Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 03, 2016 | |
Entity Information [Line Items] | ||
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | BOYD GAMING CORP | |
Entity Central Index Key | 906,553 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 112,276,228 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 628,278 | $ 158,821 |
Restricted cash | 20,719 | 19,030 |
Accounts receivable, net | 26,765 | 25,289 |
Inventories | 15,361 | 15,462 |
Prepaid expenses and other current assets | 43,139 | 37,250 |
Income taxes receivable | 1,615 | 1,380 |
Total current assets | 735,877 | 257,232 |
Property and equipment, net | 2,206,216 | 2,225,342 |
Other assets, net | 47,541 | 48,341 |
Intangible assets, net | 882,084 | 890,054 |
Goodwill, net | 685,310 | 685,310 |
Investment in unconsolidated subsidiary held for sale | 272,292 | 244,621 |
Total assets | 4,829,320 | 4,350,900 |
Current liabilities | ||
Current maturities of long-term debt | 29,750 | 29,750 |
Accounts payable | 72,486 | 75,803 |
Accrued liabilities | 257,908 | 249,518 |
Total current liabilities | 360,144 | 355,071 |
Long-term debt, net of current maturities and debt issuance costs | 3,628,112 | 3,239,799 |
Deferred income taxes | 175,452 | 162,189 |
Other long-term tax liabilities | 3,212 | 3,085 |
Other liabilities | 85,361 | 82,745 |
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; 112,269,993 and 111,614,420 shares outstanding | 1,123 | 1,117 |
Additional paid-in capital | 950,514 | 945,041 |
Accumulated deficit | (374,669) | (437,881) |
Accumulated other comprehensive income (loss) | 21 | (316) |
Total Boyd Gaming Corporation stockholders' equity | 576,989 | 507,961 |
Noncontrolling interest | 50 | 50 |
Total stockholders' equity | 577,039 | 508,011 |
Total liabilities and stockholders' equity | $ 4,829,320 | $ 4,350,900 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 112,269,993 | 111,614,420 |
Common stock, shares outstanding | 112,269,993 | 111,614,420 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Gaming | $ 452,928 | $ 468,580 | $ 915,479 | $ 933,337 |
Food and beverage | 75,898 | 77,909 | 152,698 | 154,205 |
Room | 43,365 | 42,332 | 85,240 | 81,685 |
Other | 29,693 | 30,642 | 61,159 | 60,327 |
Gross revenues | 601,884 | 619,463 | 1,214,576 | 1,229,554 |
Less promotional allowances | 57,010 | 59,596 | 117,324 | 119,109 |
Net revenues | 544,874 | 559,867 | 1,097,252 | 1,110,445 |
Operating costs and expenses | ||||
Gaming | 217,768 | 224,686 | 441,293 | 451,383 |
Food and beverage | 42,116 | 42,913 | 83,919 | 84,480 |
Room | 11,293 | 10,682 | 21,792 | 20,729 |
Other | 18,827 | 19,744 | 38,159 | 39,390 |
Selling, general and administrative | 79,002 | 81,013 | 160,853 | 162,702 |
Maintenance and utilities | 25,009 | 26,616 | 48,857 | 51,935 |
Depreciation and amortization | 48,250 | 51,964 | 95,903 | 103,906 |
Corporate expense | 16,099 | 17,352 | 34,006 | 37,004 |
Project development, preopening and writedowns | 5,897 | 1,749 | 7,738 | 2,704 |
Impairments of assets | 0 | 0 | 1,440 | 1,065 |
Other operating items, net | 123 | 54 | 552 | 170 |
Total operating costs and expenses | 464,384 | 476,773 | 934,512 | 955,468 |
Operating income | 80,490 | 83,094 | 162,740 | 154,977 |
Other expense (income) | ||||
Interest income | (959) | (465) | (1,456) | (936) |
Interest expense, net of amounts capitalized | 61,887 | 57,131 | 114,952 | 114,066 |
Loss on early extinguishments of debt | 419 | 30,962 | 846 | 31,470 |
Other, net | 65 | 1,270 | 142 | 1,888 |
Total other expense, net | 61,412 | 88,898 | 114,484 | 146,488 |
Income before income taxes | 19,078 | (5,804) | 48,256 | 8,489 |
Income taxes benefit (provision) | (7,771) | (6,586) | (15,389) | 9,625 |
Income (loss) from continuing operations, net of tax | 11,307 | (12,390) | 32,867 | 18,114 |
Income (loss) from discontinued operations, net of tax | (18,715) | (5,965) | (30,345) | (10,564) |
Net income (loss) | $ 30,022 | $ (6,425) | $ 63,212 | $ 28,678 |
Continuing operations | $ 0.10 | $ (0.11) | $ 0.29 | $ 0.17 |
Discontinued operations | 0.16 | 0.05 | 0.27 | 0.09 |
Basic net income (loss) per common share | $ 0.26 | $ (0.06) | $ 0.56 | $ 0.26 |
Weighted average basic shares outstanding | 114,328 | 112,232 | 114,218 | 111,841 |
Continuing operations | $ 0.10 | $ (0.11) | $ 0.29 | $ 0.16 |
Discontinued operations | 0.16 | 0.05 | 0.26 | 0.09 |
Diluted net income (loss) per common share | $ 0.26 | $ (0.06) | $ 0.55 | $ 0.25 |
Weighted average diluted shares outstanding | 115,077 | 112,232 | 114,974 | 112,694 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income (loss) | $ (30,022) | $ 6,425 | $ (63,212) | $ (28,678) |
Other comprehensive income (loss), net of tax: | ||||
Fair value adjustments to available-for-sale securities, net of tax | (185) | (1,033) | 337 | (763) |
Comprehensive income (loss) attributable to Boyd Gaming Corporation | $ 29,837 | $ (7,458) | $ 63,549 | $ 27,915 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net | Noncontrolling Interest |
Net Income (Loss) Attributable to Parent | $ 28,678 | $ 0 | $ 0 | $ 28,678 | $ 0 | $ 0 |
Balances at Dec. 31, 2014 | 438,087 | $ 1,093 | 922,112 | (485,115) | (53) | 50 |
Balance, shares at Dec. 31, 2014 | 109,277,060 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income attributable to Boyd | (763) | $ 0 | 0 | 0 | (763) | 0 |
Stock options exercised | 632,972 | |||||
Stock options exercised | 4,593 | $ 6 | 4,587 | 0 | 0 | 0 |
Release of restricted stock units, net of tax | 81,058 | |||||
Release of restricted stock units, net of tax | (47) | $ 1 | (48) | 0 | 0 | 0 |
Release of performance stock units, net of tax | 481,749 | |||||
Stock Issued During Period, Value, Performance Stock Award, Net of Forfeitures | (2,446) | $ 5 | (2,451) | 0 | 0 | 0 |
Share-based compensation costs | 6,367 | 0 | 6,367 | 0 | 0 | 0 |
Balances at Jun. 30, 2015 | 474,469 | $ 1,105 | 930,567 | (456,437) | (816) | 50 |
Balance, shares at Jun. 30, 2015 | 110,472,839 | |||||
Net Income (Loss) Attributable to Parent | 63,212 | $ 0 | 0 | 63,212 | 0 | 0 |
Balances 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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income attributable to Boyd | $ 337 | $ 0 | 0 | 0 | 337 | 0 |
Stock options exercised | 241,546 | |||||
Stock options exercised | 1,439 | $ 2 | 1,437 | 0 | 0 | 0 |
Release of restricted stock units, net of tax | 255,000 | |||||
Release of restricted stock units, net of tax | (676) | $ 2 | (678) | 0 | 0 | 0 |
Release of performance stock units, net of tax | 159,027 | |||||
Stock Issued During Period, Value, Performance Stock Award, Net of Forfeitures | (867) | $ 2 | (869) | 0 | 0 | 0 |
Share-based compensation costs | 5,583 | 0 | 5,583 | 0 | 0 | 0 |
Balances at Jun. 30, 2016 | $ 577,039 | $ 1,123 | $ 950,514 | $ (374,669) | $ 21 | $ 50 |
Balance, shares at Jun. 30, 2016 | 112,269,993 | 112,269,993 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 63,212 | $ 28,678 |
Net (income) loss from discontinued operations | (30,345) | (10,564) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 95,903 | 103,906 |
Amortization of debt financing costs and discounts on debt | 9,077 | 11,175 |
Share-based compensation expense | 5,583 | 6,367 |
Deferred income taxes | 13,282 | 12,130 |
Impairments of assets | 1,440 | 1,065 |
Loss on early extinguishments of debt | 846 | 31,470 |
Other operating activities | 858 | (792) |
Changes in operating assets and liabilities: | ||
Restricted cash | (1,690) | (3,379) |
Accounts receivable, net | (1,297) | (1,391) |
Inventories | 99 | 597 |
Prepaid expenses and other current assets | (5,859) | (8,401) |
Current other tax asset | 0 | 1,802 |
Income taxes receivable | (235) | 1,243 |
Other assets, net | (691) | 1,625 |
Accounts payable and accrued liabilities | 7,334 | 279 |
Other long-term tax liabilities | 127 | (23,067) |
Other liabilities | 2,617 | 3,033 |
Net cash provided by operating activities | 160,261 | 155,776 |
Cash Flows from Investing Activities | ||
Capital expenditures | (72,447) | (58,112) |
Other investing activities | 704 | 2,975 |
Net cash used in investing activities | (71,743) | (55,137) |
Cash Flows from Financing Activities | ||
Borrowings under Boyd Gaming bank credit facility | 223,900 | 396,100 |
Payments under Boyd Gaming bank credit facility | (530,350) | (679,525) |
Borrowings under Peninsula bank credit facility | 165,000 | 170,800 |
Payments under Peninsula bank credit facility | (217,225) | (223,187) |
Proceeds from issuance of senior notes | 750,000 | 750,000 |
Debt financing costs, net | 12,936 | 13,496 |
Payments on retirements of long-term debt | 0 | (500,000) |
Premium and consent fees paid | 0 | (24,246) |
Share-based compensation activities, net | (104) | 2,100 |
Other financing activities | 0 | (3) |
Net cash provided by (used in) financing activities | 378,285 | (121,457) |
Cash Flows from Discontinued Operations | ||
Cash flows from operating activities | 2,654 | 0 |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities | 0 | 0 |
Net cash provided by discontinued operations | 2,654 | 0 |
Change in cash and cash equivalents | 469,457 | (20,818) |
Cash and cash equivalents, beginning of period | 158,821 | 145,341 |
Cash and cash equivalents, end of period | 628,278 | 124,523 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 92,940 | 100,699 |
Cash paid (received) for income taxes, net of refunds | 2,198 | (2,408) |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Payables incurred for capital expenditures | $ 7,140 | $ 6,939 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD." We are a diversified operator of 21 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 , as filed with the U.S. Securities and Exchange Commission ("SEC") on February 25, 2016 . The results for the periods indicated are unaudited, but reflect all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its wholly owned subsidiaries. Investments in unconsolidated affiliates, which do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. On May 31, 2016, we announced that we had entered into an Equity Purchase Agreement (the “Purchase Agreement”) to sell our 50% equity interest in Marina District Development Holding Company, LLC ("MDDHC"), the parent company of Borgata Hotel Casino & Spa ("Borgata"), to MGM Resorts International ("MGM"), and the transaction closed on August 1, 2016. (See Note 3, Acquisitions and Divestitures .) We account for our investment in Borgata applying the equity method and report its results as discontinued operations for all periods presented in these condensed consolidated financial statements. Revisions and Reclassifications The financial information for the three and six months ended June 30, 2015 is derived from our condensed consolidated financial statements and footnotes included in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and has been revised to reflect the results of operations and cash flows of our equity investment in Borgata as discontinued operations. (See Note 3, Acquisitions and Divestitures ) Asset transaction costs that were previously disaggregated in our condensed consolidated statement of operations for the three and six months ended June 30, 2015 were accumulated with preopening expenses. This reclassification had no effect on our retained earnings or net income as previously reported. Amortization of debt financing costs and amortization of discounts on debt, which were previously disaggregated in our condensed consolidated statement of cash flows for the six months ended June 30, 2015 , were combined. This reclassification had no effect on our cash provided by operating activities as previously reported. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use 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. Promotional Allowances The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as a promotional allowance. Promotional allowances also include incentives earned in our slot bonus program such as cash and the estimated retail value of goods and services (such as complimentary rooms and food and beverages). We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time for complimentary slot play, food and beverage, and to a lesser extent for other goods or services, depending upon the property. The amounts included in promotional allowances are as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Rooms $ 18,294 $ 19,188 $ 37,239 $ 37,932 Food and beverage 35,660 37,131 73,112 74,845 Other 3,056 3,277 6,973 6,332 Total promotional allowances $ 57,010 $ 59,596 $ 117,324 $ 119,109 The estimated costs of providing such promotional allowances are as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Rooms $ 7,921 $ 8,470 $ 16,490 $ 17,252 Food and beverage 30,842 32,397 64,113 65,949 Other 3,000 2,888 5,981 5,675 Total estimated cost of promotional allowances $ 41,763 $ 43,755 $ 86,584 $ 88,876 Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $81.5 million and $85.5 million for the three months ended June 30, 2016 and 2015 , respectively, and $164.1 million and $168.9 million for the six months ended June 30, 2016 and 2015 , respectively. Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. 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 profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. As of June 30, 2016 , we concluded that it was not more likely than not that the benefit from our deferred tax assets would be realized. As a result of our analysis, a valuation allowance of $231.6 million has been recorded on our federal and state income tax net operating loss carryforwards and other deferred tax assets. Valuation allowances are evaluated periodically and subject to change in future reporting periods as a result of changes in the factors noted above. Based on recent earnings and the gain on the sale of our membership interest in Borgata, in the third quarter of 2016, it is likely that sufficient positive evidence will 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 significant portion of its valuation allowance against its deferred tax assets in the third quarter of 2016. 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. For the six months ended June 30, 2016 and 2015 , we have computed our provision for income taxes by applying the actual effective tax rate, under the discrete method, to year-to-date income. The discrete method was used to calculate income tax expense or benefit as the annual effective tax rate was not considered a reliable estimate of year-to-date income tax expense or benefit. We believe this method provides the most reliable estimate of year-to-date income tax expense. Our tax rate is impacted by adjustments that are largely independent of our operating results before taxes. Such adjustments relate primarily to changes in our valuation allowance and 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. 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. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recently Issued Accounting Pronouncements Accounting Standards Update 2016-13, Financial Instruments-Credit Losses ("Update 2016-13") In June 2016, the Financial Accounting Standards Board ("FASB") issued Update 2016-13, which amends the guidance on the impairment of financial instruments. Update 2016-13 adds to GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2019, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-13 to the financial statements. Accounting Standards Update 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients ("Update 2016-12"); Accounting Standards Update 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ("Update 2016-11"); Accounting Standards Update 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("Update 2016-10"); and Accounting Standards Update 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("Update 2016-08") In March 2016 through May 2016, the FASB issued Update 2016-08, Update 2016-10, Update 2016-11 and Update 2016-12, which amend and further clarify the new revenue standard, Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09"), which was subsequently amended and deferred in Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14", and collectively with the original standard, Update 2014-09, and subsequent amendments, Update 2016-08, Update 2016-10, Update 2016-11 and Update 2016-12, the "Revenue Standard"). The Revenue Standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Earlier application is permitted only for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is evaluating the impact of the Revenue Standard on its consolidated financial statements. Accounting Standards Update 2016-09, Compensation - Stock Compensation ("Update 2016-09") In March 2016, the FASB issued Update 2016-09 which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. 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 is evaluating the impact of the adoption of Update 2016-09 to the financial statements. Accounting Standards Update 2016-07, Investments - Equity Method and Joint Ventures ("Update 2016-07") In March 2016, the FASB issued Update 2016-07 which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. 