounts come due within the next twelve months. Senior Notes 9.00% Senior Notes due July 2020 Significant Terms On June 8, 2012, we issued $350 million aggregate principal amount of 9.00% senior notes due July 2020 (the " 9.00% Notes"). The 9.00% Notes require semiannual interest payments on January 1 and July 1 of each year, commencing on January 1, 2013. The 9.00% Notes will mature on July 1, 2020 and are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The 9.00% Notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restrictive subsidiaries (as defined in the indenture governing the notes) to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change in control (as defined in the indenture governing the notes), we will be required, unless certain conditions are met, to offer to repurchase the notes at a price equal to 101% of the principal amount of the 9.00% Notes, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to purchase the notes. At any time prior to July 1, 2016, we may redeem the 9.00% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to but excluding, the applicable redemption date, plus a make whole premium. Subsequent to July 1, 2016, we may redeem all or a portion of the 9.00% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 104.50% in 2016 to 100% in 2018 and thereafter, plus accrued and unpaid interest. 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 " 6.875% Notes"). The 6.875% Notes require semi-annual interest payments on May 15 and November 15 of each year, commencing on November 15, 2015. The 6.875% 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 6.875% 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 6.875% 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 6.875% Notes at a price equal to 101% of the principal amount of the 6.875% 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 6.875% Notes. At any time prior to May 15, 2018, we may redeem the 6.875% 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 6.875% 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 6.875% Notes, we incurred approximately $14.0 million in debt financing costs that have been deferred and are being amortized over the term of the 6.875% 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 " 9.125% Notes") at a redemption price of 104.563% plus accrued and unpaid interest and Additional Interest (as defined in the indenture governing the 9.125% 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 9.125% Notes have been fully extinguished. HoldCo Note As part of the consideration paid in the acquisition of Peninsula, Boyd Acquisition II, LLC ("HoldCo") issued a promissory note to the seller (the "HoldCo Note"). The principal balance assigned to the HoldCo Note, after purchase accounting period adjustments, was $143.0 million . The HoldCo Note provided for interest at a per annum rate equal to: (i) from the issue date to, but excluding the first anniversary of the issue date, zero percent ; (ii) from the first anniversary of the issue date to but excluding the second anniversary of the issue date, six percent ; (iii) from the second anniversary of the issue date to but excluding the third anniversary of the issue date, eight percent ; and (iv) from and after the third anniversary of the issue date, ten percent . At the option of HoldCo, interest could be paid in cash or paid-in-kind. Accrued but unpaid interest was added to the principal balance of the HoldCo Note semi-annually. In accordance with its terms, $6.1 million and $8.7 million of accrued and unpaid interest was added to the principal balance of the HoldCo Note during 2015 and 2014, respectively. HoldCo could prepay the obligations under the HoldCo Note at any time, in whole or in part, without premium or penalty. On November 6, 2015, HoldCo prepaid the HoldCo Note's principal balance of $157.8 million and $5.8 million of related accrued interest. As a result of this redemption, the Company recorded 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. Peninsula Segment Debt Peninsula Credit Facility Credit Agreement On November 20, 2012, Boyd completed its previously announced acquisition of Peninsula pursuant to the Merger Agreement and Merger Sub entered into a Credit Agreement (the "Peninsula Credit Agreement") dated as of November 14, 2012, with the lenders party thereto and Bank of America, N.A., as administrative agent, collateral agent, swing line lender, and L/C issuer. Pursuant to the terms of the Merger Agreement, upon consummation of the Merger, Peninsula assumed all assets and liabilities of Merger Sub and became the borrower under the Credit Agreement (as defined below) and, together with Peninsula Gaming Corp. upon consummation of the Finance Company Merger, the issuer of Peninsula Senior Notes (as defined below). The Peninsula Credit Agreement provides for a $875.0 million senior secured credit facility (the "Peninsula Credit Facility"), which consists of (a) a term loan facility of $825.0 million (the "Peninsula Term Loan") and (b) a revolving credit facility of $50.0 million including a $15.0 million swing loan sublimit (the "Peninsula Revolver"). The Peninsula Term Loan was fully funded concurrently with the closing of the Peninsula Merger. A portion of the Peninsula Revolver was funded concurrently with the closing of the acquisition. The maturity date for obligations under the Peninsula Credit Facility is November 17, 2017. First Amendment to the Peninsula Credit Agreement On May 1, 2013, Peninsula entered into the First Amendment to the Peninsula Credit Agreement (the "Peninsula Amendment"), among Peninsula, certain financial institutions and Bank of America, N.A. ("Bank of America"), as administrative agent (in such capacity, "Administrative Agent") for the lenders. The Peninsula Amendment amends certain terms of the Peninsula Credit Agreement. Among other things, the Peninsula Amendment: (i) decreases the applicable margin with respect to the Term Loan to 3.25% in the case of Eurodollar Rate Loans and 2.25% in the case of Base Rate Loans; (ii) reduces the minimum Eurodollar Rate with respect to the Term Loan to 1.00% per annum; (iii) requires the Company to pay a premium of 1.00% of the principal amount prepaid for full or partial repayments of Term Loans through the issuance of indebtedness having a lower interest rate than described in clause (i) above during the period of six calendar months after the effective date of the Peninsula Amendment and requires payment of an amendment fee of 1.00% during such period payable to lenders who consent to any such reduced interest rate; (iv) extends the deadline for delivery of year-end reports to 90 days after the end of each fiscal year of the Company; (v) clarifies the definition of Consolidated Adjusted EBITDA with respect to management fees; and (vi) allows quarterly amortization installments to be paid prior to the last day of the applicable quarter. Amounts Outstanding The outstanding principal amounts under the Peninsula Credit Facility are comprised of the following: December 31, ( In thousands ) 2015 2014 Term Loan $ 647,750 $ 734,000 Revolving Facility 9,000 2,000 Swing Loan 6,000 6,400 Total outstanding principal amounts under the Peninsula Credit Facility $ 662,750 $ 742,400 At December 31, 2015 , approximately $662.8 million was outstanding under the Peninsula Credit Facility and $5.0 million was allocated to support various letters of credit, leaving remaining contractual availability of $30.0 million . Interest and Fees The interest rate on the outstanding balance of the Peninsula Term Loan is based upon, at Peninsula's option either: (i) the Eurodollar rate plus 3.25% ; or (ii) the base rate plus 2.25% . The interest rate on the outstanding balance from time to time of the Revolving Loans and Swing Loans are based upon, at Peninsula's option either: (i) the Eurodollar rate plus 4.00% ; or (ii) the base rate plus 3.00% . The base rate under the Peninsula Credit Facility is the highest of (x) Bank of America's publicly-announced prime rate, (y) the federal funds rate plus 0.50% , or (z) the Eurodollar rate for a one-month period plus 1.00% . The Peninsula Credit Facility also establishes, with respect to outstanding balances under the Term Loan, a minimum Eurodollar rate for any interest period of 1.00% . In addition, Peninsula will incur a commitment fee on the unused portion of the Peninsula Credit Facility at a per annum rate of 0.50% . Optional and Mandatory Prepayments The Peninsula Credit Facility requires that the Company prepay the loans with proceeds of any significant asset sale or event of loss. In addition, the Peninsula Credit Facility requires fixed quarterly amortization of principal equal to 0.25% of the original aggregate principal amount of the Peninsula Term Loan beginning March 31, 2013 and requires that the Company use a portion of its annual excess cash flow to prepay the loans. The Peninsula Revolver can be terminated without premium or penalty, upon payment of the outstanding amounts owed with respect thereto. The Peninsula Term Loan can be prepaid without premium or penalty, except that a 1.0% premium would have been payable in connection with prepayments of the Peninsula Term Loan during the period of six calendar months after the effective date of the Peninsula Amendment through the issuance of indebtedness having a lower interest rate than the interest rate payable in respect of the Peninsula Term Loan. During the years ended December 31, 2015 and 2014 , the Company paid $8.3 million each year in mandatory principal payments and $78.0 million and $42.5 million , respectively, in optional principal prepayments. None of these payments were subject to any prepayment premium. Guarantees and Collateral Peninsula's obligations under the Peninsula Credit Facility, subject to certain exceptions, are guaranteed by Peninsula's subsidiaries and are secured by the capital stock and equity interests of Peninsula's subsidiaries. In addition, subject to certain exceptions, Peninsula and each of the guarantors granted the collateral agent first priority liens and security interests on substantially all of the real and personal property (other than gaming licenses and subject to certain other exceptions) of Peninsula and its subsidiaries as additional security for the performance of the obligations under the Peninsula Credit Facility. The obligations under the Revolver rank senior in right of payment to the obligations under the Term Loan. Financial and Other Covenants The Peninsula Credit Facility contains customary affirmative and negative covenants which, subject to certain exceptions, restrict or limit Peninsula’s ability and the ability of its restricted subsidiaries (as defined in the Peninsula Credit Agreement), to, among other things: (i) create liens on certain assets; (ii) make certain investments or dispositions; (iii) incur additional debt; (iv) consolidate or merge; (v) enter into certain transactions with affiliates; (vi) engage in any business substantially different from that in which they were engaged at the closing date of the Peninsula Credit Agreement; and (vii) make restricted payments, other than those allowed by the Peninsula Credit Agreement ("Restricted Payments"). Restricted Payments primarily include: (i) dividends and distributions to the Company; (ii) the Tax Amount (as defined in the Peninsula Credit Agreement), so long as Peninsula remains a pass-through entity for United States federal income tax purposes; and (iii) cash dividends to the extent no event of default would be caused, financial covenants would not exceed or be outside of applicable ratios, and the aggregate amount of all Restricted Payments does not exceed $20.0 million plus the excess cash flow not required to repay loans. Peninsula is required to maintain: (i) maximum consolidated interest coverage ratio over each twelve month period ending on the last fiscal day of each quarter (discussed below); (ii) beginning with the fiscal quarter ended March 31, 2013, a minimum consolidated interest coverage ratio of 2.0 to 1.0 as of the end of each calendar quarter; and (iii) a maximum amount of capital expenditures for each fiscal year. The minimum consolidated Interest Coverage Ratio is calculated as (a) the twelve-month trailing Consolidated EBITDA (as defined in the Peninsula Credit Agreement), to (b) consolidated interest expense. The maximum permitted Consolidated Leverage Ratio (as defined in the Peninsula Credit Agreement) is calculated as Consolidated Fund Indebtedness less Excess Cash to twelve-month trailing Consolidated EBITDA. The following table provides our maximum Consolidated Leverage Ratio during the remaining term of the Peninsula Credit Facility: Maximum Consolidated For the Trailing Four Quarters Ending Leverage Ratio March 31, 2016 through June 30, 2016 6.00 to 1.00 September 30, 2016 through December 31, 2016 5.75 to 1.00 March 31, 2107 through June 30, 2017 5.50 to 1.00 September 30, 2017 and thereafter 5.25 to 1.00 Capital Expenditures should not be made by Peninsula or any of its Restricted Subsidiaries (excluding: (i) capital expenditures which adds to or improves any existing property; and (ii) capital expenditures made prior to the first anniversary of the Funding Date relating to integration and/or transition of business systems) in an aggregate amount in excess of $20.0 million in any fiscal year; provided that no default has occurred and is continuing or would result from such expenditure. Restricted Net Assets Cash dividends by Peninsula to the Company are limited by the terms of the Peninsula Credit Agreement and are contingent upon compliance with the loan covenants therein. This limitation on the transferability of assets constitutes a restriction of Peninsula's net assets and is subject to certain exceptions. Debt Financing Costs In conjunction with the Peninsula Credit Facility and Amendment, we incurred approximately $33.8 million and $8.2 million , respectively, which has been deferred as debt financing costs and is being amortized over the term of the Peninsula Credit Facility using the effective interest method. We also incurred $2.0 million in other fees that were expensed upon execution of the Amendment and are included in other non-operating items in the consolidated statements of operations for the year ended December 31, 2013. As a result of optional prepayments made during the years ended December 31, 2015 , 2014 and 2013 , we wrote-off $2.1 million , $1.5 million and $1.3 million , respectively, in deferred debt financing costs representing the pro-rated reduction in borrowing capacity. Current Maturities of Our Indebtedness We classified certain non-extending balances under the Peninsula Credit Facility as a current maturity, as such amounts come due within the next twelve months. Peninsula Senior Notes 8.375% Senior Notes due February 2018 Significant Terms On August 16, 2012, we closed an offering of $350 million aggregate principal amount of 8.375% senior notes due February 2018 (the " 8.375% Notes") by Merger Sub and Boyd Acquisition Finance Corp. ("Boyd Finance Co.," and together with Merger Sub, the "Issuers"), a direct wholly owned subsidiary of Merger Sub. The 8.375% Notes were issued pursuant to an Indenture dated August 16, 2012 (the "Indenture") by and among the Issuers, and U.S. Bank National Association, as trustee (the "Trustee"). The consummation of the acquisition of Peninsula occurred on November 20, 2012, at which time, Peninsula and Peninsula Gaming Corporation assumed the obligations of the Merger Sub and Boyd Finance Co. and became the Issuers under the Indenture. The Indenture provides that the 8.375% Notes bear interest at a rate of 8.375% per annum. The Notes mature on February 15, 2018. Prior to the consummation of the acquisition, the 8.375% Notes were not guaranteed. Upon the consummation of the acquisition, the 8.375% Notes are fully and unconditionally guaranteed, on a joint and several basis, by Peninsula's subsidiaries (other than PGP). The 8.375% Notes contain certain restrictive covenants that, subject to exceptions and qualifications limit Peninsula’s ability and the ability of its restricted subsidiaries (as defined in the Indenture) to, among other things, (i) incur additional indebtedness or liens, (ii) consolidate or merge, and (iii) pay dividends or make distributions which would cause default, violate covenant ratios or exceed certain calculated amounts. In addition, upon the occurrence of a change of control (as defined in the Indenture), we will be required, unless certain conditions are met, to offer to repurchase the notes at a price equal to 101% of the principal amount of the 8.375% Notes, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required, under certain circumstances, to offer to purchase the 8.375% Notes. Subsequent to August 15, 2015, Peninsula may redeem all or a portion of the 8.375% Notes at redemption prices (expressed as percentages of the principal amount) of 104.188% through August 14, 2016 and at a redemption price of 100% beginning August 15, 2016 and thereafter, plus accrued and unpaid interest. In addition, upon the occurrence of a change of control (as defined in the Indenture), Peninsula will be required, unless certain conditions are met, to offer to repurchase the 8.375% Notes at a price equal to 101% of the principal amount of the 8.375% Notes, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. If Peninsula sells assets or experiences an event of loss, they will be required under certain circumstances to offer to purchase the Notes. The 8.375% Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, (the "Securities Act") and will be offered only to: (i) qualified institutional buyers as defined in Rule 144A under the Securities Act; and (ii) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. Debt Financing Costs In conjunction with the issuance of the 8.375% Notes, we incurred approximately $14.2 million in debt financing costs that have been deferred and are being amortized over the term of the 8.375% Notes using the effective interest method. Covenant Compliance As of December 31, 2015 , we believe that Boyd Gaming Corporation and Peninsula were in compliance with the financial and other covenants of their respective debt instruments. The indentures governing the notes issued by each of the Businesses contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the coverage ratio (as defined in the respective indentures, essentially a ratio of the Business's consolidated EBITDA to fixed charges, including interest) for the Business's trailing four quarter period on a pro forma basis would be at least 2.0 to 1.0. Should this provision prohibit the incurrence of additional debt, each Business may still borrow under its existing credit facility. At December 31, 2015 , the available borrowing capacity under these credit facilities was $297.2 million at Boyd Gaming Corporation and $30.0 million at Peninsula. Scheduled Maturities of Long-Term Debt The scheduled maturities of long-term debt, as discussed above, are as follows: (In thousands) Boyd Gaming Peninsula Segment Total For the year ending December 31, 2016 $ 21,500 $ 8,250 $ 29,750 2017 21,500 654,500 676,000 2018 462,975 350,000 812,975 2019 9,000 — 9,000 2020 1,044,750 — 1,044,750 Thereafter 750,000 — 750,000 Total outstanding principal of long-term debt $ 2,309,725 $ 1,012,750 $ 3,322,475 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are provided to record the effects of temporary differences between the tax basis of an asset or liability and its amount as reported in our consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. Deferred tax assets and liabilities presented on the consolidated balance sheets are as follows: December 31, (In thousands) 2015 2014 Current deferred tax liability $ — $ 3,087 Non-current deferred tax liability 162,189 142,263 Current deferred tax asset — (117 ) Net deferred tax liability $ 162,189 $ 145,233 The components comprising our deferred tax assets and liabilities are as follows: December 31, (In thousands) 2015 2014 Deferred tax assets Federal net operating loss carryforwards $ 308,738 $ 312,113 State net operating loss carryforwards 47,711 41,395 Share-based compensation 32,524 35,122 Other 43,936 42,554 Gross deferred tax assets 432,909 431,184 Valuation allowance (247,761 ) (261,962 ) Deferred tax assets, net of valuation allowance 185,148 169,222 Deferred tax liabilities Difference between book and tax basis of intangible assets 216,655 202,089 Difference between book and tax basis of property 105,732 86,280 State tax liability, net of federal benefit 13,428 11,980 Other 11,522 14,106 Gross deferred tax liabilities 347,337 314,455 Deferred tax liabilities, net $ 162,189 $ 145,233 At December 31, 2015 , we have unused federal general business tax credits of approximately $10.7 million which may be carried forward or used until expiration beginning in 2030 and alternative minimum tax credits of $1.1 million which may be carried forward indefinitely. We have a federal income tax net operating loss of approximately $912.7 million , which may be carried forward or used until expiration beginning in 2031. We also have state income tax net operating loss carryforwards of approximately $653.5 million , which may be used to reduce future state income taxes. The state net operating loss carryforwards will expire in various years ranging from 2016 to 2034, if not fully utilized. As a result of certain realization requirements of ASC 718, Compensation - Stock Compensation , the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by approximately $14.9 million if and when such deferred tax assets are ultimately realized. The Company uses ASC 740 ordering when determining when excess tax benefits have been realized. Valuation Allowance on Deferred Tax Assets Management assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In evaluating our ability to recover deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations. A significant piece of objective negative evidence evaluated was the cumulative losses incurred over the three-year periods ended December 31, 2015, 2014 and 2013. As of December 31, 2015 , we concluded that it was more likely than not that the benefit from certain deferred tax assets would not be realized. As a result of our analysis, a valuation allowance of $200.5 million has been recorded on our federal income tax net operating loss carryforwards and certain other deferred tax assets at December 31, 2015 . The amount of the deferred tax assets at December 31, 2015 considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for profitable growth. A valuation allowance in the amount of $47.3 million has also been recorded on a material portion of our state income tax operating losses, along with certain other state deferred tax assets, which are not presently expected to be realized. Based on recent earnings, there is a possibility that, within the next year, sufficient positive evidence may become available to reach a conclusion that all or a portion of the valuation allowance will no longer be needed. As such, the Company may release a portion of its valuation allowance against its deferred tax assets within the next 12 months. However, the exact timing will be dependent on the levels of income achieved and management’s visibility into future period results. The release of our valuation allowance would result in the recognition of certain deferred tax assets and a non-cash income tax benefit in the period in which the release is recorded. Provision (Benefit) for Income Taxes A summary of the provision (benefit) for income taxes is as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Current Federal $ — $ 442 $ — State 2,052 (289 ) 368 Total current taxes provision (benefit) 2,052 153 368 Deferred Federal (10,033 ) (1,896 ) 5,666 State 807 2,496 (2,684 ) Total deferred taxes provision (benefit) (9,226 ) 600 2,982 Provision (benefit) for income taxes from continuing operations $ (7,174 ) $ 753 $ 3,350 Provision (benefit) for income taxes included on the consolidated statement of operations Provision (benefit) for income taxes from continuing operations $ (7,174 ) $ 753 $ 3,350 Provision (benefit) for income taxes from discontinued operations — — 5,884 Provision (benefit) for income taxes from continuing and discontinued operations $ (7,174 ) $ 753 $ 9,234 Our tax benefit for the year ended December 31, 2015 was favorably impacted by the partial release of the valuation allowance on our federal and state net operating losses, impairment charges to indefinite lived intangible assets which resulted in a reduction in our recognized deferred tax liability on these assets, federal and state audit settlements in connection with our IRS and New Jersey income tax examinations and, the realization of certain unrecognized tax benefits, inclusive of the reversal of related accrued interest. Our tax provision for the year ended December 31, 2014 was adversely impacted by a valuation allowance on our federal and state income tax net operating losses and certain other deferred tax assets. The tax provision was favorably impacted by impairment charges to indefinite lived intangible assets which resulted in a reduction in our recognized deferred tax liability on these assets, tax adjustments related to the deconsolidation of Borgata and, as a result of statute expirations, the realization of certain unrecognized tax benefits, inclusive of the reversal of related accrued interest. Our tax provision for the year ended December 31, 2013 was adversely impacted by a valuation allowance on our federal and state income tax net operating losses and certain other deferred tax assets. The tax provision was favorably impacted by the partial resolution of certain proposed adjustments raised in connection with our 2005-2009 IRS examination, which principally resulted in the reversal of interest accrued on unrecognized tax benefits. Additionally, the tax provision or benefit in 2015, 2014 and 2013 was adversely impacted by an accrual of non-cash tax expense in connection with the tax amortization of indefinite lived intangible assets that was not available to offset existing deferred tax assets. The deferred tax liabilities created by the tax amortization of these intangibles cannot be used to offset corresponding increases in the net operating loss deferred tax assets in determining our valuation allowance. The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income from continuing operations before income taxes: Year Ended December 31, 2015 2014 2013 Tax at federal statutory rate 35.0 % 35.0 % 35.0 % Uncertain tax benefits (43.3 )% — % — % Company provided benefits 15.5 % (4.1 )% 0.1 % Accrued interest on uncertain tax benefits (15.0 )% (3.0 )% 3.7 % Valuation allowance for deferred tax assets (11.1 )% (38.7 )% (35.1 )% State income taxes, net of federal benefit 7.1 % (5.4 )% 2.0 % Compensation-based credits (6.2 )% 3.8 % 1.4 % Noncontrolling interests — % 12.9 % (9.4 )% Other, net 0.1 % (2.4 )% (0.6 )% Effective tax rate (17.9 )% (1.9 )% (2.9 )% Status of Examinations In January 2015, we received Joint Committee on Taxation ("Joint Committee") approval of the 2005-2009 IRS appeals settlement reached in August 2013. We received a refund of $2.4 million in connection with the appeals settlement. Additionally, in 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. We received a refund of $1.1 million as a result of the New Jersey examination. In August 2013, we received a $4.2 million refund in connection with Joint Committee approval of our 2001-2004 IRS appeals settlement. We generated net operating losses on our federal income tax returns for years 2011 - 2015. These returns remain subject to federal examination until the statute of limitations expires for the year in which the net operating losses are utilized. We are also currently under examination for various state income and franchise tax matters. As it relates to our material state returns, we are subject to examination for tax years ended on or after December 31, 2001, and the statute of limitations will expire over the period September 2016 through November 2019. We believe that we have adequately reserved for any tax liability; however, the ultimate resolution of these examinations may result in an outcome that is different than our current expectation. We do not believe the ultimate resolution of these examinations will have a material impact on our consolidated financial statements. Other Long-Term Tax Liabilities The impact of an uncertain income tax position taken in our income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position is not recognized if it has less than a 50% likelihood of being sustained. Our liability for uncertain tax positions is recorded as other current tax liabilities and other long-term tax liabilities in our consolidated balance sheets. A reconciliation of the beginning and ending amount of unrecognized tax benefits as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Unrecognized tax benefit, beginning of year $ 30,198 $ 37,059 $ 38,423 Additions: Tax positions related to current year — 487 562 Tax positions related to prior years — — 138 Reductions: Tax positions related to the Deconsolidation of Borgata — (6,221 ) — Lapse of applicable statute of limitations — (1,097 ) — Tax position related to prior years (27,716 ) (30 ) (2,064 ) Settlement with taxing authorities — — — Unrecognized tax benefits $ 2,482 $ 30,198 $ 37,059 Included in the $2.5 million balance of unrecognized tax benefits at December 31, 2015 , are $2.5 million of federally tax effected benefits that, if recognized, would impact the effective tax rate. We recognize interest related to unrecognized tax benefits in our income tax provision. During the years ended December 31, 2015 , we recognized interest and penalties of approximately $0.1 million in our tax provision. During the years ended December 31, 2015 and 2014 we recognized interest related benefits, due to favorable settlements, of $6.5 million and $1.1 million , respectively, in our income tax provision. We have accrued $0.7 million and $7.2 million of interest and penalties as of December 31, 2015 and 2014 , respectively, in our consolidated balance sheets. During the first quarter of 2015, we received Joint Committee approval on our IRS appeals agreement, effectively settling our 2005 through 2009 examination. 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 resolution of these audits, we reduced our unrecognized tax benefits by $27.7 million , of which $19.7 million impacted our effective tax rate. Due to the utilization of tax loss carryforwards in certain states, the statute of limitations remain open with respect to years in which the tax losses are utilized. When these years close, unrecognized tax benefits may be realized. As a result of these statute expirations, it is reasonably possible over the next 12 month period that we may experience a decrease in our unrecognized tax benefits as of December 31, 2015 , of less than $0.2 million , all of which would impact our effective tax rate. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments Capital Spending and Development We continually perform on-going refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not so qualify are expensed as incurred. The commitment of capital and the related timing thereof are contingent upon, among other things, negotiation of final agreements and receipt of approvals from the appropriate regulatory bodies. We must also comply with covenants and restrictions set forth in our debt agreements. Kansas Management Contract On January 14, 2011, the Kansas Management Contract was approved by the Kansas Racing and Gaming Commission ("KRGC"), contractually obligating Kansas Star to open certain phases of the project by certain specified dates. All required development under the Kansas Management Contract was complete as of December 31, 2014. As part of the Kansas Management Contract, Kansas Star committed to donate $1.5 million each year to support education in the local area in which Kansas Star operates for the duration of the Kansas Management Contract. We have made all distributions under this commitment as scheduled and such related expenses are recorded in Selling, general and administrative expenses on the consolidated statements of operations. Mulvane Development Agreement On March 7, 2011, Kansas Star entered into a Development Agreement with the City of Mulvane ("Mulvane Development Agreement") related to the provision of water, sewer, and electrical utilities to the Kansas Star site. This agreement sets forth certain parameters governing the use of public financing for the provision of such utilities, through the issuance of general obligation bonds by the City of Mulvane, paid for through the imposition of a special tax assessment on the Kansas Star site payable over 15 years in an amount equal to the City’s full obligations under the general obligation bonds. As of December 31, 2015 , all infrastructure improvements to the Kansas Star site under the Mulvane Development Agreement are complete and the City of Mulvane issued $19.7 million in general obligation bonds related to these infrastructure improvements. In connection with the Merger, the Company's obligation under this agreement was revalued to fair value as of the Merger date. As of December 31, 2015 and 2014, under the Mulvane Development Agreement, Kansas Star recorded $1.7 million at each date, which is included in accrued liabilities on the consolidated balance sheets and $9.6 million , net of a $4.6 million discount, and $10.3 million , net of a $5.1 million discount, respectively, which is recorded as a long-term obligation in other liabilities on the consolidated balance sheets. Interest costs are expensed as incurred and the discount will be amortized to interest expense over the term of the special tax assessment ending in 2028. Kansas Star's special tax assessment related to these bonds is approximately $1.7 million annually. Payments under the special tax assessment are secured by irrevocable letters of credit of $5.0 million issued by the Company in favor of the City of Mulvane, representing an amount equal to three times the annual special assessment tax imposed on Kansas Star. Contingent Payments In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s earnings before interest expense, taxes, depreciation and amortization ("EBITDA") each month for a period of 10 years commencing December 20, 2011. Minimum Assessment Agreement In 2007, Diamond Jo Dubuque ("DJL") entered a Minimum Assessment Agreement with the City of Dubuque. Under the Minimum Assessment Agreement, DJL and the City agreed to a minimum taxable value related to the new casino of $57.9 million . DJL agreed to pay property taxes to the City based on the actual taxable value of the casino, but not less than the minimum taxable value. Scheduled payments of principal and interest on the City Bonds will be funded through DJL's payment obligations under the Minimum Assessment Agreement. DJL is also obligated to pay any shortfall should property taxes be insufficient to fund the principal and interest payments on the City Bonds. As a result of purchase accounting the Minimum Assessment Agreement obligation was revalued to fair value. Interest costs under the Minimum Assessment Agreement obligation are expensed as incurred. As of December 31, 2015 and 2014, the remaining obligation under the Minimum Assessment Agreement was $1.9 million at each date, which was recorded in accrued liabilities on the consolidated balance sheets and $14.4 million , net of a $2.9 million discount, and $14.7 million , net of a $3.0 million discount, respectively, which was recorded as a long-term obligation in other liabilities on the consolidated balance sheets. The discount will be amortized to interest expense over the life of the Minimum Assessment Agreement. Total minimum payments by DJL under the Minimum Assessment Agreement are approximately $1.9 million per year through 2036. Public Parking Facility Agreement DJL has an agreement with the City for use of the public parking facility adjacent to DJL's casino and owned and operated by the City (the "Parking Facility Agreement"). The Parking Facility Agreement calls for: (i) the payment by the Company for the reasonable and necessary actual operating costs incurred by the City for the operation, security, repair and maintenance of the public parking facility; and (ii) the payment by the Company to the City of $65 per parking space in the public parking facility per year, subject to annual increases based on any increase in the Consumer Price Index, which funds will be deposited into a special sinking fund and used by the City for capital expenditures necessary to maintain the public parking facility. Operating costs of the parking facility incurred by DJL are expensed as incurred. Deposits to the sinking fund are recorded as other assets. When the sinking fund is used for capital improvements, such amounts are capitalized and amortized over their remaining useful life. Iowa Qualified Sponsoring Organization Agreements DJL and Diamond Jo Worth ("DJW") are required to pay their respective qualified sponsoring organization, who hold a joint gaming license with DJL and DJW, 4.50% and 5.76% , respectively, of the casino’s adjusted gross receipts on an ongoing basis. DJL expensed $3.0 million , $2.8 million , and $3.0 million , during the years ended December 31, 2015, 2014, and 2013, respectively, related to its agreement. DJW expensed $5.0 million , $4.8 million , and $5.0 million , during the years ended December 31, 2015, 2014, and 2013, respectively, related to its agreement. The DJL agreement expires on December 31, 2018. The DJW agreement was amended during 2014 and expires on March 31, 2025, and is subject to automatic ten-year renewal periods. Development Agreement In September 2011, the Company acquired the membership interests of a limited liability company (the "LLC") for a purchase price of $24.5 million . The primary asset of the LLC was a previously executed development agreement (the "Development Agreement") with a Native American tribe (the "Tribe"). The purchase price was allocated primarily to an intangible asset associated with the Company's rights under the agreement to assist the Tribe in the development and management of a gaming facility on the Tribe's land. In July 2012, the Company and the Tribe amended and replaced the agreement with a new development agreement and a management agreement (the "Agreements"). The Agreements obligate us to fund certain pre-development costs, which are estimated to be approximately $1 million to $2 million annually, for the next several years and to assist the Tribe in its development and oversight of the gaming facility construction. Upon opening, we will manage the gaming facility. The pre-development costs funded by us are reimbursable to us with future cash flows from the operations of the gaming facility under terms of a note receivable from the Tribe. The Agreements provide that the Company will receive future revenue for its services to the Tribe contingent upon successful development of the gaming facility and based on future net revenues at the gaming facility. Development is in the preliminary stages and no time schedule has been established as to when the Tribe will be able to formalize plans and begin construction. Future Minimum Lease Payments and Rental Income Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases are as follows: (In thousands) Lease Obligations For the year ending December 31, 2016 $ 40,924 2017 44,264 2018 17,218 2019 15,325 2020 13,492 Thereafter 388,213 Total $ 519,436 Rent expense included in selling, general and administrative expenses on the accompanying consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 was $29.0 million , $36.6 million , and $38.6 million , respectively, and primarily relates to land leases and advertising-related expenses. Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows: (In thousands) Total Rental Income For the year ending December 31, 2016 $ 1,507 2017 1,370 2018 1,144 2019 634 2020 78 Thereafter 228 Total $ 4,961 Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position or results of operations. |
Stockholders' Equity and Stock
Stockholders' Equity and Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity and Stock Incentive Plans | STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS Share Repurchase Program We have in the past, and may in the future, acquire our equity securities through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine from time to time. In July 2008, our Board of Directors authorized an amendment to an existing share repurchase program to increase the amount of common stock that can be repurchased to $100 million , and $92.1 million of this authorization remains available at December 31, 2015 . We are not obligated to repurchase any shares under this program, and no shares were repurchased during the years ended December 31, 2015 , 2014 or 2013 . Subject to applicable corporate securities laws, repurchases under our stock repurchase program may be made at such times and in such amounts as we deem appropriate. Repurchases can be discontinued at any time that we feel additional purchases are not warranted. We intend to fund the repurchases under the stock repurchase program with existing cash resources and availability under our Credit Facility. We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding notes and our Boyd Gaming Credit Facility. Dividends Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding payment of dividends, such as restricted payment limitations related to our outstanding notes and the Boyd Gaming Credit Facility. No dividends were declared during the years ended December 31, 2015 , 2014 or 2013 . Stock Incentive Plan In May 2012, the Company's stockholders approved the 2012 Stock Incentive Plan (the "2012 Plan"), which amended and restated the Company's 2002 Stock Incentive Plan (the "2002 Plan") to (a) provide for a term ending ten years from the date of stockholder approval at the Annual Meeting, (b) increase the maximum number of shares of the Company's common stock authorized for issuance over the term of the 2012 Plan by 4 million shares from 17 million to 21 million shares, (c) permit the future grant of certain equity-based awards, including awards designed to constitute performance-based compensation under Section 162(m) of the Internal Revenue Code, and (d) make certain other changes. Under our 2012 Plan, approximately 2.6 million shares remain available for grant at December 31, 2015 . The number of authorized but unissued shares of common stock under this 2012 Plan as of December 31, 2015 was approximately 11.8 million shares. Grants made under the 2012 Plan include provisions that entitle the grantee to automatic vesting acceleration in the event of a grantee’s separation from service (including as a result of retirement, death or disability), other than for cause (as defined), after reaching the defined age and years of service thresholds. These provisions result in the accelerated recognition of the stock compensation expense for those grants issued to employees who have met the stipulated thresholds. Stock Options Options granted under the 2012 Plan generally become exercisable ratably over a three -year period from the date of grant. Options that have been granted under the 2012 Plan had an exercise price equal to the market price of our common stock on the date of grant and will expire no later than ten years after the date of grant. Summarized stock option plan activity is as follows: Options Weighted Average Option Price Weighted Average Remaining Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at January 1, 2013 10,826,004 $ 23.98 Granted 544,330 9.86 Canceled (378,202 ) 20.67 Exercised (1,848,222 ) 7.44 Outstanding at December 31, 2013 9,143,910 26.62 Granted 244,351 11.57 Canceled (1,656,359 ) 34.79 Exercised (562,234 ) 7.39 Outstanding at December 31, 2014 7,169,668 25.73 Granted 200,673 19.98 Canceled (1,463,497 ) 39.82 Exercised (1,301,789 ) 7.53 Outstanding at December 31, 2015 4,605,055 $ 26.14 3.7 $ 21,058 Exercisable at December 31, 2014 6,459,687 $ 27.52 3.4 $ 12,662 Exercisable at December 31, 2015 4,085,555 $ 27.65 3.1 $ 18,145 Share-based compensation costs related to stock option awards are calculated based on the fair value of each option grant on the date of the grant using the Black-Scholes option pricing model. The following table summarizes the information about stock options outstanding and exercisable at December 31, 2015 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number Exercisable Weighted-Average Exercise Price $5.22-$6.70 599,049 6.2 $ 5.88 599,049 $ 5.88 7.55-8.34 553,204 4.6 8.16 553,204 8.16 9.86 416,778 7.9 9.86 260,848 9.86 11.57 244,351 8.9 11.57 81,454 11.57 19.98 200,673 9.8 19.98 — — 33.31 25,000 2.0 33.31 25,000 33.31 38.11 380,000 1.9 38.11 380,000 38.11 39.00 1,195,500 0.8 39.00 1,195,500 39.00 39.78 965,500 1.8 39.78 965,500 39.78 42.69 25,000 0.8 42.69 25,000 42.69 $5.22-$42.69 4,605,055 3.7 $ 26.14 4,085,555 $ 27.65 The total intrinsic value of in-the-money options exercised during the years ended December 31, 2015 , 2014 and 2013 was $11.1 million , $2.5 million , and $9.5 million , respectively. The total fair value of options vested during the years ended December 31, 2015 , 2014 and 2013 was approximately $1.9 million , $2.3 million , and $3.0 million , respectively. As of December 31, 2015 , there was approximately $1.7 million of total unrecognized share-based compensation costs related to unvested stock options, which is expected to be recognized over approximately 0.8 years , the weighted-average remaining requisite service period. Restricted Stock Units Our 2012 Plan provides for the grant of Restricted Stock Units ("RSUs"). An RSU is an award which may be earned in whole, or in part, upon the passage of time, and which may be settled for cash, shares, other securities or a combination thereof. The RSUs do not contain voting rights and are not entitled to dividends. The RSUs are subject to the terms and conditions contained in the applicable award agreement and the 2012 Plan. Share-based compensation costs related to RSU awards are calculated based on the market price on the date of the grant. We annually award RSUs to certain members of our Board of Directors. Each RSU is to be paid in shares of common stock upon the member’s cessation of service to the Company. These RSUs were issued for past service; therefore, they are expensed on the date of issuance. We also grant RSUs to members of management of the Company, which represents a contingent right to receive one share of our common stock upon vesting. An RSU generally vests on the third anniversary of its issuance and the share-based compensation expense is amortized to expense over the requisite service period. Summarized RSU activity is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2013 2,371,147 Granted 1,018,978 $10.03 Canceled (46,131 ) Awarded (588,195 ) Outstanding at December 31, 2013 2,755,799 Granted 696,249 $11.63 Canceled (201,660 ) Awarded (715,892 ) Outstanding at December 31, 2014 2,534,496 Granted 541,016 $19.05 Canceled (40,800 ) Awarded (713,886 ) Outstanding at December 31, 2015 2,320,826 As of December 31, 2015 , there was approximately $7.3 million of total unrecognized share-based compensation costs related to unvested RSUs, which is expected to be recognized over approximately 2.4 years. Performance Stock Units Our 2012 Plan provides for the grant of Performance Stock Units ("PSUs"). A PSU is an award which may be earned in whole, or in part, upon the passage of time, and the attainment of performance criteria, and which may be settled for cash, shares, other securities or a combination thereof. The PSUs do not contain voting rights and are not entitled to dividends. The PSUs are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. Each PSU represents a contingent right to receive a share of Boyd Gaming Corporation common stock; however, the actual number of common shares awarded is dependent upon the occurrence of: (i) a requisite service period; and (ii) an evaluation of specific performance conditions. The performance conditions are based on Company metrics for net revenue growth, EBITDA growth and customer service scores, all of which are determined on a comprehensive annual three -year growth rate. Based upon actual and combined achievement, the number of shares awarded could range from zero , if no conditions are met, a 50% payout if only threshold performance is achieved, a payout of 100% for target performance, or a payout of up to 200% of the original award for achievement of maximum performance. Each condition weighs equally and separately in determining the payout, and based upon management's estimates at the service inception date, the Company is expected to meet the target for each performance condition. Therefore, the related compensation cost of these PSUs assumes all units granted will be awarded . Share-based compensation costs related to PSU awards are calculated based on the market price on the date of the grant. These PSUs will vest three years from the service inception date, during which time achievement of the related performance conditions is periodically evaluated, and the number of shares expected to be awarded, and resulting compensation expense, is adjusted accordingly. Performance Shares Vesting The 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. Summarized PSU activity is as follows: Performance Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2013 829,130 Granted — Canceled (7,497 ) Awarded — Outstanding at December 31, 2013 821,633 Granted 694,294 $11.01 Canceled (104,287 ) Awarded — Outstanding at December 31, 2014 1,411,640 Granted 240,156 $16.75 Performance Adjustment 264,306 Canceled (2,677 ) Awarded (663,945 ) Outstanding at December 31, 2015 1,249,480 The Company approved the issuance of approximately 380,000 PSUs to participating employees during fourth quarter 2013. The performance criteria for these PSUs were set subsequent to year-end 2013, so these PSUs were not considered granted for accounting purposes as of December 31, 2013, and are included in the shares granted during 2014 in the table above. As of December 31, 2015 , there was approximately $2.0 million of total unrecognized share-based compensation costs related to unvested PSUs, which is expected to be recognized over approximately 2.4 years . Based on the current estimates of performance compared to the targets set for the respective PSU grants, the Company estimates that approximately 1.1 million shares will be issued to settle the PSUs outstanding at December 31, 2015 . Career Shares Our Career Shares Program is a stock incentive award program for certain executive officers to provide for additional capital accumulation opportunities for retirement. The program incentivizes and rewards executives for their period of service. Our Career Shares Program was adopted in December 2006, and modified in October 2010, as part of the overall update of our compensation programs. The Career Shares Program rewards eligible executives with annual grants of Boyd Gaming Corporation stock units, to be paid out at retirement. The payout at retirement is dependent upon the executive's age at such retirement and the number of years of service with the Company. Executives must be at least 55 years old and have at least 10 years of service to receive any payout at retirement. Career Shares do not contain voting rights and are not entitled to dividends. Career Shares are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. The Career Share awards are tranched by specific term, in the following periods: 10 years , 15 years and 20 years of service. These grants vest over the remaining period of service required to fulfill the requisite years in each of these tranches, and compensation expense is recorded in accordance with the specific vesting provisions. Share-based compensation costs related to Career Shares awards are calculated based on the market price on the date of the grant. Summarized Career Shares activity is as follows: Career Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2013 702,826 Granted 200,043 $6.78 Canceled (125 ) Awarded (8,437 ) Outstanding at December 31, 2013 894,307 Granted 122,015 $11.31 Canceled (85,765 ) Awarded (33,972 ) Outstanding at December 31, 2014 896,585 Granted 103,018 $12.51 Canceled — Awarded (31,028 ) Outstanding at December 31, 2015 968,575 As of December 31, 2015 , there was approximately $1.1 million of total unrecognized share-based compensation costs related to unvested Career Shares. Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table summarizes our share-based compensation costs by award type: Year Ended December 31, (In thousands) 2015 2014 2013 Stock Options $ 2,821 $ 2,733 $ 2,666 Restricted Stock Units 9,909 8,010 10,610 Performance Stock Units 5,135 6,537 3,678 Career Shares 1,399 1,196 1,937 Total share-based compensation costs $ 19,264 $ 18,476 $ 18,891 The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations: Year Ended December 31, (In thousands) 2015 2014 2013 Gaming $ 393 $ 387 $ 351 Food and beverage 75 74 67 Room 36 35 32 Selling, general and administrative 1,996 1,965 1,787 Corporate expense 16,764 16,207 16,654 Other operating items, net — (192 ) — Total share-based compensation expense $ 19,264 $ 18,476 $ 18,891 |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | NONCONTROLLING INTEREST Noncontrolling interest primarily represents: (i) 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; and (ii) until the Echelon sale, which closed on March 4, 2013, all 100% of the members' equity interest in LVE, the variable interest entity which had been consolidated in our financial statements, but in which we held no equity interest. Changes in the noncontrolling interest are as follows: (In thousands) Holding Company LVE Other Total Beginning balance, January 1, 2013 $ 208,277 $ (44,961 ) $ 20 $ 163,336 Capital contributions — — — $ — Attributable net loss (27,847 ) (443 ) — (28,290 ) Comprehensive income — — — — Deconsolidation of LVE on March 4, 2013 — 45,404 — 45,404 Balance, December 31, 2013 180,430 — 20 180,450 Capital contributions — — 30 30 Attributable net income 11,403 — — 11,403 Comprehensive income — — — — Deconsolidation of Borgata on September 30, 2014 (191,833 ) — — (191,833 ) Balance, December 31, 2014 — — 50 50 Capital contributions — — — — Attributable net income (loss) — — — — Comprehensive income — — — — Balance, December 31, 2015 $ — $ — $ 50 $ 50 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These inputs create the following fair value hierarchy: Level 1 : Quoted prices for identical instruments in active markets. Level 2 : Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 : Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: December 31, 2015 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 158,821 $ 158,821 $ — $ — Restricted cash 19,030 19,030 — — Investment available for sale 17,839 — — 17,839 Liabilities Contingent payments $ 3,632 $ — $ — $ 3,632 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 Restricted Cash The fair value of our cash and cash equivalents, classified in the fair value hierarchy as Level 1, is based on statements received from our banks at December 31, 2015 and 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 December 31, 2015 and 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 consolidated balance sheets. At both December 31, 2015 and 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 December 31, 2015 and 2014 , $17.4 million and $18.0 million , respectively, is included in investment on the consolidated balance sheets. The discount associated with this investment of $3.2 million and $3.3 million as of December 31, 2015 and 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. Contingent Payments In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s earnings before interest expense, taxes, depreciation and amortization ("EBITDA") each month for a period of ten years commencing December 20, 2011. The liability was initially recorded upon consummation of the Merger, at the estimated fair value of the contingent land purchase price using a discounted cash flows approach. At both December 31, 2015 and December 31, 2014 , there was a current liability of $0.9 million related to this agreement, which was recorded in accrued liabilities on the respective consolidated balance sheets, and long-term obligations of $2.7 million and $2.9 million , respectively, which were included in other liabilities on the respective consolidated balance sheets. The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities: December 31, 2015 Assets Liabilities (In thousands) Investment Merger Earnout Contingent Payments Balance at January 1, 2015 $ 18,357 $ (75 ) $ (3,792 ) Deposits — — — Total gains (losses) (realized or unrealized): Included in earnings 125 75 (723 ) Included in other comprehensive income (loss) (263 ) — — Purchases, sales, issuances and settlements: Settlements (380 ) — 883 Ending balance at December 31, 2015 $ 17,839 $ — $ (3,632 ) 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 $ 125 $ — $ — Included in interest expense — — (627 ) Included in non-operating income — — (96 ) December 31, 2014 Assets Liabilities (In thousands) Investment Available for Sale CRDA Deposits Merger Earnout Contingent Payments Balance at January 1, 2014 $ 17,128 $ 4,613 $ (1,125 ) $ (4,343 ) Deposits — 5,481 — — Total gains (losses) (realized or unrealized): Included in earnings 119 (1,798 ) 1,050 (274 ) Included in other comprehensive income (loss) 1,465 — — — Purchases, sales, issuances and settlements: Settlements (355 ) (259 ) — 825 Deconsolidation of Borgata on September 30, 2014 — (8,037 ) — — Ending balance at December 31, 2014 $ 18,357 $ — $ (75 ) $ (3,792 ) 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 $ 119 $ — $ — $ — Included in interest expense — — — (734 ) Included in non-operating income — — — 60 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 10.0 % Contingent payments Discounted cash flow Discount rate 18.5 % The fair value of intangible assets, classified in the fair value hierarchy as Level 3, is utilized in performing its impairment analyses (see Note 5, Intangible Assets ). 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: December 31, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 35,126 $ 27,660 $ 28,381 Level 3 Other financial instruments 200 186 186 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 table provides the fair value measurement information about our long-term debt: December 31, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Debt: Bank Credit Facility $ 1,209,725 $ 1,197,277 $ 1,202,870 Level 2 9.125% Senior Notes due 2018 350,000 342,956 372,750 Level 1 6.875% Senior Notes due 2023 750,000 737,066 772,500 Level 1 2,309,725 2,277,299 2,348,120 Peninsula Segment Debt: Bank credit facility 662,750 648,607 661,131 Level 2 8.375% Senior Notes due 2018 350,000 343,643 357,000 Level 2 1,012,750 992,250 1,018,131 Total debt $ 3,322,475 $ 3,269,549 $ 3,366,251 December 31, 2014 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Debt: Bank Credit Facility $ 1,387,425 $ 1,369,176 $ 1,395,595 Level 2 9.125% Senior Notes due 2018 500,000 487,765 517,500 Level 1 9.00% Senior Notes due 2020 350,000 348,074 359,625 Level 1 HoldCo Note 151,740 139,968 144,153 Level 3 2,389,165 2,344,983 2,416,873 Peninsula Segment Debt: Bank credit facility 742,400 718,807 754,364 Level 2 8.375% Senior Notes due 2018 350,000 341,058 363,125 Level 2 Other 3 3 3 Level 3 1,092,403 1,059,868 1,117,492 Total debt $ 3,481,568 $ 3,404,851 $ 3,534,365 The estimated fair value of the Boyd Gaming Credit Facility is based on a relative value analysis performed on or about December 31, 2015 and December 31, 2014 . The estimated fair value of the Peninsula Credit Facility is based on a relative value analysis performed on or about December 31, 2015 and December 31, 2014 . The estimated fair values of our senior notes and Peninsula's senior notes are based on quoted market prices as of December 31, 2015 and December 31, 2014 . Debt included in the "Other" category is fixed-rate debt that is not traded and does not have an observable market input; therefore, we have estimated its fair value based on a discounted cash flow approach, after giving consideration to the changes in market rates of interest, creditworthiness of both parties, and credit spreads. There were no transfers between Level 1, Level 2 and Level 3 measurements during the years ended December 31, 2015 and 2014 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS We contribute to multiemployer pension defined benefit plans under terms of collective-bargaining agreements that cover our union-represented employees. These unions cover certain of our culinary, hotel and other trade workers. We are obligated to make defined contributions under these plans. The significant risks of participating in multi-employer plans include, but are not limited to, the following: • We may elect to stop participating in our multi-employer plans. As a result, we may be required to pay a withdrawal liability based on the underfunded status of the plan as applicable. Our ability to fund such payments would be based on the results of our operations and subject to the risk factors that impact our business. If any of these risks actually occur, our business, financial condition and results of operations could be materially and adversely affected and impact our ability to meet our obligations to the multiemployer plan. • We may contribute assets to the multiemployer plan for the benefit of our covered employees that are used to provide benefits to employees of other participating employers. • We may be required to fund additional amounts if other participating employers stop contributing to the multiemployer plan. Contributions, based on wages paid to covered employees, totaled approximately $1.4 million , $7.1 million and $8.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. These aggregate contributions were not individually significant to any of the respective plans. Our share of the unfunded vested liability related to multi-employer plans, if any, is not determinable and our participation is not individually significant on an individual multiemployer plan basis. We have retirement savings plans under Section 401(k) of the Internal Revenue Code covering our non-union employees. The plans allow employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 100% of their income on a pre-tax basis through contributions to the plans. We expensed our voluntary contributions to the 401(k) profit-sharing plans and trusts of $3.3 million , $5.1 million and $5.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. On September 30, 2014, we deconsolidated Borgata, which resulted in decreased employer contributions to multiemployer plans and decreased expenses for voluntary contributions to the 401(k) profit-sharing plans and trusts during the years ended December 31, 2015 and 2014. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We have aggregated certain of our properties in order to present five Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest and South; (iv) Peninsula; and (v) Borgata. The table in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties. 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, project development, preopening and writedown 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, 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. Although EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, 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. Furthermore, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations. The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income (loss), as reported in our accompanying consolidated statements of operations: Year Ended December 31, (In thousands) 2015 2014 2013 Net Revenues Las Vegas Locals $ 610,107 $ 592,652 $ 591,447 Downtown Las Vegas 234,191 224,275 222,715 Midwest and South 852,288 831,477 864,247 Peninsula 502,846 493,851 520,329 Borgata (1) — 559,064 695,700 Total Reportable Segment Net Revenues $ 2,199,432 $ 2,701,319 $ 2,894,438 Adjusted EBITDA Las Vegas Locals $ 157,312 $ 144,397 $ 137,501 Downtown Las Vegas 49,314 37,309 35,036 Midwest and South 196,822 169,977 179,976 Peninsula 184,120 175,081 185,269 Borgata (1) 102,095 137,936 119,237 Total Reportable Segment Adjusted EBITDA (2) 689,663 664,700 657,019 Corporate expense (60,177 ) (59,420 ) (46,594 ) Adjusted EBITDA 629,486 605,280 610,425 Other operating costs and expenses Deferred rent 3,428 3,618 3,831 Depreciation and amortization 207,118 251,044 278,413 Project development, preopening and writedowns 6,907 14,390 14,608 Share-based compensation expense 19,264 18,666 18,891 Impairments of assets 18,565 60,780 10,383 Other operating charges, net 907 (2,124 ) 5,998 Our share of Borgata's other operating costs and expenses 28,674 7,390 — Total other operating costs and expenses 284,863 353,764 332,124 Operating income $ 344,623 $ 251,516 $ 278,301 (1) Due to the reacquisition by our partner of its 50% ownership, we deconsolidated Borgata as of the close of business on September 30, 2014. Our consolidated statement of operations for the year ended December 31, 2013 includes Borgata’s financial results on a full consolidation basis for the entire year. Our consolidated statement of operations for the year ended December 31, 2014 includes Borgata’s financial results on a full consolidation basis for the nine months ended September 30, 2014, and reflects our accounting for our 50% ownership interest in Borgata by applying the equity method for the remainder of the year. Our consolidated statement of operations for the year ended December 31, 2015 reflects our accounting for our 50% ownership interest in Borgata by applying the equity method for the entire year. (2) Total Reportable Segment Adjusted EBITDA excludes corporate expense. Total Assets The Company's total assets, by Reportable Segment, consisted of the following amounts: December 31, (In thousands) 2015 2014 Assets Las Vegas Locals $ 1,155,224 $ 1,164,115 Downtown Las Vegas 138,159 128,682 Midwest and South 1,263,751 1,302,002 Peninsula 1,370,991 1,426,994 Total Reportable Segment assets 3,928,125 4,021,793 Corporate 422,775 400,591 Total assets $ 4,350,900 $ 4,422,384 Capital Expenditures The Company's capital expenditures by Reportable Segment, consisted of the following: Year Ended December 31, (In thousands) 2015 2014 2013 Capital Expenditures: Las Vegas Locals $ 41,772 $ 31,653 $ 30,861 Downtown Las Vegas 13,000 9,917 5,505 Midwest and South 42,130 55,273 39,589 Peninsula 18,757 33,756 27,094 Borgata (1) — 11,623 22,357 Total Reportable Segment Capital Expenditures 115,659 142,222 125,406 Corporate 12,646 (8,786 ) 12,173 Other — — 28 Total Capital Expenditures 128,305 133,436 137,607 Change in Accrued Property Additions 2,865 15,938 6,913 Cash-Based Capital Expenditures $ 131,170 $ 149,374 $ 144,520 (1) Borgata capital expenditures are only included through the date of deconsolidation, September 30, 2014. The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table presents selected quarterly financial information: Year Ended December 31, 2015 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Net revenues $ 550,578 $ 559,867 $ 546,313 $ 542,674 $ 2,199,432 Operating income 83,558 98,182 100,530 62,353 344,623 Net income (loss) attributable to Boyd Gaming Corporation 35,103 (6,425 ) 25,425 (6,869 ) 47,234 Basic and diluted net income (loss) per common share: Basic net income (loss) per common share $ 0.31 $ (0.06 ) $ 0.23 $ (0.06 ) $ 0.42 Diluted net income (loss) per common share $ 0.31 $ (0.06 ) $ 0.22 $ (0.06 ) $ 0.42 Year Ended December 31, 2014 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Net revenues $ 708,349 $ 722,534 $ 738,843 $ 531,593 $ 2,701,319 Operating income 68,516 86,979 73,774 22,247 251,516 Net income (loss) attributable to Boyd Gaming Corporation (6,182 ) 669 (15,105 ) (32,423 ) (53,041 ) Basic and diluted net income (loss) per common share: Basic net income (loss) per common share $ (0.06 ) $ 0.01 $ (0.14 ) $ (0.29 ) $ (0.48 ) Diluted net income (loss) per common share $ (0.06 ) $ 0.01 $ (0.14 ) $ (0.29 ) $ (0.48 ) Due to the deconsolidation of Borgata on September 30, 2014, our quarterly financial results shown above reflect Borgata on a full consolidation basis for periods ending on or before September 30, 2014, and reflects our accounting for our 50% ownership interest in Borgata by applying the equity method for the fourth quarter of 2014. Additionally, because income (loss) per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total income (loss) per share amounts for the year. The per share amounts in the second half of 2014 were impacted by our issuance of 18,975,000 shares of common stock in the third quarter of 2014. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION Separate condensed consolidating financial information for our subsidiary guarantors and non-guarantors of our 9.125% Senior Notes due December 2018 and 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 special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries. Condensed Consolidating Balance Sheets December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 2 $ 124,426 $ 34,172 $ 221 $ — $ 158,821 Other current assets 14,602 61,157 23,660 — (1,008 ) 98,411 Property and equipment, net 68,515 1,745,203 411,624 — — 2,225,342 Investments in subsidiaries 3,547,690 138,116 — — (3,441,185 ) 244,621 Intercompany receivable — 1,867,783 — — (1,867,783 ) — Other assets, net 12,521 8,982 26,838 — — 48,341 Intangible assets, net — 406,540 483,514 — — 890,054 Goodwill, net — 212,794 472,516 — — 685,310 Total assets $ 3,643,330 $ 4,565,001 $ 1,452,324 $ 221 $ (5,309,976 ) $ 4,350,900 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 21,500 $ — $ 8,250 $ — $ — $ 29,750 Current liabilities 102,946 146,178 76,482 — (285 ) 325,321 Accumulated losses of subsidiaries in excess of investment — — 3,192 — (3,192 ) — Intercompany payable 720,400 — 1,147,082 475 (1,867,957 ) — Long-term debt, net of current maturities 2,255,800 — 983,999 — — 3,239,799 Other long-term liabilities 34,723 154,633 58,663 — — 248,019 Boyd Gaming Corporation stockholders' equity (deficit) 507,961 4,264,190 (825,344 ) (254 ) (3,438,592 ) 507,961 Noncontrolling interest — — — — 50 50 Total stockholders' equity (deficit) 507,961 4,264,190 (825,344 ) (254 ) (3,438,542 ) 508,011 Total liabilities and stockholders' equity $ 3,643,330 $ 4,565,001 $ 1,452,324 $ 221 $ (5,309,976 ) $ 4,350,900 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 12,595 9,149 30,306 — — 52,050 Intangible assets, net — 425,083 509,166 — — 934,249 Goodwill, net — 212,794 472,516 — — 685,310 Total assets $ 3,433,931 $ 4,390,771 $ 1,512,893 $ 219 $ (4,915,430 ) $ 4,422,384 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 2,183,485 — 1,191,613 — — 3,375,098 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 $ 3,433,931 $ 4,390,771 $ 1,512,893 $ 219 $ (4,915,430 ) $ 4,422,384 Condensed Consolidating Statements of Operations Year Ended December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 121,541 $ 1,670,301 $ 551,199 $ — $ (143,609 ) $ 2,199,432 Operating costs and expenses Operating 1,800 892,039 296,985 — — 1,190,824 Selling, general and administrative 48,173 215,362 58,903 — (18 ) 322,420 Maintenance and utilities — 89,800 14,748 — — 104,548 Depreciation and amortization 6,179 128,269 72,670 — — 207,118 Corporate expense 71,700 227 5,014 — — 76,941 Project development, preopening and writedowns 884 1,101 4,846 76 — 6,907 Impairment of assets — 17,500 1,065 — — 18,565 Other operating items, net 599 112 196 — — 907 Intercompany expenses 1,204 121,727 20,660 — (143,591 ) — Total operating costs and expenses 130,539 1,466,137 475,087 76 (143,609 ) 1,928,230 Equity in earnings of subsidiaries 189,980 50,228 (76 ) — (166,711 ) 73,421 Operating income (loss) 180,982 254,392 76,036 (76 ) (166,711 ) 344,623 Other expense (income) Interest expense, net 125,890 10,867 85,975 — — 222,732 Loss on early extinguishments of debt 30,829 — 9,904 — — 40,733 Other, net 396 2,660 620 — — 3,676 Boyd's share of Borgata's non-operating items, net — 37,422 — — — 37,422 Total other expense, net 157,115 50,949 96,499 — — 304,563 Income (loss) before income taxes 23,867 203,443 (20,463 ) (76 ) (166,711 ) 40,060 Income taxes benefit (provision) 23,367 1,981 (18,174 ) — — 7,174 Net income (loss) $ 47,234 $ 205,424 $ (38,637 ) $ (76 ) $ (166,711 ) $ 47,234 Comprehensive income (loss) $ 46,971 $ 205,161 $ (38,900 ) $ (76 ) $ (166,185 ) $ 46,971 Condensed Consolidating Statements of Operations - continued Year Ended December 31, 2014 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 117,159 $ 1,620,170 $ 542,538 $ 559,064 $ (137,612 ) $ 2,701,319 Operating costs and expenses Operating 1,800 879,073 303,570 290,005 — 1,474,448 Selling, general and administrative 46,708 223,741 57,370 101,930 (220 ) 429,529 Maintenance and utilities — 94,654 14,871 47,211 — 156,736 Depreciation and amortization 5,667 126,444 76,804 42,129 — 251,044 Corporate expense 71,951 220 3,455 — — 75,626 Project development, preopening and writedowns 105 7,130 6,350 805 — 14,390 Impairment of assets 320 51,489 8,971 — — 60,780 Other operating items, net 164 — (177 ) (2,111 ) — (2,124 ) Intercompany expenses 1,204 116,105 20,083 — (137,392 ) — Total operating costs and expenses 127,919 1,498,856 491,297 479,969 (137,612 ) 2,460,429 Equity in earnings of subsidiaries 85,360 (20,191 ) (162 ) — (54,381 ) 10,626 Operating income (loss) 74,600 101,123 51,079 79,095 (54,381 ) 251,516 Other expense (income) Interest expense, net 132,204 5,527 90,450 53,327 — 281,508 Loss on early extinguishments of debt — — 1,536 — — 1,536 Other, net (793 ) — 841 — — 48 Boyd's share of Borgata's non-operating items, net — 9,309 — — — 9,309 Total other expense, net 131,411 14,836 92,827 53,327 — 292,401 Income (loss) before income taxes (56,811 ) 86,287 (41,748 ) 25,768 (54,381 ) (40,885 ) Income taxes benefit (provision) 3,770 13,127 (14,525 ) (3,125 ) — (753 ) Net income (loss) (53,041 ) 99,414 (56,273 ) 22,643 (54,381 ) (41,638 ) Net income attributable to noncontrolling interest — — — — (11,403 ) (11,403 ) Net income (loss) attributable to controlling interest $ (53,041 ) $ 99,414 $ (56,273 ) $ 22,643 $ (65,784 ) $ (53,041 ) Comprehensive income (loss) $ (51,577 ) $ 100,878 $ (54,809 ) $ 22,643 $ (57,309 ) $ (40,174 ) Consolidating Statements of Operations - continued Year Ended December 31, 2013 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 123,951 $ 1,650,002 $ 570,267 $ 697,633 $ (147,415 ) $ 2,894,438 Operating costs and expenses Operating 1,848 901,668 315,365 367,981 — 1,586,862 Selling, general and administrative 46,880 231,260 63,349 148,779 (42 ) 490,226 Maintenance and utilities — 92,014 14,680 59,704 — 166,398 Depreciation and amortization 6,619 121,893 90,155 59,746 — 278,413 Corporate expense 59,128 119 4,002 — — 63,249 Project development, preopening and writedowns 1,586 1,804 8,874 4,277 (1,933 ) 14,608 Impairment of assets — 13,634 4,450 5,033 (12,734 ) 10,383 Other operating items, net 427 2,075 359 3,137 — 5,998 Intercompany expenses 1,213 122,630 21,598 — (145,441 ) — Total operating costs and expenses 117,701 1,487,097 522,832 648,657 (160,150 ) 2,616,137 Equity in earnings of subsidiaries 101,148 (38,981 ) — — (62,167 ) — Operating income (loss) 107,398 123,924 47,435 48,976 (49,432 ) 278,301 Other expense (income) Interest expense, net 153,893 9,662 94,917 83,711 — 342,183 Loss on early extinguishments of debt 25,001 — 3,343 25,858 — 54,202 Other, net 137 — (2,227 ) — — (2,090 ) Total other expense, net 179,031 9,662 96,033 109,569 — 394,295 Income (loss) from continuing operations before income taxes (71,633 ) 114,262 (48,598 ) (60,593 ) (49,432 ) (115,994 ) Income taxes benefit (provision) (8,631 ) 3,959 (3,093 ) 4,415 — (3,350 ) Income (loss) from continuing operations, net of tax (80,264 ) 118,221 (51,691 ) (56,178 ) (49,432 ) (119,344 ) Income (loss) from discontinued operations, net of tax — — 23,524 — (12,734 ) 10,790 Net income (loss) (80,264 ) 118,221 (28,167 ) (56,178 ) (62,166 ) (108,554 ) Net loss attributable to noncontrolling interest — — — — 28,290 28,290 Net income (loss) attributable to controlling interest $ (80,264 ) $ 118,221 $ (28,167 ) $ (56,178 ) $ (33,876 ) $ (80,264 ) Comprehensive income $ (80,819 ) $ 117,666 $ (28,722 ) $ (56,178 ) $ (61,056 ) $ (109,109 ) Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ 102,080 $ 318,391 $ (76,692 ) $ (76 ) $ (3,857 ) $ 339,846 Cash flows from investing activities Capital expenditures (48,591 ) (63,635 ) (18,944 ) — — (131,170 ) Net activity with affiliates — (230,682 ) — — 230,682 — Distributions from subsidiary 11,200 — — — (11,200 ) — Other investing activities 3,292 — 1,236 — — 4,528 Net cash from investing activities (34,099 ) (294,317 ) (17,708 ) — 219,482 (126,642 ) Cash flows from financing activities Borrowings under bank credit facility 1,033,500 — 345,500 — — 1,379,000 Payments under bank credit facility (1,211,200 ) — (425,150 ) — — (1,636,350 ) Proceeds from issuance of senior notes, net 750,000 — — — — 750,000 Debt financing costs, net (14,004 ) — — — — (14,004 ) Payments on retirements of long-term debt (500,000 ) — (157,813 ) — — (657,813 ) Premium and consent fees paid (24,246 ) — — — — (24,246 ) Net activity with affiliates (105,720 ) — 332,467 78 (226,825 ) — Distributions to parent — (11,100 ) (100 ) — 11,200 — Share-based compensation activities, net 3,689 — — — — 3,689 Other financing activities — — — — — — Net cash from financing activities (67,981 ) (11,100 ) 94,904 78 (215,625 ) (199,724 ) Net change in cash and cash equivalents — 12,974 504 2 — 13,480 Cash and cash equivalents, beginning of period 2 111,452 33,668 219 — 145,341 Cash and cash equivalents, end of period $ 2 $ 124,426 $ 34,172 $ 221 $ — $ 158,821 Condensed Consolidating Statements of Cash Flows - continued Year Ended December 31, 2014 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (39,524 ) $ 234,242 $ 92,617 $ 35,832 $ (308 ) $ 322,859 Cash flows from investing activities Capital expenditures (43,164 ) (60,686 ) (33,901 ) (11,623 ) — (149,374 ) Deconsolidation of Borgata — — — (26,891 ) — (26,891 ) Net activity with affiliates — (162,689 ) — — 162,689 — Distributions from subsidiary 5,300 — — — (5,300 ) — Other investing activities — (660 ) (5,252 ) 2,197 — (3,715 ) Net cash from investing activities (37,864 ) (224,035 ) (39,153 ) (36,317 ) 157,389 (179,980 ) Cash flows from financing activities Borrowings under bank credit facility 830,400 — 317,400 410,900 — 1,558,700 Payments under bank credit facility (910,700 ) — (377,150 ) (444,900 ) — (1,732,750 ) Debt financing costs, net (83 ) — — (205 ) — (288 ) Payments under note payable — — (9 ) — — (9 ) Payments on retirements of long-term debt — — — (2,850 ) — (2,850 ) Net activity with affiliates 155,952 — 6,297 132 (162,381 ) — Distributions to parent — (5,200 ) (100 ) — 5,300 — Share-based compensation activities, net 1,791 — — — — 1,791 Other financing activities 30 — — — — 30 Net cash from financing activities 77,390 (5,200 ) (53,562 ) (36,923 ) (157,081 ) (175,376 ) Net change in cash and cash equivalents 2 5,007 (98 ) (37,408 ) — (32,497 ) Cash and cash equivalents, beginning of period — 106,445 33,766 37,627 — 177,838 Cash and cash equivalents, end of period $ 2 $ 111,452 $ 33,668 $ 219 $ — $ 145,341 Condensed Consolidating Statements of Cash Flows - continued Year Ended December 31, 2013 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (229,447 ) $ 407,349 $ 42,719 $ 51,748 $ 4,666 $ 277,035 Cash flows from investing activities Capital expenditures (44,985 ) (49,847 ) (27,331 ) (22,357 ) — (144,520 ) Proceeds from sale of Echelon, net 343,750 — — — — 343,750 Proceeds from sale of other assets, net 4,875 — — — — 4,875 Cash paid for exercise of LVE option (187,000 ) — — — — (187,000 ) Investments in and advances to unconsolidated subsidiaries, net (2,400 ) — — — 2,400 — Net activity with affiliates — (372,171 ) 759 42 371,370 — Distribution from subsidiary 9,620 — — — (9,620 ) — Other investing activities — — (1,253 ) 3,726 — 2,473 Net cash from investing activities 123,860 (422,018 ) (27,825 ) (18,589 ) 364,150 19,578 Cash flows from financing activities Borrowings under bank credit facility 2,920,675 — 354,700 444,500 — 3,719,875 Payments under bank credit facility (2,927,800 ) — (406,950 ) (424,600 ) — (3,759,350 ) Debt financing costs, net (24,349 ) — (10,288 ) (10,115 ) — (44,752 ) Payments under note payable (10,341 ) — (479 ) — — (10,820 ) Payments on retirements of long-term debt (459,278 ) — — (416,209 ) — (875,487 ) Net proceeds from issuance of term loan — — — 376,200 — 376,200 Advances from parent — 2,400 — — (2,400 ) — Net activity with affiliates 376,036 — — — (376,036 ) — Distributions to parent — — (9,620 ) — 9,620 — Stock options exercised 13,752 — — — — 13,752 Proceeds from sale of common stock, net 216,467 — — — — 216,467 Other financing activities (2,095 ) — — — — (2,095 ) Net cash from financing activities 103,067 2,400 (72,637 ) (30,224 ) (368,816 ) (366,210 ) Cash flows from discontinued operations Cash flows from operating activities — — (2,144 ) — — (2,144 ) Cash flows from investing activities — — 56,751 — — 56,751 Cash flows from financing activities — — — — — — Net cash from discontinued operations — — 54,607 — — 54,607 Net change in cash and cash equivalents (2,520 ) (12,269 ) (3,136 ) 2,935 — (14,990 ) Cash and cash equivalents, beginning of period 2,520 118,714 36,619 34,692 — 192,545 Change in cash classified as discontinued operations — — 283 — — 283 Cash and cash equivalents, end of period $ — $ 106,445 $ 33,766 $ 37,627 $ — $ 177,838 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Boyd Percentage Ownership William S. Boyd, our Executive Chairman of the Board of Directors, together with his immediate family, beneficially owned approximately 27% of our outstanding shares of common stock as of December 31, 2015 . As such, the Boyd family has the ability to significantly influence our affairs, including the election of members of our Board of Directors and, except as otherwise provided by law, approving or disapproving other matters submitted to a vote of our stockholders, including a merger, consolidation or sale of assets. For each of the years ended December 31, 2015 , 2014 and 2013 , there were no related party transactions between the Company and the Boyd family other than compensation, including salary and equity incentives. Borgata Ground Leases Borgata leases approximately 8.4 acres from MGM that provides the land on which Borgata's existing surface parking lot resides. The lease is on a month-to-month term and may be terminated by either party effective on the last day of the month that is three months after notice is given. Pursuant to the surface lot ground lease agreement, Borgata's lease payment is comprised of a de minimus monthly payment to MGM and the property taxes, which are paid directly to the taxing authority. Property taxes incurred for this ground lease agreement were $0.8 million through September 30, 2014, the date of deconsolidation, and $3.2 million for the year ended December 31, 2013. These amounts were included in selling, general and administrative on the consolidated statements of operations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS We have evaluated all events or transactions that occurred after December 31, 2015 . During this period, up to the filing date, we did not identify any subsequent events, the effects of which would require disclosure or adjustment to our financial position or results of operations. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company," the "Registrant", "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 which we aggregate in order to present the following five reportable segments: Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eldorado Casino Henderson, Nevada Jokers Wild Casino Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel and Casino Las Vegas, Nevada Main Street Station Casino, Brewery and Hotel Las Vegas, Nevada Midwest and South Sam's Town Hotel and Gambling Hall Tunica, Mississippi IP Casino Resort Spa Biloxi, Mississippi Par-A-Dice Hotel Casino East Peoria, Illinois Blue Chip Casino, Hotel & Spa Michigan City, Indiana Treasure Chest Casino Kenner, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Peninsula Diamond Jo Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Evangeline Downs Racetrack and Casino Opelousas, Louisiana Amelia Belle Casino Amelia, Louisiana Kansas Star Casino Mulvane, Kansas Borgata Borgata Hotel Casino & Spa Atlantic City, New Jersey In addition to these properties, we own and operate a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. 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 Certain Interests .) Investments in unconsolidated affiliates, which are 50% or less owned and do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. |
Inventories | Inventories Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. |
Property and Equipment, Net | Property and Equipment, net Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 10 years Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. All resulting recognized impairment charges are recorded as Impairment of Assets within operating expenses. |
Capitalized Interest | Capitalized Interest Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. Interest capitalized during the years ended December 31, 2015 , 2014 and 2013 was $0.1 million , $1.4 million and $1.1 million , respectively. |
Equity Method Investments | Investment in Unconsolidated Subsidiary We have a 50% non-controlling investment in Borgata, an unconsolidated subsidiary, accounted for under the equity method since its deconsolidation on September 30, 2014. Under the equity method, carrying value is adjusted for our share of the investees’ earnings and losses, as well as capital contributions to and distributions from this entity. We evaluate our equity method investment for impairment when events or changes in circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether such impairment is other than temporary based on its assessment of all relevant factors. Estimated fair value is determined using a discounted cash flow analysis based on estimated future cash flows of the investee. |
Marketable Securities, Available-for-sale Securities | Investment in Available for Sale Securities Peninsula has an investment in $21.4 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 ("City Bonds"). This investment is classified as available-for-sale and is recorded at fair value. The fair value at December 31, 2015 and 2014 was $17.8 million and $18.4 million , respectively. At both December 31, 2015 and 2014 , $0.4 million is included in prepaid expenses and other current assets, and $17.4 million and $18.0 million , respectively, is included in other assets, net. Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows: (In thousands) For the year ending December 31, 2016 $ 410 2017 440 2018 475 2019 510 2020 550 Thereafter 18,985 Total $ 21,370 |
Schedule of Bond Maturity Dates | Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows: (In thousands) For the year ending December 31, 2016 $ 410 2017 440 2018 475 2019 510 2020 550 Thereafter 18,985 Total $ 21,370 |
Intangible Assets | Intangible Assets Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks. Amortizing Intangible Assets Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years . Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement. Indefinite-Lived Intangible Assets Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. |
Goodwill | Goodwill Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances. We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonable similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonable expected to be realized from the sale of the subject reporting unit. |
Revenue Recognition, Loyalty Programs [Policy Text Block] | Player Loyalty Point Program We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food and beverage, and other free goods and services. We record points redeemed for complimentary slot play as a reduction to gaming revenue and points redeemed for food and beverage and other free goods and services as promotional allowances. The accrual for unredeemed points is based on estimates and assumptions regarding the redemption mix of complimentary slot play, food and beverage, and other free goods and services and the costs of providing those benefits. Historical data is used to assist in the determination of the estimated accruals. The player loyalty point program accrual is included in accrued liabilities on our consolidated balance sheets. |
Long-Term Debt, Net | Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt (see further discussion under Recently Issued Accounting Pronouncements - Accounting Standards Update 2015-03 ). The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt. |
Income Taxes | Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is 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. Our current rate is impacted by adjustments that are largely independent of our operating results before taxes. Such adjustments relate primarily to the accrual of non-cash tax expense in connection with the tax amortization of indefinite-lived intangible assets that are not available to offset existing deferred tax assets. The deferred tax liabilities created by the tax amortization of these intangibles cannot be used to offset corresponding increases in the net operating loss deferred tax assets when determining our valuation allowance. Other Long Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. Accrued interest and penalties are included in other long-term tax liabilities on the balance sheet. |
Self-Insurance Reserves | Self-Insurance Reserves We are self-insured for general liability costs and self-insured up to certain stop loss amounts for employee health coverage and workers' compensation costs. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). Components of the Company's comprehensive income (loss) are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income (loss). The accumulated other comprehensive income (loss) at December 31, 2015 , consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest primarily represents: (i) until the deconsolidation of Borgata on September 30, 2014, the 50% interest in Marina District Development Holding Co., LLC ("Holding Company") held by the Divestiture Trust for the economic benefit of MGM Resorts International ("MGM"), which was initially recorded at fair value at the March 24, 2010 date of the effective change in control; and (ii) until the Echelon sale, which closed on March 4, 2013, all 100% of the members' equity interest in LVE, the variable interest entity which had been consolidated in our financial statements, but in which we held no equity interest. |
Revenue Recognition | Revenue Recognition Gaming revenue represents the net win from gaming activities, which is the aggregate difference between gaming wins and losses. The majority of our gaming revenue is counted in the form of cash and chips and therefore is not subject to any significant or complex estimation procedures. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gross gaming revenues. Race revenue recognition criteria are met at the time the results of the event are official. Room revenue recognition criteria are met at the time of occupancy. Food and beverage revenue recognition criteria are met at the time of service. |
Promotional Allowances | Promotional Allowances The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as a promotional allowance. Promotional allowances also include incentives earned in our slot bonus program such as cash 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. |
Gaming Taxes | Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $332.1 million , $370.0 million and $393.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Advertising Expense | Advertising Expense Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations and totaled $33.4 million , $50.5 million and $44.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Corporate Expense | Corporate Expense Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations. |
Project Development, Preopening and Writedowns | Project Development, Preopening and Writedowns Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not qualify as capital costs; and (iii) asset write-downs. The following reconciles our project development, preopening and writedowns expenses to provide the amounts incurred, net of the amounts eliminated upon the consolidation of LVE prior to the deconsolidation of the entity due to the sale of Echelon: Year Ended (In thousands) December 31, 2013 Project development, preopening and writedown expense: Amounts incurred by Boyd Gaming Corporation $ 16,541 Amounts eliminated upon consolidation of LVE (1,933 ) Amounts reported in our consolidated statements of operations $ 14,608 |
Share-Based Compensation | Share-Based Compensation Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions. |
Earnings per Share | Net Income (loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. Due to the net losses for the years ended December 31, 2014 and 2013 , 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: Year Ended December 31, (In thousands) 2014 2013 Potential dilutive effect 913.9 955.6 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable. Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits which may at times exceed federally-insured limits. Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Revisions and Reclassifications | Discontinued Operations Our consolidated financial statements reflect the results of operations and cash flows of our Dania Jai-Alai property as discontinued operations. See Note 2, Acquisitions and Divestitures , for further discussion. Reclassifications Certain prior period amounts presented in our consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications relate to debt issuance costs being recorded as a direct deduction from the carrying amount of the related debt liability (see further discussion under Recently Issued Accounting Pronouncements - Accounting Standards Update 2015-03 ). This reclassification reduced our total assets and total liabilities as previously reported in our consolidated balance sheet for December 31, 2014, by $56.5 million . In addition, asset transactions costs that were previously disaggregated in our consolidated statements of operations for the years ended December 31, 2014 and 2013 were accumulated with preopening expenses. This reclassification had no effect on our retained earnings or net loss as previously reported. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes ("Update 2015-17") In November 2015, the FASB issued Update 2015-17 which requires that deferred tax assets and liabilities be presented in the balance sheet as noncurrent. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2016, and early adoption is permitted. The Company adopted this change in accounting principle during the fourth quarter 2015 prospectively to all deferred tax liabilities and assets, including any related valuation allowance. The deferred tax liabilities and assets in prior periods were not retrospectively adjusted. The Company determined that the impact of the new standard on its consolidated financial statements was not material. Accounting Standards Update 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ("Update 2015-16") In September 2015, the FASB issued Update 2015-16, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Update 2015-16 further requires an entity to present separately on the face of the income statement or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. The impact of the new standard will depend on any future events whereby we have any business combinations and any adjustments to the provisional amounts identified during the measurement period are recorded. 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 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 arrangements can either be recorded as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts, or 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 Company has elected to record debt issuance costs related to line-of-credit arrangements as a direct deduction from the carrying amount of the related debt liability, consistent with the treatment of all other debt issuance costs with the adoption of Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (“Update 2015-03”) in the fourth quarter 2015 . See further discussion under Update 2015-03 of the impact of the adoption of Update 2015-15 and Update 2015-03 below. 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 statements. 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 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 impact of the new standard will depend on any future events whereby we obtain control of an entity and elect to apply pushdown accounting. Accounting Standards Update 2015-05, Customers Accounting for Fees Paid in a Cloud Computing Arrangement ("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 the related debt liability, consistent with debt discounts. The Company adopted Update 2015-03, including the election under Update 2015-15, in the fourth quarter 2015 and as a result has reclassified debt financing costs, net of $56.5 million as of December 31, 2014 from an asset to a reduction of long-term debt, net of current maturities and debt issuance costs on the consolidated balance sheet. See additional disclosure of such amounts in Note 8, Long-Term Debt. Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis ("Update 2015-02") In February 2015, the FASB issued Update 2015-02, which amends the consolidation requirements in Accounting Standards Codification 810 and changes the consolidation analysis required under GAAP. The standard is effective for fiscal years, and interim periods within those 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. 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, which eliminated from GAAP the concept of an extraordinary item. An extraordinary item 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 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. Accounting Standards Update 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern ("Update 2014-15") In August 2014, the FASB issued Update 2014-15, which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company determined that the impact of the new standard on its consolidated financial statements will not be material. Accounting Standards Update 2014-12 Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("Update 2014-12") In June 2014, the FASB issued Update 2014-12. Update 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. The standard is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company is evaluating the potential impacts of the new standard on its existing stock-based compensation plans. Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09") In May 2014, the FASB issued Update 2014-09, which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The pronouncement is effective, as amended in Updated 2015-14, for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted for fiscal years beginning after December 15, 2016. The Company is evaluating the impact of the adoption of Update 2014-09 to the consolidated financial statements. 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 Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Composition of Segments | Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey which we aggregate in order to present the following five reportable segments: Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eldorado Casino Henderson, Nevada Jokers Wild Casino Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel and Casino Las Vegas, Nevada Main Street Station Casino, Brewery and Hotel Las Vegas, Nevada Midwest and South Sam's Town Hotel and Gambling Hall Tunica, Mississippi IP Casino Resort Spa Biloxi, Mississippi Par-A-Dice Hotel Casino East Peoria, Illinois Blue Chip Casino, Hotel & Spa Michigan City, Indiana Treasure Chest Casino Kenner, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Peninsula Diamond Jo Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Evangeline Downs Racetrack and Casino Opelousas, Louisiana Amelia Belle Casino Amelia, Louisiana Kansas Star Casino Mulvane, Kansas Borgata Borgata Hotel Casino & Spa Atlantic City, New Jersey |
Schedule of Allowance for Doubtful Accounts | The activity comprising our allowance for doubtful accounts is as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Beginning balance, January 1, $ 1,971 $ 23,908 $ 25,693 Additions 361 2,058 2,868 Deductions (245 ) (4,182 ) (4,653 ) Deconsolidation of Borgata on September 30, 2014 — (19,813 ) — Ending balance $ 2,087 $ 1,971 $ 23,908 |
Schedule of Property and Equipment | The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 10 years Property and equipment, net consists of the following: December 31, (In thousands) 2015 2014 Land $ 229,857 $ 229,684 Buildings and improvements 2,539,578 2,534,618 Furniture and equipment 1,152,277 1,079,878 Riverboats and barges 238,743 239,669 Construction in progress 42,497 35,675 Other 7,404 11,502 Total property and equipment 4,210,356 4,131,026 Less accumulated depreciation 1,985,014 1,844,918 Property and equipment, net $ 2,225,342 $ 2,286,108 |
Schedule of Bond Maturity Dates | Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows: (In thousands) For the year ending December 31, 2016 $ 410 2017 440 2018 475 2019 510 2020 550 Thereafter 18,985 Total $ 21,370 |
Changes in Self-Insurance Reserves | Self-insurance reserves are included in other liabilities on our consolidated balance sheets. Year Ended December 31, (In thousands) 2015 2014 2013 Beginning balance $ 33,004 $ 44,073 $ 38,663 Additions Charged to costs and expenses 80,311 95,269 110,683 Payments made (83,247 ) (93,168 ) (105,273 ) Deconsolidation of Borgata — (13,170 ) — Ending balance $ 30,068 $ 33,004 $ 44,073 |
Schedule of Promotional Allowances | The amounts included in promotional allowances are as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Rooms $ 77,177 $ 132,231 $ 147,305 Food and beverage 150,598 190,632 207,072 Other 14,870 94,011 107,096 Total promotional allowances $ 242,645 $ 416,874 $ 461,473 The estimated costs of providing such promotional allowances are as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Rooms $ 35,605 $ 53,167 $ 58,960 Food and beverage 133,717 168,626 181,689 Other 12,290 20,238 22,667 Total cost of promotional allowances $ 181,612 $ 242,031 $ 263,316 |
Schedule of Preopening Expenses | The following reconciles our project development, preopening and writedowns expenses to provide the amounts incurred, net of the amounts eliminated upon the consolidation of LVE prior to the deconsolidation of the entity due to the sale of Echelon: Year Ended (In thousands) December 31, 2013 Project development, preopening and writedown expense: Amounts incurred by Boyd Gaming Corporation $ 16,541 Amounts eliminated upon consolidation of LVE (1,933 ) Amounts reported in our consolidated statements of operations $ 14,608 |
Weighted-Average Assumptions Used in Estimating the Fair Value of Significant Stock Option Grants and Awards | The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards: Year Ended December 31, 2015 2014 2013 Expected stock price volatility 49.06 % 54.14 % 73.75 % Annual dividend rate — — — Risk-free interest rate 1.59 % 1.64 % 1.40 % Expected option life (in years) 5.3 5.4 5.3 Estimated fair value per share $ 9.06 $ 5.70 $ 6.09 |
Deconsolidation of Certain In29
Deconsolidation of Certain Interests (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |
Impact of Deconsolidation of Borgata [Table Text Block] | The following table presents the carrying values of the major categories of assets and liabilities of Borgata, immediately preceding its deconsolidation on September 30, 2014, which were excluded from our consolidated balance sheet as of September 30, 2014: September 30, (In thousands) 2014 ASSETS Current assets $ 98,119 Long-term assets 1,220,036 Total Assets $ 1,318,155 LIABILITIES AND NONCONTROLLING INTERESTS Current liabilities $ 106,666 Long-term liabilities 786,278 Noncontrolling interests 191,833 Total Liabilities and Noncontrolling Interests $ 1,084,777 |
