Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017 | |
Entity Information [Line Items] | |
Entity Registrant Name | BOYD GAMING CORP |
Entity Central Index Key | 906,553 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 8-K |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 203,104 | $ 193,862 |
Restricted cash | 24,175 | 16,488 |
Accounts receivable, net | 40,322 | 30,371 |
Inventories | 18,004 | 18,568 |
Prepaid expenses and other current assets | 37,873 | 46,214 |
Income taxes receivable | 5,185 | 2,444 |
Total current assets | 328,663 | 307,947 |
Property and equipment, net | 2,539,786 | 2,605,169 |
Other assets, net | 81,128 | 49,205 |
Intangible assets, net | 842,946 | 881,954 |
Goodwill, net | 888,224 | 826,476 |
Deferred Income Taxes and Other Assets, Noncurrent | 5,183 | 0 |
Total assets | 4,685,930 | 4,670,751 |
Current liabilities | ||
Accounts payable | 106,323 | 84,086 |
Current maturities of long-term debt | 23,981 | 30,336 |
Accrued liabilities | 255,146 | 257,554 |
Income tax payable | 21 | 0 |
Total current liabilities | 385,471 | 371,976 |
Long-term debt, net of current maturities and debt issuance costs | 3,051,899 | 3,199,119 |
Deferred income taxes | 86,657 | 81,454 |
Other long-term tax liabilities | 3,447 | 3,307 |
Other liabilities | 61,229 | 84,715 |
Commitments and contingencies (Note 9) | ||
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; 112,634,418 and 112,896,377 shares outstanding | 1,126 | 1,129 |
Additional paid-in capital | 931,858 | 953,440 |
Retained earnings (accumulated deficit) | 164,425 | (23,824) |
Accumulated other comprehensive loss | (182) | (615) |
Total Boyd Gaming Corporation stockholders’ equity | 1,097,227 | 930,130 |
Noncontrolling interest | 0 | 50 |
Total stockholders’ equity | 1,097,227 | 930,180 |
Total liabilities and stockholders’ equity | $ 4,685,930 | $ 4,670,751 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 112,634,418 | 112,896,377 |
Common stock, shares outstanding | 112,634,418 | 112,896,377 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenues: | |||||||||||
Gaming | $ 1,740,268 | $ 1,610,393 | $ 1,631,177 | ||||||||
Food and beverage | 346,379 | 302,705 | 303,786 | ||||||||
Room | 186,795 | 169,391 | 162,248 | ||||||||
Other | 127,377 | 116,770 | 117,620 | ||||||||
Total revenues | $ 595,088 | $ 591,542 | $ 604,124 | $ 610,065 | $ 558,649 | $ 535,173 | $ 548,784 | $ 556,653 | 2,400,819 | 2,199,259 | 2,214,831 |
Operating costs and expenses: | |||||||||||
Gaming | 759,612 | 725,078 | 740,023 | ||||||||
Food and beverage | 335,506 | 300,766 | 301,813 | ||||||||
Room | 85,188 | 77,734 | 76,903 | ||||||||
Other | 83,615 | 83,407 | 86,850 | ||||||||
Selling, general and administrative | 362,037 | 322,259 | 322,672 | ||||||||
Maintenance and utilities | 109,462 | 100,020 | 104,548 | ||||||||
Depreciation and amortization | 217,522 | 196,226 | 207,118 | ||||||||
Corporate expense | 88,148 | 72,668 | 76,941 | ||||||||
Project development, preopening and writedowns | 14,454 | 22,107 | 6,907 | ||||||||
Impairments of assets | (426) | 38,302 | 18,565 | ||||||||
Other operating items, net | 1,900 | 284 | 907 | ||||||||
Total operating costs and expenses | 2,057,018 | 1,938,851 | 1,943,247 | ||||||||
Operating income | 80,477 | 78,940 | 89,554 | 94,830 | 29,726 | 67,881 | 80,439 | 82,362 | 343,801 | 260,408 | 271,584 |
Other expense (income) | |||||||||||
Interest income | (1,818) | (2,961) | (1,858) | ||||||||
Interest expense, net of amounts capitalized | 173,108 | 212,692 | 224,590 | ||||||||
Loss on early extinguishments and modifications of debt | 1,582 | 42,364 | 40,733 | ||||||||
Other, net | (184) | 545 | 3,676 | ||||||||
Total other expense, net | 172,688 | 252,640 | 267,141 | ||||||||
Income from continuing operations before income taxes | 171,113 | 7,768 | 4,443 | ||||||||
Income tax (provision) benefit | (3,115) | 199,933 | 6,625 | ||||||||
Income from continuing operations, net of tax | 82,073 | 23,157 | 27,692 | 35,076 | 10,581 | 164,197 | 11,257 | 21,666 | 167,998 | 207,701 | 11,068 |
Income from discontinued operations, net of tax | 0 | 0 | 21,017 | 375 | 1,478 | 180,707 | 18,715 | 11,630 | 21,392 | 212,530 | 36,539 |
Net income | $ 82,073 | $ 23,157 | $ 48,709 | $ 35,451 | $ 12,059 | $ 344,904 | $ 29,972 | $ 33,296 | $ 189,390 | $ 420,231 | $ 47,607 |
Continuing operations | $ 0.72 | $ 0.20 | $ 0.24 | $ 0.31 | $ 0.09 | $ 1.43 | $ 0.10 | $ 0.19 | $ 1.46 | $ 1.81 | $ 0.10 |
Discontinued operations | 0 | 0 | 0.18 | 0 | 0.01 | 1.58 | 0.16 | 0.10 | 0.19 | 1.86 | 0.32 |
Basic net income per common share | 0.72 | 0.20 | 0.42 | 0.31 | 0.10 | 3.01 | 0.26 | 0.29 | $ 1.65 | $ 3.67 | $ 0.42 |
Weighted average basic shares outstanding | 114,957 | 114,507 | 112,789 | ||||||||
Continuing operations | 0.71 | 0.20 | 0.24 | 0.31 | 0.09 | 1.43 | 0.10 | 0.19 | $ 1.45 | $ 1.80 | $ 0.10 |
Discontinued operations | 0 | 0 | 0.18 | 0 | 0.01 | 1.57 | 0.16 | 0.10 | 0.19 | 1.85 | 0.32 |
Diluted net income per common share | $ 0.71 | $ 0.20 | $ 0.42 | $ 0.31 | $ 0.10 | $ 3 | $ 0.26 | $ 0.29 | $ 1.64 | $ 3.65 | $ 0.42 |
Weighted average diluted shares outstanding | 115,628 | 115,189 | 113,676 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income (Loss) Attributable to Parent | $ 82,073 | $ 23,157 | $ 48,709 | $ 35,451 | $ 12,059 | $ 344,904 | $ 29,972 | $ 33,296 | $ 189,390 | $ 420,231 | $ 47,607 |
Other comprehensive income (loss), net of tax: | |||||||||||
Fair value of adjustments to available-for-sale securities | 433 | (299) | (263) | ||||||||
Comprehensive income | 189,823 | 419,932 | 47,344 | ||||||||
Accumulated Other Comprehensive Loss, Net | |||||||||||
Net Income (Loss) Attributable to Parent | 0 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Fair value of adjustments to available-for-sale securities | $ 433 | $ (299) | $ (263) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings/(Accumulated Deficit) | Accumulated Other Comprehensive Loss, Net | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2014 | $ 438,087,000 | $ 1,093,000 | $ 922,112,000 | $ (485,115,000) | $ (53,000) | $ 50,000 |
Balance, shares at Dec. 31, 2014 | 109,277,060 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (6,547,000) | $ 0 | 0 | (6,547,000) | 0 | 0 |
Net income (loss) | 47,607,000 | 0 | 0 | 47,607,000 | 0 | 0 |
Unrealized loss on investment available for sale | $ (263,000) | $ 0 | 0 | 0 | (263,000) | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,301,789 | 1,301,789 | ||||
Stock options exercised, value | $ 9,807,000 | $ 13,000 | 9,794,000 | 0 | 0 | 0 |
Award of restricted stock units, shares | 553,822 | |||||
Award of restricted stock units | (3,672,000) | $ (6,000) | 3,678,000 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Performance Stock Award, Net | 481,749 | |||||
Stock Issued During Period, Values, Performance Stock Award, Net | (2,446,000) | $ 5,000 | (2,451,000) | 0 | 0 | 0 |
Stock Repurchased and Retired During Period, Value | 0 | |||||
Share-based compensation costs | 19,264,000 | 0 | (19,264,000) | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 47,607,000 | |||||
Balance at Dec. 31, 2015 | 501,837,000 | $ 1,117,000 | 945,041,000 | (444,055,000) | (316,000) | 50,000 |
Balance, shares at Dec. 31, 2015 | 111,614,420 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 420,231,000 | $ 0 | 0 | 420,231,000 | 0 | 0 |
Unrealized loss on investment available for sale | $ (299,000) | $ 0 | 0 | 0 | (299,000) | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 452,898 | 452,898 | ||||
Stock options exercised, value | $ 2,940,000 | $ 4,000 | 2,936,000 | 0 | 0 | 0 |
Award of restricted stock units, shares | 670,032 | |||||
Award of restricted stock units | (3,368,000) | $ (6,000) | (3,374,000) | 0 | 0 | 0 |
Stock Issued During Period, Shares, Performance Stock Award, Net | 159,027 | |||||
Stock Issued During Period, Values, Performance Stock Award, Net | (867,000) | $ 2,000 | (869,000) | 0 | 0 | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | (5,812,000) | 0 | 5,812,000 | 0 | 0 | 0 |
Stock Repurchased and Retired During Period, Value | 0 | |||||
Share-based compensation costs | 15,518,000 | 0 | 15,518,000 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 420,231,000 | |||||
Balance at Dec. 31, 2016 | $ 930,180,000 | $ 1,129,000 | 953,440,000 | (23,824,000) | (615,000) | 50,000 |
Balance, shares at Dec. 31, 2016 | 112,896,377 | 112,896,377 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 15,777,000 | $ 0 | 0 | 15,777,000 | 0 | 0 |
Net income (loss) | 189,390,000 | 0 | 0 | 189,390,000 | 0 | 0 |
Unrealized loss on investment available for sale | $ 433,000 | $ 0 | 0 | 0 | 433,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 241,964 | 241,964 | ||||
Stock options exercised, value | $ 2,084,000 | $ 2,000 | 2,082,000 | 0 | 0 | 0 |
Award of restricted stock units, shares | 520,854 | |||||
Award of restricted stock units | (8,004,000) | $ (5,000) | (8,009,000) | 0 | 0 | 0 |
Stock Issued During Period, Shares, Performance Stock Award, Net | 173,653 | |||||
Stock Issued During Period, Values, Performance Stock Award, Net | 1,791,000 | $ 2,000 | 1,793,000 | 0 | 0 | 0 |
Dividends, Cash | $ (16,918,000) | $ 0 | 0 | (16,918,000) | 0 | 0 |
Stock Repurchased and Retired During Period, Shares | 1,198,000 | (1,198,430) | ||||
Stock Repurchased and Retired During Period, Value | $ (31,927,000) | $ (12,000) | (31,915,000) | 0 | 0 | 0 |
Share-based compensation costs | 17,413,000 | 0 | 17,413,000 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 189,390,000 | 0 | 640,000 | 0 | 0 | |
Noncontrolling Interest, Decrease from Deconsolidation | 590,000 | (50,000) | ||||
Balance at Dec. 31, 2017 | $ 1,097,227,000 | $ 1,126,000 | $ 931,858,000 | $ 164,425,000 | $ (182,000) | $ 0 |
Balance, shares at Dec. 31, 2017 | 112,634,418 | 112,634,418 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 227,279 | $ 210,350 | $ 177,851 |
Cash Flows from Operating Activities | |||
Net Income (Loss) Attributable to Parent | 189,390 | 420,231 | 47,607 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from discontinued operations, net of tax | (21,392) | (212,530) | (36,539) |
Depreciation and amortization | 217,522 | 196,226 | 207,118 |
Amortization of debt financing costs and discounts on debt | 9,845 | 14,870 | 21,308 |
Share-based compensation expense | 17,413 | 15,518 | 19,264 |
Deferred income taxes | 5,203 | (201,498) | 16,855 |
Impairments of assets | 0 | 38,302 | 18,565 |
Gain (Loss) on Disposition of Assets | (1,027) | (6,288) | 0 |
Loss on early extinguishments and modifications of debt | 1,582 | 42,364 | 40,733 |
Other operating activities | (2,033) | 1,625 | 2,145 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (9,937) | 45 | 1,971 |
Inventories | 565 | 884 | (301) |
Prepaid expenses and other current assets | 4,957 | 1,691 | (4,275) |
Current other tax asset | 0 | 0 | 1,802 |
Income taxes receivable | 1,089 | (1,064) | (137) |
Increase (Decrease) Other Long-term Tax Assets | (5,183) | 0 | 0 |
Other assets, net | 2,318 | (626) | 922 |
Accounts payable and accrued liabilities | 13,216 | (11,605) | 12,825 |
Other long-term tax liabilities | 140 | 222 | (25,566) |
Other liabilities | (1,117) | 1,972 | 2,377 |
Net cash provided by operating activities | 422,551 | 300,339 | 326,674 |
Cash Flows from Investing Activities | |||
Capital expenditures | (190,464) | (160,358) | (131,170) |
Cash paid for acquisitions, net of cash received | (1,153) | (592,703) | 0 |
Proceeds (Payments) from Investments in Development Agreement | (35,108) | 0 | 0 |
Other investing activities | 706 | 14,207 | 4,528 |
Net cash used in investing activities | (226,019) | (738,854) | (126,642) |
Cash Flows from Financing Activities | |||
Borrowings under bank credit facility | 958,000 | 2,039,175 | 1,033,500 |
Proceeds from Lines of Credit - Peninsula Gaming | 0 | 237,000 | 345,500 |
Payments under bank credit facility | (1,119,485) | (1,466,362) | (1,211,200) |
Repayments of Lines of Credit - Peninsula Gaming | 0 | (899,750) | (425,150) |
Proceeds from issuance of senior notes, net | 0 | (750,000) | (750,000) |
Debt financing costs, net | (3,430) | (42,220) | (14,004) |
Retirements of senior notes | 0 | (700,000) | (657,813) |
Proceeds from issuance of non-recourse debt by variable interest entity | 0 | (15,750) | (24,246) |
Share-based compensation activities, net | (7,711) | (1,295) | 3,689 |
Stock Repurchased and Retired During Period, Value | (31,927) | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | (11,286) | 0 | 0 |
Other financing activities | 503 | (45) | 0 |
Net cash provided by (used in) financing activities | (215,336) | (99,247) | (199,724) |
Cash flows from operating activities | (514) | (27,796) | 14,095 |
Cash flows from investing activities | 36,247 | 598,057 | 0 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by discontinued operations | 35,733 | 570,261 | 14,095 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 16,929 | 32,499 | 14,403 |
Cash and cash equivalents, beginning of period | 193,862 | 158,821 | |
Cash and cash equivalents, end of period | 203,104 | 193,862 | 158,821 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid for interest, net of amounts capitalized | 174,090 | 197,475 | 178,433 |
Cash paid (received) for income taxes, net of refunds | 5,189 | 33,723 | (1,159) |
Supplemental Schedule of Non-cash Investing and Financing Activities | |||
Payables incurred for capital expenditures | 9,297 | 9,334 | 7,235 |
Increase (decrease) in fair value of derivative instruments | 173,108 | 212,692 | 224,590 |
Boyd | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 347 | 1,212 | 2 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from discontinued operations, net of tax | 0 | 0 | 0 |
Depreciation and amortization | 12,041 | 8,767 | 6,179 |
Changes in operating assets and liabilities: | |||
Net cash provided by operating activities | (82,632) | (86,502) | 102,080 |
Cash Flows from Investing Activities | |||
Capital expenditures | (102,277) | (42,840) | (48,591) |
Cash paid for acquisitions, net of cash received | (1,153) | (592,703) | |
Proceeds (Payments) from Investments in Development Agreement | 0 | ||
Other investing activities | 0 | 3,292 | |
Net cash used in investing activities | (92,563) | (626,393) | (34,099) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of senior notes, net | (750,000) | (750,000) | |
Debt financing costs, net | (3,430) | (42,220) | (14,004) |
Retirements of senior notes | (350,000) | (500,000) | |
Proceeds from issuance of non-recourse debt by variable interest entity | (15,750) | (24,246) | |
Share-based compensation activities, net | (7,711) | ||
Payments of Ordinary Dividends, Common Stock | (11,286) | ||
Other financing activities | 590 | (45) | |
Net cash provided by (used in) financing activities | 174,330 | 714,105 | (67,981) |
Cash flows from operating activities | 0 | 0 | 0 |
Cash flows from investing activities | 0 | 0 | 0 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by discontinued operations | 0 | 0 | $ 0 |
Cash and cash equivalents, beginning of period | 1,212 | ||
Cash and cash equivalents, end of period | $ 347 | $ 1,212 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "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". The consolidated financial statements reflect the impact of the adoption of Update 2016-18 and the Revenue Standard, as defined and discussed below under Recently Adopted Accounting Pronouncements. All amounts in the footnotes have been adjusted, when necessary, to reflect the adoption of this guidance. As of December 31, 2017 , we are a diversified operator of 24 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, which we aggregate in order to present the following three reportable segments: Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside Cannery Casino and Hotel Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North 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 Par-A-Dice Hotel Casino East Peoria, Illinois Blue Chip Casino, Hotel & Spa Michigan City, Indiana Diamond Jo Dubuque Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Evangeline Downs Racetrack and Casino Opelousas, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica, Mississippi As a result of the sale of our equity interest in Borgata (see Note 2, Acquisitions and Divestitures ), we no longer report our interest in Borgata as a Reportable Segment. Our Las Vegas Locals segment includes the results of Aliante Gaming, LLC ("Aliante"), The Cannery Hotel and Casino, LLC (“Cannery”) and Nevada Palace, LLC (“Eastside Cannery”) (see Note 2, Acquisitions and Divestitures ). In addition to these properties, we own and operate a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. See Note 2, Acquisitions and Divestitures , for discussion of our acquisitions of Aliante, Cannery and Eastside Cannery, which were completed during the year ended December 31, 2016. We have not disclosed the pro forma impact of these acquisitions to our results of operations, as the pro forma impact was deemed immaterial. Investments in unconsolidated affiliates, which are 50% or less owned and do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. Discontinued Operations On August 1, 2016, Boyd Gaming completed the sale of its 50% equity interest in Marina District Development Holding Company, LLC ("MDDHC"), the parent company of Borgata, to MGM Resorts International ("MGM") pursuant to an Equity Purchase Agreement (the "Purchase Agreement") enter into on May 31, 2016, as amended on July 19, 2016 by and among Boyd, Boyd Atlantic City, Inc., a wholly owned subsidiary of Boyd, and MGM. (See Note 2, Acquisitions and Divestitures .) We accounted for our investment in Borgata by applying the equity method and reported its results as discontinued operations for all periods presented in these consolidated financial statements. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand. The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the consolidated balance sheets to the total balance shown in the consolidated statements of cash flows. December 31, (In thousands) 2017 2016 2015 Cash and cash equivalents $ 203,104 $ 193,862 $ 158,821 Restricted cash 24,175 16,488 19,030 Total cash, cash equivalents and restricted cash $ 227,279 $ 210,350 $ 177,851 Restricted Cash Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities. Accounts Receivable, net Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. The activity comprising our allowance for doubtful accounts is as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Beginning balance, January 1, $ 1,971 $ 2,087 $ 1,971 Additions due to Acquisitions — 87 — Additions 478 345 361 Deductions (377 ) (548 ) (245 ) Ending balance $ 2,072 $ 1,971 $ 2,087 Inventories Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. Property and Equipment, net Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 10 years Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. All resulting recognized impairment charges are recorded as Impairment of assets within operating expenses. Capitalized Interest Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. Interest capitalized during the years ended December 31, 2016 and 2015 was $0.5 million and $0.1 million , respectively. There was no interest capitalized for the year ended December 31, 2017 . Investment in Available for Sale Securities We have an investment in $20.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 ("City Bonds"). This investment is classified as available-for-sale and is recorded at fair value. The fair value at December 31, 2017 and 2016 was $17.8 million and $17.3 million , respectively. At December 31, 2017 and 2016 , $0.5 million and $0.4 million , respectively, is included in prepaid expenses and other current assets, and $17.3 million and $16.8 million , respectively, is included in other assets, net. Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows: (In thousands) For the year ending December 31, 2018 $ 475 2019 510 2020 550 2021 590 2022 635 Thereafter 17,760 Total $ 20,520 Intangible Assets Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks. Amortizing Intangible Assets Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years . Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement. Indefinite-Lived Intangible Assets Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. Goodwill Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances. We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonably similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject reporting unit. Player Loyalty Point Program We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food and beverage, and other free goods and services. We record points earned based on the value of a point that can be redeemed for a hotel room, food & beverage or other items. The player loyalty point program accrual is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, for food & beverage or for other amenities and is included in accrued liabilities on our consolidated balance sheets. Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt. Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. 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. Self-Insurance Reserves We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore, we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets. The activity comprising our self-insurance reserves is as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Beginning balance $ 31,022 $ 30,068 $ 33,004 Additions Charged to costs and expenses 84,209 79,685 80,311 Due to acquisitions — 14 — Payments made (81,236 ) (78,745 ) (83,247 ) Ending balance $ 33,995 $ 31,022 $ 30,068 Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income. The accumulated other comprehensive income (loss) at December 31, 2017 , consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value. Noncontrolling Interest Noncontrolling interest represented the ownership interest in one of our subsidiaries that was held by a third party. During 2017, the joint venture in which we held an 80% interest was dissolved, thus eliminating our noncontrolling interest. Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers, hotel room sales, food & beverage offerings and other amenity transactions. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions. Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty programs and a single performance obligation for customers who do not participate in the programs. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 6, Accrued Liabilities , for the balance outstanding related to player loyalty programs. The Company collects advanced deposits from hotel customers for future reservations representing obligations of the Company until the hotel room stay is provided to the customer. See Note 6, Accrued Liabilities , for the balance outstanding related to advance deposits. The Company's outstanding chip liability represents the amounts owned in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 6, Accrued Liabilities , for the balance outstanding related to the chip liability. The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of 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 & 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 & beverage, and to a lesser extent for other goods or services, depending upon the property. The estimated retail value related to goods and services provided to guests without charge or upon redemption of points under our player loyalty programs, included in departmental revenues, and therefore reducing our gaming revenues, are as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Food and beverage $ 171,904 $ 147,494 $ 151,407 Room 76,565 75,647 77,678 Other 10,900 11,076 11,320 Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $324.5 million , $321.7 million and $332.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Advertising Expense Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations and totaled $29.9 million , $32.3 million and $33.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Corporate Expense Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations. Project Development, Preopening and Writedowns Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not qualify as capital costs; and (iii) asset write-downs. Share-Based Compensation Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not apply to stock grants and awards issued within six months of the employee’s retirement. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions. The Company did not issue any stock option grants in 2017. The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards in prior years: Year Ended December 31, 2016 2015 Expected stock price volatility 46.62 % 49.06 % Risk-free interest rate 1.39 % 1.59 % Expected option life (in years) 5.4 5.3 Estimated fair value per share $ 7.67 $ 9.06 Net Income per Share Basic net income per share is computed by dividing net income applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. Concentration of Credit Risk Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable. Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits that may at times exceed federally-insured limits. Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Change in Accounting Principle In first quarter 2017, the Company adopted Accounting Standards Update 2016-09, Compensation - Stock Compensation ("Update 2016-09") which simplified 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. Update 2016-09 requires excess tax benefits and deficiencies to be recorded in income tax expense instead of equity. The cumulative effect of this change in accounting principle is to record the benefit of previously unrecognized excess tax deductions as an increase in retained earnings of $15.8 million on the consolidated statement of changes in stockholders' equity for the year ended December 31, 2017 . Additionally, for the year ended December 31, 2017, we recorded an excess tax benefit in our tax expense of approximately $1.5 million . We anticipate recording excess tax benefits as a component of tax expense will cause volatility in our future effective tax rate. Recently Adopted Accounting Pronouncements Accounting Standards Update 2016-18, Statement of Cash Flows ("Update 2016-18") In November 2016, the FASB issued Update 2016-18, which amends Accounting Standards Codification ("ASC") 230 to add or clarify the guidance on the classification and presentation of restricted cash in the statement of cash flows. Update 2016-18 requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The Company adopted Update 2016-18 using the retrospective approach. We adjusted our consolidated statement of cash flows from amounts previously reported due to the adoption of Update 2016-18. The effects of adopting Update 2016-18 on our consolidated statement of cash flows were as follows: Year Ended December 31, 2017 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 414,864 $ 7,687 $ 422,551 Cash, cash equivalents and restricted cash, beginning of period $ 193,862 $ 16,488 $ 210,350 Net increase (decrease) in cash, cash equivalents and restricted cash 9,242 7,687 16,929 Cash, cash equivalents and restricted cash, end of period $ 203,104 $ 24,175 $ 227,279 Year Ended December 31, 2016 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 302,881 $ (2,542 ) $ 300,339 Cash, cash equivalents and restricted cash, beginning of period $ 158,821 $ 19,030 $ 177,851 Net increase (decrease) in cash, cash equivalents and restricted cash 35,041 (2,542 ) 32,499 Cash, cash equivalents and restricted cash, end of period $ 193,862 $ 16,488 $ 210,350 Year Ended December 31, 2015 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 325,751 $ 923 $ 326,674 Cash, cash equivalents and restricted cash, beginning of period $ 145,341 $ 18,107 $ 163,448 Net increase (decrease) in cash, cash equivalents and restricted cash 13,480 923 14,403 Cash, cash equivalents and restricted cash, end of period $ 158,821 $ 19,030 $ 177,851 Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09"); Accounting Standards Update 2015- |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Cannery Casino Hotel and Nevada Palace, LLC On December 20, 2016 (the "Acquisition Date"), Boyd Gaming completed the acquisitions of Cannery, the owner and operator of Cannery Casino Hotel, and Nevada Palace, LLC, the owner and operator of Eastside Cannery Casino and Hotel, pursuant to a Membership Interest Purchase Agreement (the “Purchase Agreement”) dated as of April 25, 2016, as amended on October 28, 2016, by and among Boyd, Cannery Casino Resorts, LLC (“Seller”), Cannery and Eastside Cannery. Pursuant to the terms of the Purchase Agreement, Boyd acquired from Seller all of the issued and outstanding membership interests of Cannery and Eastside Cannery (the “Acquisitions”). With the closing of the Acquisitions, each of Cannery and Eastside Cannery became wholly owned subsidiaries of Boyd. Accordingly, the assets and liabilities of Cannery and Eastside Cannery are included in our consolidated balance sheets as of December 31, 2017 and 2016 and the results of their operations and cash flows in our consolidated statements of operations and cash flows, respectively, for the year ended December 31, 2017 and the period from December 20, 2016 through December 31, 2016. The Cannery and Eastside Cannery are modern casinos and hotels in the Las Vegas Valley that offer premium accommodations, gaming, dining, entertainment and retail, and are aggregated into our Las Vegas Locals segment (See Note 1, Summary of Significant Accounting Policies.) The net purchase price was $228.2 million . The fair value of the consideration transferred to the Seller on the Acquisition Date included the purchase price of the net assets transferred. The total gross consideration was $238.6 million . In addition, the Purchase Agreement provided for a working capital adjustment to the purchase consideration. This adjustment was calculated during second quarter 2017 and paid during the third quarter, resulting in an additional $1.2 million being paid to Seller. Acquisition Method of Accounting The Company followed the acquisition method of accounting according to the guidance of FASB Accounting Standards Codification Topic 805 ("ASC 805"). For purposes of these financial statements, we have allocated the purchase price to the assets acquired and the liabilities assumed based on their fair values, as determined by management based on its judgment with assistance from third-party appraisals. The excess of the purchase price over the fair value of the assets acquired and liabilities assumed has been recorded as goodwill. The purchase price allocation below represents the opening balance sheet on December 20, 2016, which was initially reported in our Form 10-K for the year ended December 31, 2016. During the measurement period, which concluded on September 30, 2017, opening balance sheet adjustments were made to finalize the preliminary fair value estimates, resulting in a $62.5 million reduction in acquired assets, primarily related to a $56.7 million reduction in property and equipment, and a $5.0 million reduction in assumed liabilities with a corresponding increase to goodwill of $58.7 million . The property and equipment adjustment resulted in a depreciation expense reduction of $2.5 million for the year ended December 31, 2017. The measurement period adjustment and the related tax impact were immaterial to our consolidated financial statements. The following table summarizes the components and allocation of the purchase price, including the measurement period adjustments: (In thousands) Preliminary Purchase Price Allocation Adjustments Final Purchase Price Allocation Current assets $ 29,929 $ (8,345 ) $ 21,584 Property and equipment 181,757 (56,675 ) 125,082 Other long-term assets — 3,419 3,419 Intangible and other assets 16,330 (880 ) 15,450 Total acquired assets 228,016 (62,481 ) 165,535 Current liabilities 15,850 (4,984 ) 10,866 Total liabilities assumed 15,850 (4,984 ) 10,866 Net identifiable assets acquired 212,166 (57,497 ) 154,669 Goodwill 26,401 58,651 85,052 Net assets acquired $ 238,567 $ 1,154 $ 239,721 The following table summarizes the values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Land $ 7,870 Buildings and improvements 10 - 40 years 107,268 Furniture and equipment 3 - 7 years 9,820 Construction in progress 124 Property and equipment acquired $ 125,082 The goodwill was assigned to the Las Vegas Locals reportable segment. All of the goodwill is expected to be deductible for income tax purposes. The Company recognized $1.1 million and $10.5 million of acquisition related costs that were expensed for the year ended December 31, 2017 and 2016, respectively. These costs are included in the consolidated statements of operations in the line item entitled "Project development, preopening and writedowns". Aliante Casino + Hotel + Spa On September 27, 2016, Boyd Gaming completed the acquisition of ALST Casino Holdco LLC, the holding company of Aliante Casino + Hotel + Spa ("Aliante"). Pursuant to the Merger Agreement, Merger Sub merged with and into ALST (the "Merger"), with ALST surviving the Merger. ALST and Aliante are