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 determined that the impact of the new standard on its consolidated financial statements will not be material. Accounting Standards Update 2016-02, Leases ("Update 2016-02") In February 2016, the FASB issued Update 2016-02 which requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2018, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-02 to the financial statements. Accounting Standards Update 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("Update 2016-01") In January 2016, the FASB issued Update 2016-01, which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted only if explicit early adoption guidance is applied. The Company is evaluating the impact of the new standard on its 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. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Deconsolidation of Borgata | ACQUISITIONS AND DIVESTITURES Acquisitions On April 21, 2016, Boyd Gaming announced it has entered into a definitive agreement to acquire ALST Casino Holdco, LLC (“ALST”), the holding company of Aliante Gaming, LLC (“Aliante”), the owner and operator of the Aliante Casino + Hotel + Spa, an upscale, resort-style casino and hotel situated in North Las Vegas and offering premium accommodations, gaming, dining, entertainment and retail for total net cash consideration of $380 million . Boyd Gaming will acquire ALST pursuant to an Agreement and Plan of Merger (the “ALST Merger Agreement”) entered into on April 21, 2016, by and among, Boyd Gaming, Boyd TCII Acquisition, LLC, a wholly-owned subsidiary of Boyd Gaming (“TCII Acquisition”), and ALST. The ALST Merger Agreement provides that, pursuant to the terms and subject to the conditions set forth therein, TCII Acquisition will merge (the “ALST Merger”) with and into ALST, and ALST will be the surviving entity in the ALST Merger, such that following the ALST Merger, ALST and Aliante will be wholly-owned subsidiaries of Boyd Gaming. The ALST Merger Agreement contains certain termination rights for both Boyd Gaming and ALST and further provides that, in connection with the termination of the ALST Merger Agreement under specified circumstances, Boyd Gaming may be required to pay ALST a termination fee of $30 million . On April 25, 2016, Boyd Gaming announced it has entered into a definitive agreement to acquire The Cannery Hotel and Casino, LLC (“Cannery”), the owner and operator of Cannery Casino Hotel located in North Las Vegas, and Nevada Palace, LLC (“Eastside”), the owner and operator of Eastside Cannery Casino and Hotel located in the eastern part of the Las Vegas Valley, comprising the Las Vegas assets of Cannery Casino Resorts, LLC (“CCR”), for total cash consideration of $230 million , subject to adjustment based on the working capital, including cash and less indebtedness of the acquired assets and less any transaction expenses. Boyd Gaming will acquire Cannery and Eastside pursuant to a Membership Interest Purchase Agreement (the “Cannery Purchase Agreement”) entered into on April 25, 2016, by and among, Boyd Gaming, CCR, Cannery and Eastside. The Cannery Purchase Agreement provides that, pursuant to the terms and subject to the conditions set forth therein, Boyd Gaming will acquire from CCR all of the issued and outstanding membership interests of Cannery and Eastside (the “Cannery Purchase”), such that, following the Cannery Purchase, Cannery and Eastside will be wholly-owned subsidiaries of Boyd Gaming. The Cannery Purchase Agreement contains customary representations, warranties, covenants and termination rights. In addition, $20 million of the cash consideration will be placed in escrow to satisfy the indemnification obligations of CCR. The completion of the ALST Merger and the Cannery Purchase are each subject to customary conditions and the receipt of all required regulatory approvals, including, among others, approval by the Nevada Gaming Commission and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Subject to the satisfaction or waiver of the respective conditions in each of the ALST Merger Agreement and the Cannery Purchase Agreement, we currently expect each of the transactions to close before the end of 2016. Investment in and Divestiture of Borgata Prior to the sale of our equity interest, which closed on August 1, 2016, the Company and MGM each held a 50% interest in MDDHC, which owns all the equity interests in Borgata. Until the closing of the sale, we were the managing member of MDDHC, and we were responsible for the day-to-day operations of Borgata. Pursuant to the Purchase Agreement, on August 1, 2016, MGM acquired from Boyd Gaming 49% of its 50% membership interest in MDDHC and, immediately thereafter, MDDHC redeemed Boyd Gaming’s remaining 1% membership interest in MDDHC (collectively, the “Transaction”). Following the Transaction, MDDHC became a wholly-owned subsidiary of MGM. In consideration for the Transaction, MGM paid Boyd Gaming $900 million . The initial net cash proceeds were approximately $589 million , net of certain expenses and adjustments on the closing date in the form of outstanding indebtedness, cash and working capital. These initial proceeds do not include our 50% share of any future property tax settlement benefits, to which Boyd Gaming retains the right to receive upon payment. Borgata estimates that it is entitled to property tax refunds totaling $160 million , including amounts due under court decisions rendered in its favor and estimates for open tax appeals. We reflect the results of operations and cash flows from our investment in Borgata as discontinued operations for all periods presented in these condensed consolidated financial statements. Summarized income statement information for Borgata is as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Net revenues $ 203,347 $ 191,163 $ 393,640 $ 373,752 Operating expenses 150,195 160,986 302,815 320,225 Operating income 53,152 30,177 90,825 53,527 Non-operating expenses 15,764 18,224 30,176 33,546 Net income (loss) $ 37,388 $ 11,953 $ 60,649 $ 19,981 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: June 30, December 31, (In thousands) 2016 2015 Land $ 228,417 $ 229,857 Buildings and improvements 2,560,891 2,539,578 Furniture and equipment 1,179,455 1,152,277 Riverboats and barges 238,826 238,743 Construction in progress 51,958 42,497 Other 7,404 7,404 Total property and equipment 4,266,951 4,210,356 Less accumulated depreciation 2,060,735 1,985,014 Property and equipment, net $ 2,206,216 $ 2,225,342 Other property and equipment presented in the table above relates to the estimated net realizable value of construction materials inventory that was not disposed of with the 2013 sale of the Echelon development project. Such assets are not in service and are not currently being depreciated. Depreciation expense is as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Depreciation expense $ 44,266 $ 45,159 $ 87,821 $ 90,261 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: June 30, 2016 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 1.4 years $ 136,300 $ (117,429 ) $ — $ 18,871 Favorable lease rates 31.9 years 45,370 (12,532 ) — 32,838 Development agreement — 21,373 — — 21,373 203,043 (129,961 ) — 73,082 Indefinite lived intangible assets Trademarks and other 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, June 30, 2016 $ 1,205,879 $ (163,921 ) $ (159,874 ) $ 882,084 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 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: June 30, December 31, (In thousands) 2016 2015 Payroll and related expenses $ 63,696 $ 71,815 Interest 47,008 35,337 Gaming liabilities 34,702 37,496 Player loyalty program liabilities 18,003 18,491 Other accrued liabilities 94,499 86,379 Total accrued liabilities $ 257,908 $ 249,518 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt, net of current maturities consists of the following: June 30, 2016 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) June 30, 2016 Principal Discount Fees and Costs Debt, Net Boyd Gaming Corporation Debt Bank credit facility 3.89 % $ 903,275 $ (2,152 ) $ (8,134 ) $ 892,989 9.00% senior notes due 2020 9.00 % 350,000 — (6,250 ) 343,750 6.875% senior notes due 2023 6.88 % 750,000 — (12,087 ) 737,913 6.375% senior notes due 2026 6.38 % 750,000 — (12,554 ) 737,446 2,753,275 (2,152 ) (39,025 ) 2,712,098 Peninsula Segment Debt Bank credit facility 4.25 % 610,525 — (9,788 ) 600,737 8.375% senior notes due 2018 8.38 % 350,000 — (4,973 ) 345,027 960,525 — (14,761 ) 945,764 Total long-term debt 3,713,800 (2,152 ) (53,786 ) 3,657,862 Less current maturities 29,750 — — 29,750 Long-term debt, net $ 3,684,050 $ (2,152 ) $ (53,786 ) $ 3,628,112 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 Boyd Gaming Debt Boyd Bank Credit Facility The outstanding principal amounts under the Third Amended and Restated Credit Agreement (the "Boyd Gaming Credit Facility") are comprised of the following: June 30, December 31, (In thousands) 2016 2015 Revolving Credit Facility $ — $ 240,000 Term A Loan 177,025 183,275 Term B Loan 726,250 730,750 Swing Loan — 55,700 Total outstanding principal amounts under the Boyd Gaming Credit Facility $ 903,275 $ 1,209,725 At June 30, 2016 , approximately $0.9 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 $592.9 million . Senior Notes 6.375% Senior Notes due April 2026 Significant Terms On March 28, 2016, we issued $750 million aggregate principal amount of 6.375% senior notes due April 2026 (the " 6.375% Notes"). The 6.375% Notes require semi-annual interest payments on April 1 and October 1 of each year, commencing on October 1, 2016. The 6.375% Notes will mature on April 1, 2026 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. Net proceeds from the 6.375% Notes were used to pay down the outstanding amount under the Boyd Gaming Revolving Credit Facility and the balance was deposited in money market funds and classified as cash equivalents on the condensed consolidated balance sheets. In conjunction with the issuance of the 6.375% Notes, we incurred approximately $13.0 million in debt financing costs that have been deferred and are being amortized over the term of the 6.375% Notes using the effective interest method. The 6.375% 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 6.375% 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 6.375% Notes at a price equal to 101% of the principal amount of the 6.375% 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 6.375% Notes. At any time prior to April 1, 2021, we may redeem the 6.375% 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. After April 1, 2021, we may redeem all or a portion of the 6.375% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 103.188% in 2021 to 100% in 2024 and thereafter, plus accrued and unpaid interest and Additional Interest. In connection with the private placement of the 6.375% Notes, we entered into a registration rights agreement with the initial purchasers in which we agreed to file a registration statement with the SEC to permit the holders to exchange or resell the 6.375% Notes. We must use commercially reasonable efforts to file a registration statement and to consummate an exchange offer within 365 days after the issuance of the 6.375% Notes, subject to certain suspension and other rights set forth in the registration rights agreement. Under certain circumstances, including our determination that we cannot complete an exchange offer, we are required to file a shelf registration statement for the resale of the 6.375% Notes and to cause such shelf registration statement to be declared effective as soon as reasonably practicable (but in no event later than the 365th day following the issuance of the 6.375% Notes) after the occurrence of such circumstances. Subject to certain suspension and other rights, in the event that the registration statement is not filed or declared effective within the time periods specified in the registration rights agreement, the exchange offer is not consummated within 365 days after the issuance of the 6.375% Notes, or the registration statement is filed and declared effective but thereafter ceases to be effective or is unusable for its intended purpose for a period in excess of 30 days without being succeeded immediately by a post-effective amendment that cures such failure, the agreement provides that additional interest will accrue on the principal amount of the 6.375% Notes at a rate of 0.25% per annum during the 90-day period immediately following any of these events and will increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event will the penalty rate exceed 1.00% per annum, until the default is cured. There are no other alternative settlement methods and, other than the 1.00% per annum maximum penalty rate, the agreement contains no limit on the maximum potential amount of consideration that could be transferred in the event we do not meet the registration statement filing requirements. We currently intend to file a registration statement, have it declared effective and consummate any exchange offer within these time periods. Accordingly, we do not believe that payment of additional interest under the registration payment arrangement is probable and, therefore, no related liability has been recorded in the consolidated financial statements. Peninsula Segment Debt Bank Credit Facility The outstanding principal amounts under the Peninsula senior secured credit facility (the "Peninsula Credit Facility") are comprised of the following: June 30, December 31, ( In thousands ) 2016 2015 Term Loan $ 596,625 $ 647,750 Revolving Facility 7,000 9,000 Swing Loan 6,900 6,000 Total outstanding principal amounts under the Peninsula Credit Facility $ 610,525 $ 662,750 At June 30, 2016 , approximately $610.5 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 $31.1 million . Early Extinguishments of Debt We incurred non-cash charges of $0.4 million and $1.0 million during the three months ended June 30, 2016 and 2015 , respectively, and $0.8 million and $1.5 million for the six months ended June 30, 2016 and 2015, respectively, for deferred debt financing costs written off related to the Peninsula Credit Facility, which represents the ratable reduction in borrowing capacity due to optional prepayments made during these periods. Additionally, for both the three and six months ended June 30, 2015, we incurred $30.0 million of loss on early extinguishments of debt related to optional prepayments of the Term Loans under the Boyd Gaming Credit Facility and the redemption of all of our 9.125% Senior Notes due December 2018 during the second quarter of 2015. Covenant Compliance As of June 30, 2016 , we believe that Boyd Gaming and Peninsula were in compliance with the financial and other covenants of their respective debt instruments. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments There have been no material changes to our commitments described under Note 10, Commitments and Contingencies , in our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 25, 2016 , except for the pending acquisitions of ALST and the Las Vegas assets of CCR as discussed in Note 3, Acquisitions and Divestitures . Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. In our opinion, all pending legal matters are either adequately covered by insurance, or, if not insured, will not have a material adverse impact on our financial position, results of operations or cash flows. |
Stockholders' Equity and Stock