Condensed Financial Statements [Table Text Block] | Summarized balance sheet and results of operations information for periods subsequent to the deconsolidation of Borgata on September 30, 2014 is as follows: Balance Sheet Information December 31, (In thousands) 2015 2014 Current assets $ 97,935 $ 100,297 Property and other long-term assets, net 1,149,337 1,196,339 Current liabilities 117,452 122,150 Long-term debt and other liabilities 687,307 762,609 Equity 455,685 411,877 Results of Operations Information Twelve Months Ended Three Months Ended (In thousands) December 31, 2015 December 31, 2014 Net revenues $ 804,166 $ 179,147 Operating expenses 657,324 157,896 Operating income 146,842 21,251 Interest expense 59,681 17,431 Loss on early extinguishments of debt 18,895 740 State income tax expense (benefit) (3,731 ) 446 Net income $ 71,997 $ 2,634 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 10 years Property and equipment, net consists of the following: December 31, (In thousands) 2015 2014 Land $ 229,857 $ 229,684 Buildings and improvements 2,539,578 2,534,618 Furniture and equipment 1,152,277 1,079,878 Riverboats and barges 238,743 239,669 Construction in progress 42,497 35,675 Other 7,404 11,502 Total property and equipment 4,210,356 4,131,026 Less accumulated depreciation 1,985,014 1,844,918 Property and equipment, net $ 2,225,342 $ 2,286,108 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: December 31, 2015 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles: Customer relationships 1.9 years $ 136,300 $ (109,994 ) $ — $ 26,306 Favorable lease rates 32.4 years 45,370 (11,997 ) — 33,373 Development agreement — 21,373 — — 21,373 203,043 (121,991 ) — 81,052 Indefinite lived intangible assets: Trademarks Indefinite 129,501 — (3,500 ) 126,001 Gaming license rights Indefinite 873,335 (33,960 ) (156,374 ) 683,001 1,002,836 (33,960 ) (159,874 ) 809,002 Balance, December 31, 2015 $ 1,205,879 $ (155,951 ) $ (159,874 ) $ 890,054 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 |
Schedule of Changes in Intangible Assets | The following table sets forth the changes in these intangible assets: (In thousands) Customer Relationships Non-competition Agreement Favorable Lease Rates Development Agreements Trademarks Gaming License Rights Intangible Assets, Net Balance, January 1, 2013 $ 130,941 $ 2,846 $ 36,503 $ 21,373 $ 186,800 $ 741,175 $ 1,119,638 Additions — — — — 4,687 — 4,687 Impairments — — — — (3,200 ) (900 ) (4,100 ) Amortization (45,674 ) (2,846 ) (1,045 ) — — — (49,565 ) Balance, December 31, 2013 85,267 — 35,458 21,373 188,287 740,275 1,070,660 Additions — — — — 14 — 14 Impairments — — — — (300 ) (39,772 ) (40,072 ) Amortization (33,309 ) — (1,044 ) — — — (34,353 ) Other — — — — (62,000 ) — (62,000 ) Balance, December 31, 2014 51,958 — 34,414 21,373 126,001 700,503 934,249 Additions — — — — — — — Impairments — — — — — (17,502 ) (17,502 ) Amortization (25,652 ) — (1,041 ) — — — (26,693 ) Balance, December 31, 2015 $ 26,306 $ — $ 33,373 $ 21,373 $ 126,001 $ 683,001 $ 890,054 |
Schedule of Expected Amortization Expense | Future amortization is as follows: (In thousands) Customer Relationships Favorable Lease Rates Total For the year ending December 31, 2016 $ 14,870 $ 1,043 $ 15,913 2017 11,436 1,043 12,479 2018 — 1,043 1,043 2019 — 1,043 1,043 2020 — 1,043 1,043 Thereafter — 28,158 28,158 Total future amortization $ 26,306 $ 33,373 $ 59,679 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Schedule of Goodwill By Segment [Table Text Block] | Goodwill consists of the following: (In thousands) Gross Carrying Value Cumulative Amortization Cumulative Impairment Losses Goodwill, Net Goodwill, net by Reportable Segment: Las Vegas Locals $ 378,192 $ — $ (165,479 ) $ 212,713 Downtown Las Vegas 6,997 (6,134 ) — 863 Peninsula 471,734 — — 471,734 Balance, December 31, 2015 $ 856,923 $ (6,134 ) $ (165,479 ) $ 685,310 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: December 31, (In thousands) 2015 2014 Payroll and related expenses $ 71,815 $ 69,672 Interest 35,337 33,985 Gaming liabilities 37,496 35,698 Player loyalty program liabilities 18,491 19,058 Accrued liabilities 86,379 80,853 Total accrued liabilities $ 249,518 $ 239,266 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |
Schedule of Long-term Debt Instruments | Long-term debt, net of current maturities and debt issuance costs consists of the following: December 31, 2015 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Dec. 31, 2015 Principal Discount Fees and Costs Debt, Net Boyd Gaming Corporation Debt: Bank credit facility 3.75 % $ 1,209,725 $ (2,702 ) $ (9,746 ) $ 1,197,277 9.00% senior notes due 2020 9.00 % 350,000 — (7,044 ) $ 342,956 6.875% senior notes due 2023 6.88 % 750,000 — (12,934 ) $ 737,066 2,309,725 (2,702 ) (29,724 ) 2,277,299 Peninsula Segment Debt: Bank credit facility 4.25 % 662,750 — (14,143 ) 648,607 8.375% senior notes due 2018 8.38 % 350,000 — (6,357 ) 343,643 1,012,750 — (20,500 ) 992,250 Total long-term debt 3,322,475 (2,702 ) (50,224 ) 3,269,549 Less current maturities 29,750 — — 29,750 Long-term debt, net $ 3,292,725 $ (2,702 ) $ (50,224 ) $ 3,239,799 December 31, 2014 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Dec. 31, 2014 Principal Discount Fees and Costs Debt, Net Boyd Gaming Corporation Debt: Bank credit facility 3.66 % $ 1,387,425 $ (3,589 ) $ (14,660 ) $ 1,369,176 9.125% senior notes due 2018 9.13 % 500,000 — (12,235 ) 487,765 9.00% senior notes due 2020 9.00 % 350,000 — (1,926 ) 348,074 HoldCo Note 8.00 % 151,740 (11,743 ) (29 ) 139,968 2,389,165 (15,332 ) (28,850 ) 2,344,983 Peninsula Segment Debt: Bank credit facility 4.25 % 742,400 — (23,593 ) 718,807 8.375% senior notes due 2018 8.38 % 350,000 — (8,942 ) 341,058 Other various 3 — — 3 1,092,403 — (32,535 ) 1,059,868 Total long-term debt 3,481,568 (15,332 ) (61,385 ) 3,404,851 Less current maturities 29,753 — — 29,753 Long-term debt, net $ 3,451,815 $ (15,332 ) $ (61,385 ) $ 3,375,098 |
Schedule of Line of Credit Facilities | The outstanding principal amounts under the Boyd Gaming Credit Facility are comprised of the following: December 31, (In thousands) 2015 2014 Revolving Credit Facility $ 240,000 $ 300,000 Term A Loan 183,275 221,375 Term B Loan 730,750 840,750 Swing Loan 55,700 25,300 Total outstanding principal amounts under the Boyd Gaming Credit Facility $ 1,209,725 $ 1,387,425 |
Maximum Total Leverage Ratio | The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the Boyd Gaming Credit Facility: Maximum Total For the Trailing Four Quarters Ending Leverage Ratio March 31, 2016 through December 31, 2016 8.25 to 1.00 March 31, 2017 through December 31, 2017 8.00 to 1.00 March 31, 2018 and thereafter 7.75 to 1.00 |
Maximum Secured Leverage Ratio | The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the Boyd Gaming Credit Facility: Maximum Secured For the Trailing Four Quarters Ending Leverage Ratio March 31, 2015 through December 31, 2016 4.75 to 1.00 March 31, 2017 through December 31, 2017 4.50 to 1.00 March 31, 2018 and thereafter 4.25 to 1.00 |
Maximum Consolidated Leverage Ratio | The following table provides our maximum Consolidated Leverage Ratio during the remaining term of the Peninsula Credit Facility: Maximum Consolidated For the Trailing Four Quarters Ending Leverage Ratio March 31, 2016 through June 30, 2016 6.00 to 1.00 September 30, 2016 through December 31, 2016 5.75 to 1.00 March 31, 2107 through June 30, 2017 5.50 to 1.00 September 30, 2017 and thereafter 5.25 to 1.00 |
Schedule of Maturities of Long-term Debt | The scheduled maturities of long-term debt, as discussed above, are as follows: (In thousands) Boyd Gaming Peninsula Segment Total For the year ending December 31, 2016 $ 21,500 $ 8,250 $ 29,750 2017 21,500 654,500 676,000 2018 462,975 350,000 812,975 2019 9,000 — 9,000 2020 1,044,750 — 1,044,750 Thereafter 750,000 — 750,000 Total outstanding principal of long-term debt $ 2,309,725 $ 1,012,750 $ 3,322,475 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities presented on the consolidated balance sheets are as follows: December 31, (In thousands) 2015 2014 Current deferred tax liability $ — $ 3,087 Non-current deferred tax liability 162,189 142,263 Current deferred tax asset — (117 ) Net deferred tax liability $ 162,189 $ 145,233 |
Components Comprising Deferred Tax Assets and Liabilities | The components comprising our deferred tax assets and liabilities are as follows: December 31, (In thousands) 2015 2014 Deferred tax assets Federal net operating loss carryforwards $ 308,738 $ 312,113 State net operating loss carryforwards 47,711 41,395 Share-based compensation 32,524 35,122 Other 43,936 42,554 Gross deferred tax assets 432,909 431,184 Valuation allowance (247,761 ) (261,962 ) Deferred tax assets, net of valuation allowance 185,148 169,222 Deferred tax liabilities Difference between book and tax basis of intangible assets 216,655 202,089 Difference between book and tax basis of property 105,732 86,280 State tax liability, net of federal benefit 13,428 11,980 Other 11,522 14,106 Gross deferred tax liabilities 347,337 314,455 Deferred tax liabilities, net $ 162,189 $ 145,233 |
Summary of Provision (Benefit) for Income Taxes | A summary of the provision (benefit) for income taxes is as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Current Federal $ — $ 442 $ — State 2,052 (289 ) 368 Total current taxes provision (benefit) 2,052 153 368 Deferred Federal (10,033 ) (1,896 ) 5,666 State 807 2,496 (2,684 ) Total deferred taxes provision (benefit) (9,226 ) 600 2,982 Provision (benefit) for income taxes from continuing operations $ (7,174 ) $ 753 $ 3,350 Provision (benefit) for income taxes included on the consolidated statement of operations Provision (benefit) for income taxes from continuing operations $ (7,174 ) $ 753 $ 3,350 Provision (benefit) for income taxes from discontinued operations — — 5,884 Provision (benefit) for income taxes from continuing and discontinued operations $ (7,174 ) $ 753 $ 9,234 |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income from continuing operations before income taxes: Year Ended December 31, 2015 2014 2013 Tax at federal statutory rate 35.0 % 35.0 % 35.0 % Uncertain tax benefits (43.3 )% — % — % Company provided benefits 15.5 % (4.1 )% 0.1 % Accrued interest on uncertain tax benefits (15.0 )% (3.0 )% 3.7 % Valuation allowance for deferred tax assets (11.1 )% (38.7 )% (35.1 )% State income taxes, net of federal benefit 7.1 % (5.4 )% 2.0 % Compensation-based credits (6.2 )% 3.8 % 1.4 % Noncontrolling interests — % 12.9 % (9.4 )% Other, net 0.1 % (2.4 )% (0.6 )% Effective tax rate (17.9 )% (1.9 )% (2.9 )% |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Unrecognized tax benefit, beginning of year $ 30,198 $ 37,059 $ 38,423 Additions: Tax positions related to current year — 487 562 Tax positions related to prior years — — 138 Reductions: Tax positions related to the Deconsolidation of Borgata — (6,221 ) — Lapse of applicable statute of limitations — (1,097 ) — Tax position related to prior years (27,716 ) (30 ) (2,064 ) Settlement with taxing authorities — — — Unrecognized tax benefits $ 2,482 $ 30,198 $ 37,059 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under Noncancelable Operating Leases | Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases are as follows: (In thousands) Lease Obligations For the year ending December 31, 2016 $ 40,924 2017 44,264 2018 17,218 2019 15,325 2020 13,492 Thereafter 388,213 Total $ 519,436 |
Schedule of Future Minimum Rental Income | Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows: (In thousands) Total Rental Income For the year ending December 31, 2016 $ 1,507 2017 1,370 2018 1,144 2019 634 2020 78 Thereafter 228 Total $ 4,961 |
Stockholders' Equity and Stoc37
Stockholders' Equity and Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan Activity | Summarized stock option plan activity is as follows: Options Weighted Average Option Price Weighted Average Remaining Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at January 1, 2013 10,826,004 $ 23.98 Granted 544,330 9.86 Canceled (378,202 ) 20.67 Exercised (1,848,222 ) 7.44 Outstanding at December 31, 2013 9,143,910 26.62 Granted 244,351 11.57 Canceled (1,656,359 ) 34.79 Exercised (562,234 ) 7.39 Outstanding at December 31, 2014 7,169,668 25.73 Granted 200,673 19.98 Canceled (1,463,497 ) 39.82 Exercised (1,301,789 ) 7.53 Outstanding at December 31, 2015 4,605,055 $ 26.14 3.7 $ 21,058 Exercisable at December 31, 2014 6,459,687 $ 27.52 3.4 $ 12,662 Exercisable at December 31, 2015 4,085,555 $ 27.65 3.1 $ 18,145 |
Information About Stock Options Outstanding and Exercisable | The following table summarizes the information about stock options outstanding and exercisable at December 31, 2015 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number Exercisable Weighted-Average Exercise Price $5.22-$6.70 599,049 6.2 $ 5.88 599,049 $ 5.88 7.55-8.34 553,204 4.6 8.16 553,204 8.16 9.86 416,778 7.9 9.86 260,848 9.86 11.57 244,351 8.9 11.57 81,454 11.57 19.98 200,673 9.8 19.98 — — 33.31 25,000 2.0 33.31 25,000 33.31 38.11 380,000 1.9 38.11 380,000 38.11 39.00 1,195,500 0.8 39.00 1,195,500 39.00 39.78 965,500 1.8 39.78 965,500 39.78 42.69 25,000 0.8 42.69 25,000 42.69 $5.22-$42.69 4,605,055 3.7 $ 26.14 4,085,555 $ 27.65 |
RSU Activity | Summarized RSU activity is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2013 2,371,147 Granted 1,018,978 $10.03 Canceled (46,131 ) Awarded (588,195 ) Outstanding at December 31, 2013 2,755,799 Granted 696,249 $11.63 Canceled (201,660 ) Awarded (715,892 ) Outstanding at December 31, 2014 2,534,496 Granted 541,016 $19.05 Canceled (40,800 ) Awarded (713,886 ) Outstanding at December 31, 2015 2,320,826 |
PSU Activity | Summarized PSU activity is as follows: Performance Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2013 829,130 Granted — Canceled (7,497 ) Awarded — Outstanding at December 31, 2013 821,633 Granted 694,294 $11.01 Canceled (104,287 ) Awarded — Outstanding at December 31, 2014 1,411,640 Granted 240,156 $16.75 Performance Adjustment 264,306 Canceled (2,677 ) Awarded (663,945 ) Outstanding at December 31, 2015 1,249,480 |
Career Shares Activity | Summarized Career Shares activity is as follows: Career Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2013 702,826 Granted 200,043 $6.78 Canceled (125 ) Awarded (8,437 ) Outstanding at December 31, 2013 894,307 Granted 122,015 $11.31 Canceled (85,765 ) Awarded (33,972 ) Outstanding at December 31, 2014 896,585 Granted 103,018 $12.51 Canceled — Awarded (31,028 ) Outstanding at December 31, 2015 968,575 |
Share-based Compensation Costs by Award Plan | The following table summarizes our share-based compensation costs by award type: Year Ended December 31, (In thousands) 2015 2014 2013 Stock Options $ 2,821 $ 2,733 $ 2,666 Restricted Stock Units 9,909 8,010 10,610 Performance Stock Units 5,135 6,537 3,678 Career Shares 1,399 1,196 1,937 Total share-based compensation costs $ 19,264 $ 18,476 $ 18,891 |
Classification Detail of Share-based Employee Compensation Costs | The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations: Year Ended December 31, (In thousands) 2015 2014 2013 Gaming $ 393 $ 387 $ 351 Food and beverage 75 74 67 Room 36 35 32 Selling, general and administrative 1,996 1,965 1,787 Corporate expense 16,764 16,207 16,654 Other operating items, net — (192 ) — Total share-based compensation expense $ 19,264 $ 18,476 $ 18,891 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Noncontrolling Interest | Changes in the noncontrolling interest are as follows: (In thousands) Holding Company LVE Other Total Beginning balance, January 1, 2013 $ 208,277 $ (44,961 ) $ 20 $ 163,336 Capital contributions — — — $ — Attributable net loss (27,847 ) (443 ) — (28,290 ) Comprehensive income — — — — Deconsolidation of LVE on March 4, 2013 — 45,404 — 45,404 Balance, December 31, 2013 180,430 — 20 180,450 Capital contributions — — 30 30 Attributable net income 11,403 — — 11,403 Comprehensive income — — — — Deconsolidation of Borgata on September 30, 2014 (191,833 ) — — (191,833 ) Balance, December 31, 2014 — — 50 50 Capital contributions — — — — Attributable net income (loss) — — — — Comprehensive income — — — — Balance, December 31, 2015 $ — $ — $ 50 $ 50 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables show the fair values of certain of our financial instruments: December 31, 2015 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 158,821 $ 158,821 $ — $ — Restricted cash 19,030 19,030 — — Investment available for sale 17,839 — — 17,839 Liabilities Contingent payments $ 3,632 $ — $ — $ 3,632 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, Level 3 Inputs | The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities: December 31, 2015 Assets Liabilities (In thousands) Investment Merger Earnout Contingent Payments Balance at January 1, 2015 $ 18,357 $ (75 ) $ (3,792 ) Deposits — — — Total gains (losses) (realized or unrealized): Included in earnings 125 75 (723 ) Included in other comprehensive income (loss) (263 ) — — Purchases, sales, issuances and settlements: Settlements (380 ) — 883 Ending balance at December 31, 2015 $ 17,839 $ — $ (3,632 ) 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 $ 125 $ — $ — Included in interest expense — — (627 ) Included in non-operating income — — (96 ) December 31, 2014 Assets Liabilities (In thousands) Investment Available for Sale CRDA Deposits Merger Earnout Contingent Payments Balance at January 1, 2014 $ 17,128 $ 4,613 $ (1,125 ) $ (4,343 ) Deposits — 5,481 — — Total gains (losses) (realized or unrealized): Included in earnings 119 (1,798 ) 1,050 (274 ) Included in other comprehensive income (loss) 1,465 — — — Purchases, sales, issuances and settlements: Settlements (355 ) (259 ) — 825 Deconsolidation of Borgata on September 30, 2014 — (8,037 ) — — Ending balance at December 31, 2014 $ 18,357 $ — $ (75 ) $ (3,792 ) 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 $ 119 $ — $ — $ — Included in interest expense — — — (734 ) Included in non-operating income — — — 60 |
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 10.0 % Contingent payments Discounted cash flow Discount rate 18.5 % |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: December 31, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 35,126 $ 27,660 $ 28,381 Level 3 Other financial instruments 200 186 186 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 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | The following table provides the fair value measurement information about our long-term debt: December 31, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Debt: Bank Credit Facility $ 1,209,725 $ 1,197,277 $ 1,202,870 Level 2 9.125% Senior Notes due 2018 350,000 342,956 372,750 Level 1 6.875% Senior Notes due 2023 750,000 737,066 772,500 Level 1 2,309,725 2,277,299 2,348,120 Peninsula Segment Debt: Bank credit facility 662,750 648,607 661,131 Level 2 8.375% Senior Notes due 2018 350,000 343,643 357,000 Level 2 1,012,750 992,250 1,018,131 Total debt $ 3,322,475 $ 3,269,549 $ 3,366,251 December 31, 2014 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Debt: Bank Credit Facility $ 1,387,425 $ 1,369,176 $ 1,395,595 Level 2 9.125% Senior Notes due 2018 500,000 487,765 517,500 Level 1 9.00% Senior Notes due 2020 350,000 348,074 359,625 Level 1 HoldCo Note 151,740 139,968 144,153 Level 3 2,389,165 2,344,983 2,416,873 Peninsula Segment Debt: Bank credit facility 742,400 718,807 754,364 Level 2 8.375% Senior Notes due 2018 350,000 341,058 363,125 Level 2 Other 3 3 3 Level 3 1,092,403 1,059,868 1,117,492 Total debt $ 3,481,568 $ 3,404,851 $ 3,534,365 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated | The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income (loss), as reported in our accompanying consolidated statements of operations: Year Ended December 31, (In thousands) 2015 2014 2013 Net Revenues Las Vegas Locals $ 610,107 $ 592,652 $ 591,447 Downtown Las Vegas 234,191 224,275 222,715 Midwest and South 852,288 831,477 864,247 Peninsula 502,846 493,851 520,329 Borgata (1) — 559,064 695,700 Total Reportable Segment Net Revenues $ 2,199,432 $ 2,701,319 $ 2,894,438 Adjusted EBITDA Las Vegas Locals $ 157,312 $ 144,397 $ 137,501 Downtown Las Vegas 49,314 37,309 35,036 Midwest and South 196,822 169,977 179,976 Peninsula 184,120 175,081 185,269 Borgata (1) 102,095 137,936 119,237 Total Reportable Segment Adjusted EBITDA (2) 689,663 664,700 657,019 Corporate expense (60,177 ) (59,420 ) (46,594 ) Adjusted EBITDA 629,486 605,280 610,425 Other operating costs and expenses Deferred rent 3,428 3,618 3,831 Depreciation and amortization 207,118 251,044 278,413 Project development, preopening and writedowns 6,907 14,390 14,608 Share-based compensation expense 19,264 18,666 18,891 Impairments of assets 18,565 60,780 10,383 Other operating charges, net 907 (2,124 ) 5,998 Our share of Borgata's other operating costs and expenses 28,674 7,390 — Total other operating costs and expenses 284,863 353,764 332,124 Operating income $ 344,623 $ 251,516 $ 278,301 |
Reconciliation of Assets from Segment to Consolidated | The Company's total assets, by Reportable Segment, consisted of the following amounts: December 31, (In thousands) 2015 2014 Assets Las Vegas Locals $ 1,155,224 $ 1,164,115 Downtown Las Vegas 138,159 128,682 Midwest and South 1,263,751 1,302,002 Peninsula 1,370,991 1,426,994 Total Reportable Segment assets 3,928,125 4,021,793 Corporate 422,775 400,591 Total assets $ 4,350,900 $ 4,422,384 |
Capital Expenditures by Reportable Segment | The Company's capital expenditures by Reportable Segment, consisted of the following: Year Ended December 31, (In thousands) 2015 2014 2013 Capital Expenditures: Las Vegas Locals $ 41,772 $ 31,653 $ 30,861 Downtown Las Vegas 13,000 9,917 5,505 Midwest and South 42,130 55,273 39,589 Peninsula 18,757 33,756 27,094 Borgata (1) — 11,623 22,357 Total Reportable Segment Capital Expenditures 115,659 142,222 125,406 Corporate 12,646 (8,786 ) 12,173 Other — — 28 Total Capital Expenditures 128,305 133,436 137,607 Change in Accrued Property Additions 2,865 15,938 6,913 Cash-Based Capital Expenditures $ 131,170 $ 149,374 $ 144,520 (1) Borgata capital expenditures are only included through the date of deconsolidation, September 30, 2014. The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries. |
Selected Quarterly Financial 41
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | The following table presents selected quarterly financial information: Year Ended December 31, 2015 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Net revenues $ 550,578 $ 559,867 $ 546,313 $ 542,674 $ 2,199,432 Operating income 83,558 98,182 100,530 62,353 344,623 Net income (loss) attributable to Boyd Gaming Corporation 35,103 (6,425 ) 25,425 (6,869 ) 47,234 Basic and diluted net income (loss) per common share: Basic net income (loss) per common share $ 0.31 $ (0.06 ) $ 0.23 $ (0.06 ) $ 0.42 Diluted net income (loss) per common share $ 0.31 $ (0.06 ) $ 0.22 $ (0.06 ) $ 0.42 Year Ended December 31, 2014 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Net revenues $ 708,349 $ 722,534 $ 738,843 $ 531,593 $ 2,701,319 Operating income 68,516 86,979 73,774 22,247 251,516 Net income (loss) attributable to Boyd Gaming Corporation (6,182 ) 669 (15,105 ) (32,423 ) (53,041 ) Basic and diluted net income (loss) per common share: Basic net income (loss) per common share $ (0.06 ) $ 0.01 $ (0.14 ) $ (0.29 ) $ (0.48 ) Diluted net income (loss) per common share $ (0.06 ) $ 0.01 $ (0.14 ) $ (0.29 ) $ (0.48 ) |
Condensed Consolidating Finan42
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheets December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 2 $ 124,426 $ 34,172 $ 221 $ — $ 158,821 Other current assets 14,602 61,157 23,660 — (1,008 ) 98,411 Property and equipment, net 68,515 1,745,203 411,624 — — 2,225,342 Investments in subsidiaries 3,547,690 138,116 — — (3,441,185 ) 244,621 Intercompany receivable — 1,867,783 — — (1,867,783 ) — Other assets, net 12,521 8,982 26,838 — — 48,341 Intangible assets, net — 406,540 483,514 — — 890,054 Goodwill, net — 212,794 472,516 — — 685,310 Total assets $ 3,643,330 $ 4,565,001 $ 1,452,324 $ 221 $ (5,309,976 ) $ 4,350,900 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 21,500 $ — $ 8,250 $ — $ — $ 29,750 Current liabilities 102,946 146,178 76,482 — (285 ) 325,321 Accumulated losses of subsidiaries in excess of investment — — 3,192 — (3,192 ) — Intercompany payable 720,400 — 1,147,082 475 (1,867,957 ) — Long-term debt, net of current maturities 2,255,800 — 983,999 — — 3,239,799 Other long-term liabilities 34,723 154,633 58,663 — — 248,019 Boyd Gaming Corporation stockholders' equity (deficit) 507,961 4,264,190 (825,344 ) (254 ) (3,438,592 ) 507,961 Noncontrolling interest — — — — 50 50 Total stockholders' equity (deficit) 507,961 4,264,190 (825,344 ) (254 ) (3,438,542 ) 508,011 Total liabilities and stockholders' equity $ 3,643,330 $ 4,565,001 $ 1,452,324 $ 221 $ (5,309,976 ) $ 4,350,900 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 12,595 9,149 30,306 — — 52,050 Intangible assets, net — 425,083 509,166 — — 934,249 Goodwill, net — 212,794 472,516 — — 685,310 Total assets $ 3,433,931 $ 4,390,771 $ 1,512,893 $ 219 $ (4,915,430 ) $ 4,422,384 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 2,183,485 — 1,191,613 — — 3,375,098 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 $ 3,433,931 $ 4,390,771 $ 1,512,893 $ 219 $ (4,915,430 ) $ 4,422,384 |
Schedule of Condensed Income Statement | Condensed Consolidating Statements of Operations Year Ended December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 121,541 $ 1,670,301 $ 551,199 $ — $ (143,609 ) $ 2,199,432 Operating costs and expenses Operating 1,800 892,039 296,985 — — 1,190,824 Selling, general and administrative 48,173 215,362 58,903 — (18 ) 322,420 Maintenance and utilities — 89,800 14,748 — — 104,548 Depreciation and amortization 6,179 128,269 72,670 — — 207,118 Corporate expense 71,700 227 5,014 — — 76,941 Project development, preopening and writedowns 884 1,101 4,846 76 — 6,907 Impairment of assets — 17,500 1,065 — — 18,565 Other operating items, net 599 112 196 — — 907 Intercompany expenses 1,204 121,727 20,660 — (143,591 ) — Total operating costs and expenses 130,539 1,466,137 475,087 76 (143,609 ) 1,928,230 Equity in earnings of subsidiaries 189,980 50,228 (76 ) — (166,711 ) 73,421 Operating income (loss) 180,982 254,392 76,036 (76 ) (166,711 ) 344,623 Other expense (income) Interest expense, net 125,890 10,867 85,975 — — 222,732 Loss on early extinguishments of debt 30,829 — 9,904 — — 40,733 Other, net 396 2,660 620 — — 3,676 Boyd's share of Borgata's non-operating items, net — 37,422 — — — 37,422 Total other expense, net 157,115 50,949 96,499 — — 304,563 Income (loss) before income taxes 23,867 203,443 (20,463 ) (76 ) (166,711 ) 40,060 Income taxes benefit (provision) 23,367 1,981 (18,174 ) — — 7,174 Net income (loss) $ 47,234 $ 205,424 $ (38,637 ) $ (76 ) $ (166,711 ) $ 47,234 Comprehensive income (loss) $ 46,971 $ 205,161 $ (38,900 ) $ (76 ) $ (166,185 ) $ 46,971 Condensed Consolidating Statements of Operations - continued Year Ended December 31, 2014 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 117,159 $ 1,620,170 $ 542,538 $ 559,064 $ (137,612 ) $ 2,701,319 Operating costs and expenses Operating 1,800 879,073 303,570 290,005 — 1,474,448 Selling, general and administrative 46,708 223,741 57,370 101,930 (220 ) 429,529 Maintenance and utilities — 94,654 14,871 47,211 — 156,736 Depreciation and amortization 5,667 126,444 76,804 42,129 — 251,044 Corporate expense 71,951 220 3,455 — — 75,626 Project development, preopening and writedowns 105 7,130 6,350 805 — 14,390 Impairment of assets 320 51,489 8,971 — — 60,780 Other operating items, net 164 — (177 ) (2,111 ) — (2,124 ) Intercompany expenses 1,204 116,105 20,083 — (137,392 ) — Total operating costs and expenses 127,919 1,498,856 491,297 479,969 (137,612 ) 2,460,429 Equity in earnings of subsidiaries 85,360 (20,191 ) (162 ) — (54,381 ) 10,626 Operating income (loss) 74,600 101,123 51,079 79,095 (54,381 ) 251,516 Other expense (income) Interest expense, net 132,204 5,527 90,450 53,327 — 281,508 Loss on early extinguishments of debt — — 1,536 — — 1,536 Other, net (793 ) — 841 — — 48 Boyd's share of Borgata's non-operating items, net — 9,309 — — — 9,309 Total other expense, net 131,411 14,836 92,827 53,327 — 292,401 Income (loss) before income taxes (56,811 ) 86,287 (41,748 ) 25,768 (54,381 ) (40,885 ) Income taxes benefit (provision) 3,770 13,127 (14,525 ) (3,125 ) — (753 ) Net income (loss) (53,041 ) 99,414 (56,273 ) 22,643 (54,381 ) (41,638 ) Net income attributable to noncontrolling interest — — — — (11,403 ) (11,403 ) Net income (loss) attributable to controlling interest $ (53,041 ) $ 99,414 $ (56,273 ) $ 22,643 $ (65,784 ) $ (53,041 ) Comprehensive income (loss) $ (51,577 ) $ 100,878 $ (54,809 ) $ 22,643 $ (57,309 ) $ (40,174 ) Consolidating Statements of Operations - continued Year Ended December 31, 2013 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 123,951 $ 1,650,002 $ 570,267 $ 697,633 $ (147,415 ) $ 2,894,438 Operating costs and expenses Operating 1,848 901,668 315,365 367,981 — 1,586,862 Selling, general and administrative 46,880 231,260 63,349 148,779 (42 ) 490,226 Maintenance and utilities — 92,014 14,680 59,704 — 166,398 Depreciation and amortization 6,619 121,893 90,155 59,746 — 278,413 Corporate expense 59,128 119 4,002 — — 63,249 Project development, preopening and writedowns 1,586 1,804 8,874 4,277 (1,933 ) 14,608 Impairment of assets — 13,634 4,450 5,033 (12,734 ) 10,383 Other operating items, net 427 2,075 359 3,137 — 5,998 Intercompany expenses 1,213 122,630 21,598 — (145,441 ) — Total operating costs and expenses 117,701 1,487,097 522,832 648,657 (160,150 ) 2,616,137 Equity in earnings of subsidiaries 101,148 (38,981 ) — — (62,167 ) — Operating income (loss) 107,398 123,924 47,435 48,976 (49,432 ) 278,301 Other expense (income) Interest expense, net 153,893 9,662 94,917 83,711 — 342,183 Loss on early extinguishments of debt 25,001 — 3,343 25,858 — 54,202 Other, net 137 — (2,227 ) — — (2,090 ) Total other expense, net 179,031 9,662 96,033 109,569 — 394,295 Income (loss) from continuing operations before income taxes (71,633 ) 114,262 (48,598 ) (60,593 ) (49,432 ) (115,994 ) Income taxes benefit (provision) (8,631 ) 3,959 (3,093 ) 4,415 — (3,350 ) Income (loss) from continuing operations, net of tax (80,264 ) 118,221 (51,691 ) (56,178 ) (49,432 ) (119,344 ) Income (loss) from discontinued operations, net of tax — — 23,524 — (12,734 ) 10,790 Net income (loss) (80,264 ) 118,221 (28,167 ) (56,178 ) (62,166 ) (108,554 ) Net loss attributable to noncontrolling interest — — — — 28,290 28,290 Net income (loss) attributable to controlling interest $ (80,264 ) $ 118,221 $ (28,167 ) $ (56,178 ) $ (33,876 ) $ (80,264 ) Comprehensive income $ (80,819 ) $ 117,666 $ (28,722 ) $ (56,178 ) $ (61,056 ) $ (109,109 ) |
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ 102,080 $ 318,391 $ (76,692 ) $ (76 ) $ (3,857 ) $ 339,846 Cash flows from investing activities Capital expenditures (48,591 ) (63,635 ) (18,944 ) — — (131,170 ) Net activity with affiliates — (230,682 ) — — 230,682 — Distributions from subsidiary 11,200 — — — (11,200 ) — Other investing activities 3,292 — 1,236 — — 4,528 Net cash from investing activities (34,099 ) (294,317 ) (17,708 ) — 219,482 (126,642 ) Cash flows from financing activities Borrowings under bank credit facility 1,033,500 — 345,500 — — 1,379,000 Payments under bank credit facility (1,211,200 ) — (425,150 ) — — (1,636,350 ) Proceeds from issuance of senior notes, net 750,000 — — — — 750,000 Debt financing costs, net (14,004 ) — — — — (14,004 ) Payments on retirements of long-term debt (500,000 ) — (157,813 ) — — (657,813 ) Premium and consent fees paid (24,246 ) — — — — (24,246 ) Net activity with affiliates (105,720 ) — 332,467 78 (226,825 ) — Distributions to parent — (11,100 ) (100 ) — 11,200 — Share-based compensation activities, net 3,689 — — — — 3,689 Other financing activities — — — — — — Net cash from financing activities (67,981 ) (11,100 ) 94,904 78 (215,625 ) (199,724 ) Net change in cash and cash equivalents — 12,974 504 2 — 13,480 Cash and cash equivalents, beginning of period 2 111,452 33,668 219 — 145,341 Cash and cash equivalents, end of period $ 2 $ 124,426 $ 34,172 $ 221 $ — $ 158,821 Condensed Consolidating Statements of Cash Flows - continued Year Ended December 31, 2014 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (39,524 ) $ 234,242 $ 92,617 $ 35,832 $ (308 ) $ 322,859 Cash flows from investing activities Capital expenditures (43,164 ) (60,686 ) (33,901 ) (11,623 ) — (149,374 ) Deconsolidation of Borgata — — — (26,891 ) — (26,891 ) Net activity with affiliates — (162,689 ) — — 162,689 — Distributions from subsidiary 5,300 — — — (5,300 ) — Other investing activities — (660 ) (5,252 ) 2,197 — (3,715 ) Net cash from investing activities (37,864 ) (224,035 ) (39,153 ) (36,317 ) 157,389 (179,980 ) Cash flows from financing activities Borrowings under bank credit facility 830,400 — 317,400 410,900 — 1,558,700 Payments under bank credit facility (910,700 ) — (377,150 ) (444,900 ) — (1,732,750 ) Debt financing costs, net (83 ) — — (205 ) — (288 ) Payments under note payable — — (9 ) — — (9 ) Payments on retirements of long-term debt — — — (2,850 ) — (2,850 ) Net activity with affiliates 155,952 — 6,297 132 (162,381 ) — Distributions to parent — (5,200 ) (100 ) — 5,300 — Share-based compensation activities, net 1,791 — — — — 1,791 Other financing activities 30 — — — — 30 Net cash from financing activities 77,390 (5,200 ) (53,562 ) (36,923 ) (157,081 ) (175,376 ) Net change in cash and cash equivalents 2 5,007 (98 ) (37,408 ) — (32,497 ) Cash and cash equivalents, beginning of period — 106,445 33,766 37,627 — 177,838 Cash and cash equivalents, end of period $ 2 $ 111,452 $ 33,668 $ 219 $ — $ 145,341 Condensed Consolidating Statements of Cash Flows - continued Year Ended December 31, 2013 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (229,447 ) $ 407,349 $ 42,719 $ 51,748 $ 4,666 $ 277,035 Cash flows from investing activities Capital expenditures (44,985 ) (49,847 ) (27,331 ) (22,357 ) — (144,520 ) Proceeds from sale of Echelon, net 343,750 — — — — 343,750 Proceeds from sale of other assets, net 4,875 — — — — 4,875 Cash paid for exercise of LVE option (187,000 ) — — — — (187,000 ) Investments in and advances to unconsolidated subsidiaries, net (2,400 ) — — — 2,400 — Net activity with affiliates — (372,171 ) 759 42 371,370 — Distribution from subsidiary 9,620 — — — (9,620 ) — Other investing activities — — (1,253 ) 3,726 — 2,473 Net cash from investing activities 123,860 (422,018 ) (27,825 ) (18,589 ) 364,150 19,578 Cash flows from financing activities Borrowings under bank credit facility 2,920,675 — 354,700 444,500 — 3,719,875 Payments under bank credit facility (2,927,800 ) — (406,950 ) (424,600 ) — (3,759,350 ) Debt financing costs, net (24,349 ) — (10,288 ) (10,115 ) — (44,752 ) Payments under note payable (10,341 ) — (479 ) — — (10,820 ) Payments on retirements of long-term debt (459,278 ) — — (416,209 ) — (875,487 ) Net proceeds from issuance of term loan — — — 376,200 — 376,200 Advances from parent — 2,400 — — (2,400 ) — Net activity with affiliates 376,036 — — — (376,036 ) — Distributions to parent — — (9,620 ) — 9,620 — Stock options exercised 13,752 — — — — 13,752 Proceeds from sale of common stock, net 216,467 — — — — 216,467 Other financing activities (2,095 ) — — — — (2,095 ) Net cash from financing activities 103,067 2,400 (72,637 ) (30,224 ) (368,816 ) (366,210 ) Cash flows from discontinued operations Cash flows from operating activities — — (2,144 ) — — (2,144 ) Cash flows from investing activities — — 56,751 — — 56,751 Cash flows from financing activities — — — — — — Net cash from discontinued operations — — 54,607 — — 54,607 Net change in cash and cash equivalents (2,520 ) (12,269 ) (3,136 ) 2,935 — (14,990 ) Cash and cash equivalents, beginning of period 2,520 118,714 36,619 34,692 — 192,545 Change in cash classified as discontinued operations — — 283 — — 283 Cash and cash equivalents, end of period $ — $ 106,445 $ 33,766 $ 37,627 $ — $ 177,838 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Organization) (Details) | 12 Months Ended |