now wholly owned subsidiaries of Boyd Gaming. Accordingly, the acquired assets and liabilities of Aliante are included in our consolidated balance sheets as of December 31, 2017 and 2016 and the results of its operations and cash flows in our consolidated statements of operations and cash flows, respectively, for the year ended December 31, 2017 and the period from September 27, 2016 through December 31, 2016. Aliante is an upscale, resort-style casino and hotel situated in North Las Vegas offering premium accommodations, gaming, dining, entertainment and retail, and is aggregated into our Las Vegas Locals segment (See Note 1, Summary of Significant Accounting Policies.) The net purchase price was $372.3 million . The fair value of the consideration transferred on the acquisition date included the purchase price of the net assets transferred. The total gross consideration was $399.1 million . Acquisition Method of Accounting The Company followed the acquisition method of accounting per ASC 805 guidance. In accordance with ASC 805, the Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their fair values, which were determined primarily by management with assistance from third-party appraisals. The excess of the purchase price over those fair values was recorded as goodwill. The purchase price allocation below represents Aliante’s opening balance sheet on September 27, 2016, which was initially reported in our Form 10−K for the year ended December 31, 2016. During the measurement period, which concluded on June 30, 2017, opening balance sheet adjustments were made to finalize the preliminary fair value estimates, resulting in a $2.6 million reduction in other assets, primarily related to base stock, a $0.8 million reduction in property and equipment and a $0.4 million increase in assumed liabilities, with a corresponding net increase to goodwill of $3.8 million . The measurement period adjustment and the related tax impact were immaterial to our consolidated financial statements. The following table presents the components and allocation of the purchase price, including the measurement period adjustments: (In thousands) Preliminary Purchase Price Allocation Adjustments Final Purchase Price Allocation Current assets $ 31,886 $ — $ 31,886 Property and equipment 226,309 (760 ) 225,549 Intangible and other assets 20,791 (2,643 ) 18,148 Total acquired assets 278,986 (3,403 ) 275,583 Current liabilities 5,693 515 6,208 Other liabilities 636 (83 ) 553 Total liabilities assumed 6,329 432 6,761 Net identifiable assets acquired 272,657 (3,835 ) 268,822 Goodwill 126,489 3,835 130,324 Net assets acquired $ 399,146 $ — $ 399,146 The following table summarizes the values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Land $ 16,680 Buildings and improvements 10 - 45 years 200,770 Furniture and equipment 3 - 7 years 8,099 Property and equipment acquired $ 225,549 All of the goodwill was assigned to the Las Vegas Locals reportable segment. All of the goodwill is expected to be deductible for income tax purposes. The Company recognized $1.0 million and $2.2 million of acquisition related costs that were expensed for the year ended December 31, 2017 and 2016, respectively. These costs are included in the consolidated statements of operations in the line item entitled "Project development, preopening and writedowns". We have not provided the amount of revenue and earnings included in our consolidated financial results from the Aliante or Cannery acquisitions for the period subsequent to their respective acquisitions as such amounts are not material for the twelve months ended December 31, 2016. Announced Acquisitions On December 18, 2017, Boyd Gaming announced that it had entered into a definitive agreement to acquire Ameristar Casino Kansas City, LLC ("Ameristar Kansas City"), the owner and operator of Ameristar Casino Hotel Kansas City; Ameristar Casino St. Charles, LLC ("Ameristar St. Charles"), the owner and operator of Ameristar Casino Resort Spa St. Charles; Belterra Resort Indiana LLC ("Belterra"), the owner and operator of Belterra Casino Resort located in Florence, Indiana; and PNK (Ohio) LLC (“Belterra Park”), the owner and operator of Belterra Park, located in Cincinnati, Ohio. Ameristar Kansas City, Ameristar St. Charles, Belterra and Belterra Park are collectively referred to as the "Companies". Boyd Gaming will acquire the Companies pursuant to a Membership Interest Purchase Agreement (the "Penn National Purchase Agreement"), made and entered into on December 17, 2017 (the "Agreement Date"), by and among Boyd, Boyd TCIV, LLC, a wholly owned subsidiary of Boyd ("Boyd Sub"), Penn National Gaming, Inc. ("Penn"), and, solely following the execution and delivery of a joinder to the Penn National Purchase Agreement, Pinnacle Entertainment, Inc. ("Pinnacle Entertainment") and its wholly owned subsidiary, Pinnacle MLS, LLC (collectively with Pinnacle Entertainment, "Pinnacle"). The Penn National Purchase Agreement provides that, pursuant to the terms and subject to the conditions set forth therein, Boyd will acquire from Pinnacle all of the issued and outstanding membership interests of the Companies as well as certain other assets (and assume certain other liabilities) of Pinnacle related to the Companies (collectively, the "Pending Acquisitions"), such that following the Pending Acquisitions, each of the Companies will be a wholly owned subsidiary of Boyd. The Pending Acquisitions will occur substantially concurrently with the acquisition of Pinnacle Entertainment by Penn (the "Merger") pursuant to the Merger Agreement (the "Merger Agreement"), dated the Agreement Date, by and among Pinnacle Entertainment, Penn and Franchise Merger Sub, Inc., a wholly owned subsidiary of Penn. Upon the terms and subject to the conditions of the Purchase Agreement, Boyd will acquire the Companies for total cash consideration of approximately $575.0 million, subject to adjustments based on (a) the adjusted 2017 EBITDA of each Company (as determined subsequent to the Agreement Date), and (b) working capital, cash and indebtedness of the Companies at closing and transaction expenses. In addition, on the Agreement Date, Boyd entered into a Master Lease Commitment and Rent Allocation Agreement (the "Lease Commitment Agreement") by and among Boyd, Boyd Sub, Penn, Gaming and Leisure Properties, Inc. ("GLPI Parent") and Gold Merger Sub, LLC, a wholly owned subsidiary of GLPI Parent (collectively with GLPI Parent, "GLPI"), pursuant to which, among other things, concurrently with the consummation of the Pending Acquisitions, Boyd will enter into a new Master Lease with GLPI, under which Boyd will lease the real estate, improvements and fixtures owned by GLPI that are associated with the Companies and currently leased to Pinnacle (the "Master Lease"). The Lease Commitment Agreement also sets forth the manner in which rent will be calculated for the purposes of the Master Lease. GLPI’s commitment to enter into the Master Lease is subject to certain conditions, including that the conditions to the Merger under the Merger Agreement and the conditions to the Pending Acquisitions under the Penn National Purchase Agreement have been satisfied or waived, and that the sale of Belterra Park’s real property to GLPI has been consummated, as contemplated by a purchase agreement between Penn and GLPI (and, upon the execution of a joinder, Belterra Park) entered into on the Agreement Date. The completion of the Pending Acquisitions is subject to the effectiveness of the Master Lease and the consummation of the Merger, and the receipt of all required regulatory approvals, as well as customary conditions, including, among others, approval by Missouri, Ohio and Indiana gaming authorities and the acceptance or approval by the Federal Trade Commission. In addition, the Penn National Purchase is also contingent upon the successful completion of Penn National’s proposed acquisition of Pinnacle Entertainment, Inc. Subject to the satisfaction or waiver of conditions in the Penn National Purchase Agreement, Boyd currently expects the transaction to close in the second half of 2018. The Penn National Purchase Agreement contains certain termination rights for Boyd Gaming, and the other parties thereto, and could result in a reverse termination fee payment of up to $58.0 million in certain circumstances. On December 20, 2017, Boyd Gaming announced that it had entered into a definitive agreement to acquire Valley Forge Convention Center Partners, L.P. ("Valley Forge"), the owner and operator of Valley Forge Casino Resort in King of Prussia, Pennsylvania. Boyd will acquire Valley Forge pursuant to an Agreement and Plan of Merger, made and entered into on December 20, 2017 (the "Valley Forge Merger Agreement"), by and among Boyd, Boyd TCV, LP, a Pennsylvania limited partnership and a wholly owned subsidiary of Boyd ("Boyd TCV"), Valley Forge, and VFCCP SR LLC, a Pennsylvania limited liability company, solely in its capacity as the representative of Valley Forge’s limited partners. The Valley Forge Merger Agreement provides that, pursuant to the terms and subject to the conditions set forth therein, Boyd TCV will be merged with and into Valley Forge (the "Merger"), following which Valley Forge will be the surviving entity and a wholly owned subsidiary of Boyd. Upon the terms and subject to the conditions of the Valley Forge Merger Agreement, Boyd will acquire Valley Forge for cash consideration of approximately $280.5 million, subject to adjustment based on working capital, cash and indebtedness of Valley Forge at closing and transaction expenses. The completion of the Merger is subject to customary conditions, including the receipt of all required regulatory approvals, including, among others, approval by the Pennsylvania Gaming Control Board and the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Subject to the satisfaction or waiver of conditions in the Valley Forge Merger Agreement, Boyd currently expects the transaction to close in the third quarter of 2018. Investment in and Divestiture of Borgata On August 1, 2016, Boyd Gaming completed the sale of its 50% equity interest in Marina District Development Holding Company, LLC ("MDDHC"), the parent company of Borgata, to MGM, pursuant to an Equity Purchase Agreement ("Purchase Agreement") entered into on May 31, 2016, as amended on July 19, 2016, by and among Boyd, Boyd Atlantic City, Inc., a wholly-owned subsidiary of Boyd ("Seller"), and MGM. Pursuant to the Purchase Agreement, 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, including outstanding indebtedness, cash and working capital. The after-tax gain on the sale of Borgata was $181.7 million and is included in discontinued operations in the year ended December 31, 2016. The initial proceeds did not include our 50% share of any future property tax settlement benefits, from the time period during which we held a 50% ownership in MDDHC, to which Boyd Gaming retained the right to receive upon payment. During 2016, we recognized $9.1 million in income, which is included in discontinued operations, for the cash we received for our share of property tax benefits realized by Borgata subsequent to the closing of the sale. On February 15, 2017, Borgata announced that it had entered into a settlement agreement under which it would receive payments totaling $72 million to resolve the property tax issues. Borgata received full payment, and we received our share of the proceeds, in June 2017. For the year ended December 31, 2017, we recognized $36.2 million in income for the cash we received for our share of property tax benefits realized by Borgata after the closing of the sale. These proceeds, net of tax of $14.8 million for the year ended December 31, 2017, are included in discontinued operations in the consolidated financial statements. We accounted for our investment in Borgata applying the equity method, through the date of the sale, and, as a result of the sale, we reported the results as discontinued operations for all periods presented in these consolidated financial statements. The Borgata results presented have not been recast and therefore do not reflect the impact of the adoption of the Revenue Standard. The table below summarizes the results of operations information for periods prior to the date of divestiture: Seven Months Ended Twelve Months Ended (In thousands) July 31, 2016 December 31, 2015 Net revenues $ 485,510 $ 804,166 Operating expenses 366,812 657,324 Operating income 118,698 146,842 Interest expense 26,378 59,681 Loss on early extinguishments of debt 1,628 18,895 State income tax expense (benefit) 8,274 (3,731 ) Net income $ 82,418 $ 71,997 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: December 31, (In thousands) 2017 2016 Land $ 294,533 $ 251,316 Buildings and improvements 2,935,539 2,915,664 Furniture and equipment 1,311,704 1,243,724 Riverboats and barges 238,926 239,264 Construction in progress 59,538 86,226 Other — 726 Total property and equipment 4,840,240 4,736,920 Less accumulated depreciation 2,300,454 2,131,751 Property and equipment, net $ 2,539,786 $ 2,605,169 Construction in progress primarily relates to costs capitalized in conjunction with major improvements that have not yet been placed into service, and accordingly, such costs are not currently being depreciated. Other property and equipment relates to the estimated net realizable value of construction materials inventory that was not disposed of with the sale of the Echelon project in 2013. Such assets are not in service and are not currently being depreciated. Depreciation expense for the years ended December 31, 2017 , 2016 and 2015 was $199.3 million , $179.6 million and $179.9 million , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: December 31, 2017 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles: Customer relationships 5.2 years $ 9,400 $ (3,470 ) $ — $ 5,930 Favorable lease rates 38.0 years 11,730 (3,075 ) — 8,655 Development agreement — 21,373 — — 21,373 42,503 (6,545 ) — 35,958 Indefinite lived intangible assets: Trademarks Indefinite 151,887 — (4,300 ) 147,587 Gaming license rights Indefinite 873,335 (33,960 ) (179,974 ) 659,401 1,025,222 (33,960 ) (184,274 ) 806,988 Balance, December 31, 2017 $ 1,067,725 $ (40,505 ) $ (184,274 ) $ 842,946 December 31, 2016 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles: Customer relationships 1.1 years $ 144,780 $ (125,318 ) $ — $ 19,462 Favorable lease rates 31.4 years 45,370 (13,039 ) — 32,331 Development agreement — 21,373 — — 21,373 211,523 (138,357 ) — 73,166 Indefinite lived intangible assets: Trademarks Indefinite 153,687 — (4,300 ) 149,387 Gaming license rights Indefinite 873,335 (33,960 ) (179,974 ) 659,401 1,027,022 (33,960 ) (184,274 ) 808,788 Balance, December 31, 2016 $ 1,238,545 $ (172,317 ) $ (184,274 ) $ 881,954 Amortizing Intangible Assets Customer Relationships Customer relationships represent the value of repeat business associated with our customer loyalty programs. The value of customer relationships is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these customers, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: revenue of our rated customers, based on expected level of play; promotional allowances provided to these existing customers; attrition rate related to these customers; operating expenses; general and administrative expenses; trademark expense; discount rate; and the present value of tax benefit. Favorable Lease Rates Favorable lease rates represent the rental rates for assumed land leases that are favorable to comparable market rates. The fair value is determined on a technique whereby the difference between the lease rate and the then current market rate for the remaining contractual term is discounted to present value. The assumptions underlying this computation include the actual lease rates, the expected remaining lease term, including renewal options, based on the existing lease; current rates of rent for leases on comparable properties with similar terms obtained from market data and analysis; and an assumed discount rate. The estimates underlying the result covered a term of 41 to 52 years . Development Agreement Development agreement is an acquired contract with a Native American tribe (the "Tribe") under which the Company has the right to assist the Tribe in the development and management of a gaming facility on the Tribe's land. This asset although amortizable, is not amortized until development is completed. We are in the process of finalizing project design and construction planning. In the interim, this asset is subject to periodic impairment reviews. Indefinite Lived Intangible Assets Trademarks Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademark, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the trade name. We used the following significant projections and assumptions to determine value under the relief from royalty method: revenue from gaming and hotel activities; royalty rate; tax expense; terminal growth rate; discount rate; and the present value of tax benefit. Gaming License Rights Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. In the majority of cases, the value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to future gaming revenue, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: gaming revenues; gaming operating expenses; general and administrative expenses; tax expense; terminal value; and discount rate. In two instances, we determine the value of our gaming licenses by applying a cost approach. Our primary consideration in the application of this methodology is the initial statutory fee associated with acquiring a gaming license in the jurisdiction. Activity for the Years Ended December 31, 2017, 2016 and 2015 The following table sets forth the changes in these intangible assets: (In thousands) Customer Relationships Favorable Lease Rates Development Agreements Trademarks Gaming License Rights Intangible Assets, Net Balance, January 1, 2015 $ 51,958 $ 34,414 $ 21,373 $ 126,001 $ 700,503 $ 934,249 Additions — — — — — — Impairments — — — — (17,502 ) (17,502 ) Amortization (25,652 ) (1,041 ) — — — (26,693 ) Balance, December 31, 2015 26,306 33,373 21,373 126,001 683,001 890,054 Additions 8,480 — — 24,200 — 32,680 Impairments — — — (800 ) (23,600 ) (24,400 ) Amortization (15,324 ) (1,042 ) — — — (16,366 ) Other — — — (14 ) — (14 ) Balance, December 31, 2016 19,462 32,331 21,373 149,387 659,401 881,954 Additions — — — — — — Purchase price adjustment 920 — — (1,800 ) — (880 ) Impairments — — — — — — Amortization (14,452 ) (228 ) — — — (14,680 ) Other — (23,448 ) — — — (23,448 ) Balance, December 31, 2017 $ 5,930 $ 8,655 $ 21,373 $ 147,587 $ 659,401 $ 842,946 In March 2017, The Orleans Hotel and Casino exercised an option in its lease agreement to terminate the existing lease and purchase the land subject to the lease therefore combining the remaining unamortized favorable lease rate asset into the cost of the land asset. Future Amortization Customer relationships are being amortized on an accelerated basis over an estimated life of five years. Favorable lease rates are being amortized on a straight-line basis over a weighted-average original useful life of 38.0 years . Future amortization is as follows: (In thousands) Customer Relationships Favorable Lease Rates Total For the year ending December 31, 2018 $ 2,291 $ 228 $ 2,519 2019 1,634 228 1,862 2020 1,043 228 1,271 2021 511 228 739 2022 271 228 499 Thereafter 180 7,515 7,695 Total future amortization $ 5,930 $ 8,655 $ 14,585 Trademarks and gaming license rights are not subject to amortization, as we have determined that they have an indefinite useful life; however, these assets are subject to an annual impairment test each year and between annual test dates in certain circumstances. Impairment Considerations As a result of our annual impairment testing in the fourth quarter of 2017, there were no impairment charges recognized. During the year ended 2016, we recognized non-cash impairment charges of $23.6 million of gaming licenses and $0.8 million of trademarks in our Midwest and South segment. These amounts are included in impairments of assets in the consolidated statements of operations for the year ended December 31, 2016. During the year ended 2015, we recognized non-cash impairment charges of $17.5 million of a gaming license in our Midwest and South segment. These amounts are included in impairments of assets in the consolidated statements of operations for the year ended December 31, 2015. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Goodwill | GOODWILL Goodwill consists of the following: (In thousands) Gross Carrying Value Cumulative Amortization Cumulative Impairment Losses Goodwill, Net Goodwill, net by Reportable Segment: Las Vegas Locals $ 593,567 $ — $ (165,479 ) $ 428,088 Downtown Las Vegas 6,997 (6,134 ) — 863 Midwest and South 471,735 — (12,462 ) 459,273 Balance, December 31, 2017 $ 1,072,299 $ (6,134 ) $ (177,941 ) $ 888,224 Changes in Goodwill During the year ended December 31, 2017 and 2016, we recorded $61.7 million and $153.6 million of goodwill, respectively, in our Las Vegas Locals segment related to our acquisitions of Aliante on September 27, 2016 and Cannery and Eastside Cannery on December 20, 2016 as the acquisition accounting was finalized in the current year (see Note 2, Acquisitions and Divestitures ). Goodwill decreased approximately $12.5 million during 2016 due to an impairment in the Midwest and South segment. The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2017, 2016 and 2015. (In thousands) Goodwill, Net Balance, January 1, 2015 $ 685,310 Additions — Impairments — Balance, December 31, 2015 685,310 Additions 153,628 Impairments (12,462 ) Balance, December 31, 2016 826,476 Additions — Impairments — Final purchase price adjustment 61,748 Balance, December 31, 2017 $ 888,224 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: December 31, (In thousands) 2017 2016 Payroll and related expenses $ 70,724 $ 68,102 Interest 19,858 33,407 Gaming liabilities 55,961 41,942 Player loyalty program liabilities 24,489 25,548 Advance deposits 18,922 16,999 Outstanding chip liability 4,928 4,553 Dividends payable 5,632 — Other accrued liabilities 54,632 67,003 Total accrued liabilities $ 255,146 $ 257,554 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt, net of current maturities and debt issuance costs consists of the following: December 31, 2017 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Dec. 31, 2017 Principal Discount Fees and Costs Debt, Net Bank credit facility 3.882 % $ 1,621,054 $ (1,556 ) $ (23,795 ) $ 1,595,703 6.875% senior notes due 2023 6.875 % 750,000 — (9,455 ) 740,545 6.375% senior notes due 2026 6.375 % 750,000 — (10,872 ) 739,128 Other 5.800 % 504 — — 504 Total long-term debt 3,121,558 (1,556 ) (44,122 ) 3,075,880 Less current maturities 23,981 — — 23,981 Long-term debt, net $ 3,097,577 $ (1,556 ) $ (44,122 ) $ 3,051,899 December 31, 2016 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Dec. 31, 2016 Principal Discount Fees and Costs Debt, Net Bank credit facility 3.440 % $ 1,782,538 $ (1,888 ) $ (28,503 ) $ 1,752,147 6.875% senior notes due 2023 6.875 % 750,000 — (11,209 ) 738,791 6.375% senior notes due 2026 6.375 % 750,000 — (12,074 ) 737,926 Other 5.800 % 591 — — 591 Total long-term debt 3,283,129 (1,888 ) (51,786 ) 3,229,455 Less current maturities 30,336 — — 30,336 Long-term debt, net $ 3,252,793 $ (1,888 ) $ (51,786 ) $ 3,199,119 Boyd Gaming Corporation Debt Bank Credit Facility Credit Agreement On March 29, 2017, the Company, as borrower, entered into Amendment No. 2 and Refinancing Amendment (the "Refinancing Amendment") with the lenders party thereto, and Bank of America, N.A. ("Bank of America"), as administrative agent. The Refinancing Amendment modifies the Third Amended and Restated Credit Agreement (as amended prior to the execution of the Refinancing Amendment, the "Existing Credit Agreement"), dated as of August 14, 2013, among the Company, certain financial institutions, and Bank of America, as administrative agent. The Refinancing Amendment modified the Existing Credit Agreement and is referred to as the "Amended Credit Agreement" (together referred to as the "Credit Facility"). The Amended Credit Agreement provides for (i) commitments to make Term B Loans in an amount equal to $1,264.5 million (the "Refinancing Term B Loans"), with the proceeds used to refinance in full the Company’s Term B-1 Loans and Term B-2 Loans outstanding under the Existing Credit Agreement and (ii) certain other amendments to the Existing Credit Agreement. The revolving credit facility (the "Revolving Credit Facility") of $775.0 million and the senior secured term A loan (the "Term A Loan") of $225.0 million were not modified in the Refinancing Amendment. The Refinancing Term B Loans mature on September 15, 2023 (or earlier upon occurrence or non-occurrence of certain events). The Revolving Credit Facility and the Term A Loan mature on September 15, 2021 (or earlier upon occurrence or non-occurrence of certain events). The Credit Facility includes an accordion feature which permits an increase in the Revolving Credit Facility and the issuance and increase of senior secured term loans in an amount up to (i) $550.0 million , plus (ii) certain voluntary permanent reductions of the Revolving Credit Facility and certain voluntary prepayments of the senior secured term loans, plus (iii) certain reductions in the outstanding principal amounts under the term loans or the Revolving Credit Facility, plus (iv) any additional amount if, after giving effect thereto, the First Lien Leverage Ratio (as defined in the Credit Agreement) would not exceed 4.25 to 1.00 on a pro forma basis, less (v) any Incremental Equivalent Debt (as defined in the Credit Agreement), in each case, subject to the satisfaction of certain conditions. Amounts Outstanding The outstanding principal amounts under the Credit Facility are comprised of the following: December 31, (In thousands) 2017 2016 Revolving Credit Facility $ 170,000 $ 245,000 Term A Loan 210,938 222,188 Refinancing Term B Loans 1,170,016 — Term B-1 Loan — 271,750 Term B-2 Loan — 997,500 Swing Loan 70,100 46,100 Total outstanding principal amounts $ 1,621,054 $ 1,782,538 At December 31, 2017 approximately $1.6 billion was outstanding under the Credit Facility and $12.9 million was allocated to support various letters of credit, leaving remaining contractual availability of $522.0 million . Interest and Fees The interest rate on the outstanding balance from time to time of the Revolving Credit Facility and the Term A Loan is based upon, at the Company’s option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with a specified pricing grid based on the total leverage ratio and ranges from 1.75% to 2.75% (if using the Eurodollar rate) and from 0.75% to 1.75% (if using the base rate). A fee of a percentage per annum (which ranges from 0.25% to 0.50% determined in accordance with a specified pricing grid based on the total leverage ratio) will be payable on the unused portions of the Revolving Credit Facility. The interest rate on the outstanding balance of the Refinancing Term B Loans under the Amended Credit Agreement is based upon, at the Company’s option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with the Company’s secured leverage ratio and ranges from 2.25% to 2.50% (if using the Eurodollar rate) and from 1.25% to 1.50% (if using the base rate). The "base rate" under the Credit Agreement remains the highest of (x) Bank of America’s publicly-announced prime rate, (y) the federal funds rate plus 0.50% , or (z) the Eurodollar rate for a one-month period plus 1.00% . Optional and Mandatory Prepayments Pursuant to the terms of the Credit Facility (i) the loans under the Term A Loan amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing December 31, 2016, payable on a quarterly basis, (ii) the loans under the Refinancing Term B Loans amortize in an annual amount equal to 1.00% of the original principal amount thereof, commencing June 30, 2017, payable on a quarterly basis, and (iii) beginning with the fiscal year ending December 31, 2016, the Company is required to use a portion of its annual Excess Cash Flow, as defined in the Credit Agreement, to prepay loans outstanding under the Credit Facility. Amounts outstanding under the Refinancing Amendment may be prepaid without premium or penalty, and the commitments may be terminated without penalty, subject to certain exceptions. Subject to certain exceptions, the Company may be required to repay the amounts outstanding under the Credit Facility in connection with certain asset sales and issuances of certain additional secured indebtedness. Guarantees and Collateral The Company's obligations under the Credit Facility, subject to certain exceptions, are guaranteed by certain of the Company's subsidiaries and are secured by the capital stock of certain subsidiaries. In addition, subject to certain exceptions, the Company and each of the guarantors will grant the administrative agent first priority liens and security interests on substantially all of their real and personal property (other than gaming licenses and subject to certain other exceptions) as additional security for the performance of the secured obligations under the Credit Facility. Financial and Other Covenants The Credit Facility contains certain financial and other covenants, including, without limitation, various covenants: (i) requiring the maintenance of a minimum consolidated interest coverage ratio 1.75 to 1.00 ; (ii) establishing a maximum permitted consolidated total leverage ratio (discussed below); (iii) establishing a maximum permitted secured leverage ratio (discussed below); (iv) imposing limitations on the incurrence of indebtedness; (v) imposing limitations on transfers, sales and other dispositions; and (vi) imposing restrictions on investments, dividends and certain other payments. The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the Credit Facility: Maximum Total For the Trailing Four Quarters Ending Leverage Ratio March 31, 2017 through December 31, 2017 7.00 to 1.00 March 31, 2018 through December 31, 2018 6.25 to 1.00 March 31, 2019 through December 31, 2019 6.00 to 1.00 March 31, 2020 through December 31, 2020 5.75 to 1.00 March 31, 2021 and thereafter 5.50 to 1.00 The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the Credit Facility: Maximum Secured For the Trailing Four Quarters Ending Leverage Ratio September 30, 2016 through December 31, 2017 4.50 to 1.00 March 31, 2018 through December 31, 2018 4.00 to 1.00 March 31, 2019 through December 31, 2019 3.75 to 1.00 March 31, 2020 and thereafter 3.50 to 1.00 Current Maturities of Our Indebtedness We classified certain non-extending balances under our Credit Facility as a current maturity, as such amounts come due within the next twelve months. Senior Notes 6.875% Senior Notes due May 2023 On May 21, 2015, we issued $750 million aggregate principal amount of 6.875% senior notes due May 2023 (the " 6.875% Notes"). The 6.875% Notes require semi-annual interest payments on May 15 and November 15 of each year, commencing on November 15, 2015. The 6.875% Notes will mature on May 15, 2023 and are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The 6.875% Notes contain certain restrictive covenants that, subject to exceptions and qualifications, among other things, limit our ability and the ability of our restricted subsidiaries (as defined in the base and supplemental indentures governing the 6.875% Notes, together, the " 6.875% 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 6.875% Indenture), we will be required, unless certain conditions are met, to offer to repurchase the 6.875% Notes at a price equal to 101% of the principal amount of the 6.875% Notes, plus accrued and unpaid interest and Additional Interest (as defined in the 6.875% Indenture), if any, to, but not including, the date of purchase. If we sell assets or experience an event of loss, we will be required under certain circumstances to offer to purchase the 6.875% Notes. At any time prior to May 15, 2018, we may redeem the 6.875% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. After May 15, 2018, we may redeem all or a portion of the 6.875% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 105.156% in 2018 to 100% in 2021 and thereafter, plus accrued and unpaid interest and Additional Interest. In conjunction with the issuance of the 6.875% Notes, we incurred approximately $14.0 million in debt financing costs that have been deferred and are being amortized over the term of the 6.875% Notes using the effective interest method. 6.375% Senior Notes due April 2026 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 Revolving Credit Facility and the balance was deposited in money market funds and classified as cash equivalents on the 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 " 6.375% 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 6.375% 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 6.375% 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 filed the required registration statement and commenced the exchange offer during December 2016. The exchange offer was completed on February 10, 2017 and our obligations under the registration rights agreement have been fulfilled. 