Stockholders' Equity and Stock Incentive Plans | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity and Stock Incentive Plans | STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Gaming $ 80 $ 55 $ 165 $ 123 Food and beverage 15 11 31 24 Room 7 5 15 11 Selling, general and administrative 405 280 837 624 Corporate expense 1,813 2,575 4,535 5,585 Total share-based compensation expense $ 2,320 $ 2,926 $ 5,583 $ 6,367 Performance Shares Vesting The Performance Share Unit ("PSU") grants awarded in December 2012 and 2011 vested during first quarters of 2016 and 2015, respectively. Common shares 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. 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. The PSU grant awarded in December 2012 resulted in a total of 213,365 shares issued, representing approximately 0.59 shares per PSU. Of the 213,365 shares issued, a total of 54,338 were surrendered by the participants for payroll taxes, resulting a net issuance of 159,027 shares due to the vesting of the 2012 grant. The actual achievement level under the award metrics equaled the estimated performance as of year-end 2015; therefore, the vesting of the PSUs did not impact compensation costs in our 2016 condensed consolidated statement of operations. The PSU grant awarded in December 2011 resulted in a total of 654,478 shares issued, representing approximately 1.67 shares per PSU. Of the 654,478 shares issued, a total of 177,274 were surrendered by the participants for payroll taxes, resulting a net issuance of 477,204 shares due to the vesting of the 2011 grant. The actual achievement level under the 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. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The authoritative accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These inputs create the following fair value hierarchy: Level 1 : Quoted prices for identical instruments in active markets. Level 2 : Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 : Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: June 30, 2016 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 628,278 $ 628,278 $ — $ — Restricted cash 20,719 20,719 — — Investment available for sale 17,832 — — 17,832 Liabilities Contingent payments $ 3,488 $ — $ — $ 3,488 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 Cash and Cash Equivalents and Restricted Cash The fair value of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks at June 30, 2016 and December 31, 2015 . Investment Available for Sale We have an investment in a single municipal bond issuance of $21.0 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 June 30, 2016 and December 31, 2015 . Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the condensed consolidated balance sheets. At both June 30, 2016 and December 31, 2015 , $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 both June 30, 2016 and December 31, 2015 , $17.4 million is included in other assets on the condensed consolidated balance sheets. The discount associated with this investment of $3.2 million at both June 30, 2016 and December 31, 2015 , 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 the development of the Kansas Star Casino ("KSC"), KSC agreed to pay a former casino project developer and option holder 1% of KSC's EBITDA each month for a period of ten years commencing on December 20, 2011. The liability is recorded at the estimated fair value of the contingent payments using a discounted cash flows approach and the significant unobservable input used in the valuation at both June 30, 2016 and December 31, 2015, is a discount rate of 18.5%. At both June 30, 2016 and December 31, 2015 , there was a current liability of $0.9 million related to this agreement, which is recorded in accrued liabilities on the respective condensed consolidated balance sheets, and long-term obligation at June 30, 2016 and December 31, 2015 , of $2.6 million and $2.7 million , respectively, which is included in other liabilities on the respective condensed consolidated balance sheets. The following table summarizes the changes in fair value of the Company's Level 3 assets and liabilities: Three Months Ended June 30, 2016 June 30, 2015 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 18,394 $ (3,560 ) $ 18,658 $ (3,721 ) Total gains (losses) (realized or unrealized): Included in earnings 33 (150 ) 31 (161 ) Included in other comprehensive income (loss) (185 ) — (1,033 ) — Transfers in or out of Level 3 — — — — Purchases, sales, issuances and settlements: Settlements (410 ) 222 (380 ) 240 Balance at end of reporting period $ 17,832 $ (3,488 ) $ 17,276 $ (3,642 ) 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 $ 33 $ — $ 31 $ — Included in interest expense — (150 ) — (161 ) Six Months Ended June 30, 2016 June 30, 2015 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Merger Earnout Contingent Payments Balance at beginning of reporting period $ 17,839 $ (3,632 ) $ 18,357 $ (75 ) $ (3,792 ) Total gains (losses) (realized or unrealized): Included in earnings 66 (305 ) 62 75 (320 ) Included in other comprehensive income (loss) 337 — (763 ) — — Transfers in or out of Level 3 — — — — — Purchases, sales, issuances and settlements: Settlements (410 ) 449 (380 ) — 470 Balance at end of reporting period $ 17,832 $ (3,488 ) $ 17,276 $ — $ (3,642 ) 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 $ 66 $ — $ 62 $ — $ — Included in interest expense — (305 ) — — (320 ) 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 9.7 % Contingent payments Discounted cash flow Discount rate 18.5 % Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: June 30, 2016 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 34,301 $ 27,168 $ 28,371 Level 3 Other financial instruments 100 93 93 Level 3 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 The following tables provide the fair value measurement information about our long-term debt: June 30, 2016 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Corporation Debt Bank credit facility $ 903,275 $ 892,989 $ 902,907 Level 2 9.00% senior notes due 2020 350,000 343,750 367,500 Level 1 6.875% senior notes due 2023 750,000 737,913 798,750 Level 1 6.375% senior notes due 2026 750,000 737,446 785,625 Level 1 2,753,275 2,712,098 2,854,782 Peninsula Segment Debt Bank credit facility 610,525 600,737 611,301 Level 2 8.375% Senior Notes due 2018 350,000 345,027 352,188 Level 2 960,525 945,764 963,489 Total debt $ 3,713,800 $ 3,657,862 $ 3,818,271 December 31, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Corporation Debt Bank credit facility $ 1,209,725 $ 1,197,277 $ 1,202,870 Level 2 9.00% senior notes due 2020 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 The estimated fair values of the Boyd Gaming Credit Facility and the Peninsula Credit Facility are based on a relative value analysis performed on or about June 30, 2016 and December 31, 2015 . The estimated fair values of Boyd Gaming's senior notes and Peninsula's senior notes are based on quoted market prices as of June 30, 2016 and December 31, 2015 . 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 six months ended June 30, 2016 or 2015 . |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We have aggregated certain of our properties in order to present four Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest and South; and (iv) Peninsula. The table below lists the classification of each of our properties. Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eldorado Casino Henderson, Nevada Jokers Wild Casino Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel and Casino Las Vegas, Nevada Main Street Station Casino, Brewery and Hotel Las Vegas, Nevada Midwest and South Sam's Town Hotel and Gambling Hall Tunica, Mississippi IP Casino Resort Spa Biloxi, Mississippi Par-A-Dice Hotel Casino East Peoria, Illinois Blue Chip Casino, Hotel & Spa Michigan City, Indiana Treasure Chest Casino Kenner, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Peninsula Diamond Jo Dubuque Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Evangeline Downs Racetrack and Casino Opelousas, Louisiana Amelia Belle Casino Amelia, Louisiana Kansas Star Casino Mulvane, Kansas As a result of the agreement to sell our equity interest in Borgata (see Note 3, Acquisitions and Divestitures ), we no longer report our interest in Borgata as a Reportable Segment. 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, deferred rent, share-based compensation expense, project development, preopening and writedowns expenses, impairments of assets, other operating items, net, and gain or loss on early retirements of debt, as applicable. Total Reportable Segment Adjusted EBITDA is the aggregate sum of the Property EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest and South, and Peninsula segments. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company. We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Total Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations. The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Net Revenues Las Vegas Locals $ 154,936 $ 153,032 $ 313,334 $ 303,332 Downtown Las Vegas 59,212 58,434 117,817 115,038 Midwest and South 207,837 217,777 417,022 435,542 Peninsula 122,889 130,624 249,079 256,533 Total Reportable Segment Net Revenues $ 544,874 $ 559,867 $ 1,097,252 $ 1,110,445 Adjusted EBITDA Las Vegas Locals $ 43,173 $ 42,175 $ 87,444 $ 81,052 Downtown Las Vegas 14,263 12,307 26,944 22,984 Midwest and South 50,056 51,777 98,869 102,761 Peninsula 44,691 49,164 91,803 95,527 Total Reportable Segment Adjusted EBITDA 152,183 155,423 305,060 302,324 Corporate expense (14,286 ) (14,777 ) (29,471 ) (31,419 ) Adjusted EBITDA 137,897 140,646 275,589 270,905 Other operating costs and expenses Deferred rent 817 859 1,633 1,716 Depreciation and amortization 48,250 51,964 95,903 103,906 Share-based compensation expense 2,320 2,926 5,583 6,367 Project development, preopening and writedowns 5,897 1,749 7,738 2,704 Impairments of assets — — 1,440 1,065 Other operating items, net 123 54 552 170 Total other operating costs and expenses 57,407 57,552 112,849 115,928 Operating income $ 80,490 $ 83,094 $ 162,740 $ 154,977 Total Reportable Segment Assets The Company's assets by Reportable Segment consisted of the following amounts: June 30, December 31, (In thousands) 2016 2015 Assets Las Vegas Locals $ 1,132,768 $ 1,155,224 Downtown Las Vegas 136,770 138,159 Midwest and South 1,247,196 1,263,751 Peninsula 1,349,269 1,370,991 Total Reportable Segment Assets 3,866,003 3,928,125 Corporate 963,317 422,775 Total Assets $ 4,829,320 $ 4,350,900 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION Separate condensed consolidating financial information for our subsidiary guarantors and non-guarantors of our 9.00% Senior Notes due July 2020, our 6.875% Senior Notes due May 2023 and our 6.375% Senior Notes due April 2026 is presented below. Each of these notes is fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The non-guarantors primarily represent those entities comprising our Peninsula segment, special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries. Condensed Consolidating Balance Sheets June 30, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 512,602 $ 89,891 $ 25,564 $ 221 $ — $ 628,278 Other current assets 13,142 69,598 30,366 — (5,507 ) 107,599 Property and equipment, net 68,245 1,739,097 398,874 — — 2,206,216 Investments in subsidiaries 3,690,160 — — — (3,690,160 ) — Intercompany receivable — 2,018,443 — — (2,018,443 ) — Other assets, net 13,065 9,003 25,473 — — 47,541 Intangible assets, net — 406,005 476,079 — — 882,084 Goodwill, net — 212,794 472,516 — — 685,310 Investment in unconsolidated subsidiary held for sale — 272,292 — — — 272,292 Total assets $ 4,297,214 $ 4,817,123 $ 1,428,872 $ 221 $ (5,714,110 ) $ 4,829,320 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 21,500 $ — $ 8,250 $ — $ — $ 29,750 Other current liabilities 89,281 144,896 96,366 — (149 ) 330,394 Accumulated losses of subsidiaries in excess of investment — 76,774 315 — (77,089 ) — Intercompany payable 881,924 — 1,140,596 475 (2,022,995 ) — Long-term debt, net of current maturities and debt issuance costs 2,690,598 — 937,514 — — 3,628,112 Other long-term liabilities 36,922 157,990 69,113 — — 264,025 Boyd Gaming Corporation stockholders' equity (deficit) 576,989 4,437,463 (823,282 ) (254 ) (3,613,927 ) 576,989 Noncontrolling interest — — — — 50 50 Total stockholders' equity (deficit) 576,989 4,437,463 (823,282 ) (254 ) (3,613,877 ) 577,039 Total liabilities and stockholders' equity $ 4,297,214 $ 4,817,123 $ 1,428,872 $ 221 $ (5,714,110 ) $ 4,829,320 Condensed Consolidating Balance Sheets - continued 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 — — — (3,547,690 ) — 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 Investment in unconsolidated subsidiary held for sale — 244,621 — — — 244,621 Total assets $ 3,643,330 $ 4,671,506 $ 1,452,324 $ 221 $ (5,416,481 ) $ 4,350,900 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 21,500 $ — $ 8,250 $ — $ — $ 29,750 Other current liabilities 102,946 146,178 76,482 — (285 ) 325,321 Accumulated losses of subsidiaries in excess of investment — 106,505 3,192 — (109,697 ) — Intercompany payable 720,400 — 1,147,082 475 (1,867,957 ) — Long-term debt, net of current maturities and debt issuance costs 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 $ 4,671,506 $ 1,452,324 $ 221 $ (5,416,481 ) $ 4,350,900 Condensed Consolidating Statements of Operations Three Months Ended June 30, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 30,992 $ 415,096 $ 135,156 $ — $ (36,370 ) $ 544,874 Operating costs and expenses Operating 450 216,261 73,293 — — 290,004 Selling, general and administrative 12,326 52,604 14,072 — — 79,002 Maintenance and utilities — 21,480 3,529 — — 25,009 Depreciation and amortization 2,242 31,452 14,556 — — 48,250 Corporate expense 14,565 53 1,481 — — 16,099 Project development, preopening and writedowns 3,236 584 2,077 — — 5,897 Other operating items, net — 71 52 — — 123 Intercompany expenses 301 31,012 5,057 — (36,370 ) — Total operating costs and expenses 33,120 353,517 114,117 — (36,370 ) 464,384 Equity in earnings of subsidiaries 73,765 2,172 — — (75,937 ) — Operating income (loss) 71,637 63,751 21,039 — (75,937 ) 80,490 Other expense (income) Interest expense, net 41,539 2,348 17,041 — — 60,928 Loss on early extinguishments of debt — — 419 — — 419 Other, net — — 65 — — 65 Total other expense, net 41,539 2,348 17,525 — — 61,412 Income (loss) before income taxes 30,098 61,403 3,514 — (75,937 ) 19,078 Income taxes provision (76 ) (2,070 ) (5,625 ) — — (7,771 ) Income (loss) from continuing operations, net of tax 30,022 59,333 (2,111 ) — (75,937 ) 11,307 Income from discontinued operations, net of tax — 18,715 — — — 18,715 Net income (loss) $ 30,022 $ 78,048 $ (2,111 ) $ — $ (75,937 ) $ 30,022 Comprehensive income (loss) $ 29,837 $ 77,862 $ (2,296 ) $ — $ (75,566 ) $ 29,837 Condensed Consolidating Statements of Operations - continued Three Months Ended June 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 31,306 $ 423,103 $ 142,527 $ — $ (37,069 ) $ 559,867 Operating costs and expenses Operating 450 221,305 76,270 — — 298,025 Selling, general and administrative 12,342 54,042 14,629 — — 81,013 Maintenance and utilities — 22,955 3,661 — — 26,616 Depreciation and amortization 1,502 32,367 18,095 — — 51,964 Corporate expense 16,062 70 1,220 — — 17,352 Project development, preopening and writedowns 11 300 1,409 29 — 1,749 Other operating items, net — — 54 — — 54 Intercompany expenses 301 31,349 5,419 — (37,069 ) — Total operating costs and expenses 30,668 362,388 120,757 29 (37,069 ) 476,773 Equity in earnings of subsidiaries 57,024 (2,219 ) (29 ) — (54,776 ) — Operating income (loss) 57,662 58,496 21,741 (29 ) (54,776 ) 83,094 Other expense (income) Interest expense, net 34,023 419 22,224 — — 56,666 Loss on early extinguishments of debt 30,008 — 954 — — 30,962 Other, net 1 1,000 269 — — 1,270 Total other expense, net 64,032 1,419 23,447 — — 88,898 Income (loss) before income taxes (6,370 ) 57,077 (1,706 ) (29 ) (54,776 ) (5,804 ) Income taxes provision (55 ) (2,014 ) (4,517 ) — — (6,586 ) Income (loss) from continuing operations, net of tax (6,425 ) 55,063 (6,223 ) (29 ) (54,776 ) (12,390 ) Income from discontinued operations, net of tax — 5,965 — — — 5,965 Net income (loss) $ (6,425 ) $ 61,028 $ (6,223 ) $ (29 ) $ (54,776 ) $ (6,425 ) Comprehensive income (loss) $ (7,459 ) $ 59,994 $ (7,257 ) $ (29 ) $ (52,707 ) $ (7,458 ) Condensed Consolidating Statements of Operations - continued Six Months Ended June 30, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 62,193 $ 834,737 $ 273,472 $ — $ (73,150 ) $ 1,097,252 Operating costs and expenses Operating 900 437,970 146,293 — — 585,163 Selling, general and administrative 24,712 106,777 29,362 — 2 160,853 Maintenance and utilities — 41,927 6,930 — — 48,857 Depreciation and amortization 4,020 62,627 29,256 — — 95,903 Corporate expense 30,874 106 3,026 — — 34,006 Project development, preopening and writedowns 3,992 960 2,786 — — 7,738 Impairments of assets 1,440 — — — — 1,440 Other operating items, net 106 394 52 — — 552 Intercompany expenses 602 62,250 10,300 — (73,152 ) — Total operating costs and expenses 66,646 713,011 228,005 — (73,150 ) 934,512 Equity in earnings of subsidiaries 142,284 6,430 — — (148,714 ) — Operating income (loss) 137,831 128,156 45,467 — (148,714 ) 162,740 Other expense (income) Interest expense, net 74,467 4,634 34,395 — — 113,496 Loss on early extinguishments of debt — — 846 — — 846 Other, net 1 — 141 — — 142 Total other expense, net 74,468 4,634 35,382 — — 114,484 Income (loss) before income taxes 63,363 123,522 10,085 — (148,714 ) 48,256 Income taxes provision (151 ) (3,988 ) (11,250 ) — — (15,389 ) Income (loss) from continuing operations, net of tax 63,212 119,534 (1,165 ) — (148,714 ) 32,867 Income from discontinued operations, net of tax — 30,345 — — — 30,345 Net income (loss) $ 63,212 $ 149,879 $ (1,165 ) $ — $ (148,714 ) $ 63,212 Comprehensive income (loss) $ 63,549 $ 150,216 $ (828 ) $ — $ (149,388 ) $ 63,549 Condensed Consolidating Statements of Operations - continued Six Months Ended June 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 62,102 $ 841,695 $ 280,052 $ — $ (73,404 ) $ 1,110,445 Operating costs and expenses Operating 900 444,892 150,190 — — 595,982 Selling, general and administrative 24,745 108,384 29,573 — — 162,702 Maintenance and utilities — 44,666 7,269 — — 51,935 Depreciation and amortization 2,789 65,054 36,063 — — 103,906 Corporate expense 34,529 124 2,351 — — 37,004 Project development, preopening and writedowns (41 ) 283 2,392 70 — 2,704 Impairments of assets — — 1,065 — — 1,065 Other operating items, net — 70 100 — — 170 Intercompany expenses 602 62,190 10,612 — (73,404 ) — Total operating costs and expenses 63,524 725,663 239,615 70 (73,404 ) 955,468 Equity in earnings of subsidiaries 105,382 (6,242 ) (70 ) — (99,070 ) — Operating income (loss) 103,960 109,790 40,367 (70 ) (99,070 ) 154,977 Other expense (income) Interest expense, net 67,419 1,121 44,590 — — 113,130 Loss on early extinguishments of debt 30,008 — 1,462 — — 31,470 Other, net 417 1,000 471 — — 1,888 Total