Dec. 31, 2015entitysegment | |
Organization Attributes [Line Items] | |
Number of Gaming Entertainment Properties | 21 |
Number of Controlling Interests Held | 1 |
Number of reportable segments | segment | 5 |
LVE | |
Organization Attributes [Line Items] | |
Ownership percentage by noncontrolling owners | 100.00% |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Consolidation) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jan. 31, 2010 |
Consolidated Entities [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Assets | $ 4,350,900 | $ 4,422,384 | ||
Borgata | ||||
Consolidated Entities [Line Items] | ||||
Assets | $ 1,318,155 | |||
MGM | ||||
Consolidated Entities [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Accounts Receivable, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance, January 1, | $ 1,971 | $ 23,908 | $ 25,693 |
Additions | 361 | 2,058 | 2,868 |
Deductions | (245) | (4,182) | (4,653) |
Ending balance | 2,087 | 1,971 | 23,908 |
Borgata | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reduction of Allowance for Doubtful Accounts due to Deconsolidation | $ 0 | $ (19,813) | $ 0 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Property, Plant and Equipment Useful Lives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Interest Costs Capitalized | $ 0.1 | $ 1.4 | $ 1.1 |
Building and Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 3 years | ||
Building and Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 40 years | ||
Riverboats and Barges | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 5 years | ||
Riverboats and Barges | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 40 years | ||
Furniture and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 1 year | ||
Furniture and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 10 years |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investment available for sale | $ 17,400 | $ 18,000 |
Available-for-sale securities, current portion | 400 | 400 |
Peninsula Gaming | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment available for sale | $ 17,800 | 18,400 |
Available-for-sale securities, current portion | 400 | |
Peninsula Gaming | 7.5% City Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt security, interest rate | 7.50% | |
(In thousands) | ||
2,013 | $ 410 | |
2,014 | 440 | |
2,015 | 475 | |
2,016 | 510 | |
2,017 | 550 | |
Thereafter | 18,985 | |
Total | 21,370 | |
Peninsula Gaming | Other Assets, Net | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, noncurrent portion | $ 17,400 | $ 18,000 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Intangible Assets) (Details) - Favorable Lease Rates | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Favorable lease rates, original useful lives | 32 years 4 months 24 days | 33 years 4 months 24 days |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Favorable lease rates, original useful lives | 41 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Favorable lease rates, original useful lives | 52 years |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Noncontrolling Interest) (Details) | Dec. 31, 2015 |
Borgata | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling owners | 50.00% |
LVE | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling owners | 100.00% |
LVE | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling owners | 100.00% |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Promotional Allowances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowances [Line Items] | |||
Promotional allowances | $ 242,645 | $ 416,874 | $ 461,473 |
Cost of promotional allowances | 181,612 | 242,031 | 263,316 |
Rooms | |||
Allowances [Line Items] | |||
Promotional allowances | 77,177 | 132,231 | 147,305 |
Cost of promotional allowances | 35,605 | 53,167 | 58,960 |
Food and Beverage | |||
Allowances [Line Items] | |||
Promotional allowances | 150,598 | 190,632 | 207,072 |
Cost of promotional allowances | 133,717 | 168,626 | 181,689 |
Other Products and Services | |||
Allowances [Line Items] | |||
Promotional allowances | 14,870 | 94,011 | 107,096 |
Cost of promotional allowances | $ 12,290 | $ 20,238 | $ 22,667 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Preopening Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Preopening Expenses [Line Items] | ||
Project development, preopening and writedowns | $ 14,390 | $ 14,608 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
Preopening Expenses [Line Items] | ||
Project development, preopening and writedowns | 16,541 | |
LVE | ||
Preopening Expenses [Line Items] | ||
Project development, preopening and writedowns | $ (1,933) |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Stock Option Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Expected stock price volatility | 49.06% | 54.14% | 73.75% |
Annual dividend rate | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.59% | 1.6429% | 1.4038% |
Expected option life (in years) | 5 years 3 months 11 days | 5 years 4 months 24 days | 5 years 3 months 11 days |
Estimated fair value per share | $ 9.06 | $ 5.70 | $ 6.09 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Antidilutive Securities) (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 913.9 | 955.6 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Other) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of CRDA Deposits [Line Items] | |||
Cash and cash equivalents, maturity of qualifying investments, maximum | 3 months | ||
Restricted cash, maturity of qualifying investments, maximum | 90 days | ||
Interest Costs Capitalized | $ 100 | $ 1,400 | $ 1,100 |
Self Insurance Reserve [Roll Forward] | |||
Self insurance reserve, beginning balance | 33,004 | 44,073 | 38,663 |
Additions | |||
Charged to costs and expenses | 80,311 | 95,269 | 110,683 |
Payments made | (83,247) | (93,168) | (105,273) |
Self insurance reserve, ending balance | 30,068 | 33,004 | 44,073 |
Gaming taxes | 332,100 | 370,000 | 393,000 |
Advertising expense | 33,400 | 50,500 | 44,500 |
Corporate expense | 76,941 | 75,626 | 63,249 |
Weighted average shares outstanding: | |||
Self Insurance Reserves, Decrease from Deconsolidation | $ 0 | $ (13,170) | $ 0 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies Equity Method Investments (Details) | Dec. 31, 2015 |
Borgata | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage by noncontrolling owners | 50.00% |
Summary of Significant Accoun56
Summary of Significant Accounting Policies Reclassification (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Revisions and Reclassifications | Discontinued Operations Our consolidated financial statements reflect the results of operations and cash flows of our Dania Jai-Alai property as discontinued operations. See Note 2, Acquisitions and Divestitures , for further discussion. Reclassifications Certain prior period amounts presented in our consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications relate to debt issuance costs being recorded as a direct deduction from the carrying amount of the related debt liability (see further discussion under Recently Issued Accounting Pronouncements - Accounting Standards Update 2015-03 ). This reclassification reduced our total assets and total liabilities as previously reported in our consolidated balance sheet for December 31, 2014, by $56.5 million . In addition, asset transactions costs that were previously disaggregated in our consolidated statements of operations for the years ended December 31, 2014 and 2013 were accumulated with preopening expenses. This reclassification had no effect on our retained earnings or net loss as previously reported. | |
Prior Period Reclassification Adjustment | $ 56.5 |
Asset Acquisitions (Narrative)
Asset Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Sep. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Goodwill, net | $ 685,310 | $ 685,310 | |
Minimum | |||
Other Acquisitions | |||
Obligation to fund certain pre-development costs, annual amount | 1,000 | ||
Maximum | |||
Other Acquisitions | |||
Obligation to fund certain pre-development costs, annual amount | 2,000 | ||
Development Agreement | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 24,500 | ||
Peninsula | |||
Business Acquisition [Line Items] | |||
Goodwill, net | $ 471,734 |
Asset Acquisitions (Assets Acqu
Asset Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill, net | $ 685,310 | $ 685,310 |
Peninsula | ||
Business Acquisition [Line Items] | ||
Goodwill, net | $ 471,734 |
Asset Acquisitions (Acquired Pr
Asset Acquisitions (Acquired Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Building and Improvements | Minimum | |
Business Acquisition [Line Items] | |
Property and equipment, useful lives | 3 years |
Building and Improvements | Maximum | |
Business Acquisition [Line Items] | |
Property and equipment, useful lives | 40 years |
Furniture and Equipment | Minimum | |
Business Acquisition [Line Items] | |
Property and equipment, useful lives | 1 year |
Furniture and Equipment | Maximum | |
Business Acquisition [Line Items] | |
Property and equipment, useful lives | 10 years |
Riverboats | Minimum | |
Business Acquisition [Line Items] | |
Property and equipment, useful lives | 5 years |
Riverboats | Maximum | |
Business Acquisition [Line Items] | |
Property and equipment, useful lives | 40 years |
Asset Acquisitions Asset Acquis
Asset Acquisitions Asset Acquisitions (Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Goodwill, net | $ 685,310 | $ 685,310 | |
Trademarks | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 300 | |
Gaming License Rights | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 17,502 | 39,772 | $ 900 |
Peninsula | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Goodwill, net | $ 471,734 | ||
Peninsula | Trademarks | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 300 | $ 3,200 | |
Peninsula | Gaming License Rights | |||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 1,400 |
Asset Acquisitions Real Estate
Asset Acquisitions Real Estate Disposition (Details) $ in Millions | May. 23, 2013USD ($) | Mar. 04, 2013USD ($) | Dec. 31, 2013USD ($) | May. 21, 2013a |
Echelon Development | ||||
Disposition of Echelon [Abstract] | ||||
Sale of Dania Jai-Alai, price | $ 350 | |||
Proceeds from Divestiture of Businesses | $ 157 | |||
Area of land sold | a | 87 | |||
Dania Jai-Alai | ||||
Disposition of Echelon [Abstract] | ||||
Sale of Dania Jai-Alai, price | $ 65.5 | |||
Discontinued Operation, Intercompany Amounts with Discontinued Operation before Disposal Transaction, Revenue | $ 5 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 2 | |||
Proceeds from Divestiture of Businesses | 58.5 | |||
Area of land sold | a | 47 | |||
Disposition of Dania Jai Alai [Abstract] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 18.9 |
Deconsolidation of Certain In62
Deconsolidation of Certain Interests (Narrative) (Details) - USD ($) $ in Thousands | Mar. 04, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 31, 2010 |
Consolidated Entities [Line Items] | ||||||
Assets, Current | $ 257,232 | $ 241,950 | ||||
Equity method investment, ownership percentage | 50.00% | |||||
Impairments of assets | $ 18,565 | 60,780 | $ 10,383 | |||
Assets | 4,350,900 | 4,422,384 | ||||
Liabilities, Current | 355,071 | 357,195 | ||||
Other long-term liabilities | 248,019 | 252,004 | ||||
Borgata | ||||||
Consolidated Entities [Line Items] | ||||||
Assets, Current | 97,935 | 100,297 | $ 98,119 | |||
Impairments of assets | 12,100 | |||||
Long-Lived Assets | 1,220,036 | |||||
Assets | 1,318,155 | |||||
Liabilities, Current | 117,452 | 122,150 | 106,666 | |||
Other long-term liabilities | 786,278 | |||||
Other Noncontrolling Interests | 191,833 | |||||
Liabilities and noncontrolling interest | $ 1,084,777 | |||||
Borgata | ||||||
Consolidated Entities [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | |||||
Echelon Central Energy Facility | LVE | ||||||
Consolidated Entities [Line Items] | ||||||
Purchase price of LVE energy center assets | $ 187,000 | |||||
Sale price of LVE energy center assets | $ 187,000 | |||||
Segment Reconciling Items [Member] | ||||||
Consolidated Entities [Line Items] | ||||||
Impairments of assets | $ 18,565 | $ 60,780 | $ 10,383 |
Deconsolidation of Certain In63
Deconsolidation of Certain Interests (Measurement Period Adjustments Not Recorded) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Maintenance and utilities | $ 104,548 | $ 156,736 | $ 166,398 | |
Depreciation and amortization | 207,118 | 251,044 | 278,413 | |
Other operating items, net | 907 | (2,124) | 5,998 | |
Total operating costs and expenses | 1,928,230 | 2,460,429 | 2,616,137 | |
Interest expense, net of amounts capitalized | 224,590 | 283,387 | 344,330 | |
Total other expense, net | 304,563 | 292,401 | 394,295 | |
Income (loss) from continuing operations before income taxes | 40,060 | $ (40,885) | $ (115,994) | |
Borgata | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Total operating costs and expenses | $ 157,896 | 657,324 | ||
Interest expense, net of amounts capitalized | $ 17,431 | $ 59,681 |
Deconsolidation of Certain In64
Deconsolidation of Certain Interests (Borgata Results of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Gaming | $ 1,847,167 | $ 2,307,565 | $ 2,478,983 | ||||||||
Food and beverage | 307,442 | 408,236 | 446,367 | ||||||||
Room | 163,509 | 248,222 | 265,371 | ||||||||
Other | 123,959 | 154,170 | 165,190 | ||||||||
Gross revenues | 2,442,077 | 3,118,193 | 3,355,911 | ||||||||
Less promotional allowances | 242,645 | 416,874 | 461,473 | ||||||||
Net Revenues | $ 542,674 | $ 546,313 | $ 559,867 | $ 550,578 | $ 531,593 | $ 738,843 | $ 722,534 | $ 708,349 | 2,199,432 | 2,701,319 | 2,894,438 |
Gaming | 900,922 | 1,087,901 | 1,170,843 | ||||||||
Food and beverage | 168,096 | 222,393 | 240,081 | ||||||||
Room | 41,298 | 51,906 | 54,338 | ||||||||
Other | 80,508 | 112,248 | 121,600 | ||||||||
Selling, general and administrative | 322,420 | 429,529 | 490,226 | ||||||||
Maintenance and utilities | 104,548 | 156,736 | 166,398 | ||||||||
Depreciation and amortization | 207,118 | 251,044 | 278,413 | ||||||||
Other operating items, net | 907 | (2,124) | 5,998 | ||||||||
Total operating costs and expenses | 1,928,230 | 2,460,429 | 2,616,137 | ||||||||
Operating Income (Loss) | 62,353 | 100,530 | 98,182 | 83,558 | 22,247 | 73,774 | 86,979 | 68,516 | 344,623 | 251,516 | 278,301 |
Interest expense, net of amounts capitalized | 224,590 | 283,387 | 344,330 | ||||||||
Total other expense, net | 304,563 | 292,401 | 394,295 | ||||||||
Net Income (Loss) Attributable to Parent | $ (6,869) | $ 25,425 | $ (6,425) | $ 35,103 | (32,423) | $ (15,105) | $ 669 | $ (6,182) | 47,234 | (53,041) | (80,264) |
Loss on early extinguishments of debt | 40,733 | 1,536 | 54,202 | ||||||||
Income taxes benefit (provision) | 7,174 | $ (753) | $ (3,350) | ||||||||
Borgata | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 179,147 | 804,166 | |||||||||
Total operating costs and expenses | 157,896 | 657,324 | |||||||||
Operating Income (Loss) | 21,251 | 146,842 | |||||||||
Interest expense, net of amounts capitalized | 17,431 | 59,681 | |||||||||
Net Income (Loss) Attributable to Parent | 2,634 | 71,997 | |||||||||
Loss on early extinguishments of debt | 740 | 18,895 | |||||||||
Income taxes benefit (provision) | $ 446 | $ (3,731) |
Deconsolidation of Certain In65
Deconsolidation of Certain Interests (Supplemental Pro Forma Information due to Consolidation of Borgata) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||||||
Gaming | $ 1,847,167 | $ 2,307,565 | $ 2,478,983 | ||||||||
Food and beverage | 307,442 | 408,236 | 446,367 | ||||||||
Room | 163,509 | 248,222 | 265,371 | ||||||||
Other | 123,959 | 154,170 | 165,190 | ||||||||
Gross revenues | 2,442,077 | 3,118,193 | 3,355,911 | ||||||||
Less promotional allowances | 242,645 | 416,874 | 461,473 | ||||||||
Net Revenues | $ 542,674 | $ 546,313 | $ 559,867 | $ 550,578 | $ 531,593 | $ 738,843 | $ 722,534 | $ 708,349 | 2,199,432 | 2,701,319 | 2,894,438 |
Gaming | 900,922 | 1,087,901 | 1,170,843 | ||||||||
Food and beverage | 168,096 | 222,393 | 240,081 | ||||||||
Room | 41,298 | 51,906 | 54,338 | ||||||||
Other | 80,508 | 112,248 | 121,600 | ||||||||
Selling, general and administrative | 322,420 | 429,529 | 490,226 | ||||||||
Maintenance and utilities | 104,548 | 156,736 | 166,398 | ||||||||
Depreciation and amortization | 207,118 | 251,044 | 278,413 | ||||||||
Corporate expense | 76,941 | 75,626 | 63,249 | ||||||||
Project development, preopening and writedowns | 6,907 | 14,390 | 14,608 | ||||||||
Total operating costs and expenses | 1,928,230 | 2,460,429 | 2,616,137 | ||||||||
Operating Income (Loss) | 62,353 | 100,530 | 98,182 | 83,558 | 22,247 | 73,774 | 86,979 | 68,516 | 344,623 | 251,516 | 278,301 |
Interest income | (1,858) | (1,879) | (2,147) | ||||||||
Interest expense, net of amounts capitalized | 224,590 | 283,387 | 344,330 | ||||||||
Loss on early extinguishments of debt | 40,733 | 1,536 | 54,202 | ||||||||
Total other expense, net | 304,563 | 292,401 | 394,295 | ||||||||
Income (loss) from continuing operations before income taxes | 40,060 | (40,885) | (115,994) | ||||||||
Income taxes benefit (provision) | 7,174 | (753) | (3,350) | ||||||||
Net income (loss) | 47,234 | (41,638) | (108,554) | ||||||||
Less: net income (loss) attributable to noncontrolling interest | 0 | (11,403) | 28,290 | ||||||||
Net Income (Loss) Attributable to Parent | $ (6,869) | $ 25,425 | $ (6,425) | $ 35,103 | $ (32,423) | $ (15,105) | $ 669 | $ (6,182) | $ 47,234 | $ (53,041) | $ (80,264) |
Deconsolidation of Certain In66
Deconsolidation of Certain Interests Borgata Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Business Acquisition [Line Items] | |||
Current assets | $ 257,232 | $ 241,950 | |
Liabilities, Current | 355,071 | 357,195 | |
Total Boyd Gaming Corporation stockholders’ equity | 507,961 | 438,037 | |
Borgata | |||
Business Acquisition [Line Items] | |||
Current assets | 97,935 | 100,297 | $ 98,119 |
Property and other long-term assets, net | 1,149,337 | 1,196,339 | |
Long-Lived Assets | 1,220,036 | ||
Liabilities, Current | 117,452 | 122,150 | $ 106,666 |
Long-term debt and other long-term liabilities | 687,307 | 762,609 | |
Total Boyd Gaming Corporation stockholders’ equity | $ 455,685 | $ 411,877 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 4,210,356 | $ 4,131,026 | |
Less accumulated depreciation | 1,985,014 | 1,844,918 | |
Property and equipment, net | 2,225,342 | 2,286,108 | |
Depreciation expense | 179,900 | 218,600 | $ 232,000 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 229,857 | 229,684 | |
Building and Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,539,578 | 2,534,618 | |
Furniture and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,152,277 | 1,079,878 | |
Riverboats and Barges | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 238,743 | 239,669 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 42,497 | 35,675 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 7,404 | $ 11,502 |
Intangible Assets (Summary of A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets [Line Items] | ||||
Intangible assets, gross | $ 1,205,879 | $ 1,209,179 | ||
Intangible assets, cumulative amortization | (155,951) | (132,558) | ||
Intangible assets, cumulative impairment | (159,874) | (142,372) | ||
Intangible assets, net | 890,054 | 934,249 | $ 1,070,660 | $ 1,119,638 |
Amortizing intangibles: | ||||
Gross carrying value | 203,043 | 206,343 | ||
Cumulative amortization | (121,991) | (98,598) | ||
Cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | 81,052 | 107,745 | ||
Indefinite lived intangible assets: | ||||
Gross carrying value | 1,002,836 | 1,002,836 | ||
Cumulative amortization | (33,960) | (33,960) | ||
Cumulative impairment losses | (159,874) | (142,372) | ||
Intangible assets, net | $ 809,002 | $ 826,504 | ||
Customer Relationships | ||||
Amortizing intangibles: | ||||
Weighted average life | 1 year 10 months 24 days | 2 years 11 months 2 days | ||
Gross carrying value | $ 136,300 | $ 139,600 | ||
Cumulative amortization | (109,994) | (87,642) | ||
Cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | 26,306 | 51,958 | 85,267 | 130,941 |
Noncompete Agreements | ||||
Amortizing intangibles: | ||||
Intangible assets, net | $ 0 | $ 0 | 0 | 2,846 |
Favorable Lease Rates | ||||
Amortizing intangibles: | ||||
Weighted average life | 32 years 4 months 24 days | 33 years 4 months 24 days | ||
Gross carrying value | $ 45,370 | $ 45,370 | ||
Cumulative amortization | (11,997) | (10,956) | ||
Cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | $ 33,373 | $ 34,414 | 35,458 | 36,503 |
Development Agreement | ||||
Amortizing intangibles: | ||||
Weighted average life | 0 years | 0 years | ||
Gross carrying value | $ 21,373 | $ 21,373 | ||
Cumulative amortization | 0 | 0 | ||
Cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | 21,373 | 21,373 | 21,373 | 21,373 |
Trademarks | ||||
Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 300 | ||
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 | 188,287 | 186,800 |
Gaming License Rights | ||||
Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 17,502 | 39,772 | 900 | |
Indefinite lived intangible assets: | ||||
Gross carrying value | 873,335 | 873,335 | ||
Cumulative amortization | (33,960) | (33,960) | ||
Cumulative impairment losses | (156,374) | (138,872) | ||
Intangible assets, net | $ 683,001 | $ 700,503 | $ 740,275 | $ 741,175 |
Minimum | Favorable Lease Rates | ||||
Amortizing intangibles: | ||||
Weighted average life | 41 years | |||
Indefinite-Lived Intangible Assets, Valuation Assumptions [Abstract] | ||||
Valuation assumptions, term | 41 years | |||
Maximum | Favorable Lease Rates | ||||
Amortizing intangibles: | ||||
Weighted average life | 52 years | |||
Indefinite-Lived Intangible Assets, Valuation Assumptions [Abstract] | ||||
Valuation assumptions, term | 52 years |
Intangible Assets (Changes in I
Intangible Assets (Changes in Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | $ 107,745 | ||
Amortization | (26,693) | $ (34,353) | $ (49,565) |
Balance, end of period | 81,052 | 107,745 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 826,504 | ||
Balance, end of period | 809,002 | 826,504 | |
Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 934,249 | 1,070,660 | 1,119,638 |
Additions | 0 | 14 | 4,687 |
Amortization | (26,693) | (34,353) | (49,565) |
Balance, end of period | 890,054 | 934,249 | 1,070,660 |
Impairment of Intangible Assets (Excluding Goodwill) | 17,502 | 40,072 | 4,100 |
Trademarks | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Amortization | 0 | 0 | 0 |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 126,001 | 188,287 | 186,800 |
Additions | 0 | 14 | 4,687 |
Impairments | 0 | (300) | |
Balance, end of period | 126,001 | 126,001 | 188,287 |
Intangible Assets [Roll Forward] | |||
Amortization | 0 | 0 | 0 |
Gaming License Rights | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Amortization | 0 | 0 | 0 |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 700,503 | 740,275 | 741,175 |
Additions | 0 | 0 | 0 |
Impairments | (17,502) | (39,772) | (900) |
Balance, end of period | 683,001 | 700,503 | 740,275 |
Intangible Assets [Roll Forward] | |||
Amortization | 0 | 0 | 0 |
Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 51,958 | 85,267 | 130,941 |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | (25,652) | (33,309) | (45,674) |
Balance, end of period | 26,306 | 51,958 | 85,267 |
Intangible Assets [Roll Forward] | |||
Amortization | (25,652) | (33,309) | (45,674) |
Noncompete Agreements | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | 0 | 2,846 |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | 0 | 0 | (2,846) |
Balance, end of period | 0 | 0 | 0 |
Intangible Assets [Roll Forward] | |||
Amortization | 0 | 0 | (2,846) |
Favorable Lease Rates | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 34,414 | 35,458 | 36,503 |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | (1,041) | (1,044) | (1,045) |
Balance, end of period | 33,373 | 34,414 | 35,458 |
Intangible Assets [Roll Forward] | |||
Amortization | (1,041) | (1,044) | (1,045) |
Development Agreement | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 21,373 | 21,373 | 21,373 |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 |
Balance, end of period | 21,373 | 21,373 | 21,373 |
Intangible Assets [Roll Forward] | |||
Amortization | 0 | 0 | 0 |
Borgata | |||
Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (62,000) | ||
Balance, end of period | (62,000) | ||
Borgata | Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Noncompete Agreements | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Favorable Lease Rates | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Development Agreement | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Gaming License Rights | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Trademarks | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (62,000) | ||
Balance, end of period | (62,000) | ||
Midwest and South | Gaming License Rights | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairments | $ (17,500) | (38,300) | |
Peninsula | Trademarks | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairments | (300) | $ (3,200) | |
Peninsula | Gaming License Rights | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairments | $ (1,400) |
Intangible Assets (Future Amort
Intangible Assets (Future Amortization) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Future Amortization | |
2,013 | $ 15,913 |
2,014 | 12,479 |
2,015 | 1,043 |
2,016 | 1,043 |
2,017 | 1,043 |
Thereafter | 28,158 |
Intangible assets, net | $ 59,679 |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizing intangibles, weighted-average remaining useful life | 2 years |
Future Amortization | |
2,013 | $ 14,870 |
2,014 | 11,436 |
2,015 | 0 |
2,016 | 0 |
2,017 | 0 |
Thereafter | 0 |
Intangible assets, net | $ 26,306 |
Favorable Lease Rates | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizing intangibles, weighted-average remaining useful life | 43 years 9 months 18 days |
Future Amortization | |
2,013 | $ 1,043 |
2,014 | 1,043 |
2,015 | 1,043 |
2,016 | 1,043 |
2,017 | 1,043 |
Thereafter | 28,158 |
Intangible assets, net | $ 33,373 |
Goodwill (Schedule of Goodwill
Goodwill (Schedule of Goodwill By Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Gross carrying value | $ 856,923 | |
Cumulative amortization | (6,134) | |
Cumulative impairment losses | (165,479) | |
Goodwill, net | 685,310 | $ 685,310 |
Las Vegas Locals | ||
Goodwill [Line Items] | ||
Gross carrying value | 378,192 | |
Cumulative amortization | 0 | |
Cumulative impairment losses | (165,479) | |
Goodwill, net | 212,713 | |
Downtown Las Vegas | ||
Goodwill [Line Items] | ||
Gross carrying value | 6,997 | |
Cumulative amortization | (6,134) | |
Cumulative impairment losses | 0 | |
Goodwill, net | 863 | |
Peninsula | ||
Goodwill [Line Items] | ||
Gross carrying value | 471,734 | |
Cumulative amortization | 0 | |
Cumulative impairment losses | 0 | |
Goodwill, net | $ 471,734 |
Goodwill (Goodwill Rollforward)
Goodwill (Goodwill Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 685,310 | ||
Final purchase price adjustment | 0 | $ 0 | $ (9,600) |
Ending balance | $ 685,310 | $ 685,310 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 71,815 | $ 69,672 |
Interest | 35,337 | 33,985 |
Gaming liabilities | 37,496 | 35,698 |
Customer Loyalty Program Liability, Current | 18,491 | 19,058 |
Accrued liabilities | 86,379 | 80,853 |
Total accrued liabilities | $ 249,518 | $ 239,266 |
Non-Recourse Obligations of Var
Non-Recourse Obligations of Variable Interest Entity (Schedule of Non-recourse Obligations) (Details) - USD ($) $ in Thousands | Mar. 04, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
For the year ending December 31, | ||||
Less: net income (loss) attributable to noncontrolling interest | $ 0 | $ 11,403 | $ (28,290) | |
Net cash from operating activities | $ 339,846 | $ 322,859 | $ 277,035 | |
Echelon Development | ||||
Construction and Term Loan Facility | ||||
Sale of Dania Jai-Alai, price | $ 350,000 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | May. 21, 2015 | Dec. 31, 2014 | Aug. 16, 2012 | Jun. 08, 2012 | Nov. 10, 2010 |
For the year ending December 31, | ||||||
Outstanding principal | $ 3,322,475 | |||||
Unamortized discount | (2,702) | $ (15,332) | ||||
Unamortized origination fees | (50,224) | (61,385) | ||||
Current maturities of long-term debt | 29,750 | 29,753 | ||||
Long-term debt, gross, excluding current maturities | 3,292,725 | 3,451,815 | ||||
Long-term debt, net of current maturities and debt issuance costs | 3,239,799 | 3,375,098 | ||||
Consolidated, Excluding Borgata | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 3,322,475 | 3,481,568 | ||||
Unamortized discount | (2,702) | (15,332) | ||||
Unamortized origination fees | (50,224) | (61,385) | ||||
Long-term debt, net | 3,269,549 | 3,404,851 | ||||
Boyd | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 2,309,725 | 2,389,165 | ||||
Unamortized discount | (2,702) | (15,332) | ||||
Unamortized origination fees | (29,724) | (28,850) | ||||
Long-term debt, net | 2,277,299 | 2,344,983 | ||||
Current maturities of long-term debt | 21,500 | 21,500 | ||||
Long-term debt, net of current maturities and debt issuance costs | $ 2,255,800 | $ 2,183,485 | ||||
Boyd | Bank Credit Facility | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Blended interest rate at period end | 3.753% | 3.66% | ||||
Outstanding principal | $ 1,387,425 | |||||
Unamortized discount | $ (2,702) | (3,589) | ||||
Unamortized origination fees | (9,746) | (14,660) | ||||
Long-term debt, net | 1,197,277 | 1,369,176 | ||||
Boyd | Senior Notes | Senior Notes Due 2018 [Member] | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 500,000 | |||||
Unamortized discount | 0 | |||||
Unamortized origination fees | (12,235) | |||||
Long-term debt, net | $ 487,765 | |||||
Debt instrument, stated interest rate | 9.13% | 9.125% | ||||
Boyd | Senior Notes | 9.00% senior notes due 2020 | ||||||
For the year ending December 31, | ||||||
Outstanding principal | $ 350,000 | |||||
Unamortized discount | 0 | 0 | ||||
Unamortized origination fees | (7,044) | (1,926) | ||||
Long-term debt, net | $ 342,956 | $ 348,074 | ||||
Debt instrument, stated interest rate | 9.00% | 9.00% | 9.00% | |||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | ||||||
For the year ending December 31, | ||||||
Unamortized discount | $ 0 | |||||
Unamortized origination fees | (12,934) | |||||
Long-term debt, net | $ 737,066 | |||||
Debt instrument, stated interest rate | 6.875% | 6.875% | ||||
Boyd | Other | Holdco Note | ||||||
For the year ending December 31, | ||||||
Blended interest rate at period end | 8.00% | |||||
Boyd | Holdco Note | 6.75% senior subordinated notes due 2014 | ||||||
For the year ending December 31, | ||||||
Unamortized discount | $ (11,743) | |||||
Unamortized origination fees | (29) | |||||
Long-term debt, net | 139,968 | |||||
Boyd | Holdco Note | Holdco Note | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 151,740 | |||||
Peninsula | ||||||
For the year ending December 31, | ||||||
Outstanding principal | $ 1,012,750 | 1,092,403 | ||||
Unamortized discount | 0 | 0 | ||||
Unamortized origination fees | (20,500) | (32,535) | ||||
Long-term debt, net | $ 992,250 | $ 1,059,868 | ||||
Peninsula | Bank Credit Facility | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Blended interest rate at period end | 4.25% | 4.25% | ||||
Outstanding principal | $ 742,400 | |||||
Unamortized discount | $ 0 | 0 | ||||
Unamortized origination fees | (14,143) | (23,593) | ||||
Long-term debt, net | 648,607 | 718,807 | ||||
Peninsula | Senior Notes | 8.375% Senior Notes due 2018 | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 350,000 | |||||
Unamortized discount | 0 | 0 | ||||
Unamortized origination fees | (6,357) | (8,942) | ||||
Long-term debt, net | $ 343,643 | $ 341,058 | ||||
Debt instrument, stated interest rate | 8.375% | 8.38% | 8.375% | |||
Peninsula | Other | ||||||
For the year ending December 31, | ||||||
Outstanding principal | $ 3 | |||||
Unamortized discount | 0 | |||||
Unamortized origination fees | 0 | |||||
Long-term debt, net | 3 | |||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
For the year ending December 31, | ||||||
Outstanding principal | $ 3,481,568 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | 9.00% senior notes due 2020 | ||||||
For the year ending December 31, | ||||||
Outstanding principal | $ 350,000 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | Senior Notes Due 2023 [Member] | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 750,000 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Boyd | Bank Credit Facility | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 1,209,725 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Peninsula | Bank Credit Facility | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 662,750 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Peninsula | Senior Notes | 8.375% Senior Notes due 2018 | ||||||
For the year ending December 31, | ||||||
Outstanding principal | $ 350,000 |
Long-Term Debt (Schedule of Boy
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) - Bank Credit Facility - Boyd - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 1,209,725 | $ 1,387,425 |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 240,000 | 300,000 |
Initial Term Loan | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 183,275 | 221,375 |
Swing Loan | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 55,700 | 25,300 |