9.00% Senior Notes due July 2020 On September 6, 2016 we redeemed all of our 9.00% senior notes due July 2020 (the " 9.00% Notes") at a redemption price of 104.50% plus accrued and unpaid interest to the redemption date. The redemption was funded using cash on hand. As a result of this redemption, the 9.00% Notes have been fully extinguished. Peninsula Gaming Debt Peninsula Credit Facility On September 2, 2016, Peninsula repaid all of the outstanding amounts, including all principal and accrued interest amounts, under the Peninsula senior secured credit facility (the "Peninsula Credit Facility") pursuant to the Peninsula Credit Agreement. In connection with the repayment in full of the Peninsula Credit Facility (the "Repayment"), the Peninsula Credit Agreement was terminated. 8.375% Senior Notes due February 2018 On September 2, 2016 we redeemed all of our 8.375% senior notes due February 2018 (the " 8.375% Notes") at a redemption price of 100.0% plus accrued and unpaid interest to the redemption date. The redemption was funded using cash on hand. As a result of this redemption, the 8.375% Notes have been fully extinguished. Loss on Early Extinguishments and Modifications of Debt The components of the loss on early extinguishments and modifications of debt, are as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Boyd Gaming Credit Facility deferred finance charges $ 1,086 $ 6,629 $ 1,978 Refinancing Amendment 496 — — 9.00% Senior Notes premium and consent fees — 15,750 — 9.00% Senior Notes deferred finance charges — 5,976 — 8.375% Senior Notes deferred finance charges — 4,497 — 9.125% Senior Notes premium and consent fees — — 23,962 9.125% Senior Notes deferred finance charges — — 4,888 HoldCo Note — — 7,819 Peninsula Credit Facility deferred finance charges — 9,512 2,086 Total loss on early extinguishments and modifications of debt $ 1,582 $ 42,364 $ 40,733 Covenant Compliance As of December 31, 2017 , we believe that we were in compliance with the financial and other covenants of our debt instruments. The indentures governing the notes issued by the Company contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the coverage ratio (as defined in the respective indentures, essentially a ratio of the Company's consolidated EBITDA to fixed charges, including interest) for the Company's trailing four quarter period on a pro forma basis would be at least 2.0 to 1.0 . Should this provision prohibit the incurrence of additional debt, the Company may still borrow under its existing credit facility. At December 31, 2017 , the available borrowing capacity under our Credit Facility was $522.0 million . Scheduled Maturities of Long-Term Debt The scheduled maturities of long-term debt, as discussed above, are as follows: (In thousands) Total For the year ending December 31, 2018 $ 23,981 2019 23,991 2020 23,997 2021 430,040 2022 12,758 Thereafter 2,606,791 Total outstanding principal of long-term debt $ 3,121,558 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are provided to record the effects of temporary differences between the tax basis of an asset or liability and its amount as reported in our consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The components comprising our deferred tax assets and liabilities are as follows: December 31, (In thousands) 2017 2016 Deferred tax assets Federal net operating loss carryforwards $ 110,350 $ 201,978 State net operating loss carryforwards 45,096 38,715 Share-based compensation 14,226 26,344 Other 35,161 63,815 Gross deferred tax assets 204,833 330,852 Valuation allowance (28,821 ) (28,402 ) Deferred tax assets, net of valuation allowance 176,012 302,450 Deferred tax liabilities Difference between book and tax basis of property and intangible assets 219,090 337,654 State tax liability 33,777 31,443 Other 9,802 14,807 Gross deferred tax liabilities 262,669 383,904 Deferred tax liabilities, net $ 86,657 $ 81,454 At December 31, 2017 , we have unused federal general business tax credits of approximately $8.0 million which may be carried forward or used until expiration beginning in 2036 and alternative minimum tax credits of $10.4 million which may be used or refunded through 2022. We have a federal income tax net operating loss of approximately $525.5 million , which may be carried forward or used until expiration beginning in 2031. We also have state income tax net operating loss carryforwards of approximately $732.4 million , which may be used to reduce future state income taxes. The state net operating loss carryforwards will expire in various years ranging from 2018 to 2036, if not fully utilized. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). As part of our analysis of the impact of the Tax Act, we have recorded a discrete net tax benefit of $60.1 million in the period ending December 31, 2017. This tax benefit is due to the corporate federal tax rate reduction on our net deferred tax liability. The SEC staff issued Staff Accounting Bulletin 118 ("SAB 118") which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740, Income Taxes ("ASC 740"). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. We have recorded an adjustment as a result of the Tax Act as described above. We believe our analysis to be complete and do not anticipate any material future changes to financial statements as a result of the impact of the Tax Act. If any changes are determined, we will record those as part of the measurement period. Valuation Allowance on Deferred Tax Assets Management assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In evaluating our ability to recover deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations. As part of our review in determining the need for a valuation allowance, we assess the potential release of existing valuation allowances. In 2016, we determined that the positive evidence in favor of releasing the valuation allowance, particularly evidence that was objectively verifiable, outweighed the negative evidence. We utilize a rolling twelve quarters of pretax income adjusted for permanent book to tax differences as a measure of cumulative results in recent years. We transitioned from a cumulative loss position to a cumulative income position over the rolling twelve quarters during 2016. Other evidence considered in the analysis included, but was not limited to, a trend reflective of improvement in recent earnings, forecasts of profitability and taxable income and the reversal of existing temporary differences. The change in these conditions during 2016 provided positive evidence that supported the release of the valuation allowance against a significant portion of our deferred tax assets. As such, we concluded that it was more likely than not that the benefit from these deferred tax assets would be realized. As a result, during the year ended December 31, 2016, we released $203.9 million of valuation allowance on our federal and state income tax net operating loss carryforwards and other deferred tax assets. For the year ended December 31, 2017, no significant changes of evidence have occurred that would require a change to our valuation allowance position. We have maintained a valuation allowance of $28.8 million against certain federal and state deferred tax assets as of December 31, 2017 due to uncertainties related to our ability to realize the tax benefits associated with these assets. In assessing the need to establish a valuation allowance, we consider, 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. Valuation allowances are evaluated periodically and subject to change in future reporting periods as a result of changes in the factors noted above. Provision (Benefit) for Income Taxes A summary of the provision (benefit) for income taxes is as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Current Federal $ (10,367 ) $ — $ — State 5,335 1,242 2,052 Total current taxes provision (5,032 ) 1,242 2,052 Deferred Federal 6,449 (192,472 ) (9,493 ) State 1,698 (8,703 ) 816 Total deferred taxes benefit 8,147 (201,175 ) (8,677 ) Provision (benefit) for income taxes from continuing operations $ 3,115 $ (199,933 ) $ (6,625 ) Provision (benefit) for income taxes included on the consolidated statement of operations Provision (benefit) for income taxes from continuing operations $ 3,115 $ (199,933 ) $ (6,625 ) Provision (benefit) for income taxes from discontinued operations 14,855 146,379 (540 ) Provision (benefit) for income taxes from continuing and discontinued operations $ 17,970 $ (53,554 ) $ (7,165 ) Our tax provision for the year ended December 31, 2017 was favorably impacted by the federal statutory tax rate change applied to our net deferred tax liability. Based on this revaluation, we have recorded a discrete tax benefit of $60.1 million . Our tax benefit for the year ended December 31, 2016 resulted from the release of a valuation allowance on our federal and state net operating loss carryforwards and other deferred tax assets. Our tax benefit for the year ended December 31, 2015 was favorably impacted by the partial release of the valuation allowance on our federal and state net operating losses, impairment charges to indefinite lived intangible assets which resulted in a reduction in our recognized deferred tax liability on these assets, federal and state audit settlements in connection with our IRS and New Jersey income tax examinations and, the realization of certain unrecognized tax benefits, inclusive of the reversal of related accrued interest. Additionally, the tax benefit in 2015 was adversely impacted by an accrual of non-cash tax expense in connection with the tax amortization of indefinite lived intangible assets that was not available to offset existing deferred tax assets. The deferred tax liabilities created by the tax amortization of these intangibles cannot be used to offset corresponding increases in the net operating loss deferred tax assets in determining our valuation allowance. The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income from continuing operations before income taxes: Year Ended December 31, 2017 2016 2015 Tax at federal statutory rate 35.0 % 35.0 % 35.0 % Federal statutory rate change on deferred tax liability (35.2 )% — % — % State income taxes, net of federal benefit 2.7 % (60.8 )% 64.1 % Compensation-based credits (1.0 )% (22.3 )% (55.5 )% Valuation allowance for deferred tax assets — % (2,548.1 )% 179.9 % Company provided benefits 0.5 % 15.2 % 139.8 % Nondeductible expenses 0.5 % 10.6 % 17.3 % Tax exempt interest (0.3 )% (7.1 )% (12.6 )% Accrued interest on uncertain tax benefits 0.1 % 2.1 % (127.7 )% Uncertain tax benefits — % — % (385.4 )% Other, net (0.5 )% 1.6 % (4.0 )% Effective tax rate 1.8 % (2,573.8 )% (149.1 )% Status of Examinations In January 2015, we received Joint Committee on Taxation ("Joint Committee") approval of the 2005-2009 IRS appeals settlement reached in August 2013. We received a refund of $2.4 million in connection with the appeals settlement. Additionally, in 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. We received a refund of $1.1 million as a result of the New Jersey examination. We generated net operating losses on our federal income tax returns for years 2011 - 2013. These returns remain subject to federal examination until the statute of limitations expires for the year in which the net operating losses are utilized. We are also currently under examination for various state income and franchise tax matters. As it relates to our material state returns, we are subject to examination for tax years ended on or after December 31, 2001, and the statute of limitations will expire over the period September 2018 through October 2021. We believe that we have adequately reserved for any tax liability; however, the ultimate resolution of these examinations may result in an outcome that is different than our current expectation. We do not believe the ultimate resolution of these examinations will have a material impact on our consolidated financial statements. Other Long-Term Tax Liabilities The impact of an uncertain income tax position taken in our income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position is not recognized if it has less than a 50% likelihood of being sustained. Our liability for uncertain tax positions is recorded as other long-term tax liabilities in our consolidated balance sheets. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Unrecognized tax benefit, beginning of year $ 2,482 $ 2,482 $ 30,198 Additions: Tax positions related to current year — — — Reductions: Tax position related to prior years — — (27,716 ) Unrecognized tax benefits, end of year $ 2,482 $ 2,482 $ 2,482 Included in the $2.5 million balance of unrecognized tax benefits at December 31, 2017 , are $2.0 million of federally tax effected benefits that, if recognized, would impact the effective tax rate. We recognize interest related to unrecognized tax benefits in our income tax provision. During the year ended December 31, 2017 , we recognized interest and penalties of approximately $0.1 million in our tax provision. During the year ended December 31, 2015 we recognized interest related benefits, due to favorable settlements, of $6.2 million in our income tax provision. We have accrued $1.0 million and $0.8 million of interest and penalties as of December 31, 2017 and 2016 , respectively, in our consolidated balance sheets. During the first quarter of 2015, we received Joint Committee approval on our IRS appeals agreement, effectively settling our 2005 through 2009 examination. During the third quarter of 2015, we received a final audit determination in connection with our New Jersey examination, effectively settling years 2003 through 2009. As a result of the resolution of these audits, we reduced our unrecognized tax benefits by $27.7 million , of which $19.5 million impacted our effective tax rate. Due to the utilization of tax loss carryforwards in certain states, the statute of limitations remains open with respect to years in which the tax losses are utilized. When these years close, unrecognized tax benefits may be realized. We do not anticipate any material changes to our unrecognized tax benefits over the next twelve-month period. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments Capital Spending and Development We continually perform on-going refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not so qualify are expensed as incurred. The commitment of capital and the related timing thereof are contingent upon, among other things, negotiation of final agreements and receipt of approvals from the appropriate regulatory bodies. We must also comply with covenants and restrictions set forth in our debt agreements. Acquisitions We recently announced the Penn National Purchase Agreement and Valley Forge Merger Agreement, pursuant to which we will acquire additional casino properties. See Note 2, Acquisitions and Divestitures , for further discussion of the commitments arising from these agreements. Kansas Management Contract As part of the Kansas Management Contract approved by the Kansas Racing and gaming Commission on January 11, 2011, Kansas Star committed to donate $1.5 million each year to support education in the local area in which Kansas Star operates for the duration of the Kansas Management Contract. We have made all distributions under this commitment as scheduled and such related expenses are recorded in Selling, general and administrative expenses on the consolidated statements of operations. Mulvane Development Agreement On March 7, 2011, Kansas Star entered into a Development Agreement with the City of Mulvane ("Mulvane Development Agreement") related to the provision of water, sewer, and electrical utilities to the Kansas Star site. This agreement sets forth certain parameters governing the use of public financing for the provision of such utilities, through the issuance of general obligation bonds by the City of Mulvane, paid for through the imposition of a special tax assessment on the Kansas Star site payable over 15 years in an amount equal to the City’s full obligations under the general obligation bonds. All infrastructure improvements to the Kansas Star site under the Mulvane Development Agreement are complete and the City of Mulvane issued $19.7 million in general obligation bonds related to these infrastructure improvements. As of December 31, 2017 and 2016, under the Mulvane Development Agreement, Kansas Star recorded $1.7 million at each date, which is included in accrued liabilities on the consolidated balance sheets and $8.2 million , net of a $3.5 million discount, and $8.9 million , net of a $4.0 million discount, respectively, which is recorded as a long-term obligation in other liabilities on the consolidated balance sheets. Interest costs are expensed as incurred and the discount will be amortized to interest expense over the term of the special tax assessment ending in 2028. Kansas Star's special tax assessment related to these bonds is approximately $1.7 million annually. Payments under the special tax assessment are secured by irrevocable letters of credit of $5.0 million issued by the Company in favor of the City of Mulvane, representing an amount equal to three times the annual special assessment tax imposed on Kansas Star. Contingent Payments In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s earnings before interest expense, taxes, depreciation and amortization ("EBITDA") each month for a period of 10 years commencing December 20, 2011. Minimum Assessment Agreement In 2007, Diamond Jo Dubuque entered into a Minimum Assessment Agreement with the City of Dubuque (the "City"). Under the Minimum Assessment Agreement, Diamond Jo Dubuque and the City agreed to a minimum taxable value related to the new casino of $57.9 million . Diamond Jo Dubuque agreed to pay property taxes to the City based on the actual taxable value of the casino, but not less than the minimum taxable value. Scheduled payments of principal and interest on the City Bonds will be funded through Diamond Jo Dubuque's payment obligations under the Minimum Assessment Agreement. Diamond Jo Dubuque is also obligated to pay any shortfall should property taxes be insufficient to fund the principal and interest payments on the City Bonds. Interest costs under the Minimum Assessment Agreement obligation are expensed as incurred. As of December 31, 2017 and 2016 , the remaining obligation under the Minimum Assessment Agreement was $1.9 million at each date, which was recorded in accrued liabilities on the consolidated balance sheets and $13.8 million , net of a $2.6 million discount, and $14.1 million , net of a $2.8 million discount, respectively, which was recorded as a long-term obligation in other liabilities on the consolidated balance sheets. The discount will be amortized to interest expense over the life of the Minimum Assessment Agreement. Total minimum payments by Diamond Jo Dubuque under the Minimum Assessment Agreement are approximately $1.9 million per year through 2036. Public Parking Facility Agreement Diamond Jo Dubuque has an agreement with the City for use of the public parking facility adjacent to Diamond Jo Dubuque's casino and owned and operated by the City (the "Parking Facility Agreement"). The Parking Facility Agreement calls for: (i) the payment by the Company for the reasonable and necessary actual operating costs incurred by the City for the operation, security, repair and maintenance of the public parking facility; and (ii) the payment by the Company to the City of $65 per parking space in the public parking facility per year, subject to annual increases based on any increase in the Consumer Price Index, which funds will be deposited into a special sinking fund and used by the City for capital expenditures necessary to maintain the public parking facility. Operating costs of the parking facility incurred by Diamond Jo Dubuque are expensed as incurred. Deposits to the sinking fund are recorded as other assets. When the sinking fund is used for capital improvements, such amounts are capitalized and amortized over their remaining useful life. Iowa Qualified Sponsoring Organization Agreements Diamond Jo Dubuque and Diamond Jo Worth are required to pay their respective qualified sponsoring organization, who hold a joint gaming license with Diamond Jo Dubuque and Diamond Jo Worth, 4.50% and 5.76% , respectively, of the casino’s adjusted gross receipts on an ongoing basis. Diamond Jo Dubuque expensed $3.1 million , during the year ended December 31, 2017 and $3.0 million , in the year ended December 31, 2016 and 2015 , respectively, related to its agreement. Diamond Jo Worth expensed $5.0 million , $4.9 million , and $5.0 million during the years ended December 31, 2017, 2016, and 2015, respectively, related to its agreement. The Diamond Jo Dubuque agreement expires on December 31, 2018. Diamond Jo Dubuque has entered into an amendment to the existing operating agreement with the qualified sponsoring organization. The new agreement will go into effect on January 1, 2019 and will extend for twelve years, expiring on December 31, 2030. The agreement is subject to review and approval by the state gaming commission. The Diamond Jo Worth agreement expires on March 31, 2025, and is subject to automatic ten-year renewal periods. Development Agreement In September 2011, the Company acquired the membership interests of a limited liability company (the "LLC") for a purchase price of $24.5 million . The primary asset of the LLC was a previously executed development agreement (the "Development Agreement") with Wilton Rancheria (the "Tribe"). The purchase price was allocated primarily to an intangible asset associated with the Company's rights under the agreement to assist the Tribe in the development and management of a gaming facility on the Tribe's land. In July 2012, the Company and the Tribe amended and replaced the agreement with a new development agreement and a management agreement (the "Agreements"). The Agreements obligate us to fund certain pre-development costs, which are estimated to be approximately $1 million to $2 million annually, for the next several years and to assist the Tribe in its development and oversight of the gaming facility construction. Upon opening, we will manage the gaming facility. The pre-development costs funded by us are reimbursable to us with future cash flows from the operations of the gaming facility under terms of a note receivable from the Tribe. In January 2017, the Company funded the acquisition of land that is the intended site of the Wilton Rancheria casino and, in February 2017, the land was placed into trust by the U.S. Bureau of Indian Affairs for the benefit of the Tribe. The cost of the land will be recorded as a receivable on our consolidated balance sheet, and we expect to be reimbursed for this cost when project financing is in place. Should the project be abandoned, ownership of the land would revert to the Company. The Agreements provide that the Company will receive future revenue for its services to the Tribe contingent upon successful development of the gaming facility and based on future net revenues at the gaming facility. In September 2017, the California State Legislature unanimously approved, and the Governor of California executed, a tribal-state gaming compact with the tribe allowing the development of the casino. With the compact now in place, we are in the process of finalizing project design and preparation and expect to begin construction mid-2018, with a construction timeline of 18 to 24 months. Future Minimum Lease Payments and Rental Income Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases are as follows: (In thousands) Lease Obligations For the year ending December 31, 2018 $ 20,642 2019 17,826 2020 15,325 2021 14,330 2022 13,884 Thereafter 314,391 Total $ 396,398 Rent expense included in selling, general and administrative expenses on the accompanying consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 was $30.3 million , $31.0 million , and $29.0 million , respectively, and primarily relates to land leases and advertising-related expenses. Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows: (In thousands) Minimum Rental Income For the year ending December 31, 2018 $ 3,432 2019 2,371 2020 1,665 2021 930 2022 771 Thereafter 250 Total $ 9,419 Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position or results of operations. |
Stockholders' Equity and Stock
Stockholders' Equity and Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity and Stock Incentive Plans | STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS Share Repurchase Program We have in the past, and may in the future, acquire our equity securities through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine from time to time. In July 2008, our Board of Directors authorized an amendment to an existing share repurchase program to increase the amount of common stock that can be repurchased to $100 million . We are not obligated to repurchase any shares under this program. On May 2, 2017 the Company announced that its Board of Directors had reaffirmed the Company's existing share repurchase program, and 1.2 million shares were repurchased during the year ended December 31, 2017 . As of December 31, 2017 , $60.1 million remained available under this authorization. There were no share repurchases during the years ended December 31, 2016 or 2015 . The following table provides information regarding share repurchases during the referenced periods. (1) (In thousands, except per share data) For the Year Ended December 31, 2017 Shares repurchased (2) 1,198 Total cost, including brokerage fees $ 31,927 Average repurchase price per share (3) $ 26.64 (1) Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2017 . These amounts exclude repurchases traded but not yet settled on or before December 31, 2017 . (2) All shares repurchased have been retired and constitute authorized but unissued shares. (3) Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. Subject to applicable corporate securities laws, repurchases under our stock repurchase program may be made at such times and in such amounts as we deem appropriate. Repurchases can be discontinued at any time that we feel additional purchases are not warranted. We intend to fund the repurchases under the stock repurchase program with existing cash resources and availability under our Credit Facility. We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding notes and our Credit Facility. Dividends Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding the payment of dividends, such as restricted payment limitations contained in our Credit Facility and the indentures for our outstanding notes. On May 2, 2017, the Company announced that its Board of Directors had authorized the reinstatement of the Company’s cash dividend program. The dividends declared by the Board under this program are: Declaration date Record date Payment date Amount per share May 2, 2017 June 15, 2017 July 15, 2017 $0.05 September 6, 2017 September 18, 2017 October 15, 2017 0.05 December 7, 2017 December 28, 2017 January 15, 2018 0.05 No dividends were declared during the years ended December 31, 2016 or 2015 . Stock Incentive Plan In May 2012, the Company's stockholders approved the 2012 Stock Incentive Plan (the "2012 Plan"), which amended and restated the Company's 2002 Stock Incentive Plan (the "2002 Plan") to (a) provide for a term ending ten years from the date of stockholder approval at the Annual Meeting, (b) increase the maximum number of shares of the Company's common stock authorized for issuance over the term of the 2012 Plan by 4 million shares from 17 million to 21 million shares, (c) permit the future grant of certain equity-based awards, including awards designed to constitute performance-based compensation under Section 162(m) of the Internal Revenue Code, and (d) make certain other changes. Under our 2012 Plan, approximately 4.4 million shares remain available for grant at December 31, 2017 . The number of authorized but unissued shares of common stock under this 2012 Plan as of December 31, 2017 was approximately 9.7 million shares. Grants made under the 2012 Plan include provisions that entitle the grantee to automatic vesting acceleration in the event of a grantee’s separation from service (including as a result of retirement, death or disability), other than for cause (as defined), after reaching the defined age and years of service thresholds. These provisions result in the accelerated recognition of the stock compensation expense for those grants issued to employees who have met the stipulated thresholds. Stock Options Options granted under the 2012 Plan generally become exercisable ratably over a three -year period from the date of grant. Options that have been granted under the 2012 Plan had an exercise price equal to the market price of our common stock on the date of grant and will expire no later than ten years after the date of grant. Summarized stock option plan activity is as follows: Options Weighted Average Option Price Weighted Average Remaining Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at January 1, 2015 7,169,668 $ 25.73 Granted 200,673 19.98 Canceled (1,463,497 ) 39.82 Exercised (1,301,789 ) 7.53 Outstanding at December 31, 2015 4,605,055 26.14 Granted 216,509 17.50 Canceled (1,260,750 ) 38.63 Exercised (452,898 ) 6.49 Outstanding at December 31, 2016 3,107,916 23.36 Granted — — Canceled (1,323,500 ) 39.30 Exercised (241,964 ) 8.61 Outstanding at December 31, 2017 1,542,452 $ 11.99 5.3 $ 35,565 Exercisable at December 31, 2016 2,696,315 $ 24.27 3.1 $ 14,587 Exercisable at December 31, 2017 1,335,717 $ 11.00 4.8 $ 32,128 Share-based compensation costs related to stock option awards are calculated based on the fair value of each option grant on the date of the grant using the Black-Scholes option pricing model. The following table summarizes the information about stock options outstanding and exercisable at December 31, 2017 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number Exercisable Weighted-Average Exercise Price $5.22 25,510 4.9 $ 5.22 25,510 $ 5.22 6.60 28,000 0.8 6.60 28,000 6.60 6.70 196,869 3.9 6.70 196,869 6.70 7.55 65,000 1.8 7.55 65,000 7.55 8.34 294,163 2.8 8.34 294,163 8.34 9.86 260,882 5.9 9.86 260,882 9.86 11.57 229,846 6.2 11.57 229,846 11.57 17.75 216,509 8.9 17.75 72,174 17.75 19.98 200,673 7.4 19.98 138,273 19.98 33.31 25,000 0.0 33.31 25,000 33.31 $5.22-$33.31 1,542,452 5.3 $ 11.99 1,335,717 $ 11.00 The total intrinsic value of in-the-money options exercised during the years ended December 31, 2017 , 2016 and 2015 was $3.9 million , $5.9 million , and $11.1 million , respectively. The total fair value of options vested during the years ended December 31, 2017 , 2016 and 2015 was approximately $1.6 million , $2.0 million , and $1.9 million , respectively. As of December 31, 2017 , there was approximately $0.2 million of total unrecognized share-based compensation costs related to unvested stock options, which is expected to be recognized over approximately 1.4 years , the weighted-average remaining requisite service period. Restricted Stock Units Our 2012 Plan provides for the grant of Restricted Stock Units ("RSUs"). An RSU is an award that may be earned in whole, or in part, upon the passage of time, and that may be settled for cash, shares, other securities or a combination thereof. The RSUs do not contain voting rights and are not entitled to dividends. The RSUs are subject to the terms and conditions contained in the applicable award agreement and the 2012 Plan. Share-based compensation costs related to RSU awards are calculated based on the market price on the date of the grant. We annually award RSUs to certain members of our Board of Directors. Each RSU is to be paid in shares of common stock upon the member’s cessation of service to the Company. These RSUs were issued for past service; therefore, they are expensed on the date of issuance. We also grant RSUs to members of management of the Company, which represents a contingent right to receive one share of our common stock upon vesting. An RSU generally vests on the third anniversary of its issuance and the share-based compensation expense is amortized to expense over the requisite service period. Summarized RSU activity is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 2,534,496 Granted 541,016 $19.05 Canceled (40,800 ) Awarded (713,886 ) Outstanding at December 31, 2015 2,320,826 Granted 542,220 $18.06 Canceled (30,400 ) Awarded (871,528 ) Outstanding at December 31, 2016 1,961,118 Granted 442,879 $27.40 Canceled (38,964 ) Awarded (727,821 ) Outstanding at December 31, 2017 1,637,212 As of December 31, 2017 , there was approximately $12.1 million of total unrecognized share-based compensation costs related to unvested RSUs, which is expected to be recognized over approximately 2.5 years. Performance Stock Units Our 2012 Plan provides for the grant of Performance