other expense, net 97,844 2,121 46,523 — — 146,488 Income (loss) before income taxes 6,116 107,669 (6,156 ) (70 ) (99,070 ) 8,489 Income taxes benefit (provision) 22,562 (3,937 ) (9,000 ) — — 9,625 Income (loss) from continuing operations, net of tax 28,678 103,732 (15,156 ) (70 ) (99,070 ) 18,114 Income from discontinued operations, net of tax — 10,564 — — — 10,564 Net income (loss) $ 28,678 $ 114,296 $ (15,156 ) $ (70 ) $ (99,070 ) $ 28,678 Comprehensive income (loss) $ 27,915 $ 113,533 $ (15,919 ) $ (70 ) $ (97,544 ) $ 27,915 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2016 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 $ (59,978 ) $ 158,742 $ 57,119 $ — $ 4,378 $ 160,261 Cash flows from investing activities Capital expenditures (19,456 ) (45,271 ) (7,720 ) — — (72,447 ) Net activity with affiliates — (150,660 ) — — 150,660 — Other investing activities — — 704 — — 704 Net cash from investing activities (19,456 ) (195,931 ) (7,016 ) — 150,660 (71,743 ) Cash flows from financing activities Borrowings under bank credit facility 223,900 — 165,000 — — 388,900 Payments under bank credit facility (530,350 ) — (217,225 ) — — (747,575 ) Proceeds from issuance of senior notes 750,000 — — — — 750,000 Debt financing costs, net (12,936 ) — — — — (12,936 ) Net activity with affiliates 161,524 — (6,486 ) — (155,038 ) — Share-based compensation activities, net (104 ) — — — — (104 ) Net cash from financing activities 592,034 — (58,711 ) — (155,038 ) 378,285 Cash flows from discontinued operations Cash flows from operating activities — 2,654 — — — 2,654 Cash flows from investing activities — — — — — — Cash flows from financing activities — — — — — — Net cash from discontinued operations — 2,654 — — — 2,654 Net change in cash and cash equivalents 512,600 (34,535 ) (8,608 ) — — 469,457 Cash and cash equivalents, beginning of period 2 124,426 34,172 221 — 158,821 Cash and cash equivalents, end of period $ 512,602 $ 89,891 $ 25,564 $ 221 $ — $ 628,278 Condensed Consolidating Statements of Cash Flows - continued Six Months Ended June 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (40,933 ) $ 150,591 $ 36,811 $ (70 ) $ 9,377 $ 155,776 Cash flows from investing activities Capital expenditures (24,876 ) (21,366 ) (11,870 ) — — (58,112 ) Net activity with affiliates — (147,126 ) — — 147,126 — Other investing activities — — 2,975 — — 2,975 Net cash from investing activities (24,876 ) (168,492 ) (8,895 ) — 147,126 (55,137 ) Cash flows from financing activities Borrowings under bank credit facility 396,100 — 170,800 — — 566,900 Payments under bank credit facility (679,525 ) — (223,187 ) — — (902,712 ) Proceeds from issuance of senior notes, net 750,000 — — — — 750,000 Debt financing costs, net (13,496 ) — — — — (13,496 ) Payments on long-term debt (500,000 ) — — — — (500,000 ) Premium and consent fees paid (24,246 ) — — — — (24,246 ) Net activity with affiliates 134,874 — 21,559 70 (156,503 ) — Share-based compensation activities, net 2,100 — — — — 2,100 Other financing activities — — (3 ) — — (3 ) Net cash from financing activities 65,807 — (30,831 ) 70 (156,503 ) (121,457 ) Cash flows from discontinued operations Cash flows from operating activities — — — — — — Cash flows from investing activities — — — — — — Cash flows from financing activities — — — — — — Net cash from discontinued operations — — — — — — Net change in cash and cash equivalents (2 ) (17,901 ) (2,915 ) — — (20,818 ) Cash and cash equivalents, beginning of period 2 111,452 33,668 219 — 145,341 Cash and cash equivalents, end of period $ — $ 93,551 $ 30,753 $ 219 $ — $ 124,523 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Redemption of Peninsula Gaming 2018 Notes On August 3, 2016, a conditional notice of redemption was delivered to the trustee for the Peninsula Gaming 8.375% Senior Notes due 2018 (the “2018 Notes”). We have elected to redeem all of the outstanding 2018 Notes on September 2, 2016, at a redemption price of 100.00% of the principal amount of $350.0 million, plus accrued and unpaid interest through the redemption date. Redemption of the 2018 Notes is conditioned upon receipt by the trustee of the 2018 Notes of sufficient funds to pay the redemption price. The redemption will be funded using cash on hand. As a result of this early extinguishment of debt, the Company will recognize an estimated charge of $4.5 million during third quarter to write-off the remaining unamortized debt issuance costs at the time of redemption. Redemption of Boyd Gaming 2020 Notes On August 5, 2016, a conditional notice of redemption was delivered to the trustee for the Boyd Gaming 9.0% Senior Notes due 2020 (the “2020 Notes”). The Company has elected to redeem all of the outstanding 2020 Notes on September 3, 2016, at a redemption price of 104.500% of the principal amount of $350.0 million, plus accrued and unpaid interest, if any, to the redemption date. Redemption of the 2020 Notes is conditioned upon receipt by the trustee of the 2020 Notes of sufficient funds to pay the redemption price. The redemption will be funded using cash on hand. As a result of this early extinguishment of debt, the Company will recognize an estimated charge of $21.7 million during third quarter for the premium to be paid and to write-off the remaining unamortized debt issuance costs at the time of redemption. Other We have evaluated all events or transactions that occurred after June 30, 2016 . During this period, up to the filing date, we did not identify any additional subsequent events, other than those disclosed above and in Note 3, Acquisitions and Divestitures , the effects of which would require disclosure or adjustment to our financial position or results of operations. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Gaming Taxes | Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $81.5 million and $85.5 million for the three months ended June 30, 2016 and 2015 , respectively, and $164.1 million and $168.9 million for the six months ended June 30, 2016 and 2015 , respectively. |
Income Taxes | Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. 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 profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. As of June 30, 2016 , we concluded that it was not more likely than not that the benefit from our deferred tax assets would be realized. As a result of our analysis, a valuation allowance of $231.6 million has been recorded on our federal and state income tax net operating loss carryforwards and other deferred tax assets. Valuation allowances are evaluated periodically and subject to change in future reporting periods as a result of changes in the factors noted above. Based on recent earnings and the gain on the sale of our membership interest in Borgata, in the third quarter of 2016, it is likely that sufficient positive evidence will 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 significant portion of its valuation allowance against its deferred tax assets in the third quarter of 2016. 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. For the six months ended June 30, 2016 and 2015 , we have computed our provision for income taxes by applying the actual effective tax rate, under the discrete method, to year-to-date income. The discrete method was used to calculate income tax expense or benefit as the annual effective tax rate was not considered a reliable estimate of year-to-date income tax expense or benefit. We believe this method provides the most reliable estimate of year-to-date income tax expense. Our tax rate is impacted by adjustments that are largely independent of our operating results before taxes. Such adjustments relate primarily to changes in our valuation allowance and 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. 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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Accounting Standards Update 2016-13, Financial Instruments-Credit Losses ("Update 2016-13") In June 2016, the Financial Accounting Standards Board ("FASB") issued Update 2016-13, which amends the guidance on the impairment of financial instruments. Update 2016-13 adds to GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2019, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-13 to the financial statements. Accounting Standards Update 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients ("Update 2016-12"); Accounting Standards Update 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting ("Update 2016-11"); Accounting Standards Update 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("Update 2016-10"); and Accounting Standards Update 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("Update 2016-08") In March 2016 through May 2016, the FASB issued Update 2016-08, Update 2016-10, Update 2016-11 and Update 2016-12, which amend and further clarify the new revenue standard, Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09"), which was subsequently amended and deferred in Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14", and collectively with the original standard, Update 2014-09, and subsequent amendments, Update 2016-08, Update 2016-10, Update 2016-11 and Update 2016-12, the "Revenue Standard"). The Revenue Standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Earlier application is permitted only for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is evaluating the impact of the Revenue Standard on its consolidated financial statements. Accounting Standards Update 2016-09, Compensation - Stock Compensation ("Update 2016-09") In March 2016, the FASB issued Update 2016-09 which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. 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 is evaluating the impact of the adoption of Update 2016-09 to the financial statements. Accounting Standards Update 2016-07, Investments - Equity Method and Joint Ventures ("Update 2016-07") In March 2016, the FASB issued Update 2016-07 which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. 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 determined that the impact of the new standard on its consolidated financial statements will not be material. Accounting Standards Update 2016-02, Leases ("Update 2016-02") In February 2016, the FASB issued Update 2016-02 which requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2018, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-02 to the financial statements. Accounting Standards Update 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("Update 2016-01") In January 2016, the FASB issued Update 2016-01, which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted only if explicit early adoption guidance is applied. The Company is evaluating the impact of the new standard on its 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 Accoun22
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Promotional Allowances | The amounts included in promotional allowances are as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Rooms $ 18,294 $ 19,188 $ 37,239 $ 37,932 Food and beverage 35,660 37,131 73,112 74,845 Other 3,056 3,277 6,973 6,332 Total promotional allowances $ 57,010 $ 59,596 $ 117,324 $ 119,109 The estimated costs of providing such promotional allowances are as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Rooms $ 7,921 $ 8,470 $ 16,490 $ 17,252 Food and beverage 30,842 32,397 64,113 65,949 Other 3,000 2,888 5,981 5,675 Total estimated cost of promotional allowances $ 41,763 $ 43,755 $ 86,584 $ 88,876 |
Acquisitions and Divestitures E
Acquisitions and Divestitures Equity Subsidiary Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Summarized income statement information for Borgata is as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Net revenues $ 203,347 $ 191,163 $ 393,640 $ 373,752 Operating expenses 150,195 160,986 302,815 320,225 Operating income 53,152 30,177 90,825 53,527 Non-operating expenses 15,764 18,224 30,176 33,546 Net income (loss) $ 37,388 $ 11,953 $ 60,649 $ 19,981 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consists of the following: June 30, December 31, (In thousands) 2016 2015 Land $ 228,417 $ 229,857 Buildings and improvements 2,560,891 2,539,578 Furniture and equipment 1,179,455 1,152,277 Riverboats and barges 238,826 238,743 Construction in progress 51,958 42,497 Other 7,404 7,404 Total property and equipment 4,266,951 4,210,356 Less accumulated depreciation 2,060,735 1,985,014 Property and equipment, net $ 2,206,216 $ 2,225,342 |
Depreciation Expense Table | Depreciation expense is as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Depreciation expense $ 44,266 $ 45,159 $ 87,821 $ 90,261 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: June 30, 2016 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 1.4 years $ 136,300 $ (117,429 ) $ — $ 18,871 Favorable lease rates 31.9 years 45,370 (12,532 ) — 32,838 Development agreement — 21,373 — — 21,373 203,043 (129,961 ) — 73,082 Indefinite lived intangible assets Trademarks and other 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, June 30, 2016 $ 1,205,879 $ (163,921 ) $ (159,874 ) $ 882,084 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 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: June 30, December 31, (In thousands) 2016 2015 Payroll and related expenses $ 63,696 $ 71,815 Interest 47,008 35,337 Gaming liabilities 34,702 37,496 Player loyalty program liabilities 18,003 18,491 Other accrued liabilities 94,499 86,379 Total accrued liabilities $ 257,908 $ 249,518 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Line of Credit Facility [Line Items] | |
Schedule of Long-term Debt Instruments | Long-term debt, net of current maturities consists of the following: June 30, 2016 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) June 30, 2016 Principal Discount Fees and Costs Debt, Net Boyd Gaming Corporation Debt Bank credit facility 3.89 % $ 903,275 $ (2,152 ) $ (8,134 ) $ 892,989 9.00% senior notes due 2020 9.00 % 350,000 — (6,250 ) 343,750 6.875% senior notes due 2023 6.88 % 750,000 — (12,087 ) 737,913 6.375% senior notes due 2026 6.38 % 750,000 — (12,554 ) 737,446 2,753,275 (2,152 ) (39,025 ) 2,712,098 Peninsula Segment Debt Bank credit facility 4.25 % 610,525 — (9,788 ) 600,737 8.375% senior notes due 2018 8.38 % 350,000 — (4,973 ) 345,027 960,525 — (14,761 ) 945,764 Total long-term debt 3,713,800 (2,152 ) (53,786 ) 3,657,862 Less current maturities 29,750 — — 29,750 Long-term debt, net $ 3,684,050 $ (2,152 ) $ (53,786 ) $ 3,628,112 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 |
Bank Credit Facility | Bank Credit Facility [Member] | Parent | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities | The outstanding principal amounts under the Third Amended and Restated Credit Agreement (the "Boyd Gaming Credit Facility") are comprised of the following: June 30, December 31, (In thousands) 2016 2015 Revolving Credit Facility $ — $ 240,000 Term A Loan 177,025 183,275 Term B Loan 726,250 730,750 Swing Loan — 55,700 Total outstanding principal amounts under the Boyd Gaming Credit Facility $ 903,275 $ 1,209,725 |
Bank Credit Facility | Bank Credit Facility [Member] | Subsidiary, Peninsula Gaming [Member] | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities | The outstanding principal amounts under the Peninsula senior secured credit facility (the "Peninsula Credit Facility") are comprised of the following: June 30, December 31, ( In thousands ) 2016 2015 Term Loan $ 596,625 $ 647,750 Revolving Facility 7,000 9,000 Swing Loan 6,900 6,000 Total outstanding principal amounts under the Peninsula Credit Facility $ 610,525 $ 662,750 |
Stockholders' Equity and Stoc28
Stockholders' Equity and Stock Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Gaming $ 80 $ 55 $ 165 $ 123 Food and beverage 15 11 31 24 Room 7 5 15 11 Selling, general and administrative 405 280 837 624 Corporate expense 1,813 2,575 4,535 5,585 Total share-based compensation expense $ 2,320 $ 2,926 $ 5,583 $ 6,367 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: June 30, 2016 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 628,278 $ 628,278 $ — $ — Restricted cash 20,719 20,719 — — Investment available for sale 17,832 — — 17,832 Liabilities Contingent payments $ 3,488 $ — $ — $ 3,488 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 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in fair value of the Company's Level 3 assets and liabilities: Three Months Ended June 30, 2016 June 30, 2015 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 18,394 $ (3,560 ) $ 18,658 $ (3,721 ) Total gains (losses) (realized or unrealized): Included in earnings 33 (150 ) 31 (161 ) Included in other comprehensive income (loss) (185 ) — (1,033 ) — Transfers in or out of Level 3 — — — — Purchases, sales, issuances and settlements: Settlements (410 ) 222 (380 ) 240 Balance at end of reporting period $ 17,832 $ (3,488 ) $ 17,276 $ (3,642 ) 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 $ 33 $ — $ 31 $ — Included in interest expense — (150 ) — (161 ) Six Months Ended June 30, 2016 June 30, 2015 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Merger Earnout Contingent Payments Balance at beginning of reporting period $ 17,839 $ (3,632 ) $ 18,357 $ (75 ) $ (3,792 ) Total gains (losses) (realized or unrealized): Included in earnings 66 (305 ) 62 75 (320 ) Included in other comprehensive income (loss) 337 — (763 ) — — Transfers in or out of Level 3 — — — — — Purchases, sales, issuances and settlements: Settlements (410 ) 449 (380 ) — 470 Balance at end of reporting period $ 17,832 $ (3,488 ) $ 17,276 $ — $ (3,642 ) 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 $ 66 $ — $ 62 $ — $ — Included in interest expense — (305 ) — — (320 ) |