Incremental Term Loan | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 730,750 | $ 840,750 |
Long-Term Debt (Boyd Credit Agr
Long-Term Debt (Boyd Credit Agreement - Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 14, 2013 | |
Line of Credit Facility [Line Items] | ||||
Loss on early extinguishment of debt | $ 40,733,000 | $ 1,536,000 | $ 54,202,000 | |
Amortization of debt financing costs | $ 17,415,000 | 18,698,000 | $ 21,381,000 | |
Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Loss on early extinguishment of debt | 20,800,000 | |||
Maximum secured leverage ratio | 4.25 | |||
Debt Instrument, Annual Principal Payment | $ 21,500,000 | 21,500,000 | ||
Debt Instrument, Optional Annual Principal Payment | 126,600,000 | 61,000,000 | ||
Boyd | Amended Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 600,000,000 | |||
Revolving Credit Facility and Term Loan | Boyd | Amended Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Additional available borrowing capacity | 400,000,000 | |||
Revolving Credit Facility | Boyd | Amended Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Additional available borrowing capacity | 150,000,000 | |||
Swing Loan | Boyd | Amended Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum borrowing capacity | 100,000,000 | |||
Term Loan A | Boyd | Amended Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum borrowing capacity | 250,000,000 | |||
Amortization of debt financing costs | 0.0500 | |||
Term Loan B | Boyd | Amended Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 900,000,000 | |||
Amortization of debt financing costs | 0.0100 | |||
Letter of Credit | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | 7,100,000 | |||
Bank Credit Facility | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | 1,209,725,000 | 1,387,425,000 | ||
Remaining borrowing capacity | $ 297,200,000 | |||
Bank Credit Facility | Incremental Term Loan | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Fixed quarterly amortization of principal, percentage | 0.25% | |||
Amount outstanding | $ 730,750,000 | 840,750,000 | ||
Bank Credit Facility | Initial Term Loan | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Fixed quarterly amortization of principal, percentage | 1.25% | |||
Amount outstanding | $ 183,275,000 | 221,375,000 | ||
Bank Credit Facility | Revolving Credit Facility | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | 240,000,000 | 300,000,000 | ||
Bank Credit Facility | Swing Loan | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | $ 55,700,000 | $ 25,300,000 |
Long-Term Debt (Maximum Total L
Long-Term Debt (Maximum Total Leverage Ratio) (Details) - Boyd | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |
Minimum consolidated interest coverage ratio required | 1.75 |
Four Fiscal Quarters Ended March 31, 2016 through December 31, 2016 | |
Line of Credit Facility [Line Items] | |
Maximum total leverage ratio | 8.25 |
Four Fiscal Quarters Ended March 31, 2017 through December 31, 2017 | |
Line of Credit Facility [Line Items] | |
Maximum total leverage ratio | 8 |
Four Fiscal Quarters Ended March 31, 2018 and Thereafter | |
Line of Credit Facility [Line Items] | |
Maximum total leverage ratio | 7.75 |
Long-Term Debt (Maximum Secured
Long-Term Debt (Maximum Secured Leverage Ratio) (Details) - Boyd | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 4.25 |
Four Fiscal Quarters Ending March 31, 2015 through December 31, 2016 | |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 4.75 |
Four Fiscal Quarters Ending March 31, 2017 through December 31, 2017 | |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 4.50 |
Four Fiscal Quarters Ended March 31, 2018 and Thereafter | |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 4.25 |
Long-Term Debt (Interest and Fe
Long-Term Debt (Interest and Fees - Narrative) (Details) - Boyd | 12 Months Ended |
Dec. 31, 2015 | |
Bank Credit Facility | Federal Funds Rate | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.50% |
Bank Credit Facility | Eurodollar | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% |
Revolving Credit Facility, Swing Loan and Term Loan A | LIBOR | Minimum | |
Line of Credit Facility [Line Items] | |
Applicable margin | 2.00% |
Revolving Credit Facility, Swing Loan and Term Loan A | LIBOR | Maximum | |
Line of Credit Facility [Line Items] | |
Applicable margin | 3.00% |
Revolving Credit Facility, Swing Loan and Term Loan A | Base Rate | Minimum | |
Line of Credit Facility [Line Items] | |
Applicable margin | 1.00% |
Revolving Credit Facility, Swing Loan and Term Loan A | Base Rate | Maximum | |
Line of Credit Facility [Line Items] | |
Applicable margin | 2.00% |
Revolving Credit Facility | Bank Credit Facility | Minimum | |
Line of Credit Facility [Line Items] | |
Commitment fee percentage on unused portion of credit facility | 0.25% |
Revolving Credit Facility | Bank Credit Facility | Maximum | |
Line of Credit Facility [Line Items] | |
Commitment fee percentage on unused portion of credit facility | 0.50% |
Term Loan B | Base Rate | |
Line of Credit Facility [Line Items] | |
Applicable margin | 2.00% |
Term Loan B | Eurodollar | Minimum | |
Line of Credit Facility [Line Items] | |
Applicable margin | 1.00% |
Term Loan B | Eurodollar | Maximum | |
Line of Credit Facility [Line Items] | |
Applicable margin | 3.00% |
Long-Term Debt (Boyd Senior and
Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details) $ in Thousands | May. 22, 2015USD ($) | Jun. 08, 2012USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 06, 2015USD ($) | May. 21, 2015 | Nov. 10, 2010 |
For the year ending December 31, | |||||||||
Outstanding principal | $ 3,322,475 | ||||||||
Interest | 35,337 | $ 33,985 | |||||||
Premium and Consent Fees Paid | (24,246) | 0 | $ 0 | ||||||
Payments of Debt Issuance Costs | 14,004 | 288 | 44,752 | ||||||
Gain Loss on Early Retirements of Debt | (40,733) | (1,536) | (54,202) | ||||||
Boyd | |||||||||
For the year ending December 31, | |||||||||
Outstanding principal | 2,309,725 | 2,389,165 | |||||||
Premium and Consent Fees Paid | (24,246) | 0 | 0 | ||||||
Payments of Debt Issuance Costs | 14,004 | 83 | $ 24,349 | ||||||
Subsidiaries, Ownership Percentage | 100.00% | 100.00% | |||||||
Gain Loss on Early Retirements of Debt | $ (30,829) | 0 | $ (25,001) | ||||||
Boyd | Senior Notes | 9.125% Senior Notes Due 2018 | |||||||||
For the year ending December 31, | |||||||||
Outstanding principal | $ 500,000 | ||||||||
Debt instrument, stated interest rate | 9.13% | 9.125% | |||||||
Premium and Consent Fees Paid | $ 24,000 | ||||||||
Write off of Deferred Debt Issuance Cost | $ 4,900 | ||||||||
Debt instrument, redemption price, percentage | 104.563% | ||||||||
Boyd | Senior Notes | 9.00% senior notes due 2020 | |||||||||
For the year ending December 31, | |||||||||
Outstanding principal | $ 350,000 | ||||||||
Face amount | $ 350,000 | ||||||||
Debt instrument, stated interest rate | 9.00% | 9.00% | 9.00% | ||||||
Conditional repurchase price, % of principal | 101.00% | ||||||||
Boyd | Senior Notes | 9.00% senior notes due 2020 | Prior to July 1, 2016 | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, redemption price, percentage | 100.00% | ||||||||
Boyd | Senior Notes | 9.00% senior notes due 2020 | After July 1, 2016 and Prior to 2018 | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, redemption price, percentage | 104.50% | ||||||||
Boyd | Senior Notes | 9.00% senior notes due 2020 | During 2018 and Thereafter | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, redemption price, percentage | 100.00% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, stated interest rate | 6.875% | 6.875% | |||||||
Payments of Debt Issuance Costs | $ 14,000 | ||||||||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | Prior to May 15, 2018 [Member] | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, redemption price, percentage | 100.00% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | After May 15, 2018 and Prior to 2021 [Member] | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, redemption price, percentage | 105.156% | ||||||||
Boyd | Senior Subordinated Notes | 6.75% Senior Subordinated Notes Due 2014 | |||||||||
For the year ending December 31, | |||||||||
Outstanding principal | $ 157,800 | ||||||||
Interest | $ 5,800 | ||||||||
Gain Loss on Early Retirements of Debt | $ 7,900 | ||||||||
Boyd | Senior Secured Notes | |||||||||
For the year ending December 31, | |||||||||
Minimum required coverage ratio | 2 |
Long-Term Debt (Other Boyd Note
Long-Term Debt (Other Boyd Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 06, 2015 | Nov. 20, 2012 | |
For the year ending December 31, | |||||
Outstanding principal | $ 3,322,475 | ||||
Unamortized discount | 2,702 | $ 15,332 | |||
Interest | 35,337 | 33,985 | |||
Gain Loss on Early Retirements of Debt | (40,733) | (1,536) | $ (54,202) | ||
Peninsula Gaming | Promissory Note | |||||
For the year ending December 31, | |||||
Interest rate for period up to one year after issue date | 0.00% | ||||
Interest rate, from one year up to two years after issue date | 6.00% | ||||
Interest rate, from two years up to three years after issue date | 8.00% | ||||
Interest rate, from and after three years after issue date | 10.00% | ||||
Boyd | |||||
For the year ending December 31, | |||||
Outstanding principal | 2,309,725 | 2,389,165 | |||
Unamortized discount | 2,702 | 15,332 | |||
Gain Loss on Early Retirements of Debt | (30,829) | 0 | $ (25,001) | ||
Holdco Note | Boyd | Other | |||||
For the year ending December 31, | |||||
Interest added to principal | 6,100 | $ 8,700 | |||
6.75% senior subordinated notes due 2014 | Boyd | Senior Subordinated Notes | |||||
For the year ending December 31, | |||||
Outstanding principal | $ 157,800 | ||||
Interest | $ 5,800 | ||||
Gain Loss on Early Retirements of Debt | 7,900 | ||||
Fair Value, Inputs, Level 3 [Member] | Holdco Note | Boyd | Fixed Rate Debt | |||||
For the year ending December 31, | |||||
Outstanding principal | $ 143,000 |
Long-Term Debt (Peninsula Bank
Long-Term Debt (Peninsula Bank Credit Facility Narrative) (Details) | May. 01, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 14, 2012USD ($) | Dec. 03, 2010USD ($) |
For the year ending December 31, | ||||||
Amortization of debt financing costs | $ 17,415,000 | $ 18,698,000 | $ 21,381,000 | |||
Peninsula | ||||||
For the year ending December 31, | ||||||
Debt financing, maximum borrowing capacity | $ 875,000,000 | |||||
Prepayment fee, percentage | 1.00% | |||||
Fixed quarterly amortization of principal, percentage | 0.25% | |||||
Debt Instrument, Annual Principal Payment | 8,300,000 | |||||
Debt Instrument, Optional Annual Principal Payment | 78,000,000 | 42,500,000 | ||||
Peninsula | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Amount outstanding | 662,750,000 | 742,400,000 | ||||
Remaining borrowing capacity | 30,000,000 | |||||
Commitment fee percentage on unused portion of credit facility | 0.50% | |||||
Line of Credit Facility, Maximum Allowed Distributions | 20,000,000 | |||||
Minimum consolidated interest coverage ratio required | 2 | |||||
Covenant, maximum annual capital expenditures | 20,000,000 | |||||
Deferred finance costs | $ 8,200,000 | $ 33,800,000 | ||||
Debt Related Commitment Fees and Debt Issuance Costs | 2,000,000 | |||||
Amortization of debt financing costs | 2,100,000 | 1,500,000 | $ 1,300,000 | |||
Peninsula | Bank Credit Facility | Term Loan | ||||||
For the year ending December 31, | ||||||
Debt financing, maximum borrowing capacity | 825,000,000 | |||||
Prepayment fee, percentage | 1.00% | |||||
Debt Instrument, Amendment Fee, Percentage | 1.00% | |||||
Amount outstanding | 647,750,000 | 734,000,000 | ||||
Peninsula | Bank Credit Facility | Revolver | ||||||
For the year ending December 31, | ||||||
Debt financing, maximum borrowing capacity | 50,000,000 | |||||
Amount outstanding | 9,000,000 | 2,000,000 | ||||
Peninsula | Bank Credit Facility | Swing Loan | ||||||
For the year ending December 31, | ||||||
Debt financing, maximum borrowing capacity | $ 15,000,000 | |||||
Amount outstanding | 6,000,000 | $ 6,400,000 | ||||
Peninsula | Letter of Credit | ||||||
For the year ending December 31, | ||||||
Amount outstanding | $ 5,000,000 | |||||
Eurodollar Rate | Peninsula | Bank Credit Facility | Term Loan | ||||||
For the year ending December 31, | ||||||
Applicable margin | 3.25% | |||||
Debt instrument, reference rate, minimum | 1.00% | |||||
Eurodollar Rate | Peninsula | Bank Credit Facility | Revolver | ||||||
For the year ending December 31, | ||||||
Applicable margin | 4.00% | |||||
Base Rate | Peninsula | Bank Credit Facility | Term Loan | ||||||
For the year ending December 31, | ||||||
Applicable margin | 2.25% | |||||
Base Rate | Peninsula | Bank Credit Facility | Revolver | ||||||
For the year ending December 31, | ||||||
Applicable margin | 3.00% | |||||
Federal Funds Rate | Base Rate | Peninsula | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Interest rate, basis spread on fixed portion of reference rate | 0.50% | |||||
One-month Eurodollar | Base Rate | Peninsula | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Interest rate, basis spread on fixed portion of reference rate | 1.00% | |||||
Trailing Four Quarters Ending March 31, 2016 Through June 30, 2016 | Peninsula | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Maximum consolidated leverage ratio allowed | 6 | |||||
Trailing Four Quarters Ending September 30, 2016 Through December 31, 2016 | Peninsula | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Maximum consolidated leverage ratio allowed | 5.75 | |||||
Trailing Four Quarters Ending March 31, 2017 Through June 30, 2017 | Peninsula | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Maximum consolidated leverage ratio allowed | 5.50 | |||||
Trailing Four Quarters Ending September 30, 2017 and Thereafter | Peninsula | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Maximum consolidated leverage ratio allowed | 5.25 |
Long-Term Debt (Peninsula Senio
Long-Term Debt (Peninsula Senior Notes Narrative) (Details) - USD ($) | Aug. 16, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
For the year ending December 31, | ||||
Amortization of debt financing costs | $ 17,415,000 | $ 18,698,000 | $ 21,381,000 | |
Payments of Debt Issuance Costs | 14,004,000 | 288,000 | 44,752,000 | |
Peninsula | Bank Credit Facility | ||||
For the year ending December 31, | ||||
Amount outstanding | 662,750,000 | 742,400,000 | ||
Amortization of debt financing costs | $ 2,100,000 | $ 1,500,000 | $ 1,300,000 | |
Peninsula | Senior Notes | 8.375% Senior Notes due 2018 | ||||
For the year ending December 31, | ||||
Face amount | $ 350,000,000 | |||
Debt instrument, stated interest rate | 8.375% | 8.375% | 8.38% | |
Conditional repurchase price, % of principal | 101.00% | |||
Debt instrument, redemption price, percentage | 104.188% | |||
Payments of Debt Issuance Costs | $ 14,200,000 | |||
Prior to August 15, 2014 | Peninsula | Senior Notes | 8.375% Senior Notes due 2018 | ||||
For the year ending December 31, | ||||
Redemption price, % of principal, subject to make-whole premium | 100.00% | |||
During 2016 and Thereafter | Peninsula | Senior Notes | 8.375% Senior Notes due 2018 | ||||
For the year ending December 31, | ||||
Debt instrument, redemption price, percentage | 101.00% |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
For the year ending December 31, | ||
2,015 | $ 29,750 | |
2,016 | 676,000 | |
2,017 | 812,975 | |
2,018 | 9,000 | |
2,019 | 1,044,750 | |
Thereafter | 750,000 | |
Total outstanding principal of long-term debt | 3,322,475 | |
Boyd | ||
For the year ending December 31, | ||
2,015 | 21,500 | |
2,016 | 21,500 | |
2,017 | 462,975 | |
2,018 | 9,000 | |
2,019 | 1,044,750 | |
Thereafter | 750,000 | |
Total outstanding principal of long-term debt | 2,309,725 | $ 2,389,165 |
Peninsula | ||
For the year ending December 31, | ||
2,015 | 8,250 | |
2,016 | 654,500 | |
2,017 | 350,000 | |
2,018 | 0 | |
2,019 | 0 | |
Thereafter | 0 | |
Total outstanding principal of long-term debt | 1,012,750 | $ 1,092,403 |
Bank Credit Facility | Boyd | ||
For the year ending December 31, | ||
Remaining borrowing capacity | 297,200 | |
Bank Credit Facility | Peninsula | ||
For the year ending December 31, | ||
Remaining borrowing capacity | $ 30,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Mar. 31, 2015 | Aug. 14, 2013 | Jan. 31, 2010 |
Income Taxes [Line Items] | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 1.1 | $ 2.4 | $ 4.2 | |
Equity method investment, ownership percentage | 50.00% | |||
Borgata | ||||
Income Taxes [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Potential equity impact of deferred taxes | $ 14,900 | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | $ 0 | |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate | $ 19,700 | ||
Deferred Tax Assets and Liabilities [Abstract] | |||
Current deferred tax liability | 0 | 3,087 | |
Non-current deferred tax liability | 162,189 | 142,263 | |
Current deferred tax asset | 0 | (117) | |
Net deferred tax liability | 162,189 | 145,233 | |
Deferred tax assets | |||
Federal net operating loss carryforwards | 308,738 | 312,113 | |
State net operating loss carryforwards | 47,711 | 41,395 | |
Share-based compensation | 32,524 | 35,122 | |
Other | 43,936 | 42,554 | |
Gross deferred tax assets | 432,909 | 431,184 | |
Valuation allowance | (247,761) | (261,962) | |
Deferred tax assets, net of valuation allowance | 185,148 | 169,222 | |
Deferred tax liabilities | |||
Difference between book and tax basis of intangible assets | 216,655 | 202,089 | |
Difference between book and tax basis of property | 105,732 | 86,280 | |
State tax liability, net of federal benefit | 13,428 | 11,980 | |
Other | 11,522 | 14,106 | |
Gross deferred tax liabilities | 347,337 | 314,455 | |
State and Local Jurisdiction | |||
Deferred tax assets | |||
Federal net operating loss carryforwards | 653,500 | ||
All years [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 27,700 | ||
Alternative Minimum Tax Credit Carryforward [Member] | Internal Revenue Service (IRS) | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | $ 1,100 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance on Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Federal net operating loss carryforwards | $ 308,738 | $ 312,113 |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Total net operating losses | 912,700 | |
Operating loss carryforwards, valuation allowance | 200,500 | |
Internal Revenue Service (IRS) | General Business Tax Credit Carryforward | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 10,700 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal net operating loss carryforwards | 653,500 | |
Operating loss carryforwards, valuation allowance | $ 47,300 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred | |||
Federal | $ (10,033) | $ (1,896) | $ 5,666 |
State | 807 | 2,496 | (2,684) |
Deferred income taxes | (9,226) | 600 | 2,982 |
Provision (benefit) for income taxes from discontinued operations | 0 | 0 | 5,884 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
State | 2,052 | (289) | 368 |
Federal | 0 | 442 | 0 |
Total current taxes provision (benefit) | 2,052 | 153 | 368 |
Provision (benefit) for income taxes from continuing and discontinued operations | $ (7,174) | $ 753 | $ 9,234 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Tax at federal statutory rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Uncertain Tax Benefits | (43.30%) | 0.00% | 0.00% |
Company provided benefits | 7.10% | (5.40%) | 2.00% |
Accrued interest on uncertain tax benefits | 0.00% | 12.90% | (9.40%) |
Valuation allowance for deferred tax assets | (11.10%) | (38.70%) | (35.10%) |
Effective Income Tax Rate Reconciliation, Company Provided Benefits | 15.50% | (4.10%) | 0.10% |
Compensation-based credits | (15.00%) | (3.00%) | 3.70% |
Effective Income Tax Rate Reconciliation, Compensation-based credits | (6.20%) | 3.80% | 1.40% |
Other, net | 0.10% | (2.40%) | (0.60%) |
Effective tax rate | (17.90%) | (1.90%) | (2.90%) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Aug. 14, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 1,100 | $ 2,400 | $ 4,200 | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Unrecognized tax benefit, beginning of year | $ 30,198 | $ 37,059 | $ 38,423 | |||
Tax positions related to current year | 0 | 487 | 562 | |||
Tax positions related to prior years | 0 | 0 | 138 | |||
Unrecognized Tax Benefits, Decrease Resulting from Deconsolidation | 0 | 6,221 | 0 | |||
Tax positions related to the Deconsolidation of Borgata | 27,716 | 30 | 2,064 | |||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | ||||
Settlement with taxing authorities | 0 | 0 | ||||
Unrecognized tax benefits | 2,482 | 30,198 | 37,059 | |||
Income tax penalties and interest expense | 100 | 6,500 | $ 1,100 | |||
Income tax penalties and interest accrued | 700 | 7,200 | ||||
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate | 19,700 | |||||
Internal Revenue Service (IRS) | ||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Unrecognized tax benefits that would impact effective tax rate | 2,500 | |||||
Current year [Member] | ||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 1,097 | |||||
Settlement with taxing authorities | 0 | |||||
All years [Member] | ||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Settlement with taxing authorities | $ (27,700) | |||||
Minimum | ||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Estimated decrease in recognized tax beneifts over next 12 months, minimum | $ 200 |
Commitments and Contingencies92
Commitments and Contingencies (Minimum Lease Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
2,015 | $ 40,924 | ||
2,016 | 44,264 | ||
2,017 | 17,218 | ||
2,018 | 15,325 | ||
2,019 | 13,492 | ||
Thereafter | 388,213 | ||
Lease obligations | 519,436 | ||
Selling, General and Administrative Expenses | |||
Operating Leased Assets [Line Items] | |||
Lease expense during the period | $ 29,000 | $ 36,600 | $ 38,600 |
Commitments and Contingencies93
Commitments and Contingencies (Future Minimum Sublease Rental Income) (Details) | Dec. 31, 2015USD ($) |
Sublease Rentals [Line Items] | |
2,013 | $ 1,507 |
2,014 | 1,370 |
2,015 | 1,144 |
2,016 | 634 |
2,017 | 78 |
Thereafter | 228 |
Rental income | $ 4,961 |
Commitments and Contingencies C
Commitments and Contingencies Contingent Payments (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Other Commitments [Line Items] | |
Payment to option holder, percentage of EBITDA | 1.00% |
Commitments and Contingencies P
Commitments and Contingencies PGL Commitments (Details) - USD ($) $ in Thousands | Dec. 20, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Sponsor Fees [Line Items] | ||||
Accrued liabilities | $ 249,518 | $ 239,266 | ||
Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Payment to option holder, term | 10 years | |||
Diamond Jo Dubuque | ||||
Sponsor Fees [Line Items] | ||||
Sponsor Fees | $ 3,000 | 2,800 | $ 3,000 | |
Sponsor Fee Percentage | 4.50% | |||
Diamond Jo Worth | ||||
Sponsor Fees [Line Items] | ||||
Sponsor Fees | $ 5,000 | 4,800 | $ 5,000 | |
Sponsor Fee Percentage | 5.76% | |||
Annual Donations for Education in Operating Area [Member] | Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Amount of other commitment | $ 1,500 | |||
Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Other Commitment, Time Period | 15 years | |||
Debt Issued by Counterparty | $ 19,700 | |||
Special Tax Assessment | 1,700 | |||
Accrued liabilities | 9,600 | 10,300 | ||
Mulvane Special Tax Assessment for Utilities, Discount [Member] | Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Accrued liabilities | 4,600 | 5,100 | ||
Additional Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Debt Issued by Counterparty | 5,000 | |||
Special Tax Assessment | 1,700 | |||
Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque | ||||
Sponsor Fees [Line Items] | ||||
Property Taxes, Minimum Agreed Taxable Value | 57,900 | |||
Other Commitment, Minimum Annual Payments | 1,900 | |||
Accrued Liabilities [Member] | Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque | ||||
Sponsor Fees [Line Items] | ||||
Other Commitment, Obligation | 1,900 | |||
Other Liabilities [Member] | Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque | ||||
Sponsor Fees [Line Items] | ||||
Other Commitment, Obligation | 14,400 | 14,700 | ||
Other Commitment, Discount on Obligation | $ 2,900 | $ 3,000 |
Commitments and Contingencies B
Commitments and Contingencies Boyd Commitments (Details) - USD ($) $ in Millions | 1 Months Ended | |
Sep. 30, 2011 | Dec. 31, 2015 | |
Development Agreement | ||
Other Commitments [Line Items] | ||
Purchase price | $ 24.5 | |
Minimum | ||
Other Commitments [Line Items] | ||
Obligation to fund certain pre-development costs, annual amount | $ 1 | |
Maximum | ||
Other Commitments [Line Items] | ||
Obligation to fund certain pre-development costs, annual amount | $ 2 |
Stockholders' Equity and Stoc97
Stockholders' Equity and Stock Incentive Plans (Share Repurchase Program) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock repurchase program, authorized amount | $ 100 |
Stock repurchase program, remaining authorized repurchase amount | $ 92.1 |
Stockholders' Equity and Stoc98
Stockholders' Equity and Stock Incentive Plans (Restricted Stock Units, Performance Stock Units and Career Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 19,264 | $ 18,476 | $ 18,891 | |
Non-Option Award Activity [Roll Forward] | ||||
Shares to be issued to settle PSUs | 1.67 | |||
Stock Issued During Period, Shares, Performance Stock Award Gross | 654,478 | |||
Stock Issued During Period, Shares, Performance Stock Award, Taxes | 177,274 | |||
Stock Issued During Period, Shares, Performance Stock Award, Net | 477,204 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 541,016 | 696,249 | 1,018,978 | |
Share-based compensation expense | $ 9,909 | $ 8,010 | $ 10,610 | |
Non-Option Award Activity [Roll Forward] | ||||
Outstanding, beginning of period | 2,534,496 | 2,534,496 | 2,755,799 | 2,371,147 |
Canceled | (40,800) | (201,660) | (46,131) | |
Vested / awarded | (713,886) | (715,892) | (588,195) | |
Outstanding, end of period | 2,320,826 | 2,534,496 | 2,755,799 | |
Granted, weighted average grant date fair value (in USD per share) | $ 19.05 | $ 11.63 | $ 10.03 | |
Total unrecognized share-based compensation costs related to unvested stock options | $ 0 | |||
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | 2 years 4 months 24 days | |||
Performance Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 240,156 | 694,294 | 0 | |
Share-based compensation expense | $ 5,135 | $ 6,537 | $ 3,678 | |
Non-Option Award Activity [Roll Forward] | ||||
Outstanding, beginning of period | 1,411,640 | 1,411,640 | 821,633 | 829,130 |
Granted | 380,000 | |||
Canceled | (2,677) | (104,287) | (7,497) | |
Vested / awarded | (663,945) | 0 | 0 | |
Outstanding, end of period | 1,249,480 | 1,411,640 | 821,633 | |
Granted, weighted average grant date fair value (in USD per share) | $ 16.75 | $ 11.01 | ||
Total unrecognized share-based compensation costs related to unvested stock options | $ 2,000 | |||
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | 2 years 4 months 24 days | |||
Shares to be issued to settle PSUs | 1,100,000 | |||
Evaluation of performance conditions, period | 3 years | |||
Awards if no conditions met, percentage | 0.00% | |||
Awards if only threshhold performance met, percentage | 50.00% | |||
Awards for target performance, percentage | 100.00% | |||
Awards for maximum performance, percentage (up to 200%) | 200.00% | |||
Award vesting period | 3 years | |||
Performance Shares Adjustment [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 264,306 | |||
Career Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 103,018 | 122,015 | 200,043 | |
Share-based compensation expense | $ 1,399 | $ 1,196 | $ 1,937 | |
Non-Option Award Activity [Roll Forward] | ||||
Outstanding, beginning of period | 896,585 | 896,585 | 894,307 | 702,826 |
Canceled | 0 | (85,765) | (125) | |
Vested / awarded | (31,028) | (33,972) | (8,437) | |
Outstanding, end of period | 968,575 | 896,585 | 894,307 | |
Granted, weighted average grant date fair value (in USD per share) | $ 12.51 | $ 11.31 | $ 6.78 | |
Total unrecognized share-based compensation costs related to unvested stock options | $ 1,100 | |||
Executive Officer | Career Shares | ||||
Non-Option Award Activity [Roll Forward] | ||||
Award eligibility, minimum age | 55 years | |||
Award requisite service period | 10 years | |||
Service period, Tranche 1 | 10 years | |||
Service period, Tranche 2 | 15 years | |||
Service period, Tranche 3 | 20 years |
Stockholders' Equity and Stoc99
Stockholders' Equity and Stock Incentive Plans (Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 17, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 16, 2012 |
Stock Options Activity [Roll Forward] | |||||
Outstanding, beginning of period | 7,169,668 | 9,143,910 | 10,826,004 | ||
Granted | 200,673 | 244,351 | 544,330 | ||
Canceled | (1,463,497) | (1,656,359) | (378,202) | ||
Exercised | (1,301,789) | (562,234) | (1,848,222) | ||
Outstanding, end of period | 4,605,055 | 7,169,668 | 9,143,910 | ||
Exercisable | 4,085,555 | 6,459,687 | |||
Stock Options Activity, Weighted Average Option Price [Roll Forward] | |||||
Outstanding, weighted average option price, beginning of period (in USD per share) | $ 25.73 | $ 26.62 | $ 23.98 | ||
Granted, weighted average option price (in USD per share) | 19.98 | 11.57 | 9.86 | ||
Canceled, weighted average option price (in USD per share) | 39.82 | 34.79 | 20.67 | ||
Exercised, weighted average option price (in USD per share) | 7.53 | 7.39 | 7.44 | ||
Outstanding, weighted average option price, end of period (in USD per share) | 26.14 | 25.73 | $ 26.62 | ||
Exercisable, weighted average option price (in USD per share) | $ 27.65 | $ 27.52 | |||
Additional Disclosures: | |||||
Outstanding, weighted average remaining term | 3 years 8 months 12 days | ||||
Exercisable, weighted average remaining term | 3 years 1 month 6 days | 3 years 4 months 24 days | |||
Outstanding, aggregate intrinsic value | $ 21,058 | ||||
Exercisable, aggregate intrinsic value | 18,145 | $ 12,662 | |||
Total intrinsic value of in-the-money options exercised during the period | 11,100 | 2,500 | $ 9,500 | ||
Total fair value of options vested in period | 1,900 | $ 2,300 | $ 3,000 | ||
Stock Options | |||||
Additional Disclosures: | |||||
Total unrecognized share-based compensation costs related to unvested stock options | $ 1,700 | ||||
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | 9 months 18 days | ||||
Stock Incentive Plan 2012 [Member] | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term of stock incentive plan | 10 years | ||||
Increase in number of common shares authorized under Stock Incentive Plan | 4,000,000 | ||||
Number of common shares authorized for issuance under Stock Incentive Plan | 21,000,000 | 17,000,000 | |||
Number of common shares available for grant under Stock Incentive Plan | 2,600,000 | ||||
Number of authorized and unissued common shares under Stock Incentive Plan | 11,800,000 | ||||
Award vesting period | 3 years |
Stockholders' Equity and Sto100
Stockholders' Equity and Stock Incentive Plans (Stock Options by Exercise Price Range) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Total intrinsic value of in-the-money options exercised during the period | $ 11.1 | $ 2.5 | $ 9.5 |
Options outstanding | 4,605,055 | ||
Options outstanding, weighted-average remaining contractual life | 3 years 8 months 23 days | ||
Options outstanding, weighted-average exercise price | $ 26.14 | ||
Options exercisable | 4,085,555 | ||
Options exercisable, weighted-average exercise price | $ 27.65 | ||
Range of exercise prices, low | 5.22 | ||
Range of exercise prices, high | $ 42.69 | ||
Total fair value of options vested in period | $ 1.9 | $ 2.3 | $ 3 |
$5.22-$6.70 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 599,049 | ||
Options outstanding, weighted-average remaining contractual life | 6 years 1 month 28 days | ||
Options outstanding, weighted-average exercise price | $ 5.88 | ||
Options exercisable | 599,049 | ||
Options exercisable, weighted-average exercise price | $ 5.88 | ||
Range of exercise prices, low | 5.22 | ||
Range of exercise prices, high | $ 6.70 | ||
7.55-8.34 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 553,204 | ||
Options outstanding, weighted-average remaining contractual life | 4 years 7 months 10 days | ||
Options outstanding, weighted-average exercise price | $ 8.16 | ||
Options exercisable | 553,204 | ||
Options exercisable, weighted-average exercise price | $ 8.16 | ||
Range of exercise prices, low | 7.55 | ||
Range of exercise prices, high | $ 8.34 | ||
9.86 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 416,778 | ||
Options outstanding, weighted-average remaining contractual life | 7 years 10 months 24 days | ||
Options outstanding, weighted-average exercise price | $ 9.86 | ||
Options exercisable | 260,848 | ||
Options exercisable, weighted-average exercise price | $ 9.86 | ||
Range of exercise prices, low | 9.86 | ||
Range of exercise prices, high | $ 9.86 | ||
11.57 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 244,351 | ||
Options outstanding, weighted-average remaining contractual life | 8 years 11 months 9 days | ||
Options outstanding, weighted-average exercise price | $ 11.57 | ||
Options exercisable | 81,454 | ||
Options exercisable, weighted-average exercise price | $ 11.57 | ||
Range of exercise prices, low | 11.57 | ||
Range of exercise prices, high | $ 11.57 | ||
19.98 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 200,673 | ||
Options outstanding, weighted-average remaining contractual life | 9 years 9 months 29 days | ||
Options outstanding, weighted-average exercise price | $ 19.98 | ||
Options exercisable | 0 | ||
Options exercisable, weighted-average exercise price | $ 0 | ||
Range of exercise prices, low | 19.98 | ||
Range of exercise prices, high | $ 19.98 | ||
33.31 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 25,000 | ||
Options outstanding, weighted-average remaining contractual life | 2 years 4 days | ||
Options outstanding, weighted-average exercise price | $ 33.31 | ||
Options exercisable | 25,000 | ||
Options exercisable, weighted-average exercise price | $ 33.31 | ||
Range of exercise prices, low | 33.31 | ||
Range of exercise prices, high | $ 33.31 | ||
38.11 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 380,000 | ||
Options outstanding, weighted-average remaining contractual life | 1 year 11 months 5 days | ||
Options outstanding, weighted-average exercise price | $ 38.11 | ||
Options exercisable | 380,000 | ||
Options exercisable, weighted-average exercise price | $ 38.11 | ||
Range of exercise prices, low | 38.11 | ||
Range of exercise prices, high | $ 38.11 | ||
39 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 1,195,500 | ||