Stock Units ("PSUs"). A PSU is an award which may be earned in whole, or in part, upon the passage of time, and the attainment of performance criteria, and which may be settled for cash, shares, other securities or a combination thereof. The PSUs do not contain voting rights and are not entitled to dividends. The PSUs are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. We annually award PSUs to certain members of management. Each PSU represents a contingent right to receive a share of Boyd Gaming Corporation common stock; however, the actual number of common shares awarded is dependent upon the occurrence of: (i) a requisite service period; and (ii) an evaluation of specific performance conditions. The performance conditions are based on Company metrics for net revenue growth, EBITDA growth and customer service scores, all of which are determined on a comprehensive annual three -year growth rate. Based upon actual and combined achievement, the number of shares awarded could range from zero , if no conditions are met, a 50% payout if only threshold performance is achieved, a payout of 100% for target performance, or a payout of up to 200% of the original award for achievement of maximum performance. Each condition weighs equally and separately in determining the payout, and based upon management's estimates at the service inception date, the Company is expected to meet the target for each performance condition. Therefore, the related compensation cost of these PSUs assumes all units granted will be awarded . Share-based compensation costs related to PSU awards are calculated based on the market price on the date of the grant. These PSUs will vest three years from the service inception date, during which time achievement of the related performance conditions is periodically evaluated, and the number of shares expected to be awarded, and resulting compensation expense, is adjusted accordingly. Performance Shares Vesting The PSU grants awarded in fourth quarter 2013 and 2012 vested during first quarter 2017 and 2016, 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, EBITDA growth and customer service scores for the three-year performance period of each 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 November 2013 resulted in a total of 268,429 shares being issued during first quarter 2017, representing approximately 0.80 shares per PSU. Of the 268,429 shares issued, a total of 94,776 were surrendered by the participants for payroll taxes, resulting in a net issuance of 173,653 shares due to the vesting of the 2013 grant. The actual achievement level under the award metrics equaled the estimated performance as of year-end 2016; therefore, the vesting of the PSUs did not impact compensation costs in our 2017 consolidated statement of operations. The PSU grant awarded in December 2012 resulted in a total of 213,365 shares being issued during first quarter 2016, 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 in 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 consolidated statement of operations. Summarized PSU activity is as follows: Performance Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 1,411,640 Granted 240,156 $16.75 Performance Adjustment 264,306 Canceled (2,677 ) Awarded (663,945 ) Outstanding at December 31, 2015 1,249,480 Granted 241,235 $17.75 Performance Adjustment (148,272 ) Canceled — Awarded (213,365 ) Outstanding at December 31, 2016 1,129,078 Granted 275,305 $28.94 Performance Adjustment (73,407 ) Canceled — Awarded (268,429 ) Outstanding at December 31, 2017 1,062,547 As of December 31, 2017 , there was approximately $6.9 million of total unrecognized share-based compensation costs related to unvested PSUs, which is expected to be recognized over approximately 2.7 years . Based on the current estimates of performance compared to the targets set for the respective PSU grants, the Company estimates that approximately 1.4 million shares will be issued to settle the PSUs outstanding at December 31, 2017 . Career Shares Our Career Shares Program is a stock incentive award program for certain executive officers to provide for additional capital accumulation opportunities for retirement. The program incentivizes and rewards executives for their period of service. Our Career Shares Program was adopted in December 2006, and modified in October 2010, as part of the overall update of our compensation programs. The Career Shares Program rewards eligible executives with annual grants of Boyd Gaming Corporation stock units, to be paid out at retirement. The payout at retirement is dependent upon the executive's age at such retirement and the number of years of service with the Company. Executives must be at least 55 years old and have at least 10 years of service to receive any payout at retirement. Career Shares do not contain voting rights and are not entitled to dividends. Career Shares are subject to the terms and conditions contained in the applicable award agreement and our 2012 Plan. The Career Share awards are tranched by specific term, in the following periods: 10 years , 15 years and 20 years of service. These grants vest over the remaining period of service required to fulfill the requisite years in each of these tranches, and compensation expense is recorded in accordance with the specific vesting provisions. Share-based compensation costs related to Career Shares awards are calculated based on the market price on the date of the grant. Summarized Career Shares activity is as follows: Career Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 896,585 Granted 103,018 $12.51 Canceled — Awarded (31,028 ) Outstanding at December 31, 2015 968,575 Granted 73,064 $19.01 Canceled — Awarded — Outstanding at December 31, 2016 1,041,639 Granted 66,000 $20.41 Canceled (11,236 ) Awarded (82,944 ) Outstanding at December 31, 2017 1,013,459 As of December 31, 2017 , there was approximately $1.1 million of total unrecognized share-based compensation costs related to unvested Career Shares. Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table summarizes our share-based compensation costs by award type: Year Ended December 31, (In thousands) 2017 2016 2015 Stock Options $ 1,193 $ 1,974 $ 2,821 Restricted Stock Units 7,463 8,883 9,909 Performance Stock Units 7,381 3,353 5,135 Career Shares 1,376 1,308 1,399 Total share-based compensation costs $ 17,413 $ 15,518 $ 19,264 The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our consolidated statements of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Gaming $ 363 $ 428 $ 393 Food and beverage 69 82 75 Room 33 39 36 Selling, general and administrative 1,846 2,176 1,996 Corporate expense 15,102 12,793 16,764 Total share-based compensation expense $ 17,413 $ 15,518 $ 19,264 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These inputs create the following fair value hierarchy: Level 1 : Quoted prices for identical instruments in active markets. Level 2 : Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 : Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: December 31, 2017 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 203,104 $ 203,104 $ — $ — Restricted cash 24,175 24,175 — — Investment available for sale 17,752 — — 17,752 Liabilities Contingent payments $ 2,887 $ — $ — $ 2,887 December 31, 2016 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 193,862 $ 193,862 $ — $ — Restricted cash 16,488 16,488 — — Investment available for sale 17,259 — — 17,259 Liabilities Contingent payments $ 3,038 $ — $ — $ 3,038 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, is based on statements received from our banks at December 31, 2017 and 2016 . Investment Available for Sale We have an investment in a single municipal bond issuance of $20.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 that is classified as available for sale with a maturity date of June 1, 2037. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The estimate of the fair value of such investment was determined using a combination of current market rates and estimates of market conditions for instruments with similar terms, maturities, and degrees of risk and a discounted cash flows analysis as of December 31, 2017 and 2016 . The fair value of the investment is estimated using a discounted cash flows approach and the significant unobservable input used in the valuation as of December 31, 2017 and 2016 is a discount rate of 9.6% and 10.3% , respectively. Unrealized gains and losses on this instrument resulting from changes in the fair value of the instrument are not charged to earnings, but rather are recorded as other comprehensive income (loss) in the stockholders' equity section of the consolidated balance sheets. At December 31, 2017 and 2016 , $0.5 million and $0.4 million , respectively, of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at December 31, 2017 and 2016 , $17.3 million and $16.8 million , respectively, is included in investment on the consolidated balance sheets. The discount associated with this investment of $2.9 million and $3.1 million as of December 31, 2017 and 2016 , respectively, is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the consolidated statements of operations. Contingent Payments In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s EBITDA each month for a period of ten years commencing 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 December 31, 2017 and 2016 is a discount rate of 9.2% and 18.5% , respectively. At December 31, 2017 and 2016 , there was a current liability of $0.8 million and $0.9 million , respectively, related to this agreement, which was recorded in accrued liabilities on the respective consolidated balance sheets, and long-term obligations of $2.1 million and $2.2 million , respectively, which were included in other liabilities on the respective consolidated balance sheets. The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities: December 31, 2017 Assets Liabilities (In thousands) Investment Contingent Payments Balance at January 1, 2017 $ 17,259 $ (3,038 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 138 (335 ) Included in other comprehensive income (loss) 795 — Included in other items, net — (333 ) Purchases, sales, issuances and settlements: Settlements (440 ) 819 Balance at December 31, 2017 $ 17,752 $ (2,887 ) December 31, 2016 Assets Liabilities (In thousands) Investment Available for Sale Contingent Payments Balance at January 1, 2016 $ 17,839 $ (3,632 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 130 (600 ) Included in other comprehensive income (loss) (299 ) — Included in other items, net — 346 Purchases, sales, issuances and settlements: Settlements (411 ) 848 Balance at December 31, 2016 $ 17,259 $ (3,038 ) The fair value of intangible assets, classified in the fair value hierarchy as Level 3, is utilized in performing its impairment analyses (see Note 4, Intangible Assets ). Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: December 31, 2017 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 31,729 $ 25,602 $ 26,999 Level 3 December 31, 2016 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 33,456 $ 26,660 $ 27,054 Level 3 Other financial instruments 100 97 97 Level 3 The following tables provide the fair value measurement information about our long-term debt: December 31, 2017 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Credit Facility $ 1,621,054 $ 1,595,703 $ 1,625,178 Level 2 6.875% Senior Notes due 2023 750,000 740,545 798,750 Level 1 6.375% Senior Notes due 2026 750,000 739,128 810,000 Level 1 Other 504 504 504 Level 3 Total debt $ 3,121,558 $ 3,075,880 $ 3,234,432 December 31, 2016 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Credit Facility $ 1,782,538 $ 1,752,147 $ 1,791,853 Level 2 6.875% Senior Notes due 2023 750,000 738,791 806,250 Level 1 6.375% Senior Notes due 2026 750,000 737,926 804,375 Level 1 Other 591 591 591 Level 3 Total debt $ 3,283,129 $ 3,229,455 $ 3,403,069 The estimated fair value of the Credit Facility is based on a relative value analysis performed on or about December 31, 2017 and December 31, 2016 . The estimated fair values of our Senior Notes are based on quoted market prices as of December 31, 2017 and December 31, 2016 . The other debt is a fixed-rate debt that is payable in 32 semi-annual installments, beginning in 2008. It is not traded and does not have an observable market input; therefore, we have estimated its fair value to be equal to the carrying value. There were no transfers between Level 1, Level 2 and Level 3 measurements during the years ended December 31, 2017 and 2016 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS We contribute to multiemployer pension defined benefit plans under terms of collective-bargaining agreements that cover our union-represented employees. Contributions, based on wages paid to covered employees, totaled approximately $1.6 million , $1.5 million and $1.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. These aggregate contributions were not individually significant to any of the respective plans. Our share of the unfunded vested liability related to multi-employer plans, if any, is not determinable and our participation is not individually significant on an individual multiemployer plan basis. We have retirement savings plans under Section 401(k) of the Internal Revenue Code covering our non-union employees. The plans allow employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 100% of their income on a pre-tax basis through contributions to the plans. We expensed our voluntary contributions to the 401(k) profit-sharing plans and trusts of $4.4 million , $3.9 million and $3.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We have aggregated certain of our properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest and South. The table in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties. Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDA We evaluate each of our property's profitability based upon Property Adjusted 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 Adjusted EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest and South 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. 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 tables set forth, for the periods indicated, departmental revenues for our Reportable Segments: Year Ended December 31, 2017 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 563,785 $ 154,451 $ 98,406 $ 51,735 $ 868,377 Downtown Las Vegas 133,072 54,451 24,623 32,295 244,441 Midwest and South 1,043,411 137,477 63,766 43,347 1,288,001 Total Revenues $ 1,740,268 $ 346,379 $ 186,795 $ 127,377 $ 2,400,819 Year Ended December 31, 2016 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 422,375 $ 108,541 $ 82,566 $ 41,533 $ 655,015 Downtown Las Vegas 133,165 52,849 20,209 30,347 236,570 Midwest and South 1,054,853 141,315 66,616 44,890 1,307,674 Total Revenues $ 1,610,393 $ 302,705 $ 169,391 $ 116,770 $ 2,199,259 Year Ended December 31, 2015 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 395,108 $ 103,353 $ 75,282 $ 42,827 $ 616,570 Downtown Las Vegas 131,871 52,105 19,856 29,445 233,277 Midwest and South 1,104,198 148,328 67,110 45,348 1,364,984 Total Revenues $ 1,631,177 $ 303,786 $ 162,248 $ 117,620 $ 2,214,831 The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying consolidated statements of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Adjusted EBITDA Las Vegas Locals $ 249,906 $ 176,066 $ 157,269 Downtown Las Vegas 54,613 52,341 49,214 Midwest and South 364,458 367,579 381,467 Total Reportable Segment Adjusted EBITDA 668,977 595,986 587,950 Corporate expense (73,046 ) (59,875 ) (60,177 ) Adjusted EBITDA 595,931 536,111 527,773 Other operating costs and expenses Deferred rent 1,267 3,266 3,428 Depreciation and amortization 217,522 196,226 207,118 Project development, preopening and writedowns 14,454 22,107 6,907 Share-based compensation expense 17,413 15,518 19,264 Impairments of assets (426 ) 38,302 18,565 Other operating charges, net 1,900 284 907 Total other operating costs and expenses 252,130 275,703 256,189 Operating income $ 343,801 $ 260,408 $ 271,584 Total Assets The Company's total assets, by Reportable Segment, consisted of the following amounts: December 31, (In thousands) 2017 2016 Assets Las Vegas Locals $ 1,792,119 $ 1,785,858 Downtown Las Vegas 170,574 157,319 Midwest and South 2,496,957 2,556,307 Total Reportable Segment assets 4,459,650 4,499,484 Corporate 226,280 171,267 Total assets $ 4,685,930 $ 4,670,751 Capital Expenditures The Company's capital expenditures by Reportable Segment, consisted of the following: Year Ended December 31, (In thousands) 2017 2016 2015 Capital Expenditures: Las Vegas Locals $ 59,382 $ 42,069 $ 41,772 Downtown Las Vegas 21,705 28,431 13,000 Midwest and South 37,657 73,255 60,887 Total Reportable Segment Capital Expenditures 118,744 143,755 115,659 Corporate 71,673 16,672 12,646 Total Capital Expenditures 190,417 160,427 128,305 Change in Accrued Property Additions 47 (69 ) 2,865 Cash-Based Capital Expenditures $ 190,464 $ 160,358 $ 131,170 The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table presents selected quarterly financial information: Year Ended December 31, 2017 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Total revenues $ 610,065 $ 604,124 $ 591,542 $ 595,088 $ 2,400,819 Operating income 94,830 89,554 78,940 80,477 343,801 Income from continuing operations, net of tax $ 35,076 $ 27,692 $ 23,157 $ 82,073 $ 167,998 Income from discontinued operations, net of tax 375 21,017 — — 21,392 Net income $ 35,451 $ 48,709 $ 23,157 $ 82,073 $ 189,390 Basic net income per common share: Continuing operations $ 0.31 $ 0.24 $ 0.20 $ 0.72 $ 1.46 Discontinued operations — 0.18 — — 0.19 Basic net income per common share $ 0.31 $ 0.42 $ 0.20 $ 0.72 $ 1.65 Diluted net income per common share: Continuing operations $ 0.31 $ 0.24 $ 0.20 $ 0.71 $ 1.45 Discontinued operations — 0.18 — — 0.19 Diluted net income per common share $ 0.31 $ 0.42 $ 0.20 $ 0.71 $ 1.64 Year Ended December 31, 2016 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Total revenues $ 556,653 $ 548,784 $ 535,173 $ 558,649 $ 2,199,259 Operating income 82,362 80,439 67,881 29,726 260,408 Income from continuing operations, net of tax $ 21,666 $ 11,257 $ 164,197 $ 10,581 $ 207,701 Income from discontinued operations, net of tax 11,630 18,715 180,707 1,478 212,530 Net income $ 33,296 $ 29,972 $ 344,904 $ 12,059 $ 420,231 Basic net income per common share: Continuing operations $ 0.19 $ 0.10 $ 1.43 $ 0.09 $ 1.81 Discontinued operations 0.10 0.16 1.58 0.01 1.86 Basic net income per common share $ 0.29 $ 0.26 $ 3.01 $ 0.10 $ 3.67 Diluted net income per common share: Continuing operations $ 0.19 $ 0.10 $ 1.43 $ 0.09 $ 1.80 Discontinued operations 0.10 0.16 1.57 0.01 1.85 Diluted net income per common share $ 0.29 $ 0.26 $ 3.00 $ 0.10 $ 3.65 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
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 6.875% Notes and our 6.375% Notes 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 our special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries. On March 7, 2017, Aliante, Cannery and Eastside Cannery became guarantors of the 6.875% Notes, the 6.375% Notes and the Credit Facility. The tables below present the condensed consolidating balance sheets as of December 31, 2017 , and 2016 , the condensed consolidating statements of operations for the years ended December 31, 2017 , 2016 and 2015 and the condensed consolidating statements of cash flows for the years ended December 31, 2017 , 2016 and 2015 . We have reclassified certain prior year amounts in the current year presentation to reflect the designation of the additional Restricted Subsidiaries listed above as subsidiary guarantors and the adoption of the Revenue Standard and ASU 2016-18. Condensed Consolidating Balance Sheets December 31, 2017 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 347 $ 199,574 $ 3,183 $ — $ — $ 203,104 Restricted cash — 14,389 9,786 — — 24,175 Other current assets 78,226 20,921 2,782 — (545 ) 101,384 Property and equipment, net 88,464 2,424,361 26,961 — — 2,539,786 Investments in subsidiaries 4,913,592 — 18,097 — (4,931,689 ) — Intercompany receivable — 1,934,559 — — (1,934,559 ) — Other assets, net 14,725 33,369 38,217 — — 86,311 Intangible assets, net — 818,887 24,059 — — 842,946 Goodwill, net — 887,442 782 — — 888,224 Total assets $ 5,095,354 $ 6,333,502 $ 123,867 $ — $ (6,866,793 ) $ 4,685,930 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 23,895 $ 86 $ — $ — $ — $ 23,981 Other current liabilities 130,030 212,146 19,578 — (264 ) 361,490 Accumulated losses of subsidiaries in excess of investment — 73,130 — — (73,130 ) — Intercompany payable 888,444 — 1,046,114 — (1,934,558 ) — Long-term debt, net of current maturities and debt issuance costs 3,051,481 418 — — — 3,051,899 Other long-term liabilities (95,723 ) 257,484 (10,428 ) — — 151,333 Total stockholders' equity (deficit) 1,097,227 5,790,238 (931,397 ) — (4,858,841 ) 1,097,227 Total liabilities and stockholders' equity $ 5,095,354 $ 6,333,502 $ 123,867 $ — $ (6,866,793 ) $ 4,685,930 Condensed Consolidating Balance Sheets - continued December 31, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 1,212 $ 189,364 $ 3,286 $ — $ — $ 193,862 Restricted cash — 10,246 6,242 — — 16,488 Other current assets 78,915 16,469 2,666 — (453 ) 97,597 Property and equipment, net 73,180 2,503,127 28,862 — — 2,605,169 Investments in subsidiaries 4,501,951 139,465 — — (4,641,416 ) — Intercompany receivable — 1,491,017 — — (1,491,017 ) — Other assets, net 13,598 31,899 3,708 — — 49,205 Intangible assets, net — 857,894 24,060 — — 881,954 Goodwill, net — 825,694 782 — — 826,476 Total assets $ 4,668,856 $ 6,065,175 $ 69,606 $ — $ (6,132,886 ) $ 4,670,751 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 30,250 $ 86 $ — $ — $ — $ 30,336 Other current liabilities 93,762 202,840 46,467 — (1,429 ) 341,640 Accumulated losses of subsidiaries in excess of investment — — 8,257 — (8,257 ) — Intercompany payable 521,002 — 968,811 254 (1,490,067 ) — Long-term debt, net of current maturities and debt issuance costs 3,198,613 506 — — — 3,199,119 Other long-term liabilities (104,901 ) 296,106 (21,729 ) — — 169,476 Boyd Gaming Corporation stockholders' equity (deficit) 930,130 5,565,637 (932,200 ) (254 ) (4,633,183 ) 930,130 Noncontrolling interest — — — — 50 50 Total stockholders' equity (deficit) 930,130 5,565,637 (932,200 ) (254 ) (4,633,133 ) 930,180 Total liabilities and stockholders' equity $ 4,668,856 $ 6,065,175 $ 69,606 $ — $ (6,132,886 ) $ 4,670,751 Condensed Consolidating Statements of Operations Year Ended December 31, 2017 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Total revenues $ 73,292 $ 2,377,514 $ 42,670 $ — $ (92,657 ) $ 2,400,819 Operating costs and expenses Operating — 1,225,765 38,156 — — 1,263,921 Selling, general and administrative 44 354,423 7,612 — (42 ) 362,037 Maintenance and utilities — 108,092 1,370 — — 109,462 Depreciation and amortization 12,041 201,401 4,080 — — 217,522 Corporate expense 85,362 1,140 1,646 — — 88,148 Project development, preopening and writedowns 7,806 2,912 3,736 — — 14,454 Impairments of assets 600 1 (1,027 ) — — (426 ) Other operating items, net 725 1,175 — — — 1,900 Intercompany expenses 1,204 91,411 — — (92,615 ) — Total operating costs and expenses 107,782 1,986,320 55,573 — (92,657 ) 2,057,018 Equity in earnings (losses) of subsidiaries 330,711 (1,374 ) — — (329,337 ) — Operating income (loss) 296,221 389,820 (12,903 ) — (329,337 ) 343,801 Other expense (income) Interest expense, net 169,990 1,275 25 — — 171,290 Loss on early extinguishments and modifications of debt 1,582 — — — — 1,582 Other, net (16 ) (98 ) (70 ) — — (184 ) Total other expense, net 171,556 1,177 (45 ) — — 172,688 Income (loss) from continuing operations before income taxes 124,665 388,643 (12,858 ) — (329,337 ) 171,113 Income tax benefit (provision) 64,725 (73,426 ) 5,586 — — (3,115 ) Income (loss) from continuing operations, net of tax 189,390 315,217 (7,272 ) — (329,337 ) 167,998 Income from discontinued operations, net of tax — 21,392 — — — 21,392 Net income (loss) $ 189,390 $ 336,609 $ (7,272 ) $ — $ (329,337 ) $ 189,390 Comprehensive income (loss) $ 189,823 $ 337,042 $ (7,272 ) $ — $ (329,770 ) $ 189,823 Condensed Consolidating Statements of Operations - continued Year Ended December 31, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Total revenues $ 121,939 $ 2,176,788 $ 43,867 $ — $ (143,335 ) $ 2,199,259 Operating costs and expenses Operating 1,200 1,148,170 37,615 — — 1,186,985 Selling, general and administrative 49,938 265,735 6,584 — 2 322,259 Maintenance and utilities — 98,741 1,279 — — 100,020 Depreciation and amortization 8,767 183,531 3,928 — — 196,226 Corporate expense 66,703 1,738 4,227 — — 72,668 Project development, preopening and writedowns 18,079 (3,292 ) 7,320 — — 22,107 Impairments of assets 1,440 36,862 — — — 38,302 Other operating items, net 181 103 — — — 284 Intercompany expenses 1,205 140,671 1,461 — (143,337 ) — Total operating costs and expenses 147,513 1,872,259 62,414 — (143,335 ) 1,938,851 Equity in earnings (losses) of subsidiaries 445,130 (2,039 ) — — (443,091 ) — Operating income (loss) 419,556 302,490 (18,547 ) — (443,091 ) 260,408 Other expense (income) Interest expense, net 157,923 51,783 25 — — 209,731 Loss on early extinguishments of debt 28,356 14,008 — — — 42,364 Other, net 1 617 (73 ) — — 545 Total other expense (income), net 186,280 66,408 (48 ) — — 252,640 Income (loss) from continuing operations before income taxes 233,276 236,082 (18,499 ) — (443,091 ) 7,768 Income tax benefit 186,955 12,852 126 — — 199,933 Income (loss) from continuing operations, net of tax 420,231 248,934 (18,373 ) — (443,091 ) 207,701 Income from discontinued operations, net of tax — 212,530 — — — 212,530 Net income (loss) $ 420,231 $ 461,464 $ (18,373 ) $ — $ (443,091 ) $ 420,231 Comprehensive income (loss) $ 419,932 $ 461,165 $ (18,373 ) $ — $ (442,792 ) $ 419,932 Consolidating Statements of Operations - continued Year Ended December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Total revenues $ 121,541 $ 2,194,440 $ 42,459 $ — $ (143,609 ) $ 2,214,831 Operating costs and expenses Operating 1,800 1,165,834 37,955 — — 1,205,589 Selling, general and administrative 48,173 267,913 6,604 — (18 ) 322,672 Maintenance and utilities — 103,086 1,462 — — 104,548 Depreciation and amortization 6,179 196,865 4,074 — — 207,118 Corporate expense 71,700 1,781 3,460 — — 76,941 Project development, preopening and writedowns 884 2,351 3,596 76 — 6,907 Impairments of assets — 17,500 1,065 — — 18,565 Other operating items, net 599 308 — — — 907 Intercompany expenses 1,204 140,971 1,416 — (143,591 ) — Total operating costs and expenses 130,539 1,896,609 59,632 76 (143,609 ) 1,943,247 Equity in earnings (losses) of subsidiaries 190,943 (2,204 ) (76 ) — (188,663 ) — Operating income (loss) 181,945 295,627 (17,249 ) (76 ) (188,663 ) 271,584 Other expense Interest expense, net 125,890 96,818 24 — — 222,732 Loss on early extinguishments of debt 30,829 9,904 — — — 40,733 Other, net 396 2,959 321 — — 3,676 Total other expense, net 157,115 109,681 345 — — 267,141 Income (loss) from continuing operations before income taxes 24,830 185,946 (17,594 ) (76 ) (188,663 ) 4,443 Income tax benefit (provision) 22,777 (16,098 ) (54 ) — — 6,625 Income (loss) from continuing operations, net of tax 47,607 169,848 (17,648 ) (76 ) (188,663 ) 11,068 Income from discontinued operations, net of tax — 36,539 — — — 36,539 Net income (loss) $ 47,607 $ 206,387 $ (17,648 ) $ (76 ) $ (188,663 ) $ 47,607 Comprehensive income (loss) $ 47,344 $ 206,124 $ (17,648 ) $ (76 ) $ (188,400 ) $ 47,344 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 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 $ (82,632 ) $ 519,608 $ (15,628 ) $ 254 $ 949 $ 422,551 Cash flows from investing activities Capital expenditures (102,277 ) (87,590 ) (597 ) — — (190,464 ) Cash paid for acquisitions, net of cash received (1,153 ) — — — — (1,153 ) Net activity with affiliates — (443,542 ) — — 443,542 — Distributions from subsidiary 10,867 — — — (10,867 ) — Advances pursuant to development agreement — — (35,108 ) — — (35,108 ) Other investing activities — 706 — — — 706 Net cash from investing activities (92,563 ) (530,426 ) (35,705 ) — 432,675 (226,019 ) Cash flows from financing activities Borrowings under bank credit facility 958,000 — — — — 958,000 Payments under bank credit facility (1,119,485 ) — — — — (1,119,485 ) Debt financing costs, net (3,430 ) — — — — (3,430 ) Net activity with affiliates 389,579 — 55,166 (254 ) (444,491 ) — Distributions to parent — (10,475 ) (392 ) — 10,867 — Share-based compensation activities, net (7,711 ) — — — — (7,711 ) Shares repurchased and retired (31,927 ) — — — — (31,927 ) Dividends paid (11,286 ) — — — — (11,286 ) Other financing activities 590 (87 ) — — — 503 Net cash from financing activities 174,330 (10,562 ) 54,774 (254 ) (433,624 ) (215,336 ) Cash flows from discontinued operations Cash flows from operating activities — (514 ) — — — (514 ) Cash flows from investing activities — 36,247 — — — 36,247 Cash flows from financing activities — — — — — — Net cash from discontinued operations — 35,733 — — — 35,733 Net change in cash, cash equivalents and restricted cash (865 ) 14,353 3,441 — — 16,929 Cash, cash equivalents and restricted cash, beginning of period 1,212 199,610 9,528 — — 210,350 Cash, cash equivalents and restricted cash, end of period $ 347 $ 213,963 $ 12,969 $ — $ — $ 227,279 Condensed Consolidating Statements of Cash Flows - continued Year Ended December 31, 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 $ (86,502 ) $ 380,803 $ 7,234 $ — $ (1,196 ) $ 300,339 Cash flows from investing activities Capital expenditures (42,840 ) (116,834 ) (684 ) — — (160,358 ) Cash paid for acquisitions, net of cash received (592,703 ) — — — — (592,703 ) Net activity with affiliates — 211,300 — — (211,300 ) — Distributions from subsidiary 9,150 — — — (9,150 ) — Other investing activities — 7,529 6,678 — — 14,207 Net cash from investing activities (626,393 ) 101,995 5,994 — (220,450 ) (738,854 ) Cash flows from financing activities Borrowings under bank credit facility 2,039,175 237,000 — — — 2,276,175 Payments under bank credit facility (1,466,362 ) (899,750 ) — — — (2,366,112 ) Proceeds from issuance of senior notes 750,000 — — — — 750,000 Debt financing costs, net (42,220 ) — — — — (42,220 ) Retirements of senior notes (350,000 ) (350,000 ) — — — (700,000 ) Premium and consent fees paid (15,750 ) — — — — (15,750 ) Net activity with affiliates (199,398 ) — (12,877 ) (221 ) 212,496 — Distributions to parent — (9,000 ) (150 ) — 9,150 — Share-based compensation activities, net (1,295 ) — — — — (1,295 ) Other financing activities (45 ) — — — — (45 ) Net cash from financing activities 714,105 (1,021,750 ) (13,027 ) (221 ) 221,646 (99,247 ) Cash flows from discontinued operations Cash flows from operating activities — (27,796 ) — — — (27,796 ) Cash flows from investing activities — 598,057 — — — 598,057 Cash flows from financing activities — — — — — — Net cash from discontinued operations — 570,261 — — — 570,261 Net change in cash, cash equivalents and restricted cash 1,210 31,309 201 (221 ) — 32,499 Cash, cash equivalents and restricted cash, beginning of period 2 168,301 9,327 221 — 177,851 Cash, cash equivalents and restricted cash, end of period $ 1,212 $ 199,610 $ 9,528 $ — $ — $ 210,350 Condensed Consolidating Statements of Cash Flows - continued Year Ended December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ 102,080 $ 237,010 $ (12,131 ) $ (76 ) $ (209 ) $ 326,674 Cash flows from investing activities Capital expenditures (48,591 ) (82,392 ) (187 ) — — (131,170 ) Net activity with affiliates — (66,691 ) — — 66,691 — Distribution from subsidiary 11,200 — — — (11,200 ) — Other investing activities 3,292 1,236 — — — 4,528 Net cash from investing activities (34,099 ) (147,847 ) (187 ) — 55,491 (126,642 ) Cash flows from financing activities Borrowings under bank credit facility 1,033,500 345,500 — — — 1,379,000 Payments under bank credit facility (1,211,200 ) (425,150 ) — — — (1,636,350 ) Proceeds from issuance of senior notes 750,000 — — — — 750,000 Debt financing costs, net (14,004 ) — — — — (14,004 ) Payments on retirements of long-term debt (500,000 ) (3 ) (157,810 ) — — (657,813 ) Premium and consent fees paid (24,246 ) — — — — (24,246 ) Net activity with affiliates (105,720 ) — 172,124 78 (66,482 ) — Distributions to parent — (11,100 ) (100 ) — 11,200 — Share-based compensation activities, net 3,689 — — — — 3,689 Net cash from financing activities (67,981 ) (90,753 ) 14,214 78 (55,282 ) (199,724 ) Cash flows from discontinued operations Cash flows from operating activities — 14,095 — — — 14,095 Cash flows from investing activities — — — — — — Cash flows from financing activities — — — — — — Net cash from discontinued operations — 14,095 — — — 14,095 Net change in cash, cash equivalents and restricted cash — 12,505 1,896 2 — 14,403 Cash, cash equivalents and restricted cash, beginning of period 2 155,796 7,431 219 — 163,448 Cash, cash equivalents and restricted cash, end of period $ 2 $ 168,301 $ 9,327 $ 221 $ — $ 177,851 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Boyd Percentage Ownership William S. Boyd, our Executive Chairman of the Board of Directors, together with his immediate family, beneficially owned approximately 27% of our outstanding shares of common stock as of December 31, 2017 . As such, the Boyd family has the ability to significantly influence our affairs, including the election of members of our Board of Directors and, except as otherwise provided by law, approving or disapproving other matters submitted to a vote of our stockholders, including a merger, consolidation or sale of assets. For each of the years ended December 31, 2017 , 2016 and 2015 , there were no related party transactions between the Company and the Boyd family other than compensation, including salary and equity incentives. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS We have evaluated all events or transactions that occurred after December 31, 2017 . During this period, up to the filing date, we did not identify any subsequent events, other than the payment of the cash dividend disclosed in Note 10, Stockholder's Equity and Stock Incentive Plans , the effects of which would require disclosure or adjustment to our financial position or results of operations. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "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". The consolidated financial statements reflect the impact of the adoption of Update 2016-18 and the Revenue Standard, as defined and discussed below under Recently Adopted Accounting Pronouncements. All amounts in the footnotes have been adjusted, when necessary, to reflect the adoption of this guidance. As of December 31, 2017 , we are a diversified operator of 24 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, which we aggregate in order to present the following three reportable segments: Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside Cannery Casino and Hotel Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North 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 Par-A-Dice Hotel Casino East Peoria, Illinois Blue Chip Casino, Hotel & Spa Michigan City, Indiana Diamond Jo Dubuque Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Evangeline Downs Racetrack and Casino Opelousas, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica, Mississippi |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with maturities of three months or less at their date of purchase, and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. |