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 9.7 % Contingent payments Discounted cash flow Discount rate 18.5 % |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: June 30, 2016 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 34,301 $ 27,168 $ 28,371 Level 3 Other financial instruments 100 93 93 Level 3 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 The following tables provide the fair value measurement information about our long-term debt: June 30, 2016 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Corporation Debt Bank credit facility $ 903,275 $ 892,989 $ 902,907 Level 2 9.00% senior notes due 2020 350,000 343,750 367,500 Level 1 6.875% senior notes due 2023 750,000 737,913 798,750 Level 1 6.375% senior notes due 2026 750,000 737,446 785,625 Level 1 2,753,275 2,712,098 2,854,782 Peninsula Segment Debt Bank credit facility 610,525 600,737 611,301 Level 2 8.375% Senior Notes due 2018 350,000 345,027 352,188 Level 2 960,525 945,764 963,489 Total debt $ 3,713,800 $ 3,657,862 $ 3,818,271 December 31, 2015 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Boyd Gaming Corporation Debt Bank credit facility $ 1,209,725 $ 1,197,277 $ 1,202,870 Level 2 9.00% senior notes due 2020 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 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Composition of Segments | We have aggregated certain of our properties in order to present four Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest and South; and (iv) Peninsula. The table below lists the classification of each of our properties. Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eldorado Casino Henderson, Nevada Jokers Wild Casino Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel and Casino Las Vegas, Nevada Main Street Station Casino, Brewery and Hotel Las Vegas, Nevada Midwest and South Sam's Town Hotel and Gambling Hall Tunica, Mississippi IP Casino Resort Spa Biloxi, Mississippi Par-A-Dice Hotel Casino East Peoria, Illinois Blue Chip Casino, Hotel & Spa Michigan City, Indiana Treasure Chest Casino Kenner, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Peninsula Diamond Jo Dubuque Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Evangeline Downs Racetrack and Casino Opelousas, Louisiana Amelia Belle Casino Amelia, Louisiana Kansas Star Casino Mulvane, Kansas |
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated | The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2016 2015 2016 2015 Net Revenues Las Vegas Locals $ 154,936 $ 153,032 $ 313,334 $ 303,332 Downtown Las Vegas 59,212 58,434 117,817 115,038 Midwest and South 207,837 217,777 417,022 435,542 Peninsula 122,889 130,624 249,079 256,533 Total Reportable Segment Net Revenues $ 544,874 $ 559,867 $ 1,097,252 $ 1,110,445 Adjusted EBITDA Las Vegas Locals $ 43,173 $ 42,175 $ 87,444 $ 81,052 Downtown Las Vegas 14,263 12,307 26,944 22,984 Midwest and South 50,056 51,777 98,869 102,761 Peninsula 44,691 49,164 91,803 95,527 Total Reportable Segment Adjusted EBITDA 152,183 155,423 305,060 302,324 Corporate expense (14,286 ) (14,777 ) (29,471 ) (31,419 ) Adjusted EBITDA 137,897 140,646 275,589 270,905 Other operating costs and expenses Deferred rent 817 859 1,633 1,716 Depreciation and amortization 48,250 51,964 95,903 103,906 Share-based compensation expense 2,320 2,926 5,583 6,367 Project development, preopening and writedowns 5,897 1,749 7,738 2,704 Impairments of assets — — 1,440 1,065 Other operating items, net 123 54 552 170 Total other operating costs and expenses 57,407 57,552 112,849 115,928 Operating income $ 80,490 $ 83,094 $ 162,740 $ 154,977 |
Reconciliation of Assets from Segment to Consolidated | The Company's assets by Reportable Segment consisted of the following amounts: June 30, December 31, (In thousands) 2016 2015 Assets Las Vegas Locals $ 1,132,768 $ 1,155,224 Downtown Las Vegas 136,770 138,159 Midwest and South 1,247,196 1,263,751 Peninsula 1,349,269 1,370,991 Total Reportable Segment Assets 3,866,003 3,928,125 Corporate 963,317 422,775 Total Assets $ 4,829,320 $ 4,350,900 |
Condensed Consolidating Finan31
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of adjustments [Line Items] | |
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheets June 30, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 512,602 $ 89,891 $ 25,564 $ 221 $ — $ 628,278 Other current assets 13,142 69,598 30,366 — (5,507 ) 107,599 Property and equipment, net 68,245 1,739,097 398,874 — — 2,206,216 Investments in subsidiaries 3,690,160 — — — (3,690,160 ) — Intercompany receivable — 2,018,443 — — (2,018,443 ) — Other assets, net 13,065 9,003 25,473 — — 47,541 Intangible assets, net — 406,005 476,079 — — 882,084 Goodwill, net — 212,794 472,516 — — 685,310 Investment in unconsolidated subsidiary held for sale — 272,292 — — — 272,292 Total assets $ 4,297,214 $ 4,817,123 $ 1,428,872 $ 221 $ (5,714,110 ) $ 4,829,320 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 21,500 $ — $ 8,250 $ — $ — $ 29,750 Other current liabilities 89,281 144,896 96,366 — (149 ) 330,394 Accumulated losses of subsidiaries in excess of investment — 76,774 315 — (77,089 ) — Intercompany payable 881,924 — 1,140,596 475 (2,022,995 ) — Long-term debt, net of current maturities and debt issuance costs 2,690,598 — 937,514 — — 3,628,112 Other long-term liabilities 36,922 157,990 69,113 — — 264,025 Boyd Gaming Corporation stockholders' equity (deficit) 576,989 4,437,463 (823,282 ) (254 ) (3,613,927 ) 576,989 Noncontrolling interest — — — — 50 50 Total stockholders' equity (deficit) 576,989 4,437,463 (823,282 ) (254 ) (3,613,877 ) 577,039 Total liabilities and stockholders' equity $ 4,297,214 $ 4,817,123 $ 1,428,872 $ 221 $ (5,714,110 ) $ 4,829,320 Condensed Consolidating Balance Sheets - continued 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 — — — (3,547,690 ) — 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 Investment in unconsolidated subsidiary held for sale — 244,621 — — — 244,621 Total assets $ 3,643,330 $ 4,671,506 $ 1,452,324 $ 221 $ (5,416,481 ) $ 4,350,900 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 21,500 $ — $ 8,250 $ — $ — $ 29,750 Other current liabilities 102,946 146,178 76,482 — (285 ) 325,321 Accumulated losses of subsidiaries in excess of investment — 106,505 3,192 — (109,697 ) — Intercompany payable 720,400 — 1,147,082 475 (1,867,957 ) — Long-term debt, net of current maturities and debt issuance costs 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 $ 4,671,506 $ 1,452,324 $ 221 $ (5,416,481 ) $ 4,350,900 |
Schedule of Condensed Income Statement | Condensed Consolidating Statements of Operations Three Months Ended June 30, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 30,992 $ 415,096 $ 135,156 $ — $ (36,370 ) $ 544,874 Operating costs and expenses Operating 450 216,261 73,293 — — 290,004 Selling, general and administrative 12,326 52,604 14,072 — — 79,002 Maintenance and utilities — 21,480 3,529 — — 25,009 Depreciation and amortization 2,242 31,452 14,556 — — 48,250 Corporate expense 14,565 53 1,481 — — 16,099 Project development, preopening and writedowns 3,236 584 2,077 — — 5,897 Other operating items, net — 71 52 — — 123 Intercompany expenses 301 31,012 5,057 — (36,370 ) — Total operating costs and expenses 33,120 353,517 114,117 — (36,370 ) 464,384 Equity in earnings of subsidiaries 73,765 2,172 — — (75,937 ) — Operating income (loss) 71,637 63,751 21,039 — (75,937 ) 80,490 Other expense (income) Interest expense, net 41,539 2,348 17,041 — — 60,928 Loss on early extinguishments of debt — — 419 — — 419 Other, net — — 65 — — 65 Total other expense, net 41,539 2,348 17,525 — — 61,412 Income (loss) before income taxes 30,098 61,403 3,514 — (75,937 ) 19,078 Income taxes provision (76 ) (2,070 ) (5,625 ) — — (7,771 ) Income (loss) from continuing operations, net of tax 30,022 59,333 (2,111 ) — (75,937 ) 11,307 Income from discontinued operations, net of tax — 18,715 — — — 18,715 Net income (loss) $ 30,022 $ 78,048 $ (2,111 ) $ — $ (75,937 ) $ 30,022 Comprehensive income (loss) $ 29,837 $ 77,862 $ (2,296 ) $ — $ (75,566 ) $ 29,837 Condensed Consolidating Statements of Operations - continued Three Months Ended June 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 31,306 $ 423,103 $ 142,527 $ — $ (37,069 ) $ 559,867 Operating costs and expenses Operating 450 221,305 76,270 — — 298,025 Selling, general and administrative 12,342 54,042 14,629 — — 81,013 Maintenance and utilities — 22,955 3,661 — — 26,616 Depreciation and amortization 1,502 32,367 18,095 — — 51,964 Corporate expense 16,062 70 1,220 — — 17,352 Project development, preopening and writedowns 11 300 1,409 29 — 1,749 Other operating items, net — — 54 — — 54 Intercompany expenses 301 31,349 5,419 — (37,069 ) — Total operating costs and expenses 30,668 362,388 120,757 29 (37,069 ) 476,773 Equity in earnings of subsidiaries 57,024 (2,219 ) (29 ) — (54,776 ) — Operating income (loss) 57,662 58,496 21,741 (29 ) (54,776 ) 83,094 Other expense (income) Interest expense, net 34,023 419 22,224 — — 56,666 Loss on early extinguishments of debt 30,008 — 954 — — 30,962 Other, net 1 1,000 269 — — 1,270 Total other expense, net 64,032 1,419 23,447 — — 88,898 Income (loss) before income taxes (6,370 ) 57,077 (1,706 ) (29 ) (54,776 ) (5,804 ) Income taxes provision (55 ) (2,014 ) (4,517 ) — — (6,586 ) Income (loss) from continuing operations, net of tax (6,425 ) 55,063 (6,223 ) (29 ) (54,776 ) (12,390 ) Income from discontinued operations, net of tax — 5,965 — — — 5,965 Net income (loss) $ (6,425 ) $ 61,028 $ (6,223 ) $ (29 ) $ (54,776 ) $ (6,425 ) Comprehensive income (loss) $ (7,459 ) $ 59,994 $ (7,257 ) $ (29 ) $ (52,707 ) $ (7,458 ) Condensed Consolidating Statements of Operations - continued Six Months Ended June 30, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 62,193 $ 834,737 $ 273,472 $ — $ (73,150 ) $ 1,097,252 Operating costs and expenses Operating 900 437,970 146,293 — — 585,163 Selling, general and administrative 24,712 106,777 29,362 — 2 160,853 Maintenance and utilities — 41,927 6,930 — — 48,857 Depreciation and amortization 4,020 62,627 29,256 — — 95,903 Corporate expense 30,874 106 3,026 — — 34,006 Project development, preopening and writedowns 3,992 960 2,786 — — 7,738 Impairments of assets 1,440 — — — — 1,440 Other operating items, net 106 394 52 — — 552 Intercompany expenses 602 62,250 10,300 — (73,152 ) — Total operating costs and expenses 66,646 713,011 228,005 — (73,150 ) 934,512 Equity in earnings of subsidiaries 142,284 6,430 — — (148,714 ) — Operating income (loss) 137,831 128,156 45,467 — (148,714 ) 162,740 Other expense (income) Interest expense, net 74,467 4,634 34,395 — — 113,496 Loss on early extinguishments of debt — — 846 — — 846 Other, net 1 — 141 — — 142 Total other expense, net 74,468 4,634 35,382 — — 114,484 Income (loss) before income taxes 63,363 123,522 10,085 — (148,714 ) 48,256 Income taxes provision (151 ) (3,988 ) (11,250 ) — — (15,389 ) Income (loss) from continuing operations, net of tax 63,212 119,534 (1,165 ) — (148,714 ) 32,867 Income from discontinued operations, net of tax — 30,345 — — — 30,345 Net income (loss) $ 63,212 $ 149,879 $ (1,165 ) $ — $ (148,714 ) $ 63,212 Comprehensive income (loss) $ 63,549 $ 150,216 $ (828 ) $ — $ (149,388 ) $ 63,549 Condensed Consolidating Statements of Operations - continued Six Months Ended June 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Net revenues $ 62,102 $ 841,695 $ 280,052 $ — $ (73,404 ) $ 1,110,445 Operating costs and expenses Operating 900 444,892 150,190 — — 595,982 Selling, general and administrative 24,745 108,384 29,573 — — 162,702 Maintenance and utilities — 44,666 7,269 — — 51,935 Depreciation and amortization 2,789 65,054 36,063 — — 103,906 Corporate expense 34,529 124 2,351 — — 37,004 Project development, preopening and writedowns (41 ) 283 2,392 70 — 2,704 Impairments of assets — — 1,065 — — 1,065 Other operating items, net — 70 100 — — 170 Intercompany expenses 602 62,190 10,612 — (73,404 ) — Total operating costs and expenses 63,524 725,663 239,615 70 (73,404 ) 955,468 Equity in earnings of subsidiaries 105,382 (6,242 ) (70 ) — (99,070 ) — Operating income (loss) 103,960 109,790 40,367 (70 ) (99,070 ) 154,977 Other expense (income) Interest expense, net 67,419 1,121 44,590 — — 113,130 Loss on early extinguishments of debt 30,008 — 1,462 — — 31,470 Other, net 417 1,000 471 — — 1,888 Total other expense, net 97,844 2,121 46,523 — — 146,488 Income (loss) before income taxes 6,116 107,669 (6,156 ) (70 ) (99,070 ) 8,489 Income taxes benefit (provision) 22,562 (3,937 ) (9,000 ) — — 9,625 Income (loss) from continuing operations, net of tax 28,678 103,732 (15,156 ) (70 ) (99,070 ) 18,114 Income from discontinued operations, net of tax — 10,564 — — — 10,564 Net income (loss) $ 28,678 $ 114,296 $ (15,156 ) $ (70 ) $ (99,070 ) $ 28,678 Comprehensive income (loss) $ 27,915 $ 113,533 $ (15,919 ) $ (70 ) $ (97,544 ) $ 27,915 |
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2016 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 $ (59,978 ) $ 158,742 $ 57,119 $ — $ 4,378 $ 160,261 Cash flows from investing activities Capital expenditures (19,456 ) (45,271 ) (7,720 ) — — (72,447 ) Net activity with affiliates — (150,660 ) — — 150,660 — Other investing activities — — 704 — — 704 Net cash from investing activities (19,456 ) (195,931 ) (7,016 ) — 150,660 (71,743 ) Cash flows from financing activities Borrowings under bank credit facility 223,900 — 165,000 — — 388,900 Payments under bank credit facility (530,350 ) — (217,225 ) — — (747,575 ) Proceeds from issuance of senior notes 750,000 — — — — 750,000 Debt financing costs, net (12,936 ) — — — — (12,936 ) Net activity with affiliates 161,524 — (6,486 ) — (155,038 ) — Share-based compensation activities, net (104 ) — — — — (104 ) Net cash from financing activities 592,034 — (58,711 ) — (155,038 ) 378,285 Cash flows from discontinued operations Cash flows from operating activities — 2,654 — — — 2,654 Cash flows from investing activities — — — — — — Cash flows from financing activities — — — — — — Net cash from discontinued operations — 2,654 — — — 2,654 Net change in cash and cash equivalents 512,600 (34,535 ) (8,608 ) — — 469,457 Cash and cash equivalents, beginning of period 2 124,426 34,172 221 — 158,821 Cash and cash equivalents, end of period $ 512,602 $ 89,891 $ 25,564 $ 221 $ — $ 628,278 Condensed Consolidating Statements of Cash Flows - continued Six Months Ended June 30, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (40,933 ) $ 150,591 $ 36,811 $ (70 ) $ 9,377 $ 155,776 Cash flows from investing activities Capital expenditures (24,876 ) (21,366 ) (11,870 ) — — (58,112 ) Net activity with affiliates — (147,126 ) — — 147,126 — Other investing activities — — 2,975 — — 2,975 Net cash from investing activities (24,876 ) (168,492 ) (8,895 ) — 147,126 (55,137 ) Cash flows from financing activities Borrowings under bank credit facility 396,100 — 170,800 — — 566,900 Payments under bank credit facility (679,525 ) — (223,187 ) — — (902,712 ) Proceeds from issuance of senior notes, net 750,000 — — — — 750,000 Debt financing costs, net (13,496 ) — — — — (13,496 ) Payments on long-term debt (500,000 ) — — — — (500,000 ) Premium and consent fees paid (24,246 ) — — — — (24,246 ) Net activity with affiliates 134,874 — 21,559 70 (156,503 ) — Share-based compensation activities, net 2,100 — — — — 2,100 Other financing activities — — (3 ) — — (3 ) Net cash from financing activities 65,807 — (30,831 ) 70 (156,503 ) (121,457 ) Cash flows from discontinued operations Cash flows from operating activities — — — — — — Cash flows from investing activities — — — — — — Cash flows from financing activities — — — — — — Net cash from discontinued operations — — — — — — Net change in cash and cash equivalents (2 ) (17,901 ) (2,915 ) — — (20,818 ) Cash and cash equivalents, beginning of period 2 111,452 33,668 219 — 145,341 Cash and cash equivalents, end of period $ — $ 93,551 $ 30,753 $ 219 $ — $ 124,523 |
Organization and Basis of Pre32
Organization and Basis of Presentation (Details) - property | 3 Months Ended | |
Jun. 30, 2016 | Jan. 31, 2010 | |
Consolidated Entities [Line Items] | ||
Number of gaming entertainment properties | 21 | |
Subsidiary, Borgata | ||
Consolidated Entities [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Promotional Allowances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Allowances [Line Items] | ||||
Promotional allowances | $ 57,010 | $ 59,596 | $ 117,324 | $ 119,109 |
Cost of promotional allowances | 41,763 | 43,755 | 86,584 | 88,876 |
Rooms | ||||
Allowances [Line Items] | ||||
Promotional allowances | 18,294 | 19,188 | 37,239 | 37,932 |
Cost of promotional allowances | 7,921 | 8,470 | 16,490 | 17,252 |
Food and Beverage | ||||
Allowances [Line Items] | ||||
Promotional allowances | 35,660 | 37,131 | 73,112 | 74,845 |