Options outstanding, weighted-average remaining contractual life | 9 months 26 days | ||
Options outstanding, weighted-average exercise price | $ 39 | ||
Options exercisable | 1,195,500 | ||
Options exercisable, weighted-average exercise price | $ 39 | ||
Range of exercise prices, low | 39 | ||
Range of exercise prices, high | $ 39 | ||
39.78 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 965,500 | ||
Options outstanding, weighted-average remaining contractual life | 1 year 9 months 7 days | ||
Options outstanding, weighted-average exercise price | $ 39.78 | ||
Options exercisable | 965,500 | ||
Options exercisable, weighted-average exercise price | $ 39.78 | ||
Range of exercise prices, low | 39.78 | ||
Range of exercise prices, high | $ 39.78 | ||
42.69 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 25,000 | ||
Options outstanding, weighted-average remaining contractual life | 9 months 4 days | ||
Options outstanding, weighted-average exercise price | $ 42.69 | ||
Options exercisable | 25,000 | ||
Options exercisable, weighted-average exercise price | $ 42.69 | ||
Range of exercise prices, low | 42.69 | ||
Range of exercise prices, high | $ 42.69 |
Stockholders' Equity and Sto101
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) - USD ($) $ / shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Dividends Declared | $ 0 | $ 0 | $ 0 |
Share-based compensation expense | $ (19,264) | $ (18,476) | $ (18,891) |
Gaming | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (393) | (387) | (351) |
Food and beverage | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (75) | (74) | (67) |
Room | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (36) | (35) | (32) |
Selling, general and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (1,996) | (1,965) | (1,787) |
Corporate expense | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (16,764) | (16,207) | (16,654) |
Other Operating Income (Expense) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 0 | (192) | 0 |
Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (2,821) | (2,733) | (2,666) |
Restricted Stock Units (RSUs) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (9,909) | (8,010) | (10,610) |
Performance Stock Units (PSUs) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (5,135) | (6,537) | (3,678) |
Career Shares | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ (1,399) | $ (1,196) | $ (1,937) |
Noncontrolling Interest (Narrat
Noncontrolling Interest (Narrative) (Details) | Dec. 31, 2015 | Dec. 31, 2013 | Nov. 10, 2010 | Jan. 31, 2010 |
Noncontrolling Interest [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
LVE | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage by noncontrolling owners | 100.00% | |||
Parent Company [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Subsidiaries, Ownership Percentage | 100.00% | 100.00% | ||
Borgata | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage by noncontrolling owners | 50.00% | |||
Borgata | ||||
Noncontrolling Interest [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% |
Noncontrolling Interest (Change
Noncontrolling Interest (Changes in Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance, January 1, 2013 | $ 50 | $ 180,450 | $ 163,336 |
Capital contributions | 0 | 30 | 0 |
Attributable net income (loss) | 0 | 11,403 | (28,290) |
Comprehensive income | 0 | 0 | 0 |
Deconsolidation of Borgata on September 30, 2014 | (191,833) | 45,404 | |
Balance, December 31, 2015 | 50 | 50 | 180,450 |
Borgata | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance, January 1, 2013 | 0 | 180,430 | 208,277 |
Capital contributions | 0 | 0 | 0 |
Attributable net income (loss) | 0 | 11,403 | (27,847) |
Comprehensive income | 0 | 0 | 0 |
Deconsolidation of Borgata on September 30, 2014 | (191,833) | 0 | |
Balance, December 31, 2015 | 0 | 0 | 180,430 |
LVE | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance, January 1, 2013 | 0 | 0 | (44,961) |
Attributable net income (loss) | 0 | 0 | (443) |
Comprehensive income | 0 | 0 | 0 |
Deconsolidation of Borgata on September 30, 2014 | 0 | 45,404 | |
Balance, December 31, 2015 | 0 | 0 | 0 |
Other Member [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Beginning balance, January 1, 2013 | 50 | 20 | 20 |
Capital contributions | 0 | 30 | 0 |
Attributable net income (loss) | 0 | 0 | 0 |
Comprehensive income | 0 | 0 | 0 |
Deconsolidation of Borgata on September 30, 2014 | 0 | 0 | |
Balance, December 31, 2015 | 50 | 50 | 20 |
Noncontrolling Interest [Member] | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Capital contributions | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 20, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 16, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment available for sale | $ 17,400 | $ 18,000 | ||
Available-for-sale securities, current portion | 400 | 400 | ||
Fair Value, Discount Amount, Available for sales securities | $ 3,200 | 3,300 | ||
Payment to option holder, percentage of EBITDA | 1.00% | |||
Contingent consideration, liability for payments to option holder, current | $ 900 | |||
Contingent consideration, liability for payments to option holder, noncurrent | 2,700 | 2,900 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, gross | 21,400 | |||
Investment available for sale | $ 17,839 | 18,357 | ||
Debt security, interest rate | 7.50% | |||
Merger earnout | $ 75 | |||
Kansas Star | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Payment to option holder, percentage of EBITDA | 1.00% | |||
Senior Notes | 8.375% Senior Notes due 2018 | Peninsula | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument, stated interest rate | 8.375% | 8.38% | 8.375% |
Fair Value Measurements (Balanc
Fair Value Measurements (Balances Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Available-for-sale securities, current portion | $ 400 | $ 400 | ||
Assets | ||||
Cash and cash equivalents | 158,821 | 145,341 | $ 177,838 | $ 192,545 |
Restricted cash | 19,030 | 18,107 | ||
Investment available for sale | 17,400 | 18,000 | ||
Outstanding principal | 3,322,475 | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets | ||||
Outstanding principal | 3,481,568 | |||
Fair Value, Measurements, Recurring | ||||
Liabilities | ||||
Contingent payments | 3,632 | 3,792 | ||
Assets | ||||
Cash and cash equivalents | 158,821 | 145,341 | ||
Restricted cash | 19,030 | 18,107 | ||
Investment available for sale | 17,839 | 18,357 | ||
Merger earnout | 75 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||||
Liabilities | ||||
Contingent payments | 0 | 0 | ||
Assets | ||||
Cash and cash equivalents | 145,341 | |||
Cash and cash equivalents | 158,821 | |||
Restricted cash | 18,107 | |||
Investment available for sale | 0 | 0 | ||
Merger earnout | 0 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||||
Liabilities | ||||
Contingent payments | 0 | 0 | ||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Investment available for sale | 0 | 0 | ||
Merger earnout | 0 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities | ||||
Contingent payments | 3,632 | 3,792 | ||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Investment available for sale | 17,839 | 18,357 | ||
Merger earnout | 75 | |||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 2 | 2 | $ 0 | $ 2,520 |
Outstanding principal | 2,309,725 | 2,389,165 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 3,534,365 | |||
Estimate of Fair Value Measurement [Member] | Parent Company [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | 2,348,120 | 2,416,873 | ||
Holdco Note | Holdco Note | Parent Company [Member] | ||||
Assets | ||||
Outstanding principal | 151,740 | |||
Senior Notes | 9.00% senior notes due 2020 | Parent Company [Member] | ||||
Assets | ||||
Outstanding principal | 350,000 | |||
Senior Notes | 9.00% senior notes due 2020 | Parent Company [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets | ||||
Outstanding principal | $ 350,000 | |||
Senior Notes | 9.00% senior notes due 2020 | Estimate of Fair Value Measurement [Member] | Parent Company [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument | $ 359,625 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investment available for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, 2015 | $ 18,357 | $ 17,128 |
Deposits | 0 | |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 125 | 119 |
Included in other comprehensive income (loss) | (263) | 1,465 |
Purchases, sales, issuances and settlements: | ||
Settlements | (380) | |
Ending balance at December 31, 2015 | 17,839 | 18,357 |
Purchases, sales, issuances and settlements: | ||
Settlements | (355) | |
Fair Value, Liabilities Measured on Recurring Basis, Deconsolidation of Subsidiary | 0 | |
Investment Available for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, 2015 | 0 | 4,613 |
Deposits | 0 | 5,481 |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | (1,798) | |
Included in other comprehensive income (loss) | 0 | |
Purchases, sales, issuances and settlements: | ||
Ending balance at December 31, 2015 | 0 | |
Purchases, sales, issuances and settlements: | ||
Settlements | (259) | |
Fair Value, Liabilities Measured on Recurring Basis, Deconsolidation of Subsidiary | (8,037) | |
Earnout on Excess of EBITDA in 2015 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Deposits | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, 2015 | (75) | (1,125) |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 1,050 | |
Included in other comprehensive income (loss) | 0 | |
Purchases, sales, issuances and settlements: | ||
Settlements | 0 | |
Ending balance at December 31, 2015 | (75) | |
Fair Value, Liabilities Measured on Recurring Basis, Deconsolidation of Subsidiary | 0 | |
Merger Earnout | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Deposits | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, 2015 | (75) | |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 75 | |
Included in other comprehensive income (loss) | 0 | |
Purchases, sales, issuances and settlements: | ||
Settlements | 0 | |
Ending balance at December 31, 2015 | 0 | (75) |
Contingent Payments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Deposits | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, 2015 | (3,792) | (4,343) |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | (723) | (274) |
Included in other comprehensive income (loss) | 0 | 0 |
Purchases, sales, issuances and settlements: | ||
Settlements | (883) | (825) |
Ending balance at December 31, 2015 | (3,632) | (3,792) |
Fair Value, Liabilities Measured on Recurring Basis, Deconsolidation of Subsidiary | 0 | |
Included in interest income | Investment available for sale | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 125 | 119 |
Included in interest income | Investment Available for Sale | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Included in interest income | Earnout on Excess of EBITDA in 2015 | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Included in interest income | Merger Earnout | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Included in interest income | Contingent Payments | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | 0 |
Included in interest expense | Investment available for sale | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | 0 |
Included in interest expense | Investment Available for Sale | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Included in interest expense | Earnout on Excess of EBITDA in 2015 | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Included in interest expense | Merger Earnout | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Included in interest expense | Contingent Payments | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 60 | |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | (627) | $ (734) |
Non-operating income | Investment available for sale | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Non-operating income | Merger Earnout | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 0 | |
Non-operating income | Contingent Payments | ||
Total gains (losses) (realized or unrealized): | ||
Included in earnings | $ (96) |
Fair Value Measurements (Valuat
Fair Value Measurements (Valuation Techniques) (Details) - Discount Rate [Member] - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 3 [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Contingent Payments | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 18.50% |
Available-for-sale Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 10.00% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Balance Sheet Grouping) (Details) - Parent Company [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities | ||
Obligation under assessment arrangements | $ 35,126 | $ 36,749 |
Other financial instruments | 200 | 300 |
Carrying Value | ||
Liabilities | ||
Obligation under assessment arrangements | 27,660 | 28,612 |
Other financial instruments | 186 | 268 |
Estimated Fair Value | ||
Liabilities | ||
Obligation under assessment arrangements | 28,381 | 29,529 |
Other financial instruments | $ 186 | $ 268 |
Fair Value Measurements (Fai109
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | May. 21, 2015 | Dec. 31, 2014 | Aug. 16, 2012 | Nov. 10, 2010 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | $ 3,322,475 | ||||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | $ 3,481,568 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 3,404,851 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | 3,534,365 | ||||
Parent Company [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 2,309,725 | 2,389,165 | |||
Long-term debt | 2,277,299 | 2,344,983 | |||
Parent Company [Member] | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 2,277,299 | 2,344,983 | |||
Parent Company [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | 2,348,120 | 2,416,873 | |||
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 1,387,425 | ||||
Long-term debt | 1,197,277 | 1,369,176 | |||
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 1,209,725 | ||||
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 1,197,277 | 1,369,176 | |||
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | 1,202,870 | $ 1,395,595 | |||
Parent Company [Member] | 9.125% Senior Notes Due 2018 | Senior Notes | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, stated interest rate | 9.13% | 9.125% | |||
Outstanding principal | $ 500,000 | ||||
Long-term debt | 487,765 | ||||
Parent Company [Member] | 9.125% Senior Notes Due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 342,956 | 487,765 | |||
Parent Company [Member] | 9.125% Senior Notes Due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | $ 372,750 | 517,500 | |||
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, stated interest rate | 6.875% | 6.875% | |||
Long-term debt | $ 737,066 | ||||
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 750,000 | ||||
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 737,066 | ||||
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | 772,500 | ||||
Parent Company [Member] | Holdco Note | Senior Subordinated Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 139,968 | ||||
Parent Company [Member] | Holdco Note | Senior Subordinated Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | 144,153 | ||||
Parent Company [Member] | Holdco Note | Fixed Rate Debt | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 143,000 | ||||
Consolidated, Excluding Borgata | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 3,322,475 | 3,481,568 | |||
Long-term debt | 3,269,549 | 3,404,851 | |||
Consolidated, Excluding Borgata | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 3,269,549 | ||||
Consolidated, Excluding Borgata | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | 3,366,251 | ||||
Peninsula | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 1,012,750 | 1,092,403 | |||
Long-term debt | 992,250 | 1,059,868 | |||
Peninsula | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 992,250 | 1,059,868 | |||
Peninsula | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | 1,018,131 | 1,117,492 | |||
Peninsula | Other | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 3 | ||||
Long-term debt | 3 | ||||
Peninsula | Bank Credit Facility | Bank Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 742,400 | ||||
Long-term debt | 648,607 | 718,807 | |||
Peninsula | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 662,750 | ||||
Peninsula | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 648,607 | 718,807 | |||
Peninsula | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | $ 661,131 | 754,364 | |||
Peninsula | Other | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | $ 3 | ||||
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, stated interest rate | 8.375% | 8.38% | 8.375% | ||
Outstanding principal | $ 350,000 | ||||
Long-term debt | $ 343,643 | 341,058 | |||
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Outstanding principal | 350,000 | ||||
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt | 343,643 | 341,058 | |||
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument | $ 357,000 | $ 363,125 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions based on wages paid to covered employees | $ 1.4 | $ 7.1 | $ 8.8 |
Voluntary contributions to the 401(k) profit-sharing plans and trusts | $ 3.3 | $ 5.1 | $ 5.5 |
Segment Information (Certain Se
Segment Information (Certain Segment Operating Data and Other) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | |||||||||||
Net Revenues | $ 542,674 | $ 546,313 | $ 559,867 | $ 550,578 | $ 531,593 | $ 738,843 | $ 722,534 | $ 708,349 | $ 2,199,432 | $ 2,701,319 | $ 2,894,438 |
Corporate expense | 76,941 | 75,626 | 63,249 | ||||||||
Depreciation and amortization | 207,118 | 251,044 | 278,413 | ||||||||
Project development, preopening and writedowns | 14,390 | 14,608 | |||||||||
Share-based compensation expense | 19,264 | 18,476 | 18,891 | ||||||||
Impairments of assets | 18,565 | 60,780 | 10,383 | ||||||||
Other operating charges, net | 907 | (2,124) | 5,998 | ||||||||
Our share of Borgata's other operating costs and expenses | 0 | ||||||||||
Operating Income (Loss) | $ 62,353 | $ 100,530 | $ 98,182 | $ 83,558 | 22,247 | $ 73,774 | $ 86,979 | $ 68,516 | $ 344,623 | 251,516 | 278,301 |
Number of reportable segments | segment | 5 | ||||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | |||||||||||
Total Reportable Segment Adjusted EBITDA (2) | $ 629,486 | 605,280 | 610,425 | ||||||||
Corporate expense | (60,177) | (59,420) | (46,594) | ||||||||
Reportable Segment Adjusted EBITDA | 689,663 | 664,700 | 657,019 | ||||||||
Deferred rent | 3,428 | 3,618 | 3,831 | ||||||||
Depreciation and amortization | 207,118 | 251,044 | 278,413 | ||||||||
Project development, preopening and writedowns | 6,907 | 14,390 | 14,608 | ||||||||
Share-based compensation expense | 19,264 | 18,666 | 18,891 | ||||||||
Impairments of assets | 18,565 | 60,780 | 10,383 | ||||||||
Other operating charges, net | 907 | (2,124) | 5,998 | ||||||||
Our share of Borgata's other operating costs and expenses | 28,674 | 7,390 | |||||||||
Total other operating costs and expenses | 284,863 | 353,764 | 332,124 | ||||||||
Operating Income (Loss) | 344,623 | 251,516 | 278,301 | ||||||||
Las Vegas Locals | |||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | |||||||||||
Net Revenues | 610,107 | 592,652 | 591,447 | ||||||||
Total Reportable Segment Adjusted EBITDA (2) | 157,312 | 144,397 | 137,501 | ||||||||
Downtown Las Vegas | |||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | |||||||||||
Net Revenues | 234,191 | 224,275 | 222,715 | ||||||||
Total Reportable Segment Adjusted EBITDA (2) | 49,314 | 37,309 | 35,036 | ||||||||
Midwest and South | |||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | |||||||||||
Net Revenues | 852,288 | 831,477 | 864,247 | ||||||||
Total Reportable Segment Adjusted EBITDA (2) | 196,822 | 169,977 | 179,976 | ||||||||
Peninsula | |||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | |||||||||||
Net Revenues | 502,846 | 493,851 | 520,329 | ||||||||
Total Reportable Segment Adjusted EBITDA (2) | 184,120 | 175,081 | 185,269 | ||||||||
Borgata (1) | |||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | |||||||||||
Net Revenues | 0 | 559,064 | 695,700 | ||||||||
Total Reportable Segment Adjusted EBITDA (2) | $ 102,095 | $ 137,936 | $ 119,237 | ||||||||
Borgata | |||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | |||||||||||
Ownership percentage by noncontrolling owners | 50.00% | 50.00% | |||||||||
Net Revenues | 179,147 | $ 804,166 | |||||||||
Impairments of assets | 12,100 | ||||||||||
Operating Income (Loss) | $ 21,251 | $ 146,842 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 4,350,900 | $ 4,422,384 |
Reportable Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,928,125 | 4,021,793 |
Las Vegas Locals | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,155,224 | 1,164,115 |
Downtown Las Vegas | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 138,159 | 128,682 |
Midwest and South | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,263,751 | 1,302,002 |
Peninsula | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,370,991 | 1,426,994 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 422,775 | $ 400,591 |
Segment Information (Reconci113
Segment Information (Reconciliation of Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | $ 128,305 | $ 133,436 | $ 137,607 |
Change in Accrued Property Additions | 2,865 | 15,938 | 6,913 |
Cash-Based Capital Expenditures | 131,170 | 149,374 | 144,520 |
Las Vegas Locals | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 41,772 | 31,653 | 30,861 |
Downtown Las Vegas | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 13,000 | 9,917 | 5,505 |
Midwest and South | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 42,130 | 55,273 | 39,589 |
Peninsula | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 18,757 | 33,756 | 27,094 |
Borgata (1) | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 0 | 11,623 | 22,357 |
Reportable Segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 115,659 | 142,222 | 125,406 |
Corporate | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 12,646 | (8,786) | 12,173 |
Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | $ 0 | $ 0 | $ 28 |
Selected Quarterly Financial114
Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Stock options exercised, shares | 18,975,000 | 18,975,000 | |||||||||
Net Revenues | $ 542,674 | $ 546,313 | $ 559,867 | $ 550,578 | $ 531,593 | $ 738,843 | $ 722,534 | $ 708,349 | $ 2,199,432 | $ 2,701,319 | $ 2,894,438 |
Operating Income (Loss) | 62,353 | 100,530 | 98,182 | 83,558 | 22,247 | 73,774 | 86,979 | 68,516 | 344,623 | 251,516 | 278,301 |
Net Income (Loss) Attributable to Parent | $ (6,869) | $ 25,425 | $ (6,425) | $ 35,103 | $ (32,423) | $ (15,105) | $ 669 | $ (6,182) | $ 47,234 | $ (53,041) | $ (80,264) |
Basic net income (loss) per common share | $ (0.06) | $ 0.23 | $ (0.06) | $ 0.31 | $ (0.29) | $ (0.14) | $ 0.01 | $ (0.06) | $ 0.42 | $ (0.48) | $ (0.83) |
Diluted net income (loss) per common share | $ (0.06) | $ 0.22 | $ (0.06) | $ 0.31 | $ (0.29) | $ (0.14) | $ 0.01 | $ (0.06) | $ 0.42 | $ (0.48) | $ (0.83) |
Condensed Consolidating Fina115
Condensed Consolidating Financial Information (Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 158,821 | $ 145,341 | $ 177,838 | $ 192,545 | |
Other current assets | 98,411 | 96,609 | |||
Property and equipment, net | 2,225,342 | 2,286,108 | |||
Investments in subsidiaries | 244,621 | $ 221,400 | 222,717 | ||
Intercompany receivable | 0 | 0 | |||
Other assets, net | 48,341 | 52,050 | |||
Assets | |||||
Intangible assets, net | 890,054 | 934,249 | 1,070,660 | 1,119,638 | |
Goodwill, net | 685,310 | 685,310 | |||
Assets | 4,350,900 | 4,422,384 | |||
Liabilities and Stockholders’ Equity | |||||
Current maturities of long-term debt | 29,750 | 29,753 | |||
Current liabilities | 325,321 | 327,442 | |||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | |||
Intercompany payable | 0 | 0 | |||
Long-term debt, net of current maturities and debt issuance costs | 3,239,799 | 3,375,098 | |||
Other long-term liabilities | 248,019 | 252,004 | |||
Preferred stock | 0 | 0 | |||
Common stock | 1,117 | 1,093 | |||
Additional paid-in capital | 945,041 | 922,112 | |||
Retained earnings (deficit) | (437,881) | (485,115) | |||
Accumulated other comprehensive income (loss) | (316) | (53) | |||
Total Boyd Gaming Corporation stockholders’ equity | 507,961 | 438,037 | |||
Noncontrolling interest | 50 | 50 | 180,450 | 163,336 | |
Total stockholders’ equity | 508,011 | 438,087 | 650,437 | 467,127 | |
Total liabilities and stockholders’ equity | 4,350,900 | 4,422,384 | |||
Boyd | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 2 | 2 | 0 | 2,520 | |
Other current assets | 14,602 | 10,234 | |||
Property and equipment, net | 68,515 | 65,365 | |||
Investments in subsidiaries | 3,547,690 | 3,345,735 | |||
Intercompany receivable | 0 | 0 | |||
Other assets, net | 12,521 | 12,595 | |||
Assets | |||||
Intangible assets, net | 0 | 0 | |||
Goodwill, net | 0 | 0 | |||
Assets | 3,643,330 | 3,433,931 | |||
Liabilities and Stockholders’ Equity | |||||
Current maturities of long-term debt | 21,500 | 21,500 | |||
Current liabilities | 102,946 | 82,711 | |||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | |||
Intercompany payable | 720,400 | 668,310 | |||
Long-term debt, net of current maturities and debt issuance costs | 2,255,800 | 2,183,485 | |||
Other long-term liabilities | 34,723 | 39,888 | |||
Common stock | 1,117 | 1,093 | |||
Additional paid-in capital | 945,041 | 922,112 | |||
Retained earnings (deficit) | (437,881) | (485,115) | |||
Accumulated other comprehensive income (loss) | (316) | (53) | |||
Total Boyd Gaming Corporation stockholders’ equity | 507,961 | 438,037 | |||
Noncontrolling interest | 0 | 0 | |||
Total stockholders’ equity | 507,961 | 438,037 | |||
Total liabilities and stockholders’ equity | 3,643,330 | 3,433,931 | |||
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 124,426 | 111,452 | 106,445 | 118,714 | |
Other current assets | 61,157 | 69,012 | |||
Property and equipment, net | 1,745,203 | 1,775,486 | |||
Investments in subsidiaries | 138,116 | 150,694 | |||
Intercompany receivable | 1,867,783 | 1,637,101 | |||
Other assets, net | 8,982 | 9,149 | |||
Assets | |||||
Intangible assets, net | 406,540 | 425,083 | |||
Goodwill, net | 212,794 | 212,794 | |||
Assets | 4,565,001 | 4,390,771 | |||
Liabilities and Stockholders’ Equity | |||||
Current maturities of long-term debt | 0 | 0 | |||
Current liabilities | 146,178 | 160,542 | |||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | |||
Intercompany payable | 0 | 0 | |||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | |||
Other long-term liabilities | 154,633 | 169,824 | |||
Total Boyd Gaming Corporation stockholders’ equity | 4,264,190 | 4,060,405 | |||
Noncontrolling interest | 0 | 0 | |||
Total stockholders’ equity | 4,264,190 | 4,060,405 | |||
Total liabilities and stockholders’ equity | 4,565,001 | 4,390,771 | |||
Non-Guarantor Subsidiaries (100% Owned) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 34,172 | 33,668 | 33,766 | 36,619 | |
Other current assets | 23,660 | 21,980 | |||
Property and equipment, net | 411,624 | 445,257 | |||
Investments in subsidiaries | 0 | 0 | |||
Intercompany receivable | 0 | 0 | |||
Other assets, net | 26,838 | 30,306 | |||
Assets | |||||
Intangible assets, net | 483,514 | 509,166 | |||
Goodwill, net | 472,516 | 472,516 | |||
Assets | 1,452,324 | 1,512,893 | |||
Liabilities and Stockholders’ Equity | |||||
Current maturities of long-term debt | 8,250 | 8,253 | |||
Current liabilities | 76,482 | 84,427 | |||
Accumulated losses of subsidiaries in excess of investment | 3,192 | 3,619 | |||
Intercompany payable | 1,147,082 | 972,425 | |||
Long-term debt, net of current maturities and debt issuance costs | 983,999 | 1,191,613 | |||
Other long-term liabilities | 58,663 | 42,292 | |||
Total Boyd Gaming Corporation stockholders’ equity | (825,344) | (789,736) | |||
Noncontrolling interest | 0 | 0 | |||
Total stockholders’ equity | (825,344) | (789,736) | |||
Total liabilities and stockholders’ equity | 1,452,324 | 1,512,893 | |||
Non-Guarantor Subsidiaries (Not 100% Owned) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 221 | 219 | 37,627 | 34,692 | |
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 | |||
Assets | |||||
Intangible assets, net | 0 | 0 | |||
Goodwill, net | 0 | 0 | |||
Assets | 221 | 219 | |||
Liabilities and Stockholders’ Equity | |||||
Current maturities of long-term debt | 0 | 0 | |||
Current liabilities | 0 | 0 | |||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | |||
Intercompany payable | 475 | 397 | |||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Total Boyd Gaming Corporation stockholders’ equity | (254) | (178) | |||
Noncontrolling interest | 0 | 0 | |||
Total stockholders’ equity | (254) | (178) | |||
Total liabilities and stockholders’ equity | 221 | 219 | |||
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Other current assets | (1,008) | (4,617) | |||
Property and equipment, net | 0 | 0 | |||
Investments in subsidiaries | (3,441,185) | (3,273,712) | |||
Intercompany receivable | (1,867,783) | (1,637,101) | |||
Other assets, net | 0 | 0 | |||
Assets | |||||
Intangible assets, net | 0 | 0 | |||
Goodwill, net | 0 | 0 | |||
Assets | (5,309,976) | (4,915,430) | |||
Liabilities and Stockholders’ Equity | |||||
Current maturities of long-term debt | 0 | 0 | |||
Current liabilities | (285) | (238) | |||
Accumulated losses of subsidiaries in excess of investment | (3,192) | (3,619) | |||
Intercompany payable | (1,867,957) | (1,641,132) | |||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Total Boyd Gaming Corporation stockholders’ equity | (3,438,592) | (3,270,491) | |||
Noncontrolling interest | 50 | 50 | |||
Total stockholders’ equity | (3,438,542) | (3,270,441) | |||
Total liabilities and stockholders’ equity | $ (5,309,976) | $ (4,915,430) |
Condensed Consolidating Fina116
Condensed Consolidating Financial Information (Income Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | $ 542,674 | $ 546,313 | $ 559,867 | $ 550,578 | $ 531,593 | $ 738,843 | $ 722,534 | $ 708,349 | $ 2,199,432 | $ 2,701,319 | $ 2,894,438 |
Costs and Expenses | |||||||||||
Operating | 1,190,824 | 1,474,448 | 1,586,862 | ||||||||
Selling, general and administrative | 322,420 | 429,529 | 490,226 | ||||||||
Maintenance and utilities | 104,548 | 156,736 | 166,398 | ||||||||
Depreciation and amortization | 207,118 | 251,044 | 278,413 | ||||||||
Corporate expense | 76,941 | 75,626 | 63,249 | ||||||||
Project development, preopening and writedowns | 14,390 | 14,608 | |||||||||
Project development, preopening and writedowns | 6,907 | 14,390 | 14,608 | ||||||||
Impairments of assets | 18,565 | 60,780 | 10,383 | ||||||||
Other operating charges, net | 907 | (2,124) | 5,998 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 1,928,230 | 2,460,429 | 2,616,137 | ||||||||
Equity in earnings of subsidiaries | 73,421 | 10,626 | 0 | ||||||||
Operating Income (Loss) | 62,353 | 100,530 | 98,182 | 83,558 | 22,247 | 73,774 | 86,979 | 68,516 | 344,623 | 251,516 | 278,301 |
Other expense (income) | |||||||||||
Interest expense, net | 222,732 | 281,508 | 342,183 | ||||||||
Loss on early extinguishments of debt | 40,733 | 1,536 | 54,202 | ||||||||
Other, net | 3,676 | 48 | (2,090) | ||||||||
Boyd's share of Borgata's non-operating items, net | 37,422 | 9,309 | 0 | ||||||||
Total other expense, net | (304,563) | (292,401) | (394,295) | ||||||||
Income (loss) from continuing operations before income taxes | 40,060 | (40,885) | (115,994) | ||||||||
Income taxes benefit (provision) | 7,174 | (753) | (3,350) | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 47,234 | (41,638) | (119,344) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 10,790 | ||||||||
Net income (loss) | 47,234 | (41,638) | (108,554) | ||||||||
Less: net income (loss) attributable to noncontrolling interest | 0 | (11,403) | 28,290 | ||||||||
Net Income (Loss) Attributable to Parent | $ (6,869) | $ 25,425 | $ (6,425) | $ 35,103 | $ (32,423) | $ (15,105) | $ 669 | $ (6,182) | 47,234 | (53,041) | (80,264) |
Comprehensive income (loss) | 46,971 | (40,174) | (109,109) | ||||||||
Boyd | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 121,541 | 117,159 | 123,951 | ||||||||
Costs and Expenses | |||||||||||
Operating | 1,800 | 1,800 | 1,848 | ||||||||
Selling, general and administrative | 48,173 | 46,708 | 46,880 | ||||||||
Maintenance and utilities | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 6,179 | 5,667 | 6,619 | ||||||||
Corporate expense | 71,700 | 71,951 | 59,128 | ||||||||
Project development, preopening and writedowns | 884 | 105 | 1,586 | ||||||||
Impairments of assets | 0 | 320 | 0 | ||||||||
Other operating charges, net | 599 | 164 | 427 | ||||||||
Intercompany expenses | (1,204) | (1,204) | (1,213) | ||||||||
Total operating costs and expenses | 130,539 | 127,919 | 117,701 | ||||||||
Equity in earnings of subsidiaries | 189,980 | 85,360 | 101,148 | ||||||||
Operating Income (Loss) | 180,982 | 74,600 | 107,398 | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 125,890 | 132,204 | 153,893 | ||||||||
Loss on early extinguishments of debt | 30,829 | 0 | 25,001 | ||||||||
Other, net | 396 | (793) | 137 | ||||||||
Boyd's share of Borgata's non-operating items, net | 0 | 0 | |||||||||
Total other expense, net | (157,115) | (131,411) | (179,031) | ||||||||
Income (loss) from continuing operations before income taxes | 23,867 | (56,811) | (71,633) | ||||||||
Income taxes benefit (provision) | 23,367 | 3,770 | (8,631) | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (80,264) | ||||||||||
Income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | 47,234 | (53,041) | (80,264) | ||||||||
Less: net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net Income (Loss) Attributable to Parent | 47,234 | (53,041) | (80,264) | ||||||||
Comprehensive income (loss) | 46,971 | (51,577) | (80,819) | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 1,670,301 | 1,620,170 | 1,650,002 | ||||||||
Costs and Expenses | |||||||||||
Operating | 892,039 | 879,073 | 901,668 | ||||||||
Selling, general and administrative | 215,362 | 223,741 | 231,260 | ||||||||
Maintenance and utilities | 89,800 | 94,654 | 92,014 | ||||||||
Depreciation and amortization | 128,269 | 126,444 | 121,893 | ||||||||
Corporate expense | 227 | 220 | 119 | ||||||||
Project development, preopening and writedowns | 1,101 | 7,130 | 1,804 | ||||||||
Impairments of assets | 17,500 | 51,489 | 13,634 | ||||||||
Other operating charges, net | 112 | 0 | 2,075 | ||||||||
Intercompany expenses | (121,727) | (116,105) | (122,630) | ||||||||
Total operating costs and expenses | 1,466,137 | 1,498,856 | 1,487,097 | ||||||||
Equity in earnings of subsidiaries | 50,228 | (20,191) | (38,981) | ||||||||