Inventories | Inventories Inventories consist primarily of food and beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. |
Property and Equipment, Net | Property and Equipment, net Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 10 years Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We then compare the estimated undiscounted future cash flows of the asset to the carrying value of the asset. The asset is not impaired if the undiscounted future cash flows exceed its carrying value. If the carrying value exceeds the undiscounted future cash flows, then an impairment charge is recorded, typically measured using a discounted cash flow model, which is based on the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. All resulting recognized impairment charges are recorded as Impairment of assets within operating expenses. |
Capitalized Interest | Capitalized Interest Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using our weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. Interest capitalized during the years ended December 31, 2016 and 2015 was $0.5 million and $0.1 million , respectively. |
Marketable Securities, Available-for-sale Securities | Investment in Available for Sale Securities We have an investment in $20.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 ("City Bonds"). This investment is classified as available-for-sale and is recorded at fair value. The fair value at December 31, 2017 and 2016 was $17.8 million and $17.3 million , respectively. At December 31, 2017 and 2016 , $0.5 million and $0.4 million , respectively, is included in prepaid expenses and other current assets, and $17.3 million and $16.8 million , respectively, is included in other assets, net. |
Schedule of Bond Maturity Dates | Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows: (In thousands) For the year ending December 31, 2018 $ 475 2019 510 2020 550 2021 590 2022 635 Thereafter 17,760 Total $ 20,520 |
Intangible Assets | Intangible Assets Intangible assets include customer relationships, favorable lease rates, development agreements, gaming license rights and trademarks. Amortizing Intangible Assets Customer relationships represent the value of repeat business associated with our customer loyalty programs. These intangible assets are being amortized on an accelerated method over their approximate useful life. Favorable lease rates represent the amount by which acquired lease rental rates are favorable to market terms. These favorable lease values are amortized over the remaining lease term, primarily on leasehold land interests, originally ranging in duration from 41 to 52 years . Development agreements are contracts between two parties establishing an agreement for development of a product or service. These agreements are amortized over the respective cash flow period of the related agreement. Indefinite-Lived Intangible Assets Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not subject to amortization, but instead are subject to an annual impairment test, and between annual test dates in certain circumstances. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. |
Goodwill | Goodwill Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognized. Goodwill is not subject to amortization, but it is subject to an annual impairment test and between annual test dates in certain circumstances. We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonably similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject reporting unit. |
Revenue Recognition, Loyalty Programs [Policy Text Block] | Player Loyalty Point Program We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food and beverage, and other free goods and services. We record points earned based on the value of a point that can be redeemed for a hotel room, food & beverage or other items. The player loyalty point program accrual is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, for food & beverage or for other amenities and is included in accrued liabilities on our consolidated balance sheets. |
Long-Term Debt, Net | Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt. |
Income Taxes | Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. 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. |
Self-Insurance Reserves | Self-Insurance Reserves We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. Management believes the estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. Certain of these claims represent obligations to make future payments; and therefore, we discount such reserves to an amount representing the present value of the claims which will be paid in the future using a blended rate, which represents the inherent risk and the average payout duration. Self-insurance reserves are included in other liabilities on our consolidated balance sheets. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income. The accumulated other comprehensive income (loss) at December 31, 2017 , consists of unrealized gains and losses on the investment available for sale resulting from changes in fair value. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represented the ownership interest in one of our subsidiaries that was held by a third party. During 2017, the joint venture in which we held an 80% interest was dissolved, thus eliminating our noncontrolling interest. |
Revenue Recognition | |
Gaming Taxes | Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $324.5 million , $321.7 million and $332.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Advertising Expense | Advertising Expense Direct advertising costs are expensed the first time such advertising appears. Advertising costs are included in selling, general and administrative expenses on the consolidated statements of operations and totaled $29.9 million , $32.3 million and $33.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Corporate Expense | Corporate Expense Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not directly related to our casino hotel operations. |
Project Development, Preopening and Writedowns | Project Development, Preopening and Writedowns Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not qualify as capital costs; and (iii) asset write-downs. |
Share-Based Compensation | Share-Based Compensation Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not apply to stock grants and awards issued within six months of the employee’s retirement. Compensation costs related to stock option awards are calculated based on the fair value of each major option grant on the date of the grant using the Black-Scholes option pricing model, which requires the following assumptions: expected stock price volatility, risk-free interest rates, expected option lives and dividend yields. We formed our assumptions using historical experience and observable market conditions. |
Earnings per Share | Net Income per Share Basic net income per share is computed by dividing net income applicable to Boyd Gaming Corporation stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable. Our policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. We have bank deposits that may at times exceed federally-insured limits. Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Recently Issued Accounting Pronouncements | arnings of $15.8 million on the consolidated statement of changes in stockholders' equity for the year ended December 31, 2017 . Additionally, for the year ended December 31, 2017, we recorded an excess tax benefit in our tax expense of approximately $1.5 million . We anticipate recording excess tax benefits as a component of tax expense will cause volatility in our future effective tax rate. Recently Adopted Accounting Pronouncements Accounting Standards Update 2016-18, Statement of Cash Flows ("Update 2016-18") In November 2016, the FASB issued Update 2016-18, which amends Accounting Standards Codification ("ASC") 230 to add or clarify the guidance on the classification and presentation of restricted cash in the statement of cash flows. Update 2016-18 requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The Company adopted Update 2016-18 using the retrospective approach. We adjusted our consolidated statement of cash flows from amounts previously reported due to the adoption of Update 2016-18. The effects of adopting Update 2016-18 on our consolidated statement of cash flows were as follows: Year Ended December 31, 2017 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 414,864 $ 7,687 $ 422,551 Cash, cash equivalents and restricted cash, beginning of period $ 193,862 $ 16,488 $ 210,350 Net increase (decrease) in cash, cash equivalents and restricted cash 9,242 7,687 16,929 Cash, cash equivalents and restricted cash, end of period $ 203,104 $ 24,175 $ 227,279 Year Ended December 31, 2016 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 302,881 $ (2,542 ) $ 300,339 Cash, cash equivalents and restricted cash, beginning of period $ 158,821 $ 19,030 $ 177,851 Net increase (decrease) in cash, cash equivalents and restricted cash 35,041 (2,542 ) 32,499 Cash, cash equivalents and restricted cash, end of period $ 193,862 $ 16,488 $ 210,350 Year Ended December 31, 2015 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 325,751 $ 923 $ 326,674 Cash, cash equivalents and restricted cash, beginning of period $ 145,341 $ 18,107 $ 163,448 Net increase (decrease) in cash, cash equivalents and restricted cash 13,480 923 14,403 Cash, cash equivalents and restricted cash, end of period $ 158,821 $ 19,030 $ 177,851 Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("Update 2014-09"); Accounting Standards Update 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14" ); Accounting Standards Update 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("Update 2016-08"); Accounting Standards Update 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("Update 2016-10"); 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"); and Accounting Standards Update 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients ("Update 2016-12"); (collectively, the “Revenue Standard”) The Revenue Standard prescribes a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company adopted the Revenue Standard by applying the full retrospective approach and has adjusted the prior periods presented. The guidance changed the presentation of revenues as our historical presentation reflected revenues gross for goods and services provided to our customers as an inducement to play with us, with an offsetting reduction for promotional allowances to derive net revenues. Under the new guidance, revenues are allocated among our departmental classifications based on the relative standalone selling prices of the goods and services provided to the customer. Our reporting of amounts paid to operators of wide area progressive games has changed as a result of the adoption of the Revenue Standard. We previously reported these payments as contra-revenues. Under the Revenue Standard, these payments are reported as an operating expense. The accounting for our frequent player programs was also impacted, with changes to the timing and/or classification of certain transactions between revenues and operating expenses. The implementation of the Revenue Standard resulted in an increase to the player point liability due to the change in our accounting method for this liability from an estimated cost of redemption model to a deferred revenue model. As of the effective date of our adoption (January 1, 2015), the cumulative effect adjustment decreased beginning Retained earnings by $3.8 million (after tax), resulted in a deferred tax asset reduction of $2.4 million and increased Accrued liabilities by approximately $6.2 million on the consolidated balance sheet. The impact of this change in accounting for these programs is not expected to be material to any annual accounting period. The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2017, are as follows: As of December 31, 2017 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Accrued liabilities $ 248,979 $ 6,167 $ 255,146 Deferred income taxes 89,075 (2,418 ) 86,657 Retained earnings 168,174 (3,749 ) 164,425 The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2016, are as follows: As of December 31, 2016 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Accrued liabilities $ 251,082 $ 6,472 $ 257,554 Deferred income taxes 83,980 (2,526 ) 81,454 Accumulated deficit (19,878 ) (3,946 ) (23,824 ) The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2017, are as follows: Year Ended December 31, 2017 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 1,972,422 $ (232,154 ) $ 1,740,268 Food and beverage 349,271 (2,892 ) 346,379 Room 188,689 (1,894 ) 186,795 Other 132,695 (5,318 ) 127,377 Gross revenues 2,643,077 (242,258 ) 2,400,819 Less promotional allowances 259,370 (259,370 ) — Net revenues 2,383,707 17,112 2,400,819 Operating costs and expenses Gaming 923,266 (163,654 ) 759,612 Food and beverage 194,524 140,982 335,506 Room 52,196 32,992 85,188 Other 77,129 6,486 83,615 Selling, general and administrative 362,037 — 362,037 Maintenance and utilities 109,462 — 109,462 Depreciation and amortization 217,522 — 217,522 Corporate expense 88,148 — 88,148 Project development, preopening and writedowns 14,454 — 14,454 Impairments of assets (426 ) — (426 ) Other operating items, net 1,900 — 1,900 Total operating costs and expenses 2,040,212 16,806 2,057,018 Operating income 343,495 306 343,801 Other expense (income) Interest income (1,818 ) — (1,818 ) Interest expense, net of amounts capitalized 173,108 — 173,108 Loss on early extinguishments and modifications of debt 1,582 — 1,582 Other, net (184 ) — (184 ) Total other expense, net 172,688 — 172,688 Income from continuing operations before income taxes 170,807 306 171,113 Income tax provision (3,006 ) (109 ) (3,115 ) Income from continuing operations, net of tax 167,801 197 167,998 Income from discontinued operations, net of tax 21,392 — 21,392 Net income $ 189,193 $ 197 $ 189,390 Basic net income per common share Continuing operations $ 1.46 $ — $ 1.46 Discontinued operations 0.19 — 0.19 Basic net income per common share $ 1.65 $ — $ 1.65 Weighted average basic shares outstanding 114,957 — 114,957 Diluted net income per common share Continuing operations $ 1.45 $ — $ 1.45 Discontinued operations 0.19 — 0.19 Diluted net income per common share $ 1.64 $ — $ 1.64 Weighted average diluted shares outstanding 115,628 — 115,628 The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2016, are as follows: Year Ended December 31, 2016 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 1,820,176 $ (209,783 ) $ 1,610,393 Food and beverage 306,145 (3,440 ) 302,705 Room 170,816 (1,425 ) 169,391 Other 122,416 (5,646 ) 116,770 Gross revenues 2,419,553 (220,294 ) 2,199,259 Less promotional allowances 235,577 (235,577 ) — Net revenues 2,183,976 15,283 2,199,259 Operating costs and expenses Gaming 880,716 (155,638 ) 725,078 Food and beverage 170,053 130,713 300,766 Room 44,245 33,489 77,734 Other 76,719 6,688 83,407 Selling, general and administrative 322,009 250 322,259 Maintenance and utilities 100,020 — 100,020 Depreciation and amortization 196,226 — 196,226 Corporate expense 72,668 — 72,668 Project development, preopening and writedowns 22,107 — 22,107 Impairments of assets 38,302 — 38,302 Other operating items, net 284 — 284 Total operating costs and expenses 1,923,349 15,502 1,938,851 Operating income 260,627 (219 ) 260,408 Other expense (income) Interest income (2,961 ) — (2,961 ) Interest expense, net of amounts capitalized 212,692 — 212,692 Loss on early extinguishments and modifications of debt 42,364 — 42,364 Other, net 545 — 545 Total other expense, net 252,640 — 252,640 Income from continuing operations before income taxes 7,987 (219 ) 7,768 Income tax benefit 197,486 2,447 199,933 Income from continuing operations, net of tax 205,473 2,228 207,701 Income from discontinued operations, net of tax 212,530 — 212,530 Net income $ 418,003 $ 2,228 $ 420,231 Basic net income per common share Continuing operations $ 1.79 $ 0.02 $ 1.81 Discontinued operations 1.86 — 1.86 Basic net income per common share $ 3.65 $ 0.02 $ 3.67 Weighted average basic shares outstanding 114,507 — 114,507 Diluted net income per common share Continuing operations $ 1.78 $ 0.02 $ 1.80 Discontinued operations 1.85 — 1.85 Diluted net income per common share $ 3.63 $ 0.02 $ 3.65 Weighted average diluted shares outstanding 115,189 — 115,189 The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2015, are as follows: Year Ended December 31, 2015 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 1,847,167 $ (215,990 ) $ 1,631,177 Food and beverage 307,442 (3,656 ) 303,786 Room 163,509 (1,261 ) 162,248 Other 123,959 (6,339 ) 117,620 Gross revenues 2,442,077 (227,246 ) 2,214,831 Less promotional allowances 242,645 (242,645 ) — Net revenues 2,199,432 15,399 2,214,831 Operating costs and expenses Gaming 900,922 (160,899 ) 740,023 Food and beverage 168,096 133,717 301,813 Room 41,298 35,605 76,903 Other 80,508 6,342 86,850 Selling, general and administrative 322,420 252 322,672 Maintenance and utilities 104,548 — 104,548 Depreciation and amortization 207,118 — 207,118 Corporate expense 76,941 — 76,941 Project development, preopening and writedowns 6,907 — 6,907 Impairments of assets 18,565 — 18,565 Other operating items, net 907 — 907 Total operating costs and expenses 1,928,230 15,017 1,943,247 Operating income 271,202 382 271,584 Other expense (income) Interest income (1,858 ) — (1,858 ) Interest expense, net of amounts capitalized 224,590 — 224,590 Loss on early extinguishments and modifications of debt 40,733 — 40,733 Other, net 3,676 — 3,676 Total other expense, net 267,141 — 267,141 Income from continuing operations before income taxes 4,061 382 4,443 Income tax benefit 6,634 (9 ) 6,625 Income from continuing operations, net of tax 10,695 373 11,068 Income from discontinued operations, net of tax 36,539 — 36,539 Net income $ 47,234 $ 373 $ 47,607 Basic net income per common share Continuing operations $ 0.10 $ — $ 0.10 Discontinued operations 0.32 — 0.32 Basic net income per common share $ 0.42 $ — $ 0.42 Weighted average basic shares outstanding 112,789 — 112,789 Diluted net income per common share Continuing operations $ 0.10 $ — $ 0.10 Discontinued operations 0.32 — 0.32 Diluted net income per common share $ 0.42 $ — $ 0.42 Weighted average diluted shares outstanding 113,676 — 113,676 The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2017, are as follows: Year Ended December 31, 2017 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Net income $ 189,193 $ 197 $ 189,390 Deferred income taxes 5,095 108 5,203 Accounts payable and accrued liabilities 13,521 (305 ) 13,216 Net cash provided by operating activities 414,864 — 414,864 The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2016, are as follows: Year Ended December 31, 2016 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Net income $ 418,003 $ 2,228 $ 420,231 Deferred income taxes (199,051 ) (2,447 ) (201,498 ) Accounts payable and accrued liabilities (11,824 ) 219 (11,605 ) Net cash provided by operating activities 302,881 — 302,881 The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2015, are as follows: Year Ended December 31, 2015 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Net income $ 47,234 $ 373 $ 47,607 Deferred income taxes 16,846 9 16,855 Accounts payable and accrued liabilities 13,207 (382 ) 12,825 Net cash provided by operating activities 325,751 — 325,751 Recently Issued Accounting Pronouncements Accounting Standards Update 2017-09, Compensation-Stock Compensation ("Update 2017-09") In May 2017, the Financial Accounting Standards Board ("FASB") issued Update 2017-09, which amends the scope of modification accounting for share-based payment arrangements. An entity should account for the effects of a modification unless the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The standard is effective for the financial statements issued for annual periods and interim periods within those annual periods, beginning after December 15, 2017, and early adoption is permitted. The Company adopted Update 2017-09 during second quarter 2017. The early adoption did not have a material impact on our consolidated financial statements. Accounting Standards Update 2017-04, Intangibles-Goodwill and Other ("Update 2017-04") In January 2017, the FASB issued Update 2017-04, which addresses goodwill impairment testing. Instead of determining goodwill impairment by calculating the implied fair value of goodwill, an entity should perform goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. 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 adopted Update 2017-04 effective January 1, 2017. The early adoption did not have an impact on our consolidated financial statements. Accounting Standards Update 2016-17, Consolidation ("Update 2016-17") In October 2016, the FASB issued Update 2016-17, which amends the guidance on related parties that are under common control. The ASU provides guidance on a single decision maker does not consider indirect interest held through related parties as equivalent to direct interests in determining whether it meets the economics criterion to be a primary beneficiary. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2017, 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 2016-16, Income Taxes ("Update 2016-16") In October 2016, the FASB issued Update 2016-16, which addresses the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the impact of the new standard on its consolidated financial statements. The Company determined that the impact of the new standard on its consolidated financial statements will not be material. Accounting Standards Update 2016-15, Statement of Cash Flows ("Update 2016-15") In August 2016, the FASB issued Update 2016-15, which amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows. The Accounting Standards Update ("ASU") is intended to reduce the lack of consistent principles on certain classifications such as debt prepayment, debt extinguishment costs, distributions, insurance claims and beneficial interest in securitization transactions. The standard is effective for financial statements issued for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the impact of the adoption of Update 2016-15 to the consolidated financial statements. Accounting Standards Update 2016-13, Financial Instruments-Credit Losses ("Update 2016-13") In June 2016, the 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 consolidated financial statements. 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 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 Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Schedule of Balance Sheet Adjustments [Table Text Block] | The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2017, are as follows: As of December 31, 2017 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Accrued liabilities $ 248,979 $ 6,167 $ 255,146 Deferred income taxes 89,075 (2,418 ) 86,657 Retained earnings 168,174 (3,749 ) 164,425 | The effects of the adoption of the Revenue Standard on the affected line items of our consolidated balance sheet as of December 31, 2016, are as follows: As of December 31, 2016 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Accrued liabilities $ 251,082 $ 6,472 $ 257,554 Deferred income taxes 83,980 (2,526 ) 81,454 Accumulated deficit (19,878 ) (3,946 ) (23,824 ) | |
Schedule of Cash Flows Adjustments [Table Text Block] | The effects of adopting Update 2016-18 on our consolidated statement of cash flows were as follows: Year Ended December 31, 2017 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 414,864 $ 7,687 $ 422,551 Cash, cash equivalents and restricted cash, beginning of period $ 193,862 $ 16,488 $ 210,350 Net increase (decrease) in cash, cash equivalents and restricted cash 9,242 7,687 16,929 Cash, cash equivalents and restricted cash, end of period $ 203,104 $ 24,175 $ 227,279 | Year Ended December 31, 2016 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 302,881 $ (2,542 ) $ 300,339 Cash, cash equivalents and restricted cash, beginning of period $ 158,821 $ 19,030 $ 177,851 Net increase (decrease) in cash, cash equivalents and restricted cash 35,041 (2,542 ) 32,499 Cash, cash equivalents and restricted cash, end of period $ 193,862 $ 16,488 $ 210,350 | Year Ended December 31, 2015 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 325,751 $ 923 $ 326,674 Cash, cash equivalents and restricted cash, beginning of period $ 145,341 $ 18,107 $ 163,448 Net increase (decrease) in cash, cash equivalents and restricted cash 13,480 923 14,403 Cash, cash equivalents and restricted cash, end of period $ 158,821 $ 19,030 $ 177,851 |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the consolidated balance sheets to the total balance shown in the consolidated statements of cash flows. December 31, (In thousands) 2017 2016 2015 Cash and cash equivalents $ 203,104 $ 193,862 $ 158,821 Restricted cash 24,175 16,488 19,030 Total cash, cash equivalents and restricted cash $ 227,279 $ 210,350 $ 177,851 | ||
Schedule of Composition of Segments | Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, which we aggregate in order to present the following three reportable segments: Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside Cannery Casino and Hotel Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North 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 Par-A-Dice Hotel Casino East Peoria, Illinois Blue Chip Casino, Hotel & Spa Michigan City, Indiana Diamond Jo Dubuque Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Evangeline Downs Racetrack and Casino Opelousas, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica, Mississippi | ||
Schedule of Allowance for Doubtful Accounts | The activity comprising our allowance for doubtful accounts is as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Beginning balance, January 1, $ 1,971 $ 2,087 $ 1,971 Additions due to Acquisitions — 87 — Additions 478 345 361 Deductions (377 ) (548 ) (245 ) Ending balance $ 2,072 $ 1,971 $ 2,087 | ||
Schedule of Property and Equipment | The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 10 years Property and equipment, net consists of the following: December 31, (In thousands) 2017 2016 Land $ 294,533 $ 251,316 Buildings and improvements 2,935,539 2,915,664 Furniture and equipment 1,311,704 1,243,724 Riverboats and barges 238,926 239,264 Construction in progress 59,538 86,226 Other — 726 Total property and equipment 4,840,240 4,736,920 Less accumulated depreciation 2,300,454 2,131,751 Property and equipment, net $ 2,539,786 $ 2,605,169 | ||
Schedule of Bond Maturity Dates | Future maturities of the City Bonds, excluding the discount, for the years ending December 31 are summarized as follows: (In thousands) For the year ending December 31, 2018 $ 475 2019 510 2020 550 2021 590 2022 635 Thereafter 17,760 Total $ 20,520 | ||
Changes in Self-Insurance Reserves | Self-insurance reserves are included in other liabilities on our consolidated balance sheets. The activity comprising our self-insurance reserves is as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Beginning balance $ 31,022 $ 30,068 $ 33,004 Additions Charged to costs and expenses 84,209 79,685 80,311 Due to acquisitions — 14 — Payments made (81,236 ) (78,745 ) (83,247 ) Ending balance $ 33,995 $ 31,022 $ 30,068 | ||
Schedule of Promotional Allowances | Year Ended December 31, (In thousands) 2017 2016 2015 Food and beverage $ 171,904 $ 147,494 $ 151,407 Room 76,565 75,647 77,678 Other 10,900 11,076 11,320 | ||
Weighted-Average Assumptions Used in Estimating the Fair Value of Significant Stock Option Grants and Awards | The following table discloses the weighted-average assumptions used in estimating the fair value of our significant stock option grants and awards in prior years: Year Ended December 31, 2016 2015 Expected stock price volatility 46.62 % 49.06 % Risk-free interest rate 1.39 % 1.59 % Expected option life (in years) 5.4 5.3 Estimated fair value per share $ 7.67 $ 9.06 | ||