Cost of promotional allowances | 30,842 | 32,397 | 64,113 | 65,949 |
Other Products and Services | ||||
Allowances [Line Items] | ||||
Promotional allowances | 3,056 | 3,277 | 6,973 | 6,332 |
Cost of promotional allowances | $ 3,000 | $ 2,888 | $ 5,981 | $ 5,675 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Gaming Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accounting Policies [Abstract] | ||||
Gaming taxes | $ 81.5 | $ 85.5 | $ 164.1 | $ 168.9 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Unrecognized Tax Benefits) (Details) $ in Millions | Jun. 30, 2016USD ($) |
Income Tax Contingency [Line Items] | |
Deferred Tax Assets, Valuation Allowance | $ 231.6 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted average shares outstanding: | ||||
Basic | 114,328 | 112,232 | 114,218 | 111,841 |
Weighted average diluted shares outstanding | 115,077 | 112,232 | 114,974 | 112,694 |
Disposition (Disposition) (Deta
Disposition (Disposition) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Net revenues | $ 544,874 | $ 559,867 | $ 1,097,252 | $ 1,110,445 |
Net income (loss) attributable to Boyd Gaming Corporation | $ 30,022 | $ (6,425) | $ 63,212 | $ 28,678 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Jan. 31, 2010 | |
Consolidated Entities [Line Items] | ||||||
Assets, Current | $ 735,877 | $ 735,877 | $ 257,232 | |||
Impairments of assets | 0 | $ 0 | 1,440 | $ 1,065 | ||
Assets | (4,829,320) | (4,829,320) | (4,350,900) | |||
Liabilities, Current | $ 360,144 | $ 360,144 | $ 355,071 | |||
Subsidiary, Borgata | ||||||
Consolidated Entities [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% |
Acquisitions and Divestitures39
Acquisitions and Divestitures Equity Investment Summarized Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and cash equivalents | $ 628,278 | $ 124,523 | $ 628,278 | $ 124,523 | $ 158,821 | $ 145,341 |
Non-operating expenses | 61,887 | 57,131 | 114,952 | 114,066 | ||
Income taxes benefit (provision) | 7,771 | 6,586 | 15,389 | (9,625) | ||
Subsidiary, Borgata | ||||||
Net revenues | 203,347 | 191,163 | 393,640 | 373,752 | ||
Operating expenses | 150,195 | 160,986 | 302,815 | 320,225 | ||
Operating income | 53,152 | 30,177 | 90,825 | 53,527 | ||
Non-operating expenses | 15,764 | 18,224 | 30,176 | 33,546 | ||
Net income (loss) | $ (37,388) | $ (11,953) | $ (60,649) | $ (19,981) |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 4,266,951 | $ 4,266,951 | $ 4,210,356 | ||
Less accumulated depreciation | 2,060,735 | 2,060,735 | 1,985,014 | ||
Property and equipment, net | 2,206,216 | 2,206,216 | 2,225,342 | ||
Depreciation expense | 44,266 | $ 45,159 | 87,821 | $ 90,261 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 228,417 | 228,417 | 229,857 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 2,560,891 | 2,560,891 | 2,539,578 | ||
Furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 1,179,455 | 1,179,455 | 1,152,277 | ||
Riverboats and barges | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 238,826 | 238,826 | 238,743 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 51,958 | 51,958 | 42,497 | ||
Other | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 7,404 | $ 7,404 | $ 7,404 |
Intangible Assets (Summary of A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,205,879 | $ 1,205,879 |
Intangible assets, cumulative amortization | (163,921) | (155,951) |
Intangible assets, cumulative impairment | (159,874) | (159,874) |
Intangible assets, net | 882,084 | 890,054 |
Amortizing intangibles: | ||
Gross carrying value | 203,043 | 203,043 |
Cumulative amortization | (129,961) | (121,991) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 73,082 | 81,052 |
Indefinite lived intangible assets: | ||
Gross carrying value | 1,002,836 | 1,002,836 |
Cumulative amortization | (33,960) | (33,960) |
Cumulative impairment losses | (159,874) | (159,874) |
Intangible assets, net | $ 809,002 | $ 809,002 |
Customer Relationships [Member] | ||
Amortizing intangibles: | ||
Weighted average life | 1 year 5 months 6 days | 1 year 11 months |
Gross carrying value | $ 136,300 | $ 136,300 |
Cumulative amortization | (117,429) | (109,994) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 18,871 | $ 26,306 |
Off-Market Favorable Lease [Member] | ||
Amortizing intangibles: | ||
Weighted average life | 31 years 10 months 12 days | 32 years 4 months 24 days |
Gross carrying value | $ 45,370 | $ 45,370 |
Cumulative amortization | (12,532) | (11,997) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 32,838 | $ 33,373 |
Non-Competition Agreement | ||
Amortizing intangibles: | ||
Weighted average life | 0 years | |
Development Agreement | ||
Amortizing intangibles: | ||
Weighted average life | 0 years | 0 years |
Gross carrying value | $ 21,373 | $ 21,373 |
Cumulative amortization | 0 | 0 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 21,373 | 21,373 |
Trademarks | ||
Indefinite lived intangible assets: | ||
Gross carrying value | 129,501 | 129,501 |
Cumulative amortization | 0 | 0 |
Cumulative impairment losses | (3,500) | (3,500) |
Intangible assets, net | 126,001 | 126,001 |
Gaming License Rights | ||
Indefinite lived intangible assets: | ||
Gross carrying value | 873,335 | 873,335 |
Cumulative amortization | (33,960) | (33,960) |
Cumulative impairment losses | (156,374) | (156,374) |
Intangible assets, net | $ 683,001 | $ 683,001 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 63,696 | $ 71,815 |
Interest | 47,008 | 35,337 |
Gaming liabilities | 34,702 | 37,496 |
Player loyalty program liabilities | 18,003 | 18,491 |
Other accrued liabilities | 94,499 | 86,379 |
Total accrued liabilities | $ 257,908 | $ 249,518 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Unamortized discount | $ (2,152) | $ (2,702) |
Unamortized Debt Issuance Expense | 53,786 | 50,224 |
Current maturities of long-term debt | 29,750 | 29,750 |
Long-term debt, gross, excluding current maturities | 3,684,050 | 3,292,725 |
Long-term debt, net of current maturities and debt issuance costs | $ 3,628,112 | 3,239,799 |
Senior Notes | 9.00% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |
Parent | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,753,275 | 2,309,725 |
Unamortized discount | (2,152) | (2,702) |
Unamortized Debt Issuance Expense | 39,025 | 29,724 |
Long-term debt, net | 2,712,098 | 2,277,299 |
Current maturities of long-term debt | 21,500 | 21,500 |
Long-term debt, net of current maturities and debt issuance costs | 2,690,598 | 2,255,800 |
Parent | Bank Credit Facility | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 903,275 | $ 1,209,725 |
Remaining borrowing capacity | $ 592,900 | |
Parent | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 3.885% | 3.75% |
Unamortized discount | $ (2,152) | $ (2,702) |
Unamortized Debt Issuance Expense | 8,134 | 9,746 |
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0 | 0 |
Unamortized Debt Issuance Expense | $ (6,250) | $ 7,044 |
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% |
Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0 | $ 0 |
Unamortized Debt Issuance Expense | $ 12,554 | $ 12,934 |
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Parent | Senior Notes | 6.375% Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | $ 12,087 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |
Subsidiary, Peninsula Gaming [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 960,525 | $ 1,012,750 |
Unamortized discount | 0 | 0 |
Unamortized Debt Issuance Expense | 14,761 | 20,500 |
Long-term debt, net | 945,764 | 992,250 |
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 610,525 | $ 662,750 |
Remaining borrowing capacity | $ 31,100 | |
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 4.25% | 4.25% |
Unamortized discount | $ 0 | $ 0 |
Unamortized Debt Issuance Expense | (9,788) | 14,143 |
Subsidiary, Peninsula Gaming [Member] | Senior Notes | Peninsula Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0 | 0 |
Unamortized Debt Issuance Expense | $ (4,973) | $ 6,357 |
Debt Instrument, Interest Rate, Stated Percentage | 8.38% | 8.38% |
Consolidated, Excluding Borgata [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3,713,800 | $ 3,322,475 |
Unamortized discount | (2,152) | (2,702) |
Unamortized Debt Issuance Expense | 53,786 | 50,224 |
Long-term debt, net | 3,657,862 | 3,269,549 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Parent | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 903,275 | 1,209,725 |
Long-term debt, net | 892,989 | 1,197,277 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 610,525 | 662,750 |
Long-term debt, net | 600,737 | 648,607 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Peninsula Senior Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 350,000 | 350,000 |
Long-term debt, net | 345,027 | 343,643 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 9.00% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 350,000 | 350,000 |
Long-term debt, net | 343,750 | 342,956 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 750,000 | 750,000 |
Long-term debt, net | 737,913 | 737,066 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 6.375% Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 750,000 | |
Long-term debt, net | 737,446 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Parent | ||
Debt Instrument [Line Items] | ||
Commitments, Fair Value Disclosure | 34,301 | 35,126 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Parent | ||
Debt Instrument [Line Items] | ||
Commitments, Fair Value Disclosure | 28,371 | 28,381 |
Carrying Value | Parent | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 2,712,098 | 2,277,299 |
Carrying Value | Subsidiary, Peninsula Gaming [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 945,764 | 992,250 |
Carrying Value | Consolidated, Excluding Borgata [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 3,657,862 | 3,269,549 |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | Parent | Bank Credit Facility | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 1,197,277 | |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 9.00% Senior Notes Due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 342,956 | |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 737,066 | |
Carrying Value | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | Parent | ||
Debt Instrument [Line Items] | ||
Commitments, Fair Value Disclosure | $ 27,168 | $ 27,660 |
Long-Term Debt (Schedule of Boy
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |||||
Borrowings under Boyd Gaming bank credit facility | $ 223,900 | $ 396,100 | |||
Loss on early extinguishments of debt | $ 419 | $ 30,962 | 846 | 31,470 | |
Parent | |||||
Line of Credit Facility [Line Items] | |||||
Loss on early extinguishments of debt | 0 | 30,008 | 0 | 30,008 | |
Bank Credit Facility | Swing Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 6,900 | 6,900 | $ 6,000 | ||
Bank Credit Facility | Parent | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 903,275 | 903,275 | 1,209,725 | ||
Bank Credit Facility | Parent | Initial Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 177,025 | 177,025 | 183,275 | ||
Bank Credit Facility | Parent | Incremental Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 726,250 | 726,250 | 730,750 | ||
Bank Credit Facility | Parent | Swing Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 0 | 0 | 55,700 | ||
Bank Credit Facility | Subsidiary, Peninsula Gaming [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 610,525 | 610,525 | $ 662,750 | ||
Loss on early extinguishments of debt | $ 400 | $ 1,000 | $ 800 | $ 1,500 |
Long-Term Debt (Boyd Bank Credi
Long-Term Debt (Boyd Bank Credit Facility Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |||||
Loss on early extinguishments of debt | $ 419 | $ 30,962 | $ 846 | $ 31,470 | |
Parent | |||||
Line of Credit Facility [Line Items] | |||||
Loss on early extinguishments of debt | 0 | 30,008 | 0 | 30,008 | |
Parent | Bank Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 903,275 | 903,275 | $ 1,209,725 | ||
Remaining borrowing capacity | 592,900 | 592,900 | |||
Parent | Bank Credit Facility | Initial Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 177,025 | 177,025 | 183,275 | ||
Parent | Bank Credit Facility | Incremental Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 726,250 | 726,250 | 730,750 | ||
Parent | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | 7,100 | 7,100 | |||
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Loss on early extinguishments of debt | 400 | $ 1,000 | 800 | $ 1,500 | |
Amount outstanding | 610,525 | 610,525 | $ 662,750 | ||
Remaining borrowing capacity | 31,100 | 31,100 | |||
Subsidiary, Peninsula Gaming [Member] | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Amount outstanding | $ 5,000 | $ 5,000 |
Long-Term Debt (Boyd Senior and
Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details) - USD ($) $ in Thousands | Mar. 29, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Debt financing costs, net | $ 12,936 | $ 13,496 | ||||
Loss on early extinguishments of debt | $ 419 | $ 30,962 | 846 | 31,470 | ||
Premium and consent fees paid | $ 0 | (24,246) | ||||
Senior Notes | 9.00% Senior Notes Due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | ||||
Parent | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing costs, net | $ 12,936 | 13,496 | ||||
Loss on early extinguishments of debt | $ 0 | 30,008 | $ 0 | 30,008 | ||
Premium and consent fees paid | $ (24,246) | |||||
Parent | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Loss on early extinguishments of debt | $ 30,000 | |||||
Parent | Senior Notes | 6.375% Senior Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% | ||||
Debt financing costs, net | $ 13,000 | |||||
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% |
Long-Term Debt (Peninsula Bank
Long-Term Debt (Peninsula Bank Credit Facility Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Loss on early extinguishments of debt | $ 419 | $ 30,962 | $ 846 | $ 31,470 | |
Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 610,525 | 610,525 | $ 662,750 | ||
Remaining borrowing capacity | 31,100 | 31,100 | |||
Loss on early extinguishments of debt | 400 | $ 1,000 | 800 | $ 1,500 | |
Subsidiary, Peninsula Gaming [Member] | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 5,000 | 5,000 | |||
Term Loan [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 596,625 | 596,625 | 647,750 | ||
Revolver [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 7,000 | 7,000 | 9,000 | ||
Swing Loan [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | $ 6,900 | $ 6,900 | $ 6,000 |
Long-Term Debt (Borgata Debt Na
Long-Term Debt (Borgata Debt Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Loss on early retirements of debt | $ (419) | $ (30,962) | $ (846) | $ (31,470) | |
Parent | |||||
Debt Instrument [Line Items] | |||||
Loss on early retirements of debt | 0 | $ (30,008) | 0 | $ (30,008) | |
Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 903,275 | 903,275 | $ 1,209,725 | ||
Remaining borrowing capacity | 592,900 | 592,900 | |||
Parent | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 7,100 | 7,100 | |||
Revolving Credit Facility [Member] | Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 0 | 0 | 240,000 | ||
Initial Term Loan | Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 177,025 | 177,025 | 183,275 | ||
Incremental Term Loan [Member] | Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 726,250 | 726,250 | 730,750 | ||
Swing Loan [Member] | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | 6,900 | 6,900 | 6,000 | ||
Swing Loan [Member] | Parent | Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount outstanding | $ 0 | $ 0 | $ 55,700 |
Long-Term Debt Loss on Early Ex
Long-Term Debt Loss on Early Extinguishment of Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | $ 419 | $ 30,962 | $ 846 | $ 31,470 |
Parent | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | 0 | 30,008 | 0 | 30,008 |
Bank Credit Facility | Subsidiary, Peninsula Gaming [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | $ 400 | 1,000 | $ 800 | $ 1,500 |
Senior Notes | Parent | ||||
Extinguishment of Debt [Line Items] | ||||
Loss on early extinguishments of debt | $ 30,000 |
Stockholders' Equity and Stoc50
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 2,320 | $ 2,926 | $ 5,583 | $ 6,367 | |
Gaming | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 80 | 55 | 165 | 123 | |
Food and Beverage | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 15 | 11 | 31 | 24 | |
Room | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 7 | 5 | 15 | 11 | |
Selling, General and Administrative | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | 405 | 280 | 837 | 624 | |
Corporate Expense | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Share-based compensation expense | $ 1,813 | $ 2,575 | $ 4,535 | $ 5,585 | |
Common Stock | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 213,365 | 654,478 | |||
Shares to be issued to settle PSUs | 0.59 | 1.67 | |||
Shares Paid for Tax Withholding for Share Based Compensation | 54,338 | 177,274 | |||
Release of performance stock units, net of tax | 477,204 | 159,027 | 481,749 |
Noncontrolling Interest (Narrat
Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest | $ 50 | $ 50 |