Operating Income (Loss) | 254,392 | 101,123 | 123,924 | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 10,867 | 5,527 | 9,662 | ||||||||
Loss on early extinguishments of debt | 0 | 0 | 0 | ||||||||
Other, net | 2,660 | 0 | 0 | ||||||||
Boyd's share of Borgata's non-operating items, net | 37,422 | 9,309 | |||||||||
Total other expense, net | (50,949) | (14,836) | (9,662) | ||||||||
Income (loss) from continuing operations before income taxes | 203,443 | 86,287 | 114,262 | ||||||||
Income taxes benefit (provision) | 1,981 | 13,127 | 3,959 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 118,221 | ||||||||||
Income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | 99,414 | 118,221 | |||||||||
Less: net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net Income (Loss) Attributable to Parent | 205,424 | 99,414 | 118,221 | ||||||||
Comprehensive income (loss) | 205,161 | 100,878 | 117,666 | ||||||||
Non-Guarantor Subsidiaries (100% Owned) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 551,199 | 542,538 | 570,267 | ||||||||
Costs and Expenses | |||||||||||
Operating | 296,985 | 303,570 | 315,365 | ||||||||
Selling, general and administrative | 58,903 | 57,370 | 63,349 | ||||||||
Maintenance and utilities | 14,748 | 14,871 | 14,680 | ||||||||
Depreciation and amortization | 72,670 | 76,804 | 90,155 | ||||||||
Corporate expense | 5,014 | 3,455 | 4,002 | ||||||||
Project development, preopening and writedowns | 4,846 | 6,350 | 8,874 | ||||||||
Impairments of assets | 1,065 | 8,971 | 4,450 | ||||||||
Other operating charges, net | 196 | (177) | 359 | ||||||||
Intercompany expenses | (20,660) | (20,083) | (21,598) | ||||||||
Total operating costs and expenses | 475,087 | 491,297 | 522,832 | ||||||||
Equity in earnings of subsidiaries | (76) | (162) | 0 | ||||||||
Operating Income (Loss) | 76,036 | 51,079 | 47,435 | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 85,975 | 90,450 | 94,917 | ||||||||
Loss on early extinguishments of debt | 9,904 | 1,536 | 3,343 | ||||||||
Other, net | 620 | 841 | (2,227) | ||||||||
Boyd's share of Borgata's non-operating items, net | 0 | 0 | |||||||||
Total other expense, net | (96,499) | (92,827) | (96,033) | ||||||||
Income (loss) from continuing operations before income taxes | (20,463) | (41,748) | (48,598) | ||||||||
Income taxes benefit (provision) | (18,174) | (14,525) | (3,093) | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (51,691) | ||||||||||
Income (loss) from discontinued operations, net of tax | 23,524 | ||||||||||
Net income (loss) | (56,273) | (28,167) | |||||||||
Less: net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net Income (Loss) Attributable to Parent | (38,637) | (56,273) | (28,167) | ||||||||
Comprehensive income (loss) | (38,900) | (54,809) | (28,722) | ||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 0 | 559,064 | 697,633 | ||||||||
Costs and Expenses | |||||||||||
Operating | 0 | 290,005 | 367,981 | ||||||||
Selling, general and administrative | 0 | 101,930 | 148,779 | ||||||||
Maintenance and utilities | 0 | 47,211 | 59,704 | ||||||||
Depreciation and amortization | 0 | 42,129 | 59,746 | ||||||||
Corporate expense | 0 | 0 | 0 | ||||||||
Project development, preopening and writedowns | 76 | 805 | 4,277 | ||||||||
Impairments of assets | 0 | 0 | 5,033 | ||||||||
Other operating charges, net | 0 | (2,111) | 3,137 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 76 | 479,969 | 648,657 | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | (76) | 79,095 | 48,976 | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 0 | 53,327 | 83,711 | ||||||||
Loss on early extinguishments of debt | 0 | 0 | 25,858 | ||||||||
Other, net | 0 | 0 | 0 | ||||||||
Boyd's share of Borgata's non-operating items, net | 0 | 0 | |||||||||
Total other expense, net | 0 | (53,327) | (109,569) | ||||||||
Income (loss) from continuing operations before income taxes | (76) | 25,768 | (60,593) | ||||||||
Income taxes benefit (provision) | 0 | (3,125) | 4,415 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (56,178) | ||||||||||
Income (loss) from discontinued operations, net of tax | 0 | ||||||||||
Net income (loss) | 22,643 | (56,178) | |||||||||
Less: net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net Income (Loss) Attributable to Parent | (76) | 22,643 | (56,178) | ||||||||
Comprehensive income (loss) | (76) | 22,643 | (56,178) | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | (143,609) | (137,612) | (147,415) | ||||||||
Costs and Expenses | |||||||||||
Operating | 0 | 0 | 0 | ||||||||
Selling, general and administrative | (18) | (220) | (42) | ||||||||
Maintenance and utilities | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Corporate expense | 0 | 0 | 0 | ||||||||
Project development, preopening and writedowns | 0 | 0 | (1,933) | ||||||||
Impairments of assets | 0 | 0 | (12,734) | ||||||||
Other operating charges, net | 0 | 0 | 0 | ||||||||
Intercompany expenses | 143,591 | 137,392 | 145,441 | ||||||||
Total operating costs and expenses | (143,609) | (137,612) | (160,150) | ||||||||
Equity in earnings of subsidiaries | (166,711) | (54,381) | (62,167) | ||||||||
Operating Income (Loss) | (166,711) | (54,381) | (49,432) | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Loss on early extinguishments of debt | 0 | 0 | 0 | ||||||||
Other, net | 0 | 0 | 0 | ||||||||
Boyd's share of Borgata's non-operating items, net | 0 | 0 | |||||||||
Total other expense, net | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | (166,711) | (54,381) | (49,432) | ||||||||
Income taxes benefit (provision) | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (49,432) | ||||||||||
Income (loss) from discontinued operations, net of tax | (12,734) | ||||||||||
Net income (loss) | (54,381) | (62,166) | |||||||||
Less: net income (loss) attributable to noncontrolling interest | (11,403) | 28,290 | |||||||||
Net Income (Loss) Attributable to Parent | (166,711) | (65,784) | (33,876) | ||||||||
Comprehensive income (loss) | $ (166,185) | $ (57,309) | $ (61,056) |
Condensed Consolidating Fina117
Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Change in cash classified as discontinued operations | $ 0 | $ 0 | $ 283 |
Cash flows from operating activities | |||
Net cash from operating activities | 339,846 | 322,859 | 277,035 |
Cash flows from investing activities | |||
Capital expenditures | (131,170) | (149,374) | (144,520) |
Dividends | 14,095 | 0 | 0 |
Deconsolidation of Borgata | 0 | 26,891 | 0 |
Proceeds from sale of Echelon, net | 0 | 0 | 343,750 |
Proceeds (Payments) from Investments in Subsidiaries | 0 | ||
Net Investing Activity with Affiliates | 0 | 0 | 0 |
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | 0 | 0 |
Payments to (Proceeds from) Combined Other Investing Activities | (4,528) | ||
Proceeds from sale of other assets, net | 0 | 0 | 4,875 |
Cash paid for exercise of LVE option | 0 | 0 | (187,000) |
Other investing activities | 4,528 | (3,715) | 2,473 |
Net cash provided by (used in) investing activities | (126,642) | (179,980) | 19,578 |
Cash flows from financing activities | |||
Borrowings under bank credit facility | 1,379,000 | 1,558,700 | 3,719,875 |
Payments under bank credit facility | (1,636,350) | (1,732,750) | (3,759,350) |
Debt financing costs, net | (14,004) | (288) | (44,752) |
Payments under note payable | 0 | (9) | (10,820) |
Payments on Retirements of Long-term Debt | (657,813) | (2,850) | (875,487) |
Net proceeds from issuance of term loan | 0 | 376,200 | |
Premium and Consent Fees Paid | (24,246) | 0 | 0 |
Proceeds from Contributions from Parent | 0 | ||
Net Financing Activity with Affiliates | 0 | 0 | 0 |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 0 | 0 | 0 |
Share-based compensation activities, net | 3,689 | 1,791 | 13,752 |
Proceeds from sale of common stock, net | 0 | 0 | 216,467 |
Proceeds from (Payments for) Other Financing Activities | 0 | 30 | (2,095) |
Net cash provided by (used in) financing activities | (199,724) | (175,376) | (366,210) |
Proceeds from Issuance of Senior Long-term Debt | 750,000 | 0 | 0 |
Cash flows from operating activities | 0 | 0 | (2,144) |
Cash flows from investing activities | 0 | 0 | 56,751 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by discontinued operations | 0 | 0 | 54,607 |
Change in cash and cash equivalents | 13,480 | (32,497) | (14,990) |
Cash and cash equivalents, beginning of period | 145,341 | 177,838 | 192,545 |
Cash and cash equivalents, end of period | 158,821 | 145,341 | 177,838 |
Boyd | |||
Condensed Financial Statements, Captions [Line Items] | |||
Change in cash classified as discontinued operations | 0 | ||
Cash flows from operating activities | |||
Net cash from operating activities | 102,080 | (39,524) | (229,447) |
Cash flows from investing activities | |||
Capital expenditures | (48,591) | (43,164) | (44,985) |
Deconsolidation of Borgata | 0 | ||
Proceeds from sale of Echelon, net | 0 | 0 | 343,750 |
Proceeds (Payments) from Investments in Subsidiaries | 0 | 0 | (2,400) |
Net Investing Activity with Affiliates | 0 | 0 | 0 |
Proceeds from Equity Method Investment, Dividends or Distributions | 11,200 | 5,300 | 9,620 |
Payments to (Proceeds from) Combined Other Investing Activities | (3,292) | ||
Proceeds from sale of other assets, net | 0 | 0 | 4,875 |
Cash paid for exercise of LVE option | 0 | 0 | (187,000) |
Other investing activities | 0 | 0 | |
Net cash provided by (used in) investing activities | (34,099) | (37,864) | 123,860 |
Cash flows from financing activities | |||
Borrowings under bank credit facility | 1,033,500 | 830,400 | 2,920,675 |
Payments under bank credit facility | (1,211,200) | (910,700) | (2,927,800) |
Debt financing costs, net | (14,004) | (83) | (24,349) |
Payments under note payable | 0 | 0 | (10,341) |
Payments on Retirements of Long-term Debt | (500,000) | 0 | (459,278) |
Net proceeds from issuance of term loan | 0 | ||
Premium and Consent Fees Paid | (24,246) | 0 | 0 |
Proceeds from Contributions from Parent | 0 | ||
Net Financing Activity with Affiliates | (105,720) | 155,952 | 376,036 |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 0 | 0 | 0 |
Share-based compensation activities, net | 3,689 | 1,791 | 13,752 |
Proceeds from sale of common stock, net | 0 | 0 | 216,467 |
Proceeds from (Payments for) Other Financing Activities | 0 | 30 | (2,095) |
Net cash provided by (used in) financing activities | (67,981) | 77,390 | 103,067 |
Proceeds from Issuance of Senior Long-term Debt | 750,000 | 0 | 0 |
Cash flows from operating activities | 0 | ||
Cash flows from investing activities | 0 | ||
Cash flows from financing activities | 0 | ||
Net cash provided by discontinued operations | 0 | ||
Change in cash and cash equivalents | 0 | 2 | (2,520) |
Cash and cash equivalents, beginning of period | 2 | 0 | 2,520 |
Cash and cash equivalents, end of period | 2 | 2 | 0 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Change in cash classified as discontinued operations | 0 | ||
Cash flows from operating activities | |||
Net cash from operating activities | 318,391 | 234,242 | 407,349 |
Cash flows from investing activities | |||
Capital expenditures | (63,635) | (60,686) | (49,847) |
Deconsolidation of Borgata | 0 | ||
Proceeds from sale of Echelon, net | 0 | ||
Proceeds (Payments) from Investments in Subsidiaries | 0 | ||
Net Investing Activity with Affiliates | (230,682) | (162,689) | (372,171) |
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | 0 | 0 |
Payments to (Proceeds from) Combined Other Investing Activities | 0 | ||
Proceeds from sale of other assets, net | 0 | ||
Cash paid for exercise of LVE option | 0 | ||
Other investing activities | (660) | 0 | |
Net cash provided by (used in) investing activities | (294,317) | (224,035) | (422,018) |
Cash flows from financing activities | |||
Borrowings under bank credit facility | 0 | 0 | 0 |
Payments under bank credit facility | 0 | 0 | 0 |
Debt financing costs, net | 0 | 0 | 0 |
Payments under note payable | 0 | 0 | |
Payments on Retirements of Long-term Debt | 0 | 0 | 0 |
Net proceeds from issuance of term loan | 0 | ||
Premium and Consent Fees Paid | 0 | ||
Proceeds from Contributions from Parent | 2,400 | ||
Net Financing Activity with Affiliates | 0 | 0 | 0 |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | (11,100) | (5,200) | 0 |
Share-based compensation activities, net | 0 | 0 | 0 |
Proceeds from sale of common stock, net | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (11,100) | (5,200) | 2,400 |
Proceeds from Issuance of Senior Long-term Debt | 0 | ||
Cash flows from operating activities | 0 | ||
Cash flows from investing activities | 0 | ||
Cash flows from financing activities | 0 | ||
Net cash provided by discontinued operations | 0 | ||
Change in cash and cash equivalents | 12,974 | 5,007 | (12,269) |
Cash and cash equivalents, beginning of period | 111,452 | 106,445 | 118,714 |
Cash and cash equivalents, end of period | 124,426 | 111,452 | 106,445 |
Non-Guarantor Subsidiaries (100% Owned) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Change in cash classified as discontinued operations | 283 | ||
Cash flows from operating activities | |||
Net cash from operating activities | (76,692) | 92,617 | 42,719 |
Cash flows from investing activities | |||
Capital expenditures | (18,944) | (33,901) | (27,331) |
Deconsolidation of Borgata | 0 | ||
Proceeds from sale of Echelon, net | 0 | ||
Proceeds (Payments) from Investments in Subsidiaries | 0 | ||
Net Investing Activity with Affiliates | 0 | 0 | 759 |
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | 0 | 0 |
Payments to (Proceeds from) Combined Other Investing Activities | (1,236) | ||
Proceeds from sale of other assets, net | 0 | ||
Cash paid for exercise of LVE option | 0 | ||
Other investing activities | (5,252) | (1,253) | |
Net cash provided by (used in) investing activities | (17,708) | (39,153) | (27,825) |
Cash flows from financing activities | |||
Borrowings under bank credit facility | 345,500 | 317,400 | 354,700 |
Payments under bank credit facility | (425,150) | (377,150) | (406,950) |
Debt financing costs, net | 0 | 0 | (10,288) |
Payments under note payable | (9) | (479) | |
Payments on Retirements of Long-term Debt | (157,813) | 0 | 0 |
Net proceeds from issuance of term loan | 0 | ||
Premium and Consent Fees Paid | 0 | ||
Proceeds from Contributions from Parent | 0 | ||
Net Financing Activity with Affiliates | 332,467 | 6,297 | 0 |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | (100) | (100) | (9,620) |
Share-based compensation activities, net | 0 | 0 | 0 |
Proceeds from sale of common stock, net | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 94,904 | (53,562) | (72,637) |
Proceeds from Issuance of Senior Long-term Debt | 0 | ||
Cash flows from operating activities | (2,144) | ||
Cash flows from investing activities | 56,751 | ||
Cash flows from financing activities | 0 | ||
Net cash provided by discontinued operations | 54,607 | ||
Change in cash and cash equivalents | 504 | (98) | (3,136) |
Cash and cash equivalents, beginning of period | 33,668 | 33,766 | 36,619 |
Cash and cash equivalents, end of period | 34,172 | 33,668 | 33,766 |
Non-Guarantor Subsidiaries (Not 100% Owned) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Change in cash classified as discontinued operations | 0 | ||
Cash flows from operating activities | |||
Net cash from operating activities | (76) | 35,832 | 51,748 |
Cash flows from investing activities | |||
Capital expenditures | 0 | (11,623) | (22,357) |
Deconsolidation of Borgata | 26,891 | ||
Proceeds from sale of Echelon, net | 0 | ||
Proceeds (Payments) from Investments in Subsidiaries | 0 | ||
Net Investing Activity with Affiliates | 0 | 0 | 42 |
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | 0 | 0 |
Payments to (Proceeds from) Combined Other Investing Activities | 0 | ||
Proceeds from sale of other assets, net | 0 | ||
Cash paid for exercise of LVE option | 0 | ||
Other investing activities | 2,197 | 3,726 | |
Net cash provided by (used in) investing activities | 0 | (36,317) | (18,589) |
Cash flows from financing activities | |||
Borrowings under bank credit facility | 0 | 410,900 | 444,500 |
Payments under bank credit facility | 0 | (444,900) | (424,600) |
Debt financing costs, net | 0 | (205) | (10,115) |
Payments under note payable | 0 | 0 | |
Payments on Retirements of Long-term Debt | 0 | (2,850) | (416,209) |
Net proceeds from issuance of term loan | 376,200 | ||
Premium and Consent Fees Paid | 0 | ||
Proceeds from Contributions from Parent | 0 | ||
Net Financing Activity with Affiliates | 78 | 132 | 0 |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 0 | 0 | 0 |
Share-based compensation activities, net | 0 | 0 | 0 |
Proceeds from sale of common stock, net | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 78 | (36,923) | (30,224) |
Proceeds from Issuance of Senior Long-term Debt | 0 | ||
Cash flows from operating activities | 0 | ||
Cash flows from investing activities | 0 | ||
Cash flows from financing activities | 0 | ||
Net cash provided by discontinued operations | 0 | ||
Change in cash and cash equivalents | 2 | (37,408) | 2,935 |
Cash and cash equivalents, beginning of period | 219 | 37,627 | 34,692 |
Cash and cash equivalents, end of period | 221 | 219 | 37,627 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Change in cash classified as discontinued operations | 0 | ||
Cash flows from operating activities | |||
Net cash from operating activities | (3,857) | (308) | 4,666 |
Cash flows from investing activities | |||
Capital expenditures | 0 | 0 | 0 |
Deconsolidation of Borgata | 0 | ||
Proceeds from sale of Echelon, net | 0 | ||
Proceeds (Payments) from Investments in Subsidiaries | 2,400 | ||
Net Investing Activity with Affiliates | 230,682 | 162,689 | 371,370 |
Proceeds from Equity Method Investment, Dividends or Distributions | (11,200) | (5,300) | (9,620) |
Payments to (Proceeds from) Combined Other Investing Activities | 0 | ||
Proceeds from sale of other assets, net | 0 | ||
Cash paid for exercise of LVE option | 0 | ||
Other investing activities | 0 | 0 | |
Net cash provided by (used in) investing activities | 219,482 | 157,389 | 364,150 |
Cash flows from financing activities | |||
Borrowings under bank credit facility | 0 | 0 | 0 |
Payments under bank credit facility | 0 | 0 | 0 |
Debt financing costs, net | 0 | 0 | 0 |
Payments under note payable | 0 | 0 | |
Payments on Retirements of Long-term Debt | 0 | 0 | 0 |
Net proceeds from issuance of term loan | 0 | ||
Premium and Consent Fees Paid | 0 | ||
Proceeds from Contributions from Parent | (2,400) | ||
Net Financing Activity with Affiliates | (226,825) | (162,381) | (376,036) |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 5,300 | 9,620 | |
Share-based compensation activities, net | 0 | 0 | 0 |
Proceeds from sale of common stock, net | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (215,625) | (157,081) | (368,816) |
Proceeds from Issuance of Senior Long-term Debt | 0 | ||
Cash flows from operating activities | 0 | ||
Cash flows from investing activities | 0 | ||
Cash flows from financing activities | 0 | ||
Net cash provided by discontinued operations | 0 | ||
Change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 |
Condensed Consolidating Fina118
Condensed Consolidating Financial Information (Narrative) (Details) - Boyd | Dec. 31, 2015 | May. 21, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 10, 2010 |
For the year ending December 31, | |||||
Subsidiaries, Ownership Percentage | 100.00% | 100.00% | |||
Senior Notes | 9.125% Senior Notes Due 2018 | |||||
For the year ending December 31, | |||||
Debt instrument, stated interest rate | 9.13% | 9.125% | |||
Senior Notes | Senior Notes Due 2023 [Member] | |||||
For the year ending December 31, | |||||
Debt instrument, stated interest rate | 6.875% | 6.875% |
Condensed Consolidating Fina119
Condensed Consolidating Financial Information Schedule of adjustments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of adjustments [Line Items] | |||
Net income (loss) | $ 47,234 | $ (41,638) | $ (108,554) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 47,234 | (41,638) | (119,344) |
Assets | 4,350,900 | 4,422,384 | |
Net cash from operating activities | 339,846 | 322,859 | 277,035 |
Boyd | |||
Schedule of adjustments [Line Items] | |||
Net income (loss) | 47,234 | (53,041) | (80,264) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (80,264) | ||
Assets | 3,643,330 | 3,433,931 | |
Net cash from operating activities | 102,080 | (39,524) | (229,447) |
Guarantor Subsidiaries | |||
Schedule of adjustments [Line Items] | |||
Net income (loss) | 99,414 | 118,221 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 118,221 | ||
Assets | 4,565,001 | 4,390,771 | |
Net cash from operating activities | 318,391 | 234,242 | 407,349 |
Non-Guarantor Subsidiaries (100% Owned) | |||
Schedule of adjustments [Line Items] | |||
Net income (loss) | (56,273) | (28,167) | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (51,691) | ||
Assets | 1,452,324 | 1,512,893 | |
Net cash from operating activities | (76,692) | 92,617 | 42,719 |
Non-Guarantor Subsidiaries (Not 100% Owned) | |||
Schedule of adjustments [Line Items] | |||
Net income (loss) | 22,643 | (56,178) | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (56,178) | ||
Assets | 221 | 219 | |
Net cash from operating activities | (76) | 35,832 | 51,748 |
Eliminations | |||
Schedule of adjustments [Line Items] | |||
Net income (loss) | (54,381) | (62,166) | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (49,432) | ||
Assets | (5,309,976) | (4,915,430) | |
Net cash from operating activities | $ (3,857) | $ (308) | $ 4,666 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015a | |
Related Party Transaction [Line Items] | |||
Ownership percentage | 50.00% | ||
William S. Boyd and His Immediate Family | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 27.00% | ||
Borgata [Member] | MGM | |||
Related Party Transaction [Line Items] | |||
Land subject to ground leases | a | 8.4 | ||
Borgata [Member] | MGM | Selling, general and administrative | |||
Related Party Transaction [Line Items] | |||
Ground leases property taxes | $ | $ 0.8 | $ 3.2 |
Schedule I (Details)
Schedule I (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net cash from operating activities | $ 339,846 | $ 322,859 | $ 277,035 | |||||||||
Net Revenues | $ 542,674 | $ 546,313 | $ 559,867 | $ 550,578 | $ 531,593 | $ 738,843 | $ 722,534 | $ 708,349 | 2,199,432 | 2,701,319 | 2,894,438 | |
Operating | 1,190,824 | 1,474,448 | 1,586,862 | |||||||||
Selling, general and administrative | 322,420 | 429,529 | 490,226 | |||||||||
Maintenance and utilities | 104,548 | 156,736 | 166,398 | |||||||||
Depreciation and amortization | 207,118 | 251,044 | 278,413 | |||||||||
Corporate expense | 76,941 | 75,626 | 63,249 | |||||||||
Project development, preopening and writedowns | 6,907 | 14,390 | 14,608 | |||||||||
Impairments of assets | 18,565 | 60,780 | 10,383 | |||||||||
Other operating charges, net | 907 | (2,124) | 5,998 | |||||||||
Intercompany expenses | 0 | 0 | 0 | |||||||||
Total operating costs and expenses | 1,928,230 | 2,460,429 | 2,616,137 | |||||||||
Equity in Earnings of Subsidiaries | (73,421) | (10,626) | 0 | |||||||||
Operating Income (Loss) | 62,353 | 100,530 | 98,182 | 83,558 | 22,247 | 73,774 | 86,979 | 68,516 | 344,623 | 251,516 | 278,301 | |
Interest Income (Expense), Nonoperating, Net | (222,732) | (281,508) | (342,183) | |||||||||
Loss on early extinguishments of debt | 40,733 | 1,536 | 54,202 | |||||||||
Cash and cash equivalents | 158,821 | 145,341 | 158,821 | 145,341 | 177,838 | $ 192,545 | ||||||
Other current assets | 98,411 | 96,609 | 98,411 | 96,609 | ||||||||
Property and equipment, net | 2,225,342 | 2,286,108 | 2,225,342 | 2,286,108 | ||||||||
Investments in subsidiaries | 244,621 | 221,400 | 222,717 | 244,621 | 222,717 | |||||||
Intercompany receivable | 0 | 0 | 0 | 0 | ||||||||
Other assets, net | 48,341 | 52,050 | 48,341 | 52,050 | ||||||||
Intangible assets, net | 890,054 | 934,249 | 890,054 | 934,249 | 1,070,660 | 1,119,638 | ||||||
Goodwill, net | 685,310 | 685,310 | 685,310 | 685,310 | ||||||||
Total assets | 4,350,900 | 4,422,384 | 4,350,900 | 4,422,384 | ||||||||
Current maturities of long-term debt | 29,750 | 29,753 | 29,750 | 29,753 | ||||||||
Current liabilities | 325,321 | 327,442 | 325,321 | 327,442 | ||||||||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | 0 | 0 | ||||||||
Intercompany payable | 0 | 0 | 0 | 0 | ||||||||
Long-term debt, net of current maturities and debt issuance costs | 3,239,799 | 3,375,098 | 3,239,799 | 3,375,098 | ||||||||
Other long-term liabilities | 248,019 | 252,004 | 248,019 | 252,004 | ||||||||
Common stock | 1,117 | 1,093 | 1,117 | 1,093 | ||||||||
Additional paid-in capital | 945,041 | 922,112 | 945,041 | 922,112 | ||||||||
Retained earnings (accumulated deficit) | (437,881) | (485,115) | (437,881) | (485,115) | ||||||||
Accumulated other comprehensive income (loss) | (316) | (53) | (316) | (53) | ||||||||
Total Boyd Gaming Corporation stockholders’ equity | 507,961 | 438,037 | 507,961 | 438,037 | ||||||||
Noncontrolling interest | 50 | 50 | 50 | 50 | 180,450 | 163,336 | ||||||
Total stockholders’ equity | 508,011 | 438,087 | 508,011 | 438,087 | 650,437 | 467,127 | ||||||
Total liabilities and stockholders’ equity | 4,350,900 | 4,422,384 | 4,350,900 | 4,422,384 | ||||||||
Other, net | 3,676 | 48 | (2,090) | |||||||||
Total other expense, net | (304,563) | (292,401) | (394,295) | |||||||||
Income (loss) from continuing operations before income taxes | 40,060 | (40,885) | (115,994) | |||||||||
Income Tax Expense (Benefit) | (7,174) | 753 | 3,350 | |||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 47,234 | (41,638) | (119,344) | |||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 10,790 | |||||||||
Net income (loss) | 47,234 | (41,638) | (108,554) | |||||||||
Net (income) loss attributable to noncontrolling interest | 0 | 11,403 | (28,290) | |||||||||
Net Income (Loss) Attributable to Parent | (6,869) | $ 25,425 | $ (6,425) | $ 35,103 | (32,423) | $ (15,105) | $ 669 | $ (6,182) | 47,234 | (53,041) | (80,264) | |
Fair value of adjustments to available-for-sale securities | (263) | 824 | (555) | |||||||||
Comprehensive income (loss) | 46,971 | (40,174) | (109,109) | |||||||||
Payments to Acquire Property, Plant, and Equipment | 131,170 | 149,374 | 144,520 | |||||||||
Proceeds from sale of Echelon, net | 0 | 0 | 343,750 | |||||||||
Proceeds from sale of other assets, net | 0 | 0 | 4,875 | |||||||||
Cash paid for exercise of LVE option | 0 | 0 | (187,000) | |||||||||
Proceeds (Payments) from Investments in Subsidiaries | 0 | |||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | 0 | 0 | |||||||||
Payments to (Proceeds from) Combined Other Investing Activities | (4,528) | |||||||||||
Other investing activities | 4,528 | (3,715) | 2,473 | |||||||||
Net cash provided by (used in) investing activities | (126,642) | (179,980) | 19,578 | |||||||||
Borrowings under bank credit facility | 1,379,000 | 1,558,700 | 3,719,875 | |||||||||
Repayments of Combined Lines of Credit | 1,636,350 | 1,732,750 | 3,759,350 | |||||||||
Payments of Debt Issuance Costs | 14,004 | 288 | 44,752 | |||||||||
Payments under note payable | 0 | (9) | (10,820) | |||||||||
Payments on Retirements of Long-term Debt | (657,813) | (2,850) | (875,487) | |||||||||
Premium and Consent Fees Paid | (24,246) | 0 | 0 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 750,000 | 0 | 0 | |||||||||
Net Financing Activity with Affiliates | 0 | 0 | 0 | |||||||||
Share-based compensation activities, net | 3,689 | 1,791 | 13,752 | |||||||||
Proceeds from sale of common stock, net | 0 | 0 | 216,467 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 30 | (2,095) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 199,724 | 175,376 | 366,210 | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 13,480 | (32,497) | (14,990) | |||||||||
Cash paid for interest, net of amounts capitalized | 178,433 | 263,935 | 319,620 | |||||||||
Cash paid (received) for income taxes, net of refunds | (1,159) | 226 | (6,398) | |||||||||
Supplemental Schedule of Non-cash Investing and Financing Activities | ||||||||||||
Payables incurred for capital expenditures | 7,235 | 16,902 | 11,511 | |||||||||
Boyd | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net cash from operating activities | 102,080 | (39,524) | (229,447) | |||||||||
Net Revenues | 121,541 | 117,159 | 123,951 | |||||||||
Operating | 1,800 | 1,800 | 1,848 | |||||||||
Selling, general and administrative | 48,173 | 46,708 | 46,880 | |||||||||
Maintenance and utilities | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 6,179 | 5,667 | 6,619 | |||||||||
Corporate expense | 71,700 | 71,951 | 59,128 | |||||||||
Impairments of assets | 0 | 320 | 0 | |||||||||
Other operating charges, net | 599 | 164 | 427 | |||||||||
Intercompany expenses | (1,204) | (1,204) | (1,213) | |||||||||
Total operating costs and expenses | 130,539 | 127,919 | 117,701 | |||||||||
Equity in Earnings of Subsidiaries | (189,980) | (85,360) | (101,148) | |||||||||
Operating Income (Loss) | 180,982 | 74,600 | 107,398 | |||||||||
Interest Income (Expense), Nonoperating, Net | (125,890) | (132,204) | (153,893) | |||||||||
Loss on early extinguishments of debt | 30,829 | 0 | 25,001 | |||||||||
Cash and cash equivalents | 2 | 2 | 2 | 2 | 0 | $ 2,520 | ||||||
Other current assets | 14,602 | 10,234 | 14,602 | 10,234 | ||||||||
Property and equipment, net | 68,515 | 65,365 | 68,515 | 65,365 | ||||||||
Investments in subsidiaries | 3,547,690 | 3,345,735 | 3,547,690 | 3,345,735 | ||||||||
Intercompany receivable | 0 | 0 | 0 | 0 | ||||||||
Other assets, net | 12,521 | 12,595 | 12,521 | 12,595 | ||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | ||||||||
Goodwill, net | 0 | 0 | 0 | 0 | ||||||||
Total assets | 3,643,330 | 3,433,931 | 3,643,330 | 3,433,931 | ||||||||
Current maturities of long-term debt | 21,500 | 21,500 | 21,500 | 21,500 | ||||||||
Current liabilities | 102,946 | 82,711 | 102,946 | 82,711 | ||||||||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | 0 | 0 | ||||||||
Intercompany payable | 720,400 | 668,310 | 720,400 | 668,310 | ||||||||
Long-term debt, net of current maturities and debt issuance costs | 2,255,800 | 2,183,485 | 2,255,800 | 2,183,485 | ||||||||
Other long-term liabilities | 34,723 | 39,888 | 34,723 | 39,888 | ||||||||
Common stock | 1,117 | 1,093 | 1,117 | 1,093 | ||||||||
Additional paid-in capital | 945,041 | 922,112 | 945,041 | 922,112 | ||||||||
Retained earnings (accumulated deficit) | (437,881) | (485,115) | (437,881) | (485,115) | ||||||||
Accumulated other comprehensive income (loss) | (316) | (53) | (316) | (53) | ||||||||
Total Boyd Gaming Corporation stockholders’ equity | 507,961 | 438,037 | 507,961 | 438,037 | ||||||||
Noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||
Total stockholders’ equity | 507,961 | 438,037 | 507,961 | 438,037 | ||||||||
Total liabilities and stockholders’ equity | $ 3,643,330 | $ 3,433,931 | 3,643,330 | 3,433,931 | ||||||||
Other, net | 396 | (793) | 137 | |||||||||
Total other expense, net | (157,115) | (131,411) | (179,031) | |||||||||
Income (loss) from continuing operations before income taxes | 23,867 | (56,811) | (71,633) | |||||||||
Income Tax Expense (Benefit) | (23,367) | (3,770) | 8,631 | |||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (80,264) | |||||||||||
Income (loss) from discontinued operations, net of tax | 0 | |||||||||||
Net income (loss) | 47,234 | (53,041) | (80,264) | |||||||||
Net (income) loss attributable to noncontrolling interest | 0 | 0 | ||||||||||
Net Income (Loss) Attributable to Parent | 47,234 | (53,041) | (80,264) | |||||||||
Comprehensive income (loss) | 46,971 | (51,577) | (80,819) | |||||||||
Payments to Acquire Property, Plant, and Equipment | 48,591 | 43,164 | 44,985 | |||||||||
Proceeds from sale of Echelon, net | 0 | 0 | 343,750 | |||||||||
Proceeds from sale of other assets, net | 0 | 0 | 4,875 | |||||||||
Cash paid for exercise of LVE option | 0 | 0 | (187,000) | |||||||||
Proceeds (Payments) from Investments in Subsidiaries | 0 | 0 | (2,400) | |||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 11,200 | 5,300 | 9,620 | |||||||||
Payments to (Proceeds from) Combined Other Investing Activities | (3,292) | |||||||||||
Other investing activities | 0 | 0 | ||||||||||
Net cash provided by (used in) investing activities | (34,099) | (37,864) | 123,860 | |||||||||
Borrowings under bank credit facility | 1,033,500 | 830,400 | 2,920,675 | |||||||||
Repayments of Combined Lines of Credit | 1,211,200 | 910,700 | 2,927,800 | |||||||||
Payments of Debt Issuance Costs | 14,004 | 83 | 24,349 | |||||||||
Payments under note payable | 0 | 0 | (10,341) | |||||||||
Payments on Retirements of Long-term Debt | (500,000) | 0 | (459,278) | |||||||||
Premium and Consent Fees Paid | (24,246) | 0 | 0 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 750,000 | 0 | 0 | |||||||||
Net Financing Activity with Affiliates | (105,720) | 155,952 | 376,036 | |||||||||
Share-based compensation activities, net | 3,689 | 1,791 | 13,752 | |||||||||
Proceeds from sale of common stock, net | 0 | 0 | 216,467 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 30 | (2,095) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 67,981 | (77,390) | (103,067) | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 2 | (2,520) | |||||||||
Cash paid for interest, net of amounts capitalized | 112,075 | 131,517 | 155,889 | |||||||||
Cash paid (received) for income taxes, net of refunds | 212 | (3) | 2 | |||||||||
Supplemental Schedule of Non-cash Investing and Financing Activities | ||||||||||||
Payables incurred for capital expenditures | $ 4,296 | $ 6,931 | $ 0 |
Schedule I Schedule I Footnotes
Schedule I Schedule I Footnotes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | $ 0 | $ 0 | $ 0 |
2,015 | 29,750 | ||
2,016 | 676,000 | ||
2,017 | 812,975 | ||
2,018 | 9,000 | ||
2,019 | 1,044,750 | ||
Thereafter | 750,000 | ||
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | 0 | 0 |
Outstanding principal | (3,322,475) | ||
2,015 | 40,924 | ||
2,016 | 44,264 | ||
2,017 | 17,218 | ||
2,018 | 15,325 | ||
2,019 | 13,492 | ||
Thereafter | 388,213 | ||
Lease obligations | 519,436 | ||
Payments to (Proceeds from) Combined Other Investing Activities | (4,528) | ||
Boyd | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 0 | 0 | 0 |
2,015 | 21,500 | ||
2,016 | 21,500 | ||
2,017 | 462,975 | ||
2,018 | 9,000 | ||
2,019 | 1,044,750 | ||
Thereafter | 750,000 | ||
Proceeds from Equity Method Investment, Dividends or Distributions | 11,200 | 5,300 | $ 9,620 |
Outstanding principal | (2,309,725) | $ (2,389,165) | |
Payments to (Proceeds from) Combined Other Investing Activities | (3,292) | ||
Parent Only [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Outstanding principal | (2,309,725) | ||
2,015 | 23,545 | ||
2,016 | 27,798 | ||
2,017 | 1,040 | ||
2,018 | 655 | ||
2,019 | 425 | ||
Thereafter | 0 | ||
Lease obligations | $ 53,463 |