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2017, are as follows: Year Ended December 31, 2017 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 1,972,422 $ (232,154 ) $ 1,740,268 Food and beverage 349,271 (2,892 ) 346,379 Room 188,689 (1,894 ) 186,795 Other 132,695 (5,318 ) 127,377 Gross revenues 2,643,077 (242,258 ) 2,400,819 Less promotional allowances 259,370 (259,370 ) — Net revenues 2,383,707 17,112 2,400,819 Operating costs and expenses Gaming 923,266 (163,654 ) 759,612 Food and beverage 194,524 140,982 335,506 Room 52,196 32,992 85,188 Other 77,129 6,486 83,615 Selling, general and administrative 362,037 — 362,037 Maintenance and utilities 109,462 — 109,462 Depreciation and amortization 217,522 — 217,522 Corporate expense 88,148 — 88,148 Project development, preopening and writedowns 14,454 — 14,454 Impairments of assets (426 ) — (426 ) Other operating items, net 1,900 — 1,900 Total operating costs and expenses 2,040,212 16,806 2,057,018 Operating income 343,495 306 343,801 Other expense (income) Interest income (1,818 ) — (1,818 ) Interest expense, net of amounts capitalized 173,108 — 173,108 Loss on early extinguishments and modifications of debt 1,582 — 1,582 Other, net (184 ) — (184 ) Total other expense, net 172,688 — 172,688 Income from continuing operations before income taxes 170,807 306 171,113 Income tax provision (3,006 ) (109 ) (3,115 ) Income from continuing operations, net of tax 167,801 197 167,998 Income from discontinued operations, net of tax 21,392 — 21,392 Net income $ 189,193 $ 197 $ 189,390 Basic net income per common share Continuing operations $ 1.46 $ — $ 1.46 Discontinued operations 0.19 — 0.19 Basic net income per common share $ 1.65 $ — $ 1.65 Weighted average basic shares outstanding 114,957 — 114,957 Diluted net income per common share Continuing operations $ 1.45 $ — $ 1.45 Discontinued operations 0.19 — 0.19 Diluted net income per common share $ 1.64 $ — $ 1.64 Weighted average diluted shares outstanding 115,628 — 115,628 | The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2016, are as follows: Year Ended December 31, 2016 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 1,820,176 $ (209,783 ) $ 1,610,393 Food and beverage 306,145 (3,440 ) 302,705 Room 170,816 (1,425 ) 169,391 Other 122,416 (5,646 ) 116,770 Gross revenues 2,419,553 (220,294 ) 2,199,259 Less promotional allowances 235,577 (235,577 ) — Net revenues 2,183,976 15,283 2,199,259 Operating costs and expenses Gaming 880,716 (155,638 ) 725,078 Food and beverage 170,053 130,713 300,766 Room 44,245 33,489 77,734 Other 76,719 6,688 83,407 Selling, general and administrative 322,009 250 322,259 Maintenance and utilities 100,020 — 100,020 Depreciation and amortization 196,226 — 196,226 Corporate expense 72,668 — 72,668 Project development, preopening and writedowns 22,107 — 22,107 Impairments of assets 38,302 — 38,302 Other operating items, net 284 — 284 Total operating costs and expenses 1,923,349 15,502 1,938,851 Operating income 260,627 (219 ) 260,408 Other expense (income) Interest income (2,961 ) — (2,961 ) Interest expense, net of amounts capitalized 212,692 — 212,692 Loss on early extinguishments and modifications of debt 42,364 — 42,364 Other, net 545 — 545 Total other expense, net 252,640 — 252,640 Income from continuing operations before income taxes 7,987 (219 ) 7,768 Income tax benefit 197,486 2,447 199,933 Income from continuing operations, net of tax 205,473 2,228 207,701 Income from discontinued operations, net of tax 212,530 — 212,530 Net income $ 418,003 $ 2,228 $ 420,231 Basic net income per common share Continuing operations $ 1.79 $ 0.02 $ 1.81 Discontinued operations 1.86 — 1.86 Basic net income per common share $ 3.65 $ 0.02 $ 3.67 Weighted average basic shares outstanding 114,507 — 114,507 Diluted net income per common share Continuing operations $ 1.78 $ 0.02 $ 1.80 Discontinued operations 1.85 — 1.85 Diluted net income per common share $ 3.63 $ 0.02 $ 3.65 Weighted average diluted shares outstanding 115,189 — 115,189 | The effects of the adoption of the Revenue Standard on our results for the year ended December 31, 2015, are as follows: Year Ended December 31, 2015 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 1,847,167 $ (215,990 ) $ 1,631,177 Food and beverage 307,442 (3,656 ) 303,786 Room 163,509 (1,261 ) 162,248 Other 123,959 (6,339 ) 117,620 Gross revenues 2,442,077 (227,246 ) 2,214,831 Less promotional allowances 242,645 (242,645 ) — Net revenues 2,199,432 15,399 2,214,831 Operating costs and expenses Gaming 900,922 (160,899 ) 740,023 Food and beverage 168,096 133,717 301,813 Room 41,298 35,605 76,903 Other 80,508 6,342 86,850 Selling, general and administrative 322,420 252 322,672 Maintenance and utilities 104,548 — 104,548 Depreciation and amortization 207,118 — 207,118 Corporate expense 76,941 — 76,941 Project development, preopening and writedowns 6,907 — 6,907 Impairments of assets 18,565 — 18,565 Other operating items, net 907 — 907 Total operating costs and expenses 1,928,230 15,017 1,943,247 Operating income 271,202 382 271,584 Other expense (income) Interest income (1,858 ) — (1,858 ) Interest expense, net of amounts capitalized 224,590 — 224,590 Loss on early extinguishments and modifications of debt 40,733 — 40,733 Other, net 3,676 — 3,676 Total other expense, net 267,141 — 267,141 Income from continuing operations before income taxes 4,061 382 4,443 Income tax benefit 6,634 (9 ) 6,625 Income from continuing operations, net of tax 10,695 373 11,068 Income from discontinued operations, net of tax 36,539 — 36,539 Net income $ 47,234 $ 373 $ 47,607 Basic net income per common share Continuing operations $ 0.10 $ — $ 0.10 Discontinued operations 0.32 — 0.32 Basic net income per common share $ 0.42 $ — $ 0.42 Weighted average basic shares outstanding 112,789 — 112,789 Diluted net income per common share Continuing operations $ 0.10 $ — $ 0.10 Discontinued operations 0.32 — 0.32 Diluted net income per common share $ 0.42 $ — $ 0.42 Weighted average diluted shares outstanding 113,676 — 113,676 |
Schedule of Income Statement Adjustments [Table Text Block] | The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2017, are as follows: Year Ended December 31, 2017 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Net income $ 189,193 $ 197 $ 189,390 Deferred income taxes 5,095 108 5,203 Accounts payable and accrued liabilities 13,521 (305 ) 13,216 Net cash provided by operating activities 414,864 — 414,864 | The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2016, are as follows: Year Ended December 31, 2016 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Net income $ 418,003 $ 2,228 $ 420,231 Deferred income taxes (199,051 ) (2,447 ) (201,498 ) Accounts payable and accrued liabilities (11,824 ) 219 (11,605 ) Net cash provided by operating activities 302,881 — 302,881 | The effects of the adoption of the Revenue Standard on the affected line items of our consolidated cash flow statement for the year ended December 31, 2015, are as follows: Year Ended December 31, 2015 (In thousands) As Previously Reported Adoption of Revenue Standard As Adjusted Net income $ 47,234 $ 373 $ 47,607 Deferred income taxes 16,846 9 16,855 Accounts payable and accrued liabilities 13,207 (382 ) 12,825 Net cash provided by operating activities 325,751 — 325,751 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cannery Hotel and Casino, LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the components and allocation of the purchase price, including the measurement period adjustments: (In thousands) Preliminary Purchase Price Allocation Adjustments Final Purchase Price Allocation Current assets $ 29,929 $ (8,345 ) $ 21,584 Property and equipment 181,757 (56,675 ) 125,082 Other long-term assets — 3,419 3,419 Intangible and other assets 16,330 (880 ) 15,450 Total acquired assets 228,016 (62,481 ) 165,535 Current liabilities 15,850 (4,984 ) 10,866 Total liabilities assumed 15,850 (4,984 ) 10,866 Net identifiable assets acquired 212,166 (57,497 ) 154,669 Goodwill 26,401 58,651 85,052 Net assets acquired $ 238,567 $ 1,154 $ 239,721 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Land $ 7,870 Buildings and improvements 10 - 40 years 107,268 Furniture and equipment 3 - 7 years 9,820 Construction in progress 124 Property and equipment acquired $ 125,082 |
Aliante Casino Hotel and Spa [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table presents the components and allocation of the purchase price, including the measurement period adjustments: (In thousands) Preliminary Purchase Price Allocation Adjustments Final Purchase Price Allocation Current assets $ 31,886 $ — $ 31,886 Property and equipment 226,309 (760 ) 225,549 Intangible and other assets 20,791 (2,643 ) 18,148 Total acquired assets 278,986 (3,403 ) 275,583 Current liabilities 5,693 515 6,208 Other liabilities 636 (83 ) 553 Total liabilities assumed 6,329 432 6,761 Net identifiable assets acquired 272,657 (3,835 ) 268,822 Goodwill 126,489 3,835 130,324 Net assets acquired $ 399,146 $ — $ 399,146 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Land $ 16,680 Buildings and improvements 10 - 45 years 200,770 Furniture and equipment 3 - 7 years 8,099 Property and equipment acquired $ 225,549 |
Borgata | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | We accounted for our investment in Borgata applying the equity method, through the date of the sale, and, as a result of the sale, we reported the results as discontinued operations for all periods presented in these consolidated financial statements. The Borgata results presented have not been recast and therefore do not reflect the impact of the adoption of the Revenue Standard. The table below summarizes the results of operations information for periods prior to the date of divestiture: Seven Months Ended Twelve Months Ended (In thousands) July 31, 2016 December 31, 2015 Net revenues $ 485,510 $ 804,166 Operating expenses 366,812 657,324 Operating income 118,698 146,842 Interest expense 26,378 59,681 Loss on early extinguishments of debt 1,628 18,895 State income tax expense (benefit) 8,274 (3,731 ) Net income $ 82,418 $ 71,997 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 10 years Property and equipment, net consists of the following: December 31, (In thousands) 2017 2016 Land $ 294,533 $ 251,316 Buildings and improvements 2,935,539 2,915,664 Furniture and equipment 1,311,704 1,243,724 Riverboats and barges 238,926 239,264 Construction in progress 59,538 86,226 Other — 726 Total property and equipment 4,840,240 4,736,920 Less accumulated depreciation 2,300,454 2,131,751 Property and equipment, net $ 2,539,786 $ 2,605,169 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: December 31, 2017 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles: Customer relationships 5.2 years $ 9,400 $ (3,470 ) $ — $ 5,930 Favorable lease rates 38.0 years 11,730 (3,075 ) — 8,655 Development agreement — 21,373 — — 21,373 42,503 (6,545 ) — 35,958 Indefinite lived intangible assets: Trademarks Indefinite 151,887 — (4,300 ) 147,587 Gaming license rights Indefinite 873,335 (33,960 ) (179,974 ) 659,401 1,025,222 (33,960 ) (184,274 ) 806,988 Balance, December 31, 2017 $ 1,067,725 $ (40,505 ) $ (184,274 ) $ 842,946 December 31, 2016 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles: Customer relationships 1.1 years $ 144,780 $ (125,318 ) $ — $ 19,462 Favorable lease rates 31.4 years 45,370 (13,039 ) — 32,331 Development agreement — 21,373 — — 21,373 211,523 (138,357 ) — 73,166 Indefinite lived intangible assets: Trademarks Indefinite 153,687 — (4,300 ) 149,387 Gaming license rights Indefinite 873,335 (33,960 ) (179,974 ) 659,401 1,027,022 (33,960 ) (184,274 ) 808,788 Balance, December 31, 2016 $ 1,238,545 $ (172,317 ) $ (184,274 ) $ 881,954 |
Schedule of Changes in Intangible Assets | The following table sets forth the changes in these intangible assets: (In thousands) Customer Relationships Favorable Lease Rates Development Agreements Trademarks Gaming License Rights Intangible Assets, Net Balance, January 1, 2015 $ 51,958 $ 34,414 $ 21,373 $ 126,001 $ 700,503 $ 934,249 Additions — — — — — — Impairments — — — — (17,502 ) (17,502 ) Amortization (25,652 ) (1,041 ) — — — (26,693 ) Balance, December 31, 2015 26,306 33,373 21,373 126,001 683,001 890,054 Additions 8,480 — — 24,200 — 32,680 Impairments — — — (800 ) (23,600 ) (24,400 ) Amortization (15,324 ) (1,042 ) — — — (16,366 ) Other — — — (14 ) — (14 ) Balance, December 31, 2016 19,462 32,331 21,373 149,387 659,401 881,954 Additions — — — — — — Purchase price adjustment 920 — — (1,800 ) — (880 ) Impairments — — — — — — Amortization (14,452 ) (228 ) — — — (14,680 ) Other — (23,448 ) — — — (23,448 ) Balance, December 31, 2017 $ 5,930 $ 8,655 $ 21,373 $ 147,587 $ 659,401 $ 842,946 |
Schedule of Expected Amortization Expense | Future amortization is as follows: (In thousands) Customer Relationships Favorable Lease Rates Total For the year ending December 31, 2018 $ 2,291 $ 228 $ 2,519 2019 1,634 228 1,862 2020 1,043 228 1,271 2021 511 228 739 2022 271 228 499 Thereafter 180 7,515 7,695 Total future amortization $ 5,930 $ 8,655 $ 14,585 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Goodwill Rollforward [Table Text Block] | The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2017, 2016 and 2015. (In thousands) Goodwill, Net Balance, January 1, 2015 $ 685,310 Additions — Impairments — Balance, December 31, 2015 685,310 Additions 153,628 Impairments (12,462 ) Balance, December 31, 2016 826,476 Additions — Impairments — Final purchase price adjustment 61,748 Balance, December 31, 2017 $ 888,224 |
Schedule of Goodwill By Segment [Table Text Block] | Goodwill consists of the following: (In thousands) Gross Carrying Value Cumulative Amortization Cumulative Impairment Losses Goodwill, Net Goodwill, net by Reportable Segment: Las Vegas Locals $ 593,567 $ — $ (165,479 ) $ 428,088 Downtown Las Vegas 6,997 (6,134 ) — 863 Midwest and South 471,735 — (12,462 ) 459,273 Balance, December 31, 2017 $ 1,072,299 $ (6,134 ) $ (177,941 ) $ 888,224 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: December 31, (In thousands) 2017 2016 Payroll and related expenses $ 70,724 $ 68,102 Interest 19,858 33,407 Gaming liabilities 55,961 41,942 Player loyalty program liabilities 24,489 25,548 Advance deposits 18,922 16,999 Outstanding chip liability 4,928 4,553 Dividends payable 5,632 — Other accrued liabilities 54,632 67,003 Total accrued liabilities $ 255,146 $ 257,554 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | |
Schedule of Extinguishment of Debt [Table Text Block] | The components of the loss on early extinguishments and modifications of debt, are as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Boyd Gaming Credit Facility deferred finance charges $ 1,086 $ 6,629 $ 1,978 Refinancing Amendment 496 — — 9.00% Senior Notes premium and consent fees — 15,750 — 9.00% Senior Notes deferred finance charges — 5,976 — 8.375% Senior Notes deferred finance charges — 4,497 — 9.125% Senior Notes premium and consent fees — — 23,962 9.125% Senior Notes deferred finance charges — — 4,888 HoldCo Note — — 7,819 Peninsula Credit Facility deferred finance charges — 9,512 2,086 Total loss on early extinguishments and modifications of debt $ 1,582 $ 42,364 $ 40,733 |
Schedule of Long-term Debt Instruments | Long-term debt, net of current maturities and debt issuance costs consists of the following: December 31, 2017 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Dec. 31, 2017 Principal Discount Fees and Costs Debt, Net Bank credit facility 3.882 % $ 1,621,054 $ (1,556 ) $ (23,795 ) $ 1,595,703 6.875% senior notes due 2023 6.875 % 750,000 — (9,455 ) 740,545 6.375% senior notes due 2026 6.375 % 750,000 — (10,872 ) 739,128 Other 5.800 % 504 — — 504 Total long-term debt 3,121,558 (1,556 ) (44,122 ) 3,075,880 Less current maturities 23,981 — — 23,981 Long-term debt, net $ 3,097,577 $ (1,556 ) $ (44,122 ) $ 3,051,899 December 31, 2016 Interest Unamortized Rates at Outstanding Unamortized Origination Long-Term (In thousands) Dec. 31, 2016 Principal Discount Fees and Costs Debt, Net Bank credit facility 3.440 % $ 1,782,538 $ (1,888 ) $ (28,503 ) $ 1,752,147 6.875% senior notes due 2023 6.875 % 750,000 — (11,209 ) 738,791 6.375% senior notes due 2026 6.375 % 750,000 — (12,074 ) 737,926 Other 5.800 % 591 — — 591 Total long-term debt 3,283,129 (1,888 ) (51,786 ) 3,229,455 Less current maturities 30,336 — — 30,336 Long-term debt, net $ 3,252,793 $ (1,888 ) $ (51,786 ) $ 3,199,119 |
Schedule of Line of Credit Facilities | The outstanding principal amounts under the Credit Facility are comprised of the following: December 31, (In thousands) 2017 2016 Revolving Credit Facility $ 170,000 $ 245,000 Term A Loan 210,938 222,188 Refinancing Term B Loans 1,170,016 — Term B-1 Loan — 271,750 Term B-2 Loan — 997,500 Swing Loan 70,100 46,100 Total outstanding principal amounts $ 1,621,054 $ 1,782,538 |
Maximum Total Leverage Ratio | The maximum permitted consolidated Total Leverage Ratio is calculated as Consolidated Funded Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Total Leverage Ratio during the remaining term of the Credit Facility: Maximum Total For the Trailing Four Quarters Ending Leverage Ratio March 31, 2017 through December 31, 2017 7.00 to 1.00 March 31, 2018 through December 31, 2018 6.25 to 1.00 March 31, 2019 through December 31, 2019 6.00 to 1.00 March 31, 2020 through December 31, 2020 5.75 to 1.00 March 31, 2021 and thereafter 5.50 to 1.00 |
Maximum Secured Leverage Ratio | The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Agreement. The following table provides our maximum Secured Leverage Ratio during the remaining term of the Credit Facility: Maximum Secured For the Trailing Four Quarters Ending Leverage Ratio September 30, 2016 through December 31, 2017 4.50 to 1.00 March 31, 2018 through December 31, 2018 4.00 to 1.00 March 31, 2019 through December 31, 2019 3.75 to 1.00 March 31, 2020 and thereafter 3.50 to 1.00 |
Schedule of Maturities of Long-term Debt | The scheduled maturities of long-term debt, as discussed above, are as follows: (In thousands) Total For the year ending December 31, 2018 $ 23,981 2019 23,991 2020 23,997 2021 430,040 2022 12,758 Thereafter 2,606,791 Total outstanding principal of long-term debt $ 3,121,558 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components Comprising Deferred Tax Assets and Liabilities | The components comprising our deferred tax assets and liabilities are as follows: December 31, (In thousands) 2017 2016 Deferred tax assets Federal net operating loss carryforwards $ 110,350 $ 201,978 State net operating loss carryforwards 45,096 38,715 Share-based compensation 14,226 26,344 Other 35,161 63,815 Gross deferred tax assets 204,833 330,852 Valuation allowance (28,821 ) (28,402 ) Deferred tax assets, net of valuation allowance 176,012 302,450 Deferred tax liabilities Difference between book and tax basis of property and intangible assets 219,090 337,654 State tax liability 33,777 31,443 Other 9,802 14,807 Gross deferred tax liabilities 262,669 383,904 Deferred tax liabilities, net $ 86,657 $ 81,454 |
Summary of Provision (Benefit) for Income Taxes | A summary of the provision (benefit) for income taxes is as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Current Federal $ (10,367 ) $ — $ — State 5,335 1,242 2,052 Total current taxes provision (5,032 ) 1,242 2,052 Deferred Federal 6,449 (192,472 ) (9,493 ) State 1,698 (8,703 ) 816 Total deferred taxes benefit 8,147 (201,175 ) (8,677 ) Provision (benefit) for income taxes from continuing operations $ 3,115 $ (199,933 ) $ (6,625 ) Provision (benefit) for income taxes included on the consolidated statement of operations Provision (benefit) for income taxes from continuing operations $ 3,115 $ (199,933 ) $ (6,625 ) Provision (benefit) for income taxes from discontinued operations 14,855 146,379 (540 ) Provision (benefit) for income taxes from continuing and discontinued operations $ 17,970 $ (53,554 ) $ (7,165 ) |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income from continuing operations before income taxes: Year Ended December 31, 2017 2016 2015 Tax at federal statutory rate 35.0 % 35.0 % 35.0 % Federal statutory rate change on deferred tax liability (35.2 )% — % — % State income taxes, net of federal benefit 2.7 % (60.8 )% 64.1 % Compensation-based credits (1.0 )% (22.3 )% (55.5 )% Valuation allowance for deferred tax assets — % (2,548.1 )% 179.9 % Company provided benefits 0.5 % 15.2 % 139.8 % Nondeductible expenses 0.5 % 10.6 % 17.3 % Tax exempt interest (0.3 )% (7.1 )% (12.6 )% Accrued interest on uncertain tax benefits 0.1 % 2.1 % (127.7 )% Uncertain tax benefits — % — % (385.4 )% Other, net (0.5 )% 1.6 % (4.0 )% Effective tax rate 1.8 % (2,573.8 )% (149.1 )% |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, (In thousands) 2017 2016 2015 Unrecognized tax benefit, beginning of year $ 2,482 $ 2,482 $ 30,198 Additions: Tax positions related to current year — — — Reductions: Tax position related to prior years — — (27,716 ) Unrecognized tax benefits, end of year $ 2,482 $ 2,482 $ 2,482 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under Noncancelable Operating Leases | Future minimum lease payments required under noncancelable operating leases, which are primarily related to land leases are as follows: (In thousands) Lease Obligations For the year ending December 31, 2018 $ 20,642 2019 17,826 2020 15,325 2021 14,330 2022 13,884 Thereafter 314,391 Total $ 396,398 |
Schedule of Future Minimum Rental Income | Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows: (In thousands) Minimum Rental Income For the year ending December 31, 2018 $ 3,432 2019 2,371 2020 1,665 2021 930 2022 771 Thereafter 250 Total $ 9,419 |
Stockholders' Equity and Stoc35
Stockholders' Equity and Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Repurchases [Table Text Block] | The following table provides information regarding share repurchases during the referenced periods. (1) (In thousands, except per share data) For the Year Ended December 31, 2017 Shares repurchased (2) 1,198 Total cost, including brokerage fees $ 31,927 Average repurchase price per share (3) $ 26.64 (1) Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2017 . These amounts exclude repurchases traded but not yet settled on or before December 31, 2017 . (2) All shares repurchased have been retired and constitute authorized but unissued shares. (3) Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded number |
Stock Option Plan Activity | Summarized stock option plan activity is as follows: Options Weighted Average Option Price Weighted Average Remaining Term Aggregate Intrinsic Value (In years) (In thousands) Outstanding at January 1, 2015 7,169,668 $ 25.73 Granted 200,673 19.98 Canceled (1,463,497 ) 39.82 Exercised (1,301,789 ) 7.53 Outstanding at December 31, 2015 4,605,055 26.14 Granted 216,509 17.50 Canceled (1,260,750 ) 38.63 Exercised (452,898 ) 6.49 Outstanding at December 31, 2016 3,107,916 23.36 Granted — — Canceled (1,323,500 ) 39.30 Exercised (241,964 ) 8.61 Outstanding at December 31, 2017 1,542,452 $ 11.99 5.3 $ 35,565 Exercisable at December 31, 2016 2,696,315 $ 24.27 3.1 $ 14,587 Exercisable at December 31, 2017 1,335,717 $ 11.00 4.8 $ 32,128 |
Information About Stock Options Outstanding and Exercisable | The following table summarizes the information about stock options outstanding and exercisable at December 31, 2017 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number Exercisable Weighted-Average Exercise Price $5.22 25,510 4.9 $ 5.22 25,510 $ 5.22 6.60 28,000 0.8 6.60 28,000 6.60 6.70 196,869 3.9 6.70 196,869 6.70 7.55 65,000 1.8 7.55 65,000 7.55 8.34 294,163 2.8 8.34 294,163 8.34 9.86 260,882 5.9 9.86 260,882 9.86 11.57 229,846 6.2 11.57 229,846 11.57 17.75 216,509 8.9 17.75 72,174 17.75 19.98 200,673 7.4 19.98 138,273 19.98 33.31 25,000 0.0 33.31 25,000 33.31 $5.22-$33.31 1,542,452 5.3 $ 11.99 1,335,717 $ 11.00 |
RSU Activity | Summarized RSU activity is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 2,534,496 Granted 541,016 $19.05 Canceled (40,800 ) Awarded (713,886 ) Outstanding at December 31, 2015 2,320,826 Granted 542,220 $18.06 Canceled (30,400 ) Awarded (871,528 ) Outstanding at December 31, 2016 1,961,118 Granted 442,879 $27.40 Canceled (38,964 ) Awarded (727,821 ) Outstanding at December 31, 2017 1,637,212 |
PSU Activity | Summarized PSU activity is as follows: Performance Stock Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 1,411,640 Granted 240,156 $16.75 Performance Adjustment 264,306 Canceled (2,677 ) Awarded (663,945 ) Outstanding at December 31, 2015 1,249,480 Granted 241,235 $17.75 Performance Adjustment (148,272 ) Canceled — Awarded (213,365 ) Outstanding at December 31, 2016 1,129,078 Granted 275,305 $28.94 Performance Adjustment (73,407 ) Canceled — Awarded (268,429 ) Outstanding at December 31, 2017 1,062,547 |
Career Shares Activity | Summarized Career Shares activity is as follows: Career Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 896,585 Granted 103,018 $12.51 Canceled — Awarded (31,028 ) Outstanding at December 31, 2015 968,575 Granted 73,064 $19.01 Canceled — Awarded — Outstanding at December 31, 2016 1,041,639 Granted 66,000 $20.41 Canceled (11,236 ) Awarded (82,944 ) Outstanding at December 31, 2017 1,013,459 |
Share-based Compensation Costs by Award Plan | The following table summarizes our share-based compensation costs by award type: Year Ended December 31, (In thousands) 2017 2016 2015 Stock Options $ 1,193 $ 1,974 $ 2,821 Restricted Stock Units 7,463 8,883 9,909 Performance Stock Units 7,381 3,353 5,135 Career Shares 1,376 1,308 1,399 Total share-based compensation costs $ 17,413 $ 15,518 $ 19,264 |
Classification Detail of Share-based Employee Compensation Costs | The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our consolidated statements of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Gaming $ 363 $ 428 $ 393 Food and beverage 69 82 75 Room 33 39 36 Selling, general and administrative 1,846 2,176 1,996 Corporate expense 15,102 12,793 16,764 Total share-based compensation expense $ 17,413 $ 15,518 $ 19,264 |
Dividends Declared [Table Text Block] | The dividends declared by the Board under this program are: Declaration date Record date Payment date Amount per share May 2, 2017 June 15, 2017 July 15, 2017 $0.05 September 6, 2017 September 18, 2017 October 15, 2017 0.05 December 7, 2017 December 28, 2017 January 15, 2018 0.05 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables show the fair values of certain of our financial instruments: December 31, 2017 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 203,104 $ 203,104 $ — $ — Restricted cash 24,175 24,175 — — Investment available for sale 17,752 — — 17,752 Liabilities Contingent payments $ 2,887 $ — $ — $ 2,887 December 31, 2016 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 193,862 $ 193,862 $ — $ — Restricted cash 16,488 16,488 — — Investment available for sale 17,259 — — 17,259 Liabilities Contingent payments $ 3,038 $ — $ — $ 3,038 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Level 3 Inputs | The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities: December 31, 2017 Assets Liabilities (In thousands) Investment Contingent Payments Balance at January 1, 2017 $ 17,259 $ (3,038 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 138 (335 ) Included in other comprehensive income (loss) 795 — Included in other items, net — (333 ) Purchases, sales, issuances and settlements: Settlements (440 ) 819 Balance at December 31, 2017 $ 17,752 $ (2,887 ) December 31, 2016 Assets Liabilities (In thousands) Investment Available for Sale Contingent Payments Balance at January 1, 2016 $ 17,839 $ (3,632 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 130 (600 ) Included in other comprehensive income (loss) (299 ) — Included in other items, net — 346 Purchases, sales, issuances and settlements: Settlements (411 ) 848 Balance at December 31, 2016 $ 17,259 $ (3,038 ) |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: December 31, 2017 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 31,729 $ 25,602 $ 26,999 Level 3 December 31, 2016 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 33,456 $ 26,660 $ 27,054 Level 3 Other financial instruments 100 97 97 Level 3 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | The following tables provide the fair value measurement information about our long-term debt: December 31, 2017 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Credit Facility $ 1,621,054 $ 1,595,703 $ 1,625,178 Level 2 6.875% Senior Notes due 2023 750,000 740,545 798,750 Level 1 6.375% Senior Notes due 2026 750,000 739,128 810,000 Level 1 Other 504 504 504 Level 3 Total debt $ 3,121,558 $ 3,075,880 $ 3,234,432 December 31, 2016 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Credit Facility $ 1,782,538 $ 1,752,147 $ 1,791,853 Level 2 6.875% Senior Notes due 2023 750,000 738,791 806,250 Level 1 6.375% Senior Notes due 2026 750,000 737,926 804,375 Level 1 Other 591 591 591 Level 3 Total debt $ 3,283,129 $ 3,229,455 $ 3,403,069 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments: Year Ended December 31, 2017 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 563,785 $ 154,451 $ 98,406 $ 51,735 $ 868,377 Downtown Las Vegas 133,072 54,451 24,623 32,295 244,441 Midwest and South 1,043,411 137,477 63,766 43,347 1,288,001 Total Revenues $ 1,740,268 $ 346,379 $ 186,795 $ 127,377 $ 2,400,819 | Year Ended December 31, 2016 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 422,375 $ 108,541 $ 82,566 $ 41,533 $ 655,015 Downtown Las Vegas 133,165 52,849 20,209 30,347 236,570 Midwest and South 1,054,853 141,315 66,616 44,890 1,307,674 Total Revenues $ 1,610,393 $ 302,705 $ 169,391 $ 116,770 $ 2,199,259 | Year Ended December 31, 2015 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 395,108 $ 103,353 $ 75,282 $ 42,827 $ 616,570 Downtown Las Vegas 131,871 52,105 19,856 29,445 233,277 Midwest and South 1,104,198 148,328 67,110 45,348 1,364,984 Total Revenues $ 1,631,177 $ 303,786 $ 162,248 $ 117,620 $ 2,214,831 |
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated | Year Ended December 31, 2017 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 563,785 $ 154,451 $ 98,406 $ 51,735 $ 868,377 Downtown Las Vegas 133,072 54,451 24,623 32,295 244,441 Midwest and South 1,043,411 137,477 63,766 43,347 1,288,001 Total Revenues $ 1,740,268 $ 346,379 $ 186,795 $ 127,377 $ 2,400,819 Year Ended December 31, 2016 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 422,375 $ 108,541 $ 82,566 $ 41,533 $ 655,015 Downtown Las Vegas 133,165 52,849 20,209 30,347 236,570 Midwest and South 1,054,853 141,315 66,616 44,890 1,307,674 Total Revenues $ 1,610,393 $ 302,705 $ 169,391 $ 116,770 $ 2,199,259 Year Ended December 31, 2015 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 395,108 $ 103,353 $ 75,282 $ 42,827 $ 616,570 Downtown Las Vegas 131,871 52,105 19,856 29,445 233,277 Midwest and South 1,104,198 148,328 67,110 45,348 1,364,984 Total Revenues $ 1,631,177 $ 303,786 $ 162,248 $ 117,620 $ 2,214,831 The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying consolidated statements of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Adjusted EBITDA Las Vegas Locals $ 249,906 $ 176,066 $ 157,269 Downtown Las Vegas 54,613 52,341 49,214 Midwest and South 364,458 367,579 381,467 Total Reportable Segment Adjusted EBITDA 668,977 595,986 587,950 Corporate expense (73,046 ) (59,875 ) (60,177 ) Adjusted EBITDA 595,931 536,111 527,773 Other operating costs and expenses Deferred rent 1,267 3,266 3,428 Depreciation and amortization 217,522 196,226 207,118 Project development, preopening and writedowns 14,454 22,107 6,907 Share-based compensation expense 17,413 15,518 19,264 Impairments of assets (426 ) 38,302 18,565 Other operating charges, net 1,900 284 907 Total other operating costs and expenses 252,130 275,703 256,189 Operating income $ 343,801 $ 260,408 $ 271,584 | ||
Reconciliation of Assets from Segment to Consolidated | The Company's total assets, by Reportable Segment, consisted of the following amounts: December 31, (In thousands) 2017 2016 Assets Las Vegas Locals $ 1,792,119 $ 1,785,858 Downtown Las Vegas 170,574 157,319 Midwest and South 2,496,957 2,556,307 Total Reportable Segment assets 4,459,650 4,499,484 Corporate 226,280 171,267 Total assets $ 4,685,930 $ 4,670,751 | ||
Capital Expenditures by Reportable Segment | The Company's capital expenditures by Reportable Segment, consisted of the following: Year Ended December 31, (In thousands) 2017 2016 2015 Capital Expenditures: Las Vegas Locals $ 59,382 $ 42,069 $ 41,772 Downtown Las Vegas 21,705 28,431 13,000 Midwest and South 37,657 73,255 60,887 Total Reportable Segment Capital Expenditures 118,744 143,755 115,659 Corporate 71,673 16,672 12,646 Total Capital Expenditures 190,417 160,427 128,305 Change in Accrued Property Additions 47 (69 ) 2,865 Cash-Based Capital Expenditures $ 190,464 $ 160,358 $ 131,170 |
Selected Quarterly Financial 38
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | The following table presents selected quarterly financial information: Year Ended December 31, 2017 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Total revenues $ 610,065 $ 604,124 $ 591,542 $ 595,088 $ 2,400,819 Operating income 94,830 89,554 78,940 80,477 343,801 Income from continuing operations, net of tax $ 35,076 $ 27,692 $ 23,157 $ 82,073 $ 167,998 Income from discontinued operations, net of tax 375 21,017 — — 21,392 Net income $ 35,451 $ 48,709 $ 23,157 $ 82,073 $ 189,390 Basic net income per common share: Continuing operations $ 0.31 $ 0.24 $ 0.20 $ 0.72 $ 1.46 Discontinued operations — 0.18 — — 0.19 Basic net income per common share $ 0.31 $ 0.42 $ 0.20 $ 0.72 $ 1.65 Diluted net income per common share: Continuing operations $ 0.31 $ 0.24 $ 0.20 $ 0.71 $ 1.45 Discontinued operations — 0.18 — — 0.19 Diluted net income per common share $ 0.31 $ 0.42 $ 0.20 $ 0.71 $ 1.64 Year Ended December 31, 2016 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Total revenues $ 556,653 $ 548,784 $ 535,173 $ 558,649 $ 2,199,259 Operating income 82,362 80,439 67,881 29,726 260,408 Income from continuing operations, net of tax $ 21,666 $ 11,257 $ 164,197 $ 10,581 $ 207,701 Income from discontinued operations, net of tax 11,630 18,715 180,707 1,478 212,530 Net income $ 33,296 $ 29,972 $ 344,904 $ 12,059 $ 420,231 Basic net income per common share: Continuing operations $ 0.19 $ 0.10 $ 1.43 $ 0.09 $ 1.81 Discontinued operations 0.10 0.16 1.58 0.01 1.86 Basic net income per common share $ 0.29 $ 0.26 $ 3.01 $ 0.10 $ 3.67 Diluted net income per common share: Continuing operations $ 0.19 $ 0.10 $ 1.43 $ 0.09 $ 1.80 Discontinued operations 0.10 0.16 1.57 0.01 1.85 Diluted net income per common share $ 0.29 $ 0.26 $ 3.00 $ 0.10 $ 3.65 |
Condensed Consolidating Finan39