Noncontrolling Interest (Change
Noncontrolling Interest (Changes in Noncontrolling Interest) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |
Balance, January 1, 2015 | $ 50 |
Balance, March 31, 2015 | $ 50 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balance Measured at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | $ 628,278 | $ 158,821 | $ 124,523 | $ 145,341 |
Restricted Cash and Cash Equivalents, Current | 20,719 | 19,030 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets | ||||
Cash and cash equivalents | 628,278 | 158,821 | ||
Restricted cash | 20,719 | 19,030 | ||
Investment available for sale | 17,832 | 17,839 | 21,000 | |
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | 3,488 | 3,632 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 | ||||
Assets | ||||
Investment available for sale | 0 | 0 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Investment available for sale | 0 | 0 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Investment available for sale | 17,832 | 17,839 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | 3,488 | 3,632 | ||
Parent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Gross | 2,753,275 | 2,309,725 | ||
Long-term debt, net | 2,712,098 | 2,277,299 | ||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 512,602 | 2 | $ 0 | $ 2 |
Parent | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commitments, Fair Value Disclosure | 34,301 | 35,126 | ||
Liabilities | ||||
Other Financial Instruments | 100 | 200 | ||
Estimate of Fair Value Measurement [Member] | Parent | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commitments, Fair Value Disclosure | 28,371 | 28,381 | ||
Liabilities | ||||
Other Financial Instruments | 93 | 186 | ||
Peninsula Gaming | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities, Current | 400 | 400 | ||
Assets | ||||
Investment available for sale | 17,400 | |||
Liabilities | ||||
Fair Value, Discount Amount, Available for sales securities | $ 3,200 | $ 3,200 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative-Balances Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 20, 2011 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Kansas Star [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Payment to Option Holder, Percentage of EBITDA | 1.00% | |||
Peninsula Gaming | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities, Current | $ 400 | $ 400 | ||
Investment available for sale | 17,400 | |||
Fair Value, Discount Amount, Available for sales securities | 3,200 | 3,200 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment available for sale | $ 17,832 | $ 17,839 | $ 21,000 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Merger Earnout | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ (75) | |||
Included in Earnings | 75 | |||
Included in Other Comprehensive Income (Loss) | 0 | |||
Transfers, Net | 0 | |||
Settlements | 0 | |||
Ending Balance | $ 0 | 0 | ||
Contingent Payments | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ (3,560) | (3,721) | $ (3,632) | (3,792) |
Included in Earnings | (150) | (161) | (305) | (320) |
Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Transfers, Net | 0 | 0 | 0 | 0 |
Settlements | 222 | 240 | 449 | 470 |
Ending Balance | (3,488) | (3,642) | (3,488) | (3,642) |
Investment Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 18,394 | 18,658 | 17,839 | 18,357 |
Included in Earnings | 33 | 31 | 66 | 62 |
Included in Other Comprehensive Income (Loss) | (185) | (1,033) | 337 | (763) |
Transfers, Net | 0 | 0 | 0 | 0 |
Ending Balance | 17,832 | 17,276 | 17,832 | 17,276 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Settlements | (410) | (380) | (410) | (380) |
Beginning Balance | 18,394 | 18,658 | 17,839 | 18,357 |
Included in Earnings | 33 | 31 | 66 | 62 |
Included in Other Comprehensive Income (Loss) | (185) | (1,033) | 337 | (763) |
Transfers, Net | 0 | 0 | 0 | 0 |
Ending Balance | 17,832 | 17,276 | 17,832 | 17,276 |
Interest Income | Merger Earnout | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 0 | |||
Interest Income | Contingent Payments | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 0 | 0 | 0 | 0 |
Interest Income | Investment Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | (33) | (31) | (66) | (62) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | (33) | (31) | (66) | (62) |
Interest Expense | Merger Earnout | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 0 | |||
Interest Expense | Contingent Payments | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 150 | 161 | 305 | 320 |
Interest Expense | Investment Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Included in Earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | $ 34,301 | $ 35,126 |
Other Financial Instruments | 100 | 200 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | 27,168 | 27,660 |
Other Financial Instruments | 93 | 186 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | 28,371 | 28,381 |
Other Financial Instruments | 93 | 186 |
Peninsula Gaming | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment available for sale | 17,400 | |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Current | 900 | 900 |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | $ 2,700 | $ 2,700 |
Fair Value Measurements (Fair57
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Parent | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 2,753,275 | $ 2,309,725 |
Long-term Debt, Gross | 2,753,275 | 2,309,725 |
Long-term debt, net | 2,712,098 | 2,277,299 |
Parent | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 2,712,098 | 2,277,299 |
Parent | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,854,782 | 2,348,120 |
Subsidiary, Peninsula Gaming [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 960,525 | 1,012,750 |
Long-term Debt, Gross | 960,525 | 1,012,750 |
Long-term debt, net | 945,764 | 992,250 |
Subsidiary, Peninsula Gaming [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 945,764 | 992,250 |
Subsidiary, Peninsula Gaming [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 963,489 | 1,018,131 |
Consolidated, Excluding Borgata [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,713,800 | 3,322,475 |
Long-term Debt, Gross | 3,713,800 | 3,322,475 |
Long-term debt, net | 3,657,862 | 3,269,549 |
Consolidated, Excluding Borgata [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 3,657,862 | 3,269,549 |
Consolidated, Excluding Borgata [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,818,271 | 3,366,251 |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 350,000 | 350,000 |
Long-term debt, net | 343,750 | 342,956 |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 342,956 | |
Level 1 | 9.00% Senior Notes Due 2020 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 367,500 | 372,750 |
Level 1 | 6.875 % Senior Notes Due 2023 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 750,000 | 750,000 |
Long-term debt, net | 737,913 | 737,066 |
Level 1 | 6.875 % Senior Notes Due 2023 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 737,066 | |
Level 1 | 6.875 % Senior Notes Due 2023 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 798,750 | 772,500 |
Level 1 | 6.375% Senior Notes Due 2026 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 750,000 | |
Long-term debt, net | 737,446 | |
Level 1 | 6.375% Senior Notes Due 2026 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Other | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 785,625 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Bank Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 903,275 | 1,209,725 |
Long-term debt, net | 892,989 | 1,197,277 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Bank Credit Facility | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 1,197,277 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Bank Credit Facility | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 902,907 | 1,202,870 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 610,525 | 662,750 |
Long-term debt, net | 600,737 | 648,607 |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Bank Credit Facility | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 611,301 | 661,131 |
Level 2 | Peninsula Senior Notes due 2018 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 350,000 | 350,000 |
Long-term debt, net | 345,027 | 343,643 |
Level 2 | Peninsula Senior Notes due 2018 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Subsidiary, Peninsula Gaming [Member] | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 352,188 | $ 357,000 |
Fair Value Measurements (Fair58
Fair Value Measurements (Fair Value, Recurring and Nonrecurring, Valuation Techniques) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Investment available for sale | $ 17,832 | $ 17,839 | $ 21,000 |
Peninsula Gaming | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | 2,700 | 2,700 | |
Investment available for sale | 17,400 | ||
Available-for-sale Securities, Current | 400 | 400 | |
Fair Value, Discount Amount, Available for sales securities | $ 3,200 | 3,200 | |
Level 3 | Discount Rate | 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% | ||
Level 3 | Discount Rate | Available-for-sale Securities | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 9.74% | ||
Level 3 | Fair Value, Measurements, Recurring [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Investment available for sale | $ 17,832 | $ 17,839 |
Segment Information (Certain Se
Segment Information (Certain Segment Operating Data and Other) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | $ 544,874 | $ 559,867 | $ 1,097,252 | $ 1,110,445 |
Adjusted EBITDA | 137,897 | 140,646 | 275,589 | 270,905 |
Corporate expense | 16,099 | 17,352 | 34,006 | 37,004 |
Deferred rent | 817 | 859 | 1,633 | 1,716 |
Depreciation and amortization | 48,250 | 51,964 | 95,903 | 103,906 |
Depreciation and amortization | 48,250 | 51,964 | 95,903 | 103,906 |
Share-based compensation expense | 2,320 | 2,926 | 5,583 | 6,367 |
Project development, preopening and writedowns | 5,897 | 1,749 | 7,738 | 2,704 |
Impairments of assets | 0 | 0 | 1,440 | 1,065 |
Other operating items, net | 123 | 54 | 552 | 170 |
Total other operating costs and expenses | 57,407 | 57,552 | 112,849 | 115,928 |
Operating income | 80,490 | 83,094 | 162,740 | 154,977 |
Las Vegas Locals | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 154,936 | 153,032 | 313,334 | 303,332 |
Adjusted EBITDA | 43,173 | 42,175 | 87,444 | 81,052 |
Downtown Las Vegas | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 59,212 | 58,434 | 117,817 | 115,038 |
Adjusted EBITDA | 14,263 | 12,307 | 26,944 | 22,984 |
Midwest and South | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 207,837 | 217,777 | 417,022 | 435,542 |
Adjusted EBITDA | 50,056 | 51,777 | 98,869 | 102,761 |
Peninsula | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Net revenues | 122,889 | 130,624 | 249,079 | 256,533 |
Adjusted EBITDA | 44,691 | 49,164 | 91,803 | 95,527 |
Corporate expense | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Adjusted EBITDA | 152,183 | 155,423 | 305,060 | 302,324 |
Corporate expense | $ (14,286) | $ (14,777) | $ (29,471) | (31,419) |
Consolidated Entities [Member] | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Share-based compensation expense | $ 6,367 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 4,829,320 | $ 4,350,900 |
Las Vegas Locals | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,132,768 | 1,155,224 |
Downtown Las Vegas | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 136,770 | 138,159 |
Midwest and South | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,247,196 | 1,263,751 |
Peninsula | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,349,269 | 1,370,991 |
Total Reportable Segment Adjusted EBITDA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,866,003 | 3,928,125 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 963,317 | $ 422,775 |
Condensed Consolidating Finan61
Condensed Consolidating Financial Information (Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Other current assets | $ 107,599 | $ 98,411 | ||
Property and equipment, net | 2,206,216 | 2,225,342 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 47,541 | 48,341 | ||
Intangible assets, net | 882,084 | 890,054 | ||
Goodwill, net | 685,310 | 685,310 | ||
Investment in unconsolidated subsidiary held for sale | 272,292 | 244,621 | ||
Total assets | 4,829,320 | 4,350,900 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 29,750 | 29,750 | ||
Other current liabilities | 330,394 | 325,321 | ||
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 | 3,628,112 | 3,239,799 | ||
Other long-term liabilities | 264,025 | 248,019 | ||
Additional paid-in capital | 950,514 | 945,041 | ||
Total Boyd Gaming Corporation stockholders' equity | 576,989 | 507,961 | ||
Noncontrolling interest | 50 | 50 | ||
Total stockholders' equity (deficit) | 577,039 | 508,011 | $ 474,469 | $ 438,087 |
Total liabilities and stockholders' equity | 4,829,320 | 4,350,900 | ||
Parent | ||||
Assets | ||||
Other current assets | 13,142 | 14,602 | ||
Property and equipment, net | 68,245 | 68,515 | ||
Investments in subsidiaries | 3,690,160 | 3,547,690 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 13,065 | 12,521 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Investment in unconsolidated subsidiary held for sale | 0 | 0 | ||
Total assets | 4,297,214 | 3,643,330 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 21,500 | 21,500 | ||
Other current liabilities | 89,281 | 102,946 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 881,924 | 720,400 | ||
Long-term debt, net of current maturities and debt issuance costs | 2,690,598 | 2,255,800 | ||
Other long-term liabilities | 36,922 | 34,723 | ||
Total Boyd Gaming Corporation stockholders' equity | 576,989 | 507,961 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders' equity (deficit) | 576,989 | 507,961 | ||
Total liabilities and stockholders' equity | 4,297,214 | 3,643,330 | ||
Guarantor Subsidiaries | ||||
Assets | ||||
Other current assets | 69,598 | 61,157 | ||
Property and equipment, net | 1,739,097 | 1,745,203 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 2,018,443 | 1,867,783 | ||
Other assets, net | 9,003 | 8,982 | ||
Intangible assets, net | 406,005 | 406,540 | ||
Goodwill, net | 212,794 | 212,794 | ||
Investment in unconsolidated subsidiary held for sale | 272,292 | 244,621 | ||
Total assets | 4,817,123 | 4,671,506 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | 144,896 | 146,178 | ||
Accumulated losses of subsidiaries in excess of investment | 76,774 | 106,505 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Other long-term liabilities | 157,990 | 154,633 | ||
Total Boyd Gaming Corporation stockholders' equity | 4,437,463 | 4,264,190 | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders' equity (deficit) | 4,437,463 | 4,264,190 | ||
Total liabilities and stockholders' equity | 4,817,123 | 4,671,506 | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Assets | ||||
Other current assets | 30,366 | 23,660 | ||
Property and equipment, net | 398,874 | 411,624 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 25,473 | 26,838 | ||
Intangible assets, net | 476,079 | 483,514 | ||
Goodwill, net | 472,516 | 472,516 | ||
Investment in unconsolidated subsidiary held for sale | 0 | 0 | ||
Total assets | 1,428,872 | 1,452,324 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 8,250 | 8,250 | ||
Other current liabilities | 96,366 | 76,482 | ||
Accumulated losses of subsidiaries in excess of investment | 315 | 3,192 | ||
Intercompany payable | 1,140,596 | 1,147,082 | ||
Long-term debt, net of current maturities and debt issuance costs | 937,514 | 983,999 | ||
Other long-term liabilities | 69,113 | 58,663 | ||
Total Boyd Gaming Corporation stockholders' equity | (823,282) | (825,344) | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders' equity (deficit) | (823,282) | (825,344) | ||
Total liabilities and stockholders' equity | 1,428,872 | 1,452,324 | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Assets | ||||
Other current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Investment in unconsolidated subsidiary held for sale | 0 | 0 | ||
Total assets | 221 | 221 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 475 | 475 | ||
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) | (254) | ||
Noncontrolling interest | 0 | 0 | ||
Total stockholders' equity (deficit) | (254) | (254) | ||
Total liabilities and stockholders' equity | 221 | 221 | ||
Eliminations | ||||
Assets | ||||
Other current assets | (5,507) | (1,008) | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | (3,690,160) | (3,547,690) | ||
Intercompany receivable | (2,018,443) | (1,867,783) | ||
Other assets, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Investment in unconsolidated subsidiary held for sale | 0 | 0 | ||
Total assets | (5,714,110) | (5,416,481) | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | (149) | (285) | ||
Accumulated losses of subsidiaries in excess of investment | (77,089) | (109,697) | ||
Intercompany payable | (2,022,995) | (1,867,957) | ||
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 | (3,613,927) | (3,438,592) | ||
Noncontrolling interest | 50 | 50 | ||
Total stockholders' equity (deficit) | (3,613,877) | (3,438,542) | ||
Total liabilities and stockholders' equity | $ (5,714,110) | $ (5,416,481) |
Condensed Consolidating Finan62
Condensed Consolidating Financial Information (Income Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | $ 544,874 | $ 559,867 | $ 1,097,252 | $ 1,110,445 |
Costs and Expenses | ||||
Operating | 290,004 | 298,025 | 585,163 | 595,982 |
Impairments of assets | 0 | 0 | 1,440 | 1,065 |
Other operating items, net | 123 | 54 | 552 | 170 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 464,384 | 476,773 | 934,512 | 955,468 |
Selling, general and administrative | 79,002 | 81,013 | 160,853 | 162,702 |
Maintenance and utilities | 25,009 | 26,616 | 48,857 | 51,935 |
Depreciation and amortization | 48,250 | 51,964 | 95,903 | 103,906 |
Corporate expense | 16,099 | 17,352 | 34,006 | 37,004 |
Project development, preopening and writedowns | 5,897 | 1,749 | 7,738 | 2,704 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income | 80,490 | 83,094 | 162,740 | 154,977 |
Other expense (income) | ||||
Interest expense, net | 60,928 | 56,666 | 113,496 | 113,130 |
Loss on early extinguishments of debt | 419 | 30,962 | 846 | 31,470 |
Other, net | 65 | 1,270 | 142 | 1,888 |
Total other expense, net | 61,412 | 88,898 | 114,484 | 146,488 |
Income (loss) before income taxes | 19,078 | (5,804) | 48,256 | 8,489 |
Income taxes benefit (provision) | (7,771) | (6,586) | (15,389) | 9,625 |
Income (Loss) from Continuing Operations Attributable to Parent | 11,307 | (12,390) | 32,867 | 18,114 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 18,715 | 5,965 | 30,345 | 10,564 |
Net Income (Loss) Attributable to Parent | 30,022 | (6,425) | 63,212 | 28,678 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 29,837 | (7,458) | 63,549 | 27,915 |
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 30,992 | 31,306 | 62,193 | 62,102 |
Costs and Expenses | ||||
Operating | 450 | 450 | 900 | 900 |
Impairments of assets | 1,440 | 0 | ||
Other operating items, net | 0 | 0 | 106 | 0 |
Intercompany expenses | 301 | 301 | 602 | 602 |
Total operating costs and expenses | 33,120 | 30,668 | 66,646 | 63,524 |
Selling, general and administrative | 12,326 | 12,342 | 24,712 | 24,745 |
Maintenance and utilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 2,242 | 1,502 | 4,020 | 2,789 |
Corporate expense | 14,565 | 16,062 | 30,874 | 34,529 |
Project development, preopening and writedowns | 3,236 | 11 | 3,992 | (41) |
Equity in earnings of subsidiaries | 73,765 | 57,024 | 142,284 | 105,382 |
Operating income | 71,637 | 57,662 | 137,831 | 103,960 |
Other expense (income) | ||||
Interest expense, net | 41,539 | 34,023 | 74,467 | 67,419 |
Loss on early extinguishments of debt | 0 | 30,008 | 0 | 30,008 |
Other, net | 0 | 1 | 1 | 417 |
Total other expense, net | 41,539 | 64,032 | 74,468 | 97,844 |
Income (loss) before income taxes | 30,098 | (6,370) | 63,363 | 6,116 |
Income taxes benefit (provision) | (76) | (55) | (151) | 22,562 |
Income (Loss) from Continuing Operations Attributable to Parent | 30,022 | (6,425) | 63,212 | 28,678 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 30,022 | (6,425) | 63,212 | 28,678 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 29,837 | (7,459) | 63,549 | 27,915 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 415,096 | 423,103 | 834,737 | 841,695 |
Costs and Expenses | ||||
Operating | 216,261 | 221,305 | 437,970 | 444,892 |
Impairments of assets | 0 | 0 | ||
Other operating items, net | 71 | 0 | 394 | 70 |
Intercompany expenses | 31,012 | 31,349 | 62,250 | 62,190 |
Total operating costs and expenses | 353,517 | 362,388 | 713,011 | 725,663 |
Selling, general and administrative | 52,604 | 54,042 | 106,777 | 108,384 |
Maintenance and utilities | 21,480 | 22,955 | 41,927 | 44,666 |
Depreciation and amortization | 31,452 | 32,367 | 62,627 | 65,054 |
Corporate expense | 53 | 70 | 106 | 124 |
Project development, preopening and writedowns | 584 | 300 | 960 | 283 |
Equity in earnings of subsidiaries | 2,172 | (2,219) | 6,430 | (6,242) |
Operating income | 63,751 | 58,496 | 128,156 | 109,790 |
Other expense (income) | ||||
Interest expense, net | 2,348 | 419 | 4,634 | 1,121 |
Loss on early extinguishments of debt | 0 | 0 | 0 | 0 |
Other, net | 0 | 1,000 | 0 | 1,000 |
Total other expense, net | 2,348 | 1,419 | 4,634 | 2,121 |
Income (loss) before income taxes | 61,403 | 57,077 | 123,522 | 107,669 |
Income taxes benefit (provision) | (2,070) | (2,014) | (3,988) | (3,937) |
Income (Loss) from Continuing Operations Attributable to Parent | 59,333 | 55,063 | 119,534 | 103,732 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 18,715 | 5,965 | 30,345 | 10,564 |
Net Income (Loss) Attributable to Parent | 78,048 | 61,028 | 149,879 | 114,296 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 77,862 | 59,994 | 150,216 | 113,533 |
Non-Guarantor Subsidiaries (100% Owned) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 135,156 | 142,527 | 273,472 | 280,052 |
Costs and Expenses | ||||
Operating | 73,293 | 76,270 | 146,293 | 150,190 |
Impairments of assets | 0 | 1,065 | ||
Other operating items, net | 52 | 54 | 52 | 100 |
Intercompany expenses | 5,057 | 5,419 | 10,300 | 10,612 |
Total operating costs and expenses | 114,117 | 120,757 | 228,005 | 239,615 |
Selling, general and administrative | 14,072 | 14,629 | 29,362 | 29,573 |
Maintenance and utilities | 3,529 | 3,661 | 6,930 | 7,269 |
Depreciation and amortization | 14,556 | 18,095 | 29,256 | 36,063 |
Corporate expense | 1,481 | 1,220 | 3,026 | 2,351 |
Project development, preopening and writedowns | 2,077 | 1,409 | 2,786 | 2,392 |
Equity in earnings of subsidiaries | 0 | (29) | 0 | (70) |
Operating income | 21,039 | 21,741 | 45,467 | 40,367 |
Other expense (income) | ||||
Interest expense, net | 17,041 | 22,224 | 34,395 | 44,590 |
Loss on early extinguishments of debt | 419 | 954 | 846 | 1,462 |
Other, net | 65 | 269 | 141 | 471 |
Total other expense, net | 17,525 | 23,447 | 35,382 | 46,523 |
Income (loss) before income taxes | 3,514 | (1,706) | 10,085 | (6,156) |
Income taxes benefit (provision) | (5,625) | (4,517) | (11,250) | (9,000) |
Income (Loss) from Continuing Operations Attributable to Parent | (2,111) | (6,223) | (1,165) | (15,156) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | (2,111) | (6,223) | (1,165) | (15,156) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (2,296) | (7,257) | (828) | (15,919) |
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | ||||
Operating | 0 | 0 | 0 | 0 |
Impairments of assets | 0 | 0 | ||
Other operating items, net | 0 | 0 | 0 | 0 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Total operating costs and expenses | 0 | 29 | 0 | 70 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Maintenance and utilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Corporate expense | 0 | 0 | 0 | 0 |
Project development, preopening and writedowns | 0 | 29 | 0 | 70 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income | 0 | (29) | 0 | (70) |
Other expense (income) | ||||
Interest expense, net | 0 | 0 | 0 | 0 |
Loss on early extinguishments of debt | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | (29) | 0 | (70) |
Income taxes benefit (provision) | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations Attributable to Parent | 0 | (29) | 0 | (70) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 0 | (29) | 0 | (70) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | (29) | 0 | (70) |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | (36,370) | (37,069) | (73,150) | (73,404) |
Costs and Expenses | ||||
Operating | 0 | 0 | 0 | 0 |
Impairments of assets | 0 | 0 | ||
Other operating items, net | 0 | 0 | 0 | 0 |
Intercompany expenses | (36,370) | (37,069) | (73,152) | (73,404) |
Total operating costs and expenses | (36,370) | (37,069) | (73,150) | (73,404) |
Selling, general and administrative | 0 | 0 | 2 | 0 |
Maintenance and utilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Corporate expense | 0 | 0 | 0 | 0 |
Project development, preopening and writedowns | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | (75,937) | (54,776) | (148,714) | (99,070) |
Operating income | (75,937) | (54,776) | (148,714) | (99,070) |
Other expense (income) | ||||
Interest expense, net | 0 | 0 | 0 | 0 |
Loss on early extinguishments of debt | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other expense, net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (75,937) | (54,776) | (148,714) | (99,070) |
Income taxes benefit (provision) | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations Attributable to Parent | (75,937) | (54,776) | (148,714) | (99,070) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | (75,937) | (54,776) | (148,714) | (99,070) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (75,566) | (52,707) | (149,388) | (97,544) |
Corporate expense | ||||
Costs and Expenses | ||||
Corporate expense | $ (14,286) | $ (14,777) | $ (29,471) | $ (31,419) |
Condensed Consolidating Finan63
Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | ||||
Net cash from operating activities | $ 160,261 | $ 155,776 | ||
Cash flows from investing activities | ||||
Capital expenditures | (72,447) | (58,112) | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 704 | 2,975 | ||
Net cash used in investing activities | (71,743) | (55,137) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 388,900 | 566,900 | ||
Payments under bank credit facility | (747,575) | (902,712) | ||
Payments on retirements of long-term debt | 0 | (500,000) | ||
Premium and consent fees paid | 0 | 24,246 | ||
Proceeds from issuance of senior notes | 750,000 | 750,000 | ||
Debt issue costs | (12,936) | (13,496) | ||
Net activity with affiliates | 0 | 0 | ||
Share-based compensation activities, net | (104) | 2,100 | ||
Proceeds from (Payments for) Combined Other Financing Activities | (3) | |||
Net cash provided by (used in) financing activities | 378,285 | (121,457) | ||
Cash flows from operating activities | 2,654 | 0 | ||
Cash flows from investing activities | 0 | 0 | ||
Cash flows from financing activities | 0 | 0 | ||
Net cash provided by discontinued operations | 2,654 | 0 | ||
Cash and cash equivalents, beginning of period | 158,821 | 145,341 | ||
Cash and cash equivalents, end of period | (158,821) | (145,341) | $ (628,278) | $ (124,523) |
Net change in cash and cash equivalents | 469,457 | (20,818) | ||
Parent | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | (59,978) | (40,933) | ||
Cash flows from investing activities | ||||
Capital expenditures | (19,456) | (24,876) | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | (19,456) | (24,876) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 223,900 | 396,100 | ||
Payments under bank credit facility | (530,350) | (679,525) | ||
Payments on retirements of long-term debt | (500,000) | |||
Premium and consent fees paid | 24,246 | |||
Proceeds from issuance of senior notes | 750,000 | 750,000 | ||
Debt issue costs | (12,936) | (13,496) | ||
Net activity with affiliates | 161,524 | 134,874 | ||
Share-based compensation activities, net | (104) | 2,100 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | |||
Net cash provided by (used in) financing activities | 592,034 | 65,807 | ||
Cash flows from operating activities | 0 | 0 | ||
Cash flows from investing activities | 0 | 0 | ||
Cash flows from financing activities | 0 | 0 | ||
Net cash provided by discontinued operations | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 2 | 2 | ||
Cash and cash equivalents, end of period | (2) | (2) | (512,602) | 0 |
Net change in cash and cash equivalents | 512,600 | (2) | ||
Guarantor Subsidiaries | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 158,742 | 150,591 | ||
Cash flows from investing activities | ||||
Capital expenditures | (45,271) | (21,366) | ||
Net activity with affiliates | (150,660) | (147,126) | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | (195,931) | (168,492) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
Payments on retirements of long-term debt | 0 | |||
Premium and consent fees paid | 0 | |||
Proceeds from issuance of senior notes | 0 | 0 | ||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | 0 | 0 | ||
Share-based compensation activities, net | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | |||
Net cash provided by (used in) financing activities | 0 | 0 | ||
Cash flows from operating activities | 2,654 | 0 | ||
Cash flows from investing activities | 0 | 0 | ||
Cash flows from financing activities | 0 | 0 | ||
Net cash provided by discontinued operations | 2,654 | 0 | ||
Cash and cash equivalents, beginning of period | 124,426 | 111,452 | ||
Cash and cash equivalents, end of period | (124,426) | (111,452) | (89,891) | (93,551) |
Net change in cash and cash equivalents | (34,535) | (17,901) | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 57,119 | 36,811 | ||
Cash flows from investing activities | ||||
Capital expenditures | (7,720) | (11,870) | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 704 | 2,975 | ||
Net cash used in investing activities | (7,016) | (8,895) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 165,000 | 170,800 | ||
Payments under bank credit facility | (217,225) | (223,187) | ||
Payments on retirements of long-term debt | 0 | |||
Premium and consent fees paid | 0 | |||
Proceeds from issuance of senior notes | 0 | 0 | ||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | (6,486) | 21,559 | ||
Share-based compensation activities, net | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | (3) | |||
Net cash provided by (used in) financing activities | (58,711) | (30,831) | ||
Cash flows from operating activities | 0 | 0 | ||
Cash flows from investing activities | 0 | 0 | ||
Cash flows from financing activities | 0 | 0 | ||
Net cash provided by discontinued operations | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 34,172 | 33,668 | ||
Cash and cash equivalents, end of period | (34,172) | (33,668) | (25,564) | (30,753) |
Net change in cash and cash equivalents | (8,608) | (2,915) | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 0 | (70) | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
Payments on retirements of long-term debt | 0 | |||
Premium and consent fees paid | 0 | |||
Proceeds from issuance of senior notes | 0 | 0 | ||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | 0 | 70 | ||
Share-based compensation activities, net | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | |||
Net cash provided by (used in) financing activities | 0 | 70 | ||
Cash flows from operating activities | 0 | 0 | ||
Cash flows from investing activities | 0 | 0 | ||
Cash flows from financing activities | 0 | 0 | ||
Net cash provided by discontinued operations | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 221 | 219 | ||
Cash and cash equivalents, end of period | (221) | (219) | (221) | (219) |
Net change in cash and cash equivalents | 0 | 0 | ||
Eliminations | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 4,378 | 9,377 | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Net activity with affiliates | 150,660 | 147,126 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 150,660 | 147,126 | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
Payments on retirements of long-term debt | 0 | |||
Premium and consent fees paid | 0 | |||
Proceeds from issuance of senior notes | 0 | 0 | ||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | (155,038) | (156,503) | ||
Share-based compensation activities, net | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | |||
Net cash provided by (used in) financing activities | (155,038) | (156,503) | ||
Cash flows from operating activities | 0 | 0 | ||
Cash flows from investing activities | 0 | 0 | ||
Cash flows from financing activities | 0 | 0 | ||
Net cash provided by discontinued operations | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | 0 | ||
Cash and cash equivalents, end of period | 0 | 0 | $ 0 | $ 0 |
Net change in cash and cash equivalents | $ 0 | $ 0 |
Condensed Consolidating Finan64
Condensed Consolidating Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Assets | $ 4,829,320 | $ 4,350,900 | |
Net income (loss) | 63,212 | $ 28,678 | |
Net cash from operating activities | $ 160,261 | 155,776 | |
Senior Notes | 9.00% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||
Parent | |||
Debt Instrument [Line Items] | |||
Assets | $ 4,297,214 | $ 3,643,330 | |
Net cash from operating activities | $ (59,978) | (40,933) | |
Parent | Senior Notes | 9.00% Senior Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | |
Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | |
Parent | Senior Notes | 6.375% Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | ||
Guarantor Subsidiaries | |||
Debt Instrument [Line Items] | |||
Assets | $ 4,817,123 | $ 4,671,506 | |
Net cash from operating activities | 158,742 | 150,591 | |
Non-Guarantor Subsidiaries (100% Owned) | |||
Debt Instrument [Line Items] | |||
Assets | 1,428,872 | 1,452,324 | |
Net cash from operating activities | 57,119 | 36,811 | |
Non-Guarantor Subsidiaries (Not 100% Owned) | |||
Debt Instrument [Line Items] | |||
Assets | 221 | $ 221 | |
Net cash from operating activities | $ 0 | $ (70) |