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheets December 31, 2017 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 347 $ 199,574 $ 3,183 $ — $ — $ 203,104 Restricted cash — 14,389 9,786 — — 24,175 Other current assets 78,226 20,921 2,782 — (545 ) 101,384 Property and equipment, net 88,464 2,424,361 26,961 — — 2,539,786 Investments in subsidiaries 4,913,592 — 18,097 — (4,931,689 ) — Intercompany receivable — 1,934,559 — — (1,934,559 ) — Other assets, net 14,725 33,369 38,217 — — 86,311 Intangible assets, net — 818,887 24,059 — — 842,946 Goodwill, net — 887,442 782 — — 888,224 Total assets $ 5,095,354 $ 6,333,502 $ 123,867 $ — $ (6,866,793 ) $ 4,685,930 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 23,895 $ 86 $ — $ — $ — $ 23,981 Other current liabilities 130,030 212,146 19,578 — (264 ) 361,490 Accumulated losses of subsidiaries in excess of investment — 73,130 — — (73,130 ) — Intercompany payable 888,444 — 1,046,114 — (1,934,558 ) — Long-term debt, net of current maturities and debt issuance costs 3,051,481 418 — — — 3,051,899 Other long-term liabilities (95,723 ) 257,484 (10,428 ) — — 151,333 Total stockholders' equity (deficit) 1,097,227 5,790,238 (931,397 ) — (4,858,841 ) 1,097,227 Total liabilities and stockholders' equity $ 5,095,354 $ 6,333,502 $ 123,867 $ — $ (6,866,793 ) $ 4,685,930 Condensed Consolidating Balance Sheets - continued December 31, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 1,212 $ 189,364 $ 3,286 $ — $ — $ 193,862 Restricted cash — 10,246 6,242 — — 16,488 Other current assets 78,915 16,469 2,666 — (453 ) 97,597 Property and equipment, net 73,180 2,503,127 28,862 — — 2,605,169 Investments in subsidiaries 4,501,951 139,465 — — (4,641,416 ) — Intercompany receivable — 1,491,017 — — (1,491,017 ) — Other assets, net 13,598 31,899 3,708 — — 49,205 Intangible assets, net — 857,894 24,060 — — 881,954 Goodwill, net — 825,694 782 — — 826,476 Total assets $ 4,668,856 $ 6,065,175 $ 69,606 $ — $ (6,132,886 ) $ 4,670,751 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 30,250 $ 86 $ — $ — $ — $ 30,336 Other current liabilities 93,762 202,840 46,467 — (1,429 ) 341,640 Accumulated losses of subsidiaries in excess of investment — — 8,257 — (8,257 ) — Intercompany payable 521,002 — 968,811 254 (1,490,067 ) — Long-term debt, net of current maturities and debt issuance costs 3,198,613 506 — — — 3,199,119 Other long-term liabilities (104,901 ) 296,106 (21,729 ) — — 169,476 Boyd Gaming Corporation stockholders' equity (deficit) 930,130 5,565,637 (932,200 ) (254 ) (4,633,183 ) 930,130 Noncontrolling interest — — — — 50 50 Total stockholders' equity (deficit) 930,130 5,565,637 (932,200 ) (254 ) (4,633,133 ) 930,180 Total liabilities and stockholders' equity $ 4,668,856 $ 6,065,175 $ 69,606 $ — $ (6,132,886 ) $ 4,670,751 |
Schedule of Condensed Income Statement | Condensed Consolidating Statements of Operations Year Ended December 31, 2017 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Total revenues $ 73,292 $ 2,377,514 $ 42,670 $ — $ (92,657 ) $ 2,400,819 Operating costs and expenses Operating — 1,225,765 38,156 — — 1,263,921 Selling, general and administrative 44 354,423 7,612 — (42 ) 362,037 Maintenance and utilities — 108,092 1,370 — — 109,462 Depreciation and amortization 12,041 201,401 4,080 — — 217,522 Corporate expense 85,362 1,140 1,646 — — 88,148 Project development, preopening and writedowns 7,806 2,912 3,736 — — 14,454 Impairments of assets 600 1 (1,027 ) — — (426 ) Other operating items, net 725 1,175 — — — 1,900 Intercompany expenses 1,204 91,411 — — (92,615 ) — Total operating costs and expenses 107,782 1,986,320 55,573 — (92,657 ) 2,057,018 Equity in earnings (losses) of subsidiaries 330,711 (1,374 ) — — (329,337 ) — Operating income (loss) 296,221 389,820 (12,903 ) — (329,337 ) 343,801 Other expense (income) Interest expense, net 169,990 1,275 25 — — 171,290 Loss on early extinguishments and modifications of debt 1,582 — — — — 1,582 Other, net (16 ) (98 ) (70 ) — — (184 ) Total other expense, net 171,556 1,177 (45 ) — — 172,688 Income (loss) from continuing operations before income taxes 124,665 388,643 (12,858 ) — (329,337 ) 171,113 Income tax benefit (provision) 64,725 (73,426 ) 5,586 — — (3,115 ) Income (loss) from continuing operations, net of tax 189,390 315,217 (7,272 ) — (329,337 ) 167,998 Income from discontinued operations, net of tax — 21,392 — — — 21,392 Net income (loss) $ 189,390 $ 336,609 $ (7,272 ) $ — $ (329,337 ) $ 189,390 Comprehensive income (loss) $ 189,823 $ 337,042 $ (7,272 ) $ — $ (329,770 ) $ 189,823 Condensed Consolidating Statements of Operations - continued Year Ended December 31, 2016 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Total revenues $ 121,939 $ 2,176,788 $ 43,867 $ — $ (143,335 ) $ 2,199,259 Operating costs and expenses Operating 1,200 1,148,170 37,615 — — 1,186,985 Selling, general and administrative 49,938 265,735 6,584 — 2 322,259 Maintenance and utilities — 98,741 1,279 — — 100,020 Depreciation and amortization 8,767 183,531 3,928 — — 196,226 Corporate expense 66,703 1,738 4,227 — — 72,668 Project development, preopening and writedowns 18,079 (3,292 ) 7,320 — — 22,107 Impairments of assets 1,440 36,862 — — — 38,302 Other operating items, net 181 103 — — — 284 Intercompany expenses 1,205 140,671 1,461 — (143,337 ) — Total operating costs and expenses 147,513 1,872,259 62,414 — (143,335 ) 1,938,851 Equity in earnings (losses) of subsidiaries 445,130 (2,039 ) — — (443,091 ) — Operating income (loss) 419,556 302,490 (18,547 ) — (443,091 ) 260,408 Other expense (income) Interest expense, net 157,923 51,783 25 — — 209,731 Loss on early extinguishments of debt 28,356 14,008 — — — 42,364 Other, net 1 617 (73 ) — — 545 Total other expense (income), net 186,280 66,408 (48 ) — — 252,640 Income (loss) from continuing operations before income taxes 233,276 236,082 (18,499 ) — (443,091 ) 7,768 Income tax benefit 186,955 12,852 126 — — 199,933 Income (loss) from continuing operations, net of tax 420,231 248,934 (18,373 ) — (443,091 ) 207,701 Income from discontinued operations, net of tax — 212,530 — — — 212,530 Net income (loss) $ 420,231 $ 461,464 $ (18,373 ) $ — $ (443,091 ) $ 420,231 Comprehensive income (loss) $ 419,932 $ 461,165 $ (18,373 ) $ — $ (442,792 ) $ 419,932 Consolidating Statements of Operations - continued Year Ended December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Total revenues $ 121,541 $ 2,194,440 $ 42,459 $ — $ (143,609 ) $ 2,214,831 Operating costs and expenses Operating 1,800 1,165,834 37,955 — — 1,205,589 Selling, general and administrative 48,173 267,913 6,604 — (18 ) 322,672 Maintenance and utilities — 103,086 1,462 — — 104,548 Depreciation and amortization 6,179 196,865 4,074 — — 207,118 Corporate expense 71,700 1,781 3,460 — — 76,941 Project development, preopening and writedowns 884 2,351 3,596 76 — 6,907 Impairments of assets — 17,500 1,065 — — 18,565 Other operating items, net 599 308 — — — 907 Intercompany expenses 1,204 140,971 1,416 — (143,591 ) — Total operating costs and expenses 130,539 1,896,609 59,632 76 (143,609 ) 1,943,247 Equity in earnings (losses) of subsidiaries 190,943 (2,204 ) (76 ) — (188,663 ) — Operating income (loss) 181,945 295,627 (17,249 ) (76 ) (188,663 ) 271,584 Other expense Interest expense, net 125,890 96,818 24 — — 222,732 Loss on early extinguishments of debt 30,829 9,904 — — — 40,733 Other, net 396 2,959 321 — — 3,676 Total other expense, net 157,115 109,681 345 — — 267,141 Income (loss) from continuing operations before income taxes 24,830 185,946 (17,594 ) (76 ) (188,663 ) 4,443 Income tax benefit (provision) 22,777 (16,098 ) (54 ) — — 6,625 Income (loss) from continuing operations, net of tax 47,607 169,848 (17,648 ) (76 ) (188,663 ) 11,068 Income from discontinued operations, net of tax — 36,539 — — — 36,539 Net income (loss) $ 47,607 $ 206,387 $ (17,648 ) $ (76 ) $ (188,663 ) $ 47,607 Comprehensive income (loss) $ 47,344 $ 206,124 $ (17,648 ) $ (76 ) $ (188,400 ) $ 47,344 |
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 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 $ (82,632 ) $ 519,608 $ (15,628 ) $ 254 $ 949 $ 422,551 Cash flows from investing activities Capital expenditures (102,277 ) (87,590 ) (597 ) — — (190,464 ) Cash paid for acquisitions, net of cash received (1,153 ) — — — — (1,153 ) Net activity with affiliates — (443,542 ) — — 443,542 — Distributions from subsidiary 10,867 — — — (10,867 ) — Advances pursuant to development agreement — — (35,108 ) — — (35,108 ) Other investing activities — 706 — — — 706 Net cash from investing activities (92,563 ) (530,426 ) (35,705 ) — 432,675 (226,019 ) Cash flows from financing activities Borrowings under bank credit facility 958,000 — — — — 958,000 Payments under bank credit facility (1,119,485 ) — — — — (1,119,485 ) Debt financing costs, net (3,430 ) — — — — (3,430 ) Net activity with affiliates 389,579 — 55,166 (254 ) (444,491 ) — Distributions to parent — (10,475 ) (392 ) — 10,867 — Share-based compensation activities, net (7,711 ) — — — — (7,711 ) Shares repurchased and retired (31,927 ) — — — — (31,927 ) Dividends paid (11,286 ) — — — — (11,286 ) Other financing activities 590 (87 ) — — — 503 Net cash from financing activities 174,330 (10,562 ) 54,774 (254 ) (433,624 ) (215,336 ) Cash flows from discontinued operations Cash flows from operating activities — (514 ) — — — (514 ) Cash flows from investing activities — 36,247 — — — 36,247 Cash flows from financing activities — — — — — — Net cash from discontinued operations — 35,733 — — — 35,733 Net change in cash, cash equivalents and restricted cash (865 ) 14,353 3,441 — — 16,929 Cash, cash equivalents and restricted cash, beginning of period 1,212 199,610 9,528 — — 210,350 Cash, cash equivalents and restricted cash, end of period $ 347 $ 213,963 $ 12,969 $ — $ — $ 227,279 Condensed Consolidating Statements of Cash Flows - continued Year Ended December 31, 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 $ (86,502 ) $ 380,803 $ 7,234 $ — $ (1,196 ) $ 300,339 Cash flows from investing activities Capital expenditures (42,840 ) (116,834 ) (684 ) — — (160,358 ) Cash paid for acquisitions, net of cash received (592,703 ) — — — — (592,703 ) Net activity with affiliates — 211,300 — — (211,300 ) — Distributions from subsidiary 9,150 — — — (9,150 ) — Other investing activities — 7,529 6,678 — — 14,207 Net cash from investing activities (626,393 ) 101,995 5,994 — (220,450 ) (738,854 ) Cash flows from financing activities Borrowings under bank credit facility 2,039,175 237,000 — — — 2,276,175 Payments under bank credit facility (1,466,362 ) (899,750 ) — — — (2,366,112 ) Proceeds from issuance of senior notes 750,000 — — — — 750,000 Debt financing costs, net (42,220 ) — — — — (42,220 ) Retirements of senior notes (350,000 ) (350,000 ) — — — (700,000 ) Premium and consent fees paid (15,750 ) — — — — (15,750 ) Net activity with affiliates (199,398 ) — (12,877 ) (221 ) 212,496 — Distributions to parent — (9,000 ) (150 ) — 9,150 — Share-based compensation activities, net (1,295 ) — — — — (1,295 ) Other financing activities (45 ) — — — — (45 ) Net cash from financing activities 714,105 (1,021,750 ) (13,027 ) (221 ) 221,646 (99,247 ) Cash flows from discontinued operations Cash flows from operating activities — (27,796 ) — — — (27,796 ) Cash flows from investing activities — 598,057 — — — 598,057 Cash flows from financing activities — — — — — — Net cash from discontinued operations — 570,261 — — — 570,261 Net change in cash, cash equivalents and restricted cash 1,210 31,309 201 (221 ) — 32,499 Cash, cash equivalents and restricted cash, beginning of period 2 168,301 9,327 221 — 177,851 Cash, cash equivalents and restricted cash, end of period $ 1,212 $ 199,610 $ 9,528 $ — $ — $ 210,350 Condensed Consolidating Statements of Cash Flows - continued Year Ended December 31, 2015 Non- Non- Guarantor Guarantor Subsidiaries Subsidiaries Guarantor (100% (Not 100% (In thousands) Parent Subsidiaries Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ 102,080 $ 237,010 $ (12,131 ) $ (76 ) $ (209 ) $ 326,674 Cash flows from investing activities Capital expenditures (48,591 ) (82,392 ) (187 ) — — (131,170 ) Net activity with affiliates — (66,691 ) — — 66,691 — Distribution from subsidiary 11,200 — — — (11,200 ) — Other investing activities 3,292 1,236 — — — 4,528 Net cash from investing activities (34,099 ) (147,847 ) (187 ) — 55,491 (126,642 ) Cash flows from financing activities Borrowings under bank credit facility 1,033,500 345,500 — — — 1,379,000 Payments under bank credit facility (1,211,200 ) (425,150 ) — — — (1,636,350 ) Proceeds from issuance of senior notes 750,000 — — — — 750,000 Debt financing costs, net (14,004 ) — — — — (14,004 ) Payments on retirements of long-term debt (500,000 ) (3 ) (157,810 ) — — (657,813 ) Premium and consent fees paid (24,246 ) — — — — (24,246 ) Net activity with affiliates (105,720 ) — 172,124 78 (66,482 ) — Distributions to parent — (11,100 ) (100 ) — 11,200 — Share-based compensation activities, net 3,689 — — — — 3,689 Net cash from financing activities (67,981 ) (90,753 ) 14,214 78 (55,282 ) (199,724 ) Cash flows from discontinued operations Cash flows from operating activities — 14,095 — — — 14,095 Cash flows from investing activities — — — — — — Cash flows from financing activities — — — — — — Net cash from discontinued operations — 14,095 — — — 14,095 Net change in cash, cash equivalents and restricted cash — 12,505 1,896 2 — 14,403 Cash, cash equivalents and restricted cash, beginning of period 2 155,796 7,431 219 — 163,448 Cash, cash equivalents and restricted cash, end of period $ 2 $ 168,301 $ 9,327 $ 221 $ — $ 177,851 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Organization) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)entitysegment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Organization Attributes [Line Items] | ||||
Subsidiaries, Ownership Percentage | 80.00% | |||
Interest Costs Capitalized | $ 500 | $ 100 | ||
Income Tax Expense (Benefit) | $ 3,115 | (199,933) | (6,625) | |
Number of Gaming Entertainment Properties | entity | 24 | |||
Number of reportable segments | segment | 3 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,097,227 | 930,180 | $ 501,837 | $ 438,087 |
Deferred income taxes | (86,657) | (81,454) | ||
Accrued liabilities | 255,146 | $ 257,554 | ||
Adjustments for Change in Accounting Principle [Domain] | ||||
Organization Attributes [Line Items] | ||||
Income Tax Expense (Benefit) | $ 1,500 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Consolidation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Entities [Line Items] | ||
Purchase price | $ 1,200 | |
Equity Method Investment, Ownership Percentage | 50.00% | |
Total assets | $ 4,685,930 | $ 4,670,751 |
Borgata | ||
Consolidated Entities [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Accounts Receivable, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance, January 1, | $ 1,971 | $ 2,087 | $ 1,971 |
Additions | 478 | 345 | 361 |
Account Receivable, Additions from Acquisitions | 0 | 87 | 0 |
Deductions | (377) | (548) | (245) |
Ending balance | $ 2,072 | $ 1,971 | $ 2,087 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Property, Plant and Equipment Useful Lives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Interest Costs Capitalized | $ 0.5 | $ 0.1 | |
Interest Cost Capitalized | no | ||
Building and Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 3 years | ||
Building and Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 40 years | ||
Riverboats and Barges | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 5 years | ||
Riverboats and Barges | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 40 years | ||
Furniture and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 1 year | ||
Furniture and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 10 years |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Gaming Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Gaming Assets [Line Items] | ||
Interest Costs Capitalized | $ 0.5 | $ 0.1 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investment available for sale | $ 17,300 | $ 16,800 |
Available-for-sale securities, current portion | 500 | 400 |
Peninsula Gaming | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment available for sale | 17,800 | 17,300 |
Available-for-sale securities, current portion | $ 500 | 400 |
Peninsula Gaming | 7.5% City Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt security, interest rate | 7.50% | |
(In thousands) | ||
2,013 | $ 475 | |
2,014 | 510 | |
2,015 | 550 | |
2,016 | 590 | |
2,017 | 635 | |
Thereafter | 17,760 | |
Total | 20,520 | |
Peninsula Gaming | Other Assets, Net | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, noncurrent portion | $ 17,300 | $ 16,800 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Intangible Assets) (Details) - Favorable Lease Rates | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Favorable lease rates, original useful lives | 38 years | 31 years 4 months 24 days |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Favorable lease rates, original useful lives | 41 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Favorable lease rates, original useful lives | 52 years |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Noncontrolling Interest) (Details) | Dec. 31, 2017 |
Borgata | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling owners | 50.00% |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Promotional Allowances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowances [Line Items] | |||
Less promotional allowances | $ 0 | $ 0 | $ 0 |
Rooms | |||
Allowances [Line Items] | |||
Less promotional allowances | 171,904 | 147,494 | 151,407 |
Food and Beverage | |||
Allowances [Line Items] | |||
Less promotional allowances | 76,565 | 75,647 | 77,678 |
Other Products and Services | |||
Allowances [Line Items] | |||
Less promotional allowances | $ 10,900 | $ 11,076 | $ 11,320 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Preopening Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Preopening Expenses [Line Items] | |||
Project development, preopening and writedowns | $ 14,454 | $ 22,107 | $ 6,907 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Stock Option Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Expected stock price volatility | 46.62% | 49.06% |
Risk-free interest rate | 1.39% | 1.59% |
Expected option life (in years) | 5 years 4 months 11 days | 5 years 3 months 11 days |
Estimated fair value per share | $ 7.67 | $ 9.06 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Other) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of CRDA Deposits [Line Items] | |||
Cash and cash equivalents, maturity of qualifying investments, maximum | 3 months | ||
Restricted cash, maturity of qualifying investments, maximum | 90 days | ||
Interest Costs Capitalized | $ 500 | $ 100 | |
Self Insurance Reserve [Roll Forward] | |||
Self insurance reserve, beginning balance | $ 31,022 | 30,068 | 33,004 |
Additions | |||
Charged to costs and expenses | 84,209 | 79,685 | 80,311 |
Due to acquisitions | 0 | 14 | 0 |
Payments made | (81,236) | (78,745) | (83,247) |
Self insurance reserve, ending balance | 33,995 | 31,022 | 30,068 |
Gaming taxes | 324,500 | 321,700 | 332,100 |
Advertising expense | 29,900 | 32,300 | 33,400 |
Corporate expense | $ 88,148 | $ 72,668 | $ 76,941 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies Equity Method Investments (Details) | Dec. 31, 2017 |
Borgata | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage by noncontrolling owners | 50.00% |
Summary of Significant Accoun53
Summary of Significant Accounting Policies Adjustment for New Accounting Pronouncements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Gaming | $ 1,740,268 | $ 1,610,393 | $ 1,631,177 | ||||||||
Food and beverage | 346,379 | 302,705 | 303,786 | ||||||||
Room | 186,795 | 169,391 | 162,248 | ||||||||
Other | 127,377 | 116,770 | 117,620 | ||||||||
Gross Revenues | 2,400,819 | 2,199,259 | 2,214,831 | ||||||||
Promotional Allowances | 0 | 0 | 0 | ||||||||
Total revenues | $ 595,088 | $ 591,542 | $ 604,124 | $ 610,065 | $ 558,649 | $ 535,173 | $ 548,784 | $ 556,653 | 2,400,819 | 2,199,259 | 2,214,831 |
Gaming | 759,612 | 725,078 | 740,023 | ||||||||
Food and beverage | 335,506 | 300,766 | 301,813 | ||||||||
Room | 85,188 | 77,734 | 76,903 | ||||||||
Other | 83,615 | 83,407 | 86,850 | ||||||||
Selling, general and administrative | 362,037 | 322,259 | 322,672 | ||||||||
Maintenance and utilities | 109,462 | 100,020 | 104,548 | ||||||||
Depreciation and amortization | 217,522 | 196,226 | 207,118 | ||||||||
Corporate expense | 88,148 | 72,668 | 76,941 | ||||||||
Project development, preopening and writedowns | 14,454 | 22,107 | 6,907 | ||||||||
Impairments of assets | (426) | 38,302 | 18,565 | ||||||||
Other operating items, net | 1,900 | 284 | 907 | ||||||||
Total operating costs and expenses | 2,057,018 | 1,938,851 | 1,943,247 | ||||||||
Operating income | 80,477 | 78,940 | 89,554 | 94,830 | 29,726 | 67,881 | 80,439 | 82,362 | 343,801 | 260,408 | 271,584 |
Interest income | (1,818) | (2,961) | (1,858) | ||||||||
Interest expense, net of amounts capitalized | 173,108 | 212,692 | 224,590 | ||||||||
Loss on early extinguishments and modifications of debt | 1,582 | 42,364 | 40,733 | ||||||||
Other, net | (184) | 545 | 3,676 | ||||||||
Total other expense, net | 172,688 | 252,640 | 267,141 | ||||||||
Income from continuing operations before income taxes | 171,113 | 7,768 | 4,443 | ||||||||
Income tax (provision) benefit | (3,115) | 199,933 | 6,625 | ||||||||
Income from continuing operations, net of tax | 82,073 | 23,157 | 27,692 | 35,076 | 10,581 | 164,197 | 11,257 | 21,666 | 167,998 | 207,701 | 11,068 |
Income from discontinued operations, net of tax | 0 | 0 | 21,017 | 375 | 1,478 | 180,707 | 18,715 | 11,630 | 21,392 | 212,530 | 36,539 |
Net income | $ 82,073 | $ 23,157 | $ 48,709 | $ 35,451 | $ 12,059 | $ 344,904 | $ 29,972 | $ 33,296 | $ 189,390 | $ 420,231 | $ 47,607 |
Continuing operations | $ 0.72 | $ 0.20 | $ 0.24 | $ 0.31 | $ 0.09 | $ 1.43 | $ 0.10 | $ 0.19 | $ 1.46 | $ 1.81 | $ 0.10 |
Discontinued operations | 0 | 0 | 0.18 | 0 | 0.01 | 1.58 | 0.16 | 0.10 | 0.19 | 1.86 | 0.32 |
Basic net income per common share | 0.72 | 0.20 | 0.42 | 0.31 | 0.10 | 3.01 | 0.26 | 0.29 | $ 1.65 | $ 3.67 | $ 0.42 |
Weighted average basic shares outstanding | 114,957 | 114,507 | 112,789 | ||||||||
Continuing operations | 0.71 | 0.20 | 0.24 | 0.31 | 0.09 | 1.43 | 0.10 | 0.19 | $ 1.45 | $ 1.80 | $ 0.10 |
Discontinued operations | 0 | 0 | 0.18 | 0 | 0.01 | 1.57 | 0.16 | 0.10 | 0.19 | 1.85 | 0.32 |
Diluted net income per common share | $ 0.71 | $ 0.20 | $ 0.42 | $ 0.31 | $ 0.10 | $ 3 | $ 0.26 | $ 0.29 | $ 1.64 | $ 3.65 | $ 0.42 |
Weighted average diluted shares outstanding | 115,628 | 115,189 | 113,676 | ||||||||
Deferred income taxes | $ 5,203 | $ (201,498) | $ 16,855 | ||||||||
Accounts payable and accrued liabilities | 13,216 | (11,605) | 12,825 | ||||||||
Net cash from operating activities | 422,551 | 300,339 | 326,674 | ||||||||
Previous Accounting Guidance [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net income | 189,193 | 418,003 | 47,234 | ||||||||
Deferred income taxes | 5,095 | 199,051 | (16,846) | ||||||||
Accounts payable and accrued liabilities | 13,521 | (11,824) | 13,207 | ||||||||
Net cash from operating activities | 414,864 | 302,881 | 325,751 | ||||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net income | 197 | 2,228 | 373 | ||||||||
Deferred income taxes | (108) | 2,447 | (9) | ||||||||
Accounts payable and accrued liabilities | (305) | 219 | (382) | ||||||||
Net cash from operating activities | 0 | 0 | 0 | ||||||||
As Previously Reported [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Gaming | 1,972,422 | 1,820,176 | 1,847,167 | ||||||||
Food and beverage | 349,271 | 306,145 | 307,442 | ||||||||
Room | 188,689 | 170,816 | 163,509 | ||||||||
Other | 132,695 | 122,416 | 123,959 | ||||||||
Gross Revenues | 2,643,077 | 2,419,553 | 2,442,077 | ||||||||
Promotional Allowances | 259,370 | 235,577 | 242,645 | ||||||||
Total revenues | 2,383,707 | 2,183,976 | 2,199,432 | ||||||||
Gaming | 923,266 | 880,716 | 900,922 | ||||||||
Food and beverage | 194,524 | 170,053 | 168,096 | ||||||||
Room | 52,196 | 44,245 | 41,298 | ||||||||
Other | 77,129 | 76,719 | 80,508 | ||||||||
Selling, general and administrative | 362,037 | 322,009 | 322,420 | ||||||||
Maintenance and utilities | 109,462 | 100,020 | 104,548 | ||||||||
Depreciation and amortization | 217,522 | 196,226 | 207,118 | ||||||||
Corporate expense | 88,148 | 72,668 | 76,941 | ||||||||
Project development, preopening and writedowns | 14,454 | 22,107 | 6,907 | ||||||||
Impairments of assets | (426) | 38,302 | 18,565 | ||||||||
Other operating items, net | 1,900 | 284 | 907 | ||||||||
Total operating costs and expenses | 2,040,212 | 1,923,349 | 1,928,230 | ||||||||
Operating income | 343,495 | 260,627 | 271,202 | ||||||||
Interest income | (1,818) | (2,961) | (1,858) | ||||||||
Interest expense, net of amounts capitalized | 173,108 | 212,692 | 224,590 | ||||||||
Loss on early extinguishments and modifications of debt | 1,582 | 42,364 | 40,733 | ||||||||
Other, net | (184) | 545 | 3,676 | ||||||||
Total other expense, net | 172,688 | 252,640 | 267,141 | ||||||||
Income from continuing operations before income taxes | 170,807 | 7,987 | 4,061 | ||||||||
Income tax (provision) benefit | (3,006) | 197,486 | 6,634 | ||||||||
Income from continuing operations, net of tax | 167,801 | 205,473 | 10,695 | ||||||||
Income from discontinued operations, net of tax | 21,392 | 212,530 | 36,539 | ||||||||
Net income | $ 189,193 | $ 418,003 | $ 47,234 | ||||||||
Continuing operations | $ 1.46 | $ 1.79 | $ 0.10 | ||||||||
Discontinued operations | 0.19 | 1.86 | 0.32 | ||||||||
Basic net income per common share | $ 1.65 | $ 3.65 | $ 0.42 | ||||||||
Weighted average basic shares outstanding | 114,957 | 114,507 | 112,789 | ||||||||
Continuing operations | $ 1.45 | $ 1.78 | $ 0.10 | ||||||||
Discontinued operations | 0.19 | 1.85 | 0.32 | ||||||||
Diluted net income per common share | $ 1.64 | $ 3.63 | $ 0.42 | ||||||||
Weighted average diluted shares outstanding | 115,628 | 115,189 | 113,676 | ||||||||
Net cash from operating activities | $ 414,864 | $ 302,881 | $ 325,751 | ||||||||
Adjustments [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Gaming | (232,154) | (209,783) | (215,990) | ||||||||
Food and beverage | (2,892) | (3,440) | (3,656) | ||||||||
Room | (1,894) | (1,425) | (1,261) | ||||||||
Other | (5,318) | (5,646) | (6,339) | ||||||||
Gross Revenues | (242,258) | (220,294) | (227,246) | ||||||||
Promotional Allowances | (259,370) | (235,577) | (242,645) | ||||||||
Total revenues | 17,112 | 15,283 | 15,399 | ||||||||
Gaming | (163,654) | (155,638) | (160,899) | ||||||||
Food and beverage | 140,982 | 130,713 | 133,717 | ||||||||
Room | 32,992 | 33,489 | 35,605 | ||||||||
Other | 6,486 | 6,688 | 6,342 | ||||||||
Selling, general and administrative | 0 | 250 | 252 | ||||||||
Maintenance and utilities | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Corporate expense | 0 | 0 | 0 | ||||||||
Project development, preopening and writedowns | 0 | 0 | 0 | ||||||||
Impairments of assets | 0 | 0 | 0 | ||||||||
Other operating items, net | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 16,806 | 15,502 | 15,017 | ||||||||
Operating income | 306 | (219) | 382 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense, net of amounts capitalized | 0 | 0 | 0 | ||||||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | ||||||||
Other, net | 0 | 0 | 0 | ||||||||
Total other expense, net | 0 | 0 | 0 | ||||||||
Income from continuing operations before income taxes | 306 | (219) | 382 | ||||||||
Income tax (provision) benefit | (109) | 2,447 | (9) | ||||||||
Income from continuing operations, net of tax | 197 | 2,228 | 373 | ||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income | $ 197 | $ 2,228 | $ 373 | ||||||||
Continuing operations | $ 0 | $ 0.02 | $ 0 | ||||||||
Discontinued operations | 0 | 0 | 0 | ||||||||
Basic net income per common share | $ 0 | $ 0.02 | $ 0 | ||||||||
Weighted average basic shares outstanding | 0 | 0 | 0 | ||||||||
Continuing operations | $ 0 | $ 0.02 | $ 0 | ||||||||
Discontinued operations | 0 | 0 | 0 | ||||||||
Diluted net income per common share | $ 0 | $ 0.02 | $ 0 | ||||||||
Weighted average diluted shares outstanding | 0 | 0 | 0 | ||||||||
Net cash from operating activities | $ 7,687 | $ (2,542) | $ 923 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash from operating activities | $ 422,551 | $ 300,339 | $ 326,674 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 227,279 | 210,350 | 177,851 | $ 163,448 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 16,929 | 32,499 | 14,403 | |
As Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash from operating activities | 414,864 | 302,881 | 325,751 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 203,104 | 193,862 | 158,821 | 145,341 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 9,242 | 35,041 | 13,480 | |
Adjustments [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash from operating activities | 7,687 | (2,542) | 923 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 24,175 | 16,488 | 19,030 | $ 18,107 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $ 7,687 | $ (2,542) | $ 923 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 203,104 | $ 193,862 | $ 158,821 | |
Restricted cash | 24,175 | 16,488 | 19,030 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 227,279 | $ 210,350 | $ 177,851 | $ 163,448 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies Balance Sheet Adjustments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,097,227 | $ 930,180 | $ 501,837 | $ 438,087 |
Accrued liabilities | 255,146 | 257,554 | ||
Deferred income taxes | 86,657 | 81,454 | ||
Retained earnings (accumulated deficit) | 164,425 | (23,824) | ||
As Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accrued liabilities | 248,979 | 251,082 | ||
Deferred income taxes | 89,075 | 83,980 | ||
Retained earnings (accumulated deficit) | 168,174 | (19,878) | ||
Adjustments [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,800 | |||
Accrued liabilities | 6,167 | 6,472 | ||
Deferred income taxes | (2,418) | (2,526) | ||
Retained earnings (accumulated deficit) | $ (3,749) | $ (3,946) |
Acquisitions and Divestitures A
Acquisitions and Divestitures Asset Acquisition - Cannery (Details) - USD ($) $ in Thousands | Dec. 21, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 20, 2016 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||
Purchase price | $ 1,200 | |||||
Goodwill, net | 888,224 | $ 826,476 | $ 685,310 | $ 685,310 | ||
Depreciation and amortization | 217,522 | $ 196,226 | $ 207,118 | |||
Cannery Hotel and Casino, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $ 7,870 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 21,584 | |||||
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | 228,200 | |||||
Business Combination, Transferred | $ 238,600 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 165,535 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 125,082 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 10,866 | |||||
Goodwill, net | 85,052 | |||||
Depreciation and amortization | 2,500 | |||||
Business Acquisition, Transaction Costs | 1,100 | 10,500 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 3,419 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 15,450 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 10,866 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 154,669 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 239,721 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 107,268 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 9,820 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, CIP | 124 | |||||
Adjustments [Member] | Cannery Hotel and Casino, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | (8,345) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | (62,500) | (62,481) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (56,700) | (56,675) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (5,000) | (4,984) | ||||
Goodwill, net | $ 58,700 | 58,651 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 3,419 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | (880) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (4,984) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (57,497) | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 1,154 | |||||
As Previously Reported [Member] | Cannery Hotel and Casino, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 29,929 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 228,016 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 181,757 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 15,850 | |||||
Goodwill, net | 26,401 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 16,330 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 15,850 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 212,166 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 238,567 |
Acquisitions and Divestitures58
Acquisitions and Divestitures Asset Acquisition - Aliante (Details) - USD ($) $ in Thousands | Sep. 28, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 27, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||
Goodwill, net | $ 888,224 | $ 826,476 | $ 685,310 | $ 685,310 | ||
Aliante Gaming, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | $ 372,300 | |||||
Business Combination, Transferred | $ 399,100 | |||||
Aliante Casino Hotel and Spa [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 16,680 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 31,886 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 18,148 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 225,549 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 6,761 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 268,822 | |||||
Goodwill, net | 61,700 | $ 153,600 | 130,324 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 275,583 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 6,208 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 553 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 399,146 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 200,770 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 8,099 | |||||
Business Acquisition, Transaction Costs | 1,000 | 2,200 | ||||
As Previously Reported [Member] | Aliante Casino Hotel and Spa [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 31,886 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 20,791 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 226,309 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 6,329 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 272,657 | |||||
Goodwill, net | 126,489 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 278,986 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 5,693 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 636 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 399,146 | |||||
Adjustments [Member] | Aliante Casino Hotel and Spa [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | (2,600) | (2,643) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (800) | (760) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 400 | 432 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (3,835) | |||||
Goodwill, net | $ 3,800 | 3,835 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | (3,403) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 515 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (83) | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 0 |
Acquisitions and Divestitures59
Acquisitions and Divestitures Asset Divestiture - Borgata (Details) - USD ($) $ in Thousands | Feb. 16, 2017 | Aug. 02, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jul. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||||||||
Net Revenues | $ 595,088 | $ 591,542 | $ 604,124 | $ 610,065 | $ 558,649 | $ 535,173 | $ 548,784 | $ 556,653 | $ 2,400,819 | $ 2,199,259 | $ 2,214,831 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||
Proceeds from Divestiture of Businesses | $ 900,000 | |||||||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 589,000 | |||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 181,700 | |||||||||||||
Costs and Expenses | 2,057,018 | 1,938,851 | 1,943,247 | |||||||||||
Operating Income (Loss) | $ 80,477 | 78,940 | 89,554 | 94,830 | 29,726 | 67,881 | 80,439 | 82,362 | 343,801 | 260,408 | 271,584 | |||
Increase (decrease) in fair value of derivative instruments | 173,108 | 212,692 | 224,590 | |||||||||||
Gain Loss on Early Retirements of Debt | (1,582) | (42,364) | (40,733) | |||||||||||
Income Tax Expense (Benefit) | 3,115 | (199,933) | (6,625) | |||||||||||
Net Income (Loss) Attributable to Parent | $ 82,073 | $ 23,157 | $ 48,709 | $ 35,451 | $ 12,059 | $ 344,904 | $ 29,972 | $ 33,296 | $ 189,390 | 420,231 | 47,607 | |||
Borgata | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net Revenues | $ 485,510 | 804,166 | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | $ 14,800 | $ 9,100 | ||||||||||||
Refund From Tax Settlement | $ 72,000 | |||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 36,200 | |||||||||||||
Costs and Expenses | 366,812 | 657,324 | ||||||||||||
Operating Income (Loss) | 118,698 | 146,842 | ||||||||||||
Increase (decrease) in fair value of derivative instruments | 26,378 | 59,681 | ||||||||||||
Gain Loss on Early Retirements of Debt | 1,628 | 18,895 | ||||||||||||
Income Tax Expense (Benefit) | 8,274 | (3,731) | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 82,418 | $ 71,997 | ||||||||||||
MDDHC [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 1.00% | 1.00% | ||||||||||||
Subsidiaries [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% |
Acquisitions and Divestitures60
Acquisitions and Divestitures Asset Acquisition - Penn National (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |
Purchase price | $ 1.2 |
Penn National Gaming, Inc. [Domain] | |
Business Acquisition [Line Items] | |
Business Combination, Transferred | 575 |
Purchase price | $ 58 |
Acquisitions and Divestitures61
Acquisitions and Divestitures Asset Acquisition - Valley Forge (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Valley Forge Convention Center Partners, L.P. [Domain] | |
Business Acquisition [Line Items] | |
Business Combination, Transferred | $ 280.5 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Interest Costs Capitalized | $ 500 | $ 100 | |
Property and equipment, gross | $ 4,840,240 | 4,736,920 | |
Less accumulated depreciation | 2,300,454 | 2,131,751 | |
Property and equipment, net | 2,539,786 | 2,605,169 | |
Depreciation expense | 199,300 | 179,600 | $ 179,900 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 294,533 | 251,316 | |
Building and Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,935,539 | 2,915,664 | |
Furniture and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,311,704 | 1,243,724 | |
Riverboats and Barges | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 238,926 | 239,264 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 59,538 | 86,226 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 0 | $ 726 |
Intangible Assets (Summary of A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets [Line Items] | ||||
Intangible assets, gross | $ 1,067,725 | $ 1,238,545 | ||
Intangible assets, cumulative amortization | (40,505) | (172,317) | ||
Intangible assets, cumulative impairment | (184,274) | (184,274) | ||
Intangible assets, net | 842,946 | 881,954 | $ 890,054 | $ 934,249 |
Amortizing intangibles: | ||||
Gross carrying value | 42,503 | 211,523 | ||
Cumulative amortization | (6,545) | (138,357) | ||
Cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | 35,958 | 73,166 | ||
Indefinite lived intangible assets: | ||||
Gross carrying value | 1,025,222 | 1,027,022 | ||
Cumulative amortization | (33,960) | (33,960) | ||
Cumulative impairment losses | (184,274) | (184,274) | ||
Intangible assets, net | $ 806,988 | $ 808,788 | ||
Customer Relationships | ||||
Amortizing intangibles: | ||||
Weighted average life | 5 years 2 months 13 days | 1 year 1 month | ||
Gross carrying value | $ 9,400 | $ 144,780 | ||
Cumulative amortization | (3,470) | (125,318) | ||
Cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | $ 5,930 | $ 19,462 | 26,306 | 51,958 |
Favorable Lease Rates | ||||
Amortizing intangibles: | ||||
Weighted average life | 38 years | 31 years 4 months 24 days | ||
Gross carrying value | $ 11,730 | $ 45,370 | ||
Cumulative amortization | (3,075) | (13,039) | ||
Cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | $ 8,655 | $ 32,331 | 33,373 | 34,414 |
Development Agreement | ||||
Amortizing intangibles: | ||||
Weighted average life | 0 years | 0 years | ||
Gross carrying value | $ 21,373 | $ 21,373 | ||
Cumulative amortization | 0 | 0 | ||
Cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | 21,373 | 21,373 | 21,373 | 21,373 |
Trademarks | ||||
Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 800 | ||
Indefinite lived intangible assets: | ||||
Gross carrying value | 151,887 | 153,687 | ||
Cumulative amortization | 0 | 0 | ||
Cumulative impairment losses | (4,300) | (4,300) | ||
Intangible assets, net | 147,587 | 149,387 | 126,001 | 126,001 |
Gaming License Rights | ||||
Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 23,600 | 17,502 | |
Indefinite lived intangible assets: | ||||
Gross carrying value | 873,335 | 873,335 | ||
Cumulative amortization | (33,960) | (33,960) | ||
Cumulative impairment losses | (179,974) | (179,974) | ||
Intangible assets, net | $ 659,401 | $ 659,401 | $ 683,001 | $ 700,503 |
Minimum | Favorable Lease Rates | ||||
Amortizing intangibles: | ||||
Weighted average life | 41 years | |||
Indefinite-Lived Intangible Assets, Valuation Assumptions [Abstract] | ||||
Valuation assumptions, term | 41 years | |||
Maximum | Favorable Lease Rates | ||||
Amortizing intangibles: | ||||
Weighted average life | 52 years | |||
Indefinite-Lived Intangible Assets, Valuation Assumptions [Abstract] | ||||
Valuation assumptions, term | 52 years |
Intangible Assets (Changes in I
Intangible Assets (Changes in Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | $ (73,166) | ||
Amortization | (14,680) | $ (16,366) | $ (26,693) |
Balance, end of period | (35,958) | (73,166) | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (808,788) | ||
Balance, end of period | (806,988) | (808,788) | |
Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (881,954) | (890,054) | (934,249) |
Additions | 0 | 32,680 | 0 |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (880) | ||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 24,400 | 17,502 |
Amortization | (14,680) | (16,366) | (26,693) |
Balance, end of period | (842,946) | (881,954) | (890,054) |
Trademarks | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Amortization | 0 | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (149,387) | (126,001) | (126,001) |
Additions | 0 | 24,200 | 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 800 | |
Balance, end of period | (147,587) | (149,387) | (126,001) |
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (1,800) | ||
Amortization | 0 | 0 | |
Gaming License Rights | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Amortization | 0 | 0 | 0 |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (659,401) | (683,001) | (700,503) |
Additions | 0 | 0 | 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 23,600 | 17,502 |
Balance, end of period | (659,401) | (659,401) | (683,001) |
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 | ||
Amortization | 0 | 0 | 0 |
Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (19,462) | (26,306) | (51,958) |
Additions | 0 | 8,480 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | (14,452) | (15,324) | (25,652) |
Balance, end of period | (5,930) | (19,462) | (26,306) |
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 920 | ||
Amortization | (14,452) | (15,324) | (25,652) |
Favorable Lease Rates | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (32,331) | (33,373) | (34,414) |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | (228) | (1,042) | (1,041) |
Balance, end of period | (8,655) | (32,331) | (33,373) |
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 | ||
Amortization | (228) | (1,042) | (1,041) |
Development Agreement | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (21,373) | (21,373) | (21,373) |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 |
Balance, end of period | (21,373) | (21,373) | (21,373) |
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 0 | ||
Amortization | 0 | 0 | 0 |
Subsidiaries [Member] | |||
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | (23,448) | ||
Subsidiaries [Member] | Trademarks | |||
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 0 | ||
Subsidiaries [Member] | Gaming License Rights | |||
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 0 | ||
Subsidiaries [Member] | Customer Relationships | |||
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 0 | ||
Subsidiaries [Member] | Favorable Lease Rates | |||
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | (23,448) | ||
Subsidiaries [Member] | Development Agreement | |||
Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Period Increase (Decrease) | 0 | ||
Borgata | |||
Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (14) | ||
Balance, end of period | (14) | ||
Borgata | Customer Relationships | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Favorable Lease Rates | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Development Agreement | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Gaming License Rights | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | 0 | ||
Balance, end of period | 0 | ||
Borgata | Trademarks | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of period | (14) | ||
Balance, end of period | (14) | ||
Midwest and South | Trademarks | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 800 | ||
Midwest and South | Gaming License Rights | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 23,600 | $ 17,500 | |
Peninsula | Trademarks | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Amortization | 0 | ||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | ||
Intangible Assets [Roll Forward] | |||
Amortization | $ 0 |
Intangible Assets (Future Amort
Intangible Assets (Future Amortization) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Future Amortization | |
2,018 | $ 2,519 |
2,019 | 1,862 |
2,020 | 1,271 |
2,021 | 739 |
2,022 | 499 |
Thereafter | 7,695 |
Intangible assets, net | $ 14,585 |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizing intangibles, weighted-average remaining useful life | 5 years |
Future Amortization | |
2,018 | $ 2,291 |
2,019 | 1,634 |
2,020 | 1,043 |
2,021 | 511 |
2,022 | 271 |
Thereafter | 180 |
Intangible assets, net | $ 5,930 |
Favorable Lease Rates | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizing intangibles, weighted-average remaining useful life | 38 years |
Future Amortization | |
2,018 | $ 228 |
2,019 | 228 |
2,020 | 228 |
2,021 | 228 |
2,022 | 228 |
Thereafter | 7,515 |
Intangible assets, net | $ 8,655 |
Goodwill (Schedule of Goodwill
Goodwill (Schedule of Goodwill By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 27, 2016 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||||
Goodwill, net | $ 888,224 | $ 826,476 | $ 685,310 | $ 685,310 | |
Gross carrying value | 1,072,299 | ||||
Cumulative amortization | (6,134) | ||||
Goodwill, Impairment Loss | 0 | 12,462 | $ 0 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 177,941 | ||||
Las Vegas Locals | |||||
Goodwill [Line Items] | |||||
Goodwill, net | 428,088 | ||||
Gross carrying value | 593,567 | ||||
Cumulative amortization | 0 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | 165,479 | ||||
Downtown Las Vegas | |||||
Goodwill [Line Items] | |||||
Goodwill, net | 863 | ||||
Gross carrying value | 6,997 | ||||
Cumulative amortization | (6,134) | ||||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ||||
Midwest and South | |||||
Goodwill [Line Items] | |||||
Goodwill, Impairment Loss | 12,500 | ||||
Peninsula | |||||
Goodwill [Line Items] | |||||
Goodwill, net | 459,273 | ||||
Gross carrying value | 471,735 | ||||
Cumulative amortization | 0 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | 12,462 | ||||
Subsidiaries [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, net | $ 61,700 | $ 153,600 | $ 130,324 |
Goodwill (Goodwill Rollforward)
Goodwill (Goodwill Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 0 | $ 153,628 | $ 0 |
Goodwill, Impairment Loss | 0 | (12,462) | 0 |
Goodwill [Roll Forward] | |||
Beginning balance | 826,476 | 685,310 | 685,310 |
Final purchase price adjustment | 61,748 | ||
Ending balance | $ 888,224 | $ 826,476 | $ 685,310 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 70,724 | $ 68,102 |
Interest | 19,858 | 33,407 |
Gaming liabilities | 55,961 | 41,942 |
Customer Loyalty Program Liability, Current | 24,489 | 25,548 |
Customer Advances and Deposits | 18,922 | 16,999 |
Outstanding Chip Liability | 4,928 | 4,553 |
Dividends Payable | 5,632 | 0 |
Other accrued liabilities | 54,632 | 67,003 |
Total accrued liabilities | $ 255,146 | $ 257,554 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 28, 2016 | May 21, 2015 | Aug. 16, 2012 | Nov. 10, 2010 |
For the year ending December 31, | ||||||
Unamortized discount | $ (1,556) | $ (1,888) | ||||
Unamortized origination fees | (44,122) | (51,786) | ||||
Current maturities of long-term debt | 23,981 | 30,336 | ||||
Long-term debt, gross, excluding current maturities | 3,097,577 | 3,252,793 | ||||
Long-term debt, net of current maturities and debt issuance costs | 3,051,899 | 3,199,119 | ||||
Boyd | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 3,121,558 | 3,283,129 | ||||
Current maturities of long-term debt | 23,895 | 30,250 | ||||
Long-term debt, net of current maturities and debt issuance costs | $ 3,051,481 | $ 3,198,613 | ||||
Boyd | Bank Credit Facility | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Blended interest rate at period end | 3.882% | 3.44% | ||||
Unamortized discount | $ (1,556) | $ (1,888) | ||||
Unamortized origination fees | (23,795) | (28,503) | ||||
Long-term debt, net | 1,595,703 | 1,752,147 | ||||
Boyd | Senior Notes | Senior Notes Due 2026 [Member] | ||||||
For the year ending December 31, | ||||||
Unamortized discount | 0 | 0 | ||||
Unamortized origination fees | (10,872) | $ (12,074) | ||||
Long-term debt, net | $ 739,128 | |||||
Debt instrument, stated interest rate | 6.375% | 6.375% | 6.375% | 6.375% | ||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | ||||||
For the year ending December 31, | ||||||
Unamortized discount | $ 0 | $ 0 | ||||
Unamortized origination fees | (9,455) | (11,209) | ||||
Long-term debt, net | $ 740,545 | $ 738,791 | ||||
Debt instrument, stated interest rate | 6.875% | 6.875% | 6.875% | 6.875% | ||
Boyd | Other | ||||||
For the year ending December 31, | ||||||
Blended interest rate at period end | 5.80% | 5.80% | ||||
Unamortized discount | $ 0 | $ 0 | ||||
Unamortized origination fees | 0 | 0 | ||||
Long-term debt, net | 504 | 591 | ||||
Peninsula | Senior Notes | 8.375% Senior Notes due 2018 | ||||||
For the year ending December 31, | ||||||
Debt instrument, stated interest rate | 8.375% | |||||
Eliminations [Member] | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 3,121,558 | 3,283,129 | ||||
Unamortized discount | (1,556) | (1,888) | ||||
Unamortized origination fees | (44,122) | (51,786) | ||||
Long-term debt, net | 3,075,880 | 3,229,455 | ||||
Current maturities of long-term debt | 0 | 0 | ||||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Boyd | Other | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 504 | 591 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | Senior Notes Due 2026 [Member] | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 750,000 | 750,000 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Boyd | Senior Notes | Senior Notes Due 2023 [Member] | ||||||
For the year ending December 31, | ||||||
Outstanding principal | 750,000 | 750,000 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Boyd | Bank Credit Facility | Bank Credit Facility | ||||||
For the year ending December 31, | ||||||
Outstanding principal | $ 1,621,054 | $ 1,782,538 |
Long-Term Debt (Schedule of Boy
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) - Bank Credit Facility - Boyd - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 1,621,054 | $ 1,782,538 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 170,000 | 245,000 |
Initial Term Loan | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 210,938 | 222,188 |
Refinancing Term B Loans [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 1,170,016 | 0 |
Term Loan B | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 0 | 271,750 |
Term Loan B-2 [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 0 | 997,500 |
Swing Loan | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 70,100 | $ 46,100 |
Long-Term Debt (Boyd Credit Agr
Long-Term Debt (Boyd Credit Agreement - Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 14, 2013USD ($) | |
Line of Credit Facility [Line Items] | ||||
Prepayment fee, percentage | 1.00% | |||
Fixed quarterly amortization of principal, percentage | 5.00% | |||
Loss on early extinguishment of debt | $ 1,582 | $ 42,364 | $ 40,733 | |
Maximum secured leverage ratio | 4.50 | |||
Amortization of debt financing costs and discounts on debt | $ 9,845 | 14,870 | $ 21,308 | |
Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Maximum secured leverage ratio | 4.25 | |||
Minimum consolidated interest coverage ratio required | 1 | |||
Boyd | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 775,000 | |||
Revolving Credit Facility and Term Loan | Boyd | Amended Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Additional available borrowing capacity | $ 550,000 | |||
Revolving Credit Facility [Member] | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Maximum secured leverage ratio | 1 | |||
Term Loan A | Boyd | Amended Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 225,000 | |||
Senior Secured Notes | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Covenant Terms, Maximum Required Coverage Ratio | 1 | |||
Letter of Credit | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | $ 12,900 | |||
Bank Credit Facility | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | 1,621,054 | 1,782,538 | ||
Remaining borrowing capacity | 522,000 | |||
Bank Credit Facility | Initial Term Loan | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | 210,938 | 222,188 | ||
Bank Credit Facility | Revolving Credit Facility [Member] | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | 170,000 | 245,000 | ||
Bank Credit Facility | Term Loan B-2 [Member] | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | 0 | 997,500 | ||
Bank Credit Facility | Term Loan B | Boyd | ||||
Line of Credit Facility [Line Items] | ||||
Amount outstanding | $ 0 | $ 271,750 |
Long-Term Debt (Maximum Total L
Long-Term Debt (Maximum Total Leverage Ratio) (Details) | Dec. 31, 2017USD ($) |
Boyd | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms, Maximum Consolidated Interest Coverage Ratio Required | 1.75 |
Minimum consolidated interest coverage ratio required | 1 |
Boyd | Four Fiscal Quarters Ended March 31, 2017 through December 31, 2017 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed | 1 |
Maximum total leverage ratio | 7 |
Boyd | Four Fiscal Quarters Ending March 31, 2015 through December 31, 2016 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed | 1 |
Maximum total leverage ratio | 6.25 |
Boyd | Four Fiscal Quarters Ended March 31, 2019 through December 31, 2019 [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed | 1 |
Maximum total leverage ratio | 6 |
Boyd | Four Fiscal Quarters Ended March 31, 2020 through December 31, 2020 [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed | 1 |
Maximum total leverage ratio | 5.75 |
Boyd | Four Fiscal Quarters Ended March 31, 2018 and Thereafter [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms, Minimum Total Leverage Ratio Allowed | 1 |
Maximum total leverage ratio | 5.5 |
Refinancing Term B Loans [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,264.5 |
Long-Term Debt (Maximum Secured
Long-Term Debt (Maximum Secured Leverage Ratio) (Details) | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 4.50 |
Line of Credit Facility, Covenant Terms, Minimum Secured Leverage Ratio Allowed | 1 |
Boyd | |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 4.25 |
Boyd | Four Fiscal Quarters Ending March 31, 2015 through December 31, 2016 | |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 4 |
Line of Credit Facility, Covenant Terms, Minimum Secured Leverage Ratio Allowed | 1 |
Boyd | Four Fiscal Quarters Ended March 31, 2019 through December 31, 2019 [Member] | |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 3.75 |
Line of Credit Facility, Covenant Terms, Minimum Secured Leverage Ratio Allowed | 1 |
Boyd | Four Fiscal Quarters Ended March 31, 2018 and Thereafter | |
Line of Credit Facility [Line Items] | |
Maximum secured leverage ratio | 3.50 |
Line of Credit Facility, Covenant Terms, Minimum Secured Leverage Ratio Allowed | 1 |
Long-Term Debt (Interest and Fe
Long-Term Debt (Interest and Fees - Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 28, 2016 | May 21, 2015 | Aug. 16, 2012 | Nov. 10, 2010 | |
Line of Credit Facility [Line Items] | ||||||
Prepayment fee, percentage | 1.00% | |||||
Parent Company [Member] | Bank Credit Facility | Federal Funds Rate | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, stated interest rate | 0.50% | |||||
Parent Company [Member] | Bank Credit Facility | Eurodollar | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, stated interest rate | 1.00% | |||||
Parent Company [Member] | Revolving Credit Facility, Swing Loan and Term Loan A | LIBOR | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin | 1.75% | |||||
Parent Company [Member] | Revolving Credit Facility, Swing Loan and Term Loan A | LIBOR | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin | 2.75% | |||||
Parent Company [Member] | Revolving Credit Facility, Swing Loan and Term Loan A | Base Rate | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin | 0.75% | |||||
Parent Company [Member] | Revolving Credit Facility, Swing Loan and Term Loan A | Base Rate | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin | 1.75% | |||||
Parent Company [Member] | Revolving Credit Facility [Member] | Bank Credit Facility | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment fee percentage on unused portion of credit facility | 0.25% | |||||
Parent Company [Member] | Revolving Credit Facility [Member] | Bank Credit Facility | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment fee percentage on unused portion of credit facility | 0.50% | |||||
Parent Company [Member] | Refinancing Term B Loans [Member] | LIBOR | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin | 2.25% | |||||
Parent Company [Member] | Refinancing Term B Loans [Member] | LIBOR | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin | 2.50% | |||||
Parent Company [Member] | Refinancing Term B Loans [Member] | Base Rate | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin | 1.25% | |||||
Parent Company [Member] | Refinancing Term B Loans [Member] | Base Rate | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Applicable margin | 1.50% | |||||
Senior Notes | Parent Company [Member] | Senior Notes Due 2023 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, stated interest rate | 6.875% | 6.875% | 6.875% | 6.875% | ||
Senior Notes | Parent Company [Member] | Senior Notes Due 2026 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, stated interest rate | 6.375% | 6.375% | 6.375% | 6.375% | ||
Senior Notes | Peninsula | 8.375% Senior Notes due 2018 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, stated interest rate | 8.375% |
Long-Term Debt (Boyd Senior and
Long-Term Debt (Boyd Senior and Senior Subordinated Notes Narrative) (Details) | May 22, 2015USD ($) | Jun. 08, 2012 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 06, 2016 | Mar. 28, 2016USD ($) | May 21, 2015USD ($) | Nov. 10, 2010 |
For the year ending December 31, | |||||||||
Interest | $ 19,858,000 | $ 33,407,000 | |||||||
Premium and Consent Fees Paid | 0 | (15,750,000) | $ (24,246,000) | ||||||
Payments of Debt Issuance Costs | $ 3,430,000 | 42,220,000 | 14,004,000 | ||||||
Subsidiaries, Ownership Percentage | 80.00% | ||||||||
Gain Loss on Early Retirements of Debt | $ (1,582,000) | (42,364,000) | (40,733,000) | ||||||
Boyd | |||||||||
For the year ending December 31, | |||||||||
Outstanding principal | 3,121,558,000 | 3,283,129,000 | |||||||
Premium and Consent Fees Paid | (15,750,000) | (24,246,000) | |||||||
Payments of Debt Issuance Costs | 3,430,000 | 42,220,000 | 14,004,000 | ||||||
Subsidiaries, Ownership Percentage | 100.00% | ||||||||
Gain Loss on Early Retirements of Debt | $ (1,582,000) | $ (28,356,000) | $ (30,829,000) | ||||||
Boyd | Senior Notes | 9.125% Senior Notes Due 2018 | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, stated interest rate | 9.125% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2020 [Member] | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, stated interest rate | 9.00% | 9.00% | |||||||
Debt instrument, redemption price, percentage | 104.50% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | |||||||||
For the year ending December 31, | |||||||||
Face amount | $ 750,000,000 | ||||||||
Debt instrument, stated interest rate | 6.875% | 6.875% | 6.875% | 6.875% | |||||
Payments of Debt Issuance Costs | $ 14,000,000 | ||||||||
Subsidiaries, Ownership Percentage | 100.00% | ||||||||
Conditional repurchase price, % of principal | 101.00% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | Prior to May 15, 2018 [Member] | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, redemption price, percentage | 100.00% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | After May 15, 2018 and Prior to 2021 [Member] | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, redemption price, percentage | 105.156% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2026 [Member] | |||||||||
For the year ending December 31, | |||||||||
Face amount | $ 750,000,000 | ||||||||
Debt instrument, stated interest rate | 6.375% | 6.375% | 6.375% | 6.375% | |||||
Deferred finance costs | $ 13,000,000 | ||||||||
Subsidiaries, Ownership Percentage | 100.00% | ||||||||
Conditional repurchase price, % of principal | 101.00% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2026 [Member] | Prior to April 1, 2021 [Member] | |||||||||
For the year ending December 31, | |||||||||
Debt instrument, redemption price, percentage | 100.00% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2026 [Member] | After April 15, 2021 and Prior to 2024 [Member] | |||||||||
For the year ending December 31, | |||||||||
Conditional repurchase price, % of principal | 103.188% | ||||||||
Boyd | Senior Notes | Senior Notes Due 2026 [Member] | Prior to April 15, 2024 [Member] | |||||||||
For the year ending December 31, | |||||||||
Conditional repurchase price, % of principal | 100.00% | ||||||||
Boyd | Senior Secured Notes | |||||||||
For the year ending December 31, | |||||||||
Minimum required coverage ratio | 2 |
Long-Term Debt (Other Boyd Note
Long-Term Debt (Other Boyd Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
For the year ending December 31, | |||
Unamortized discount | $ (1,556) | $ (1,888) | |
Interest | 19,858 | 33,407 | |
Gain Loss on Early Retirements of Debt | (1,582) | (42,364) | $ (40,733) |
Boyd | |||
For the year ending December 31, | |||
Outstanding principal | 3,121,558 | 3,283,129 | |
Gain Loss on Early Retirements of Debt | (1,582) | (28,356) | $ (30,829) |
Boyd | Other | |||
For the year ending December 31, | |||
Unamortized discount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Boyd | Other | |||
For the year ending December 31, | |||
Outstanding principal | $ 504 | $ 591 |
Long-Term Debt (Peninsula Senio
Long-Term Debt (Peninsula Senior Notes Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 16, 2012 | |
For the year ending December 31, | ||||
Debt Instrument, Unamortized Discount | $ 1,556 | $ 1,888 | ||
Amortization of debt financing costs and discounts on debt | 9,845 | 14,870 | $ 21,308 | |
Payments of Debt Issuance Costs | $ 3,430 | $ 42,220 | $ 14,004 | |
Peninsula | Senior Notes | 8.375% Senior Notes due 2018 | ||||
For the year ending December 31, | ||||
Debt instrument, stated interest rate | 8.375% | |||
Debt Instrument, Redemption Price, Percent of Principal, Subject to Make-whole Premium | 100.00% |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long-term Debt) (Details) - Boyd - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
For the year ending December 31, | ||
2,015 | $ 23,981 | |
2,016 | 23,991 | |
2,017 | 23,997 | |
2,018 | 430,040 | |
2,019 | 12,758 | |
Thereafter | 2,606,791 | |
Total outstanding principal of long-term debt | 3,121,558 | $ 3,283,129 |
Bank Credit Facility | ||
For the year ending December 31, | ||
Remaining borrowing capacity | $ 522,000 |
Long-Term Debt Loss on Early Ex
Long-Term Debt Loss on Early Extinguishment of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Extinguishment of Debt [Line Items] | |||
Loss on early extinguishments and modifications of debt | $ 1,582 | $ 42,364 | $ 40,733 |
Parent Only [Member] | Senior Notes | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | 0 | 0 | 23,962 |
Parent Only [Member] | Bank Credit Facility | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | 0 | 9,512 | 2,086 |
Premium and Consent Fees [Member] | Parent Only [Member] | Senior Notes | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | 0 | 15,750 | 0 |
Senior Notes Due 2020 [Member] | Parent Only [Member] | Senior Notes | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | 0 | 5,976 | 0 |
Senior Secured Notes Due 2018 [Member] | Parent Only [Member] | Senior Notes | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | 0 | 4,497 | 0 |
Senior Notes Due 2018 [Member] | Parent Only [Member] | Senior Notes | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | 0 | 0 | 4,888 |
Holdco Note | Parent Only [Member] | Promissory Note [Member] | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | 0 | 0 | 7,819 |
Bank Credit Facility | Parent Only [Member] | Bank Credit Facility | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | 1,086 | 6,629 | 1,978 |
Amended Credit Facility | Parent Only [Member] | Bank Credit Facility | |||
Extinguishment of Debt [Line Items] | |||
Extinguishment of Debt, Amount | $ 496 | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2017 | |
Income Taxes [Line Items] | ||
Income Tax Benefit - Impact of Tax Legislation | $ 60.1 | |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 1.1 | $ 2.4 |
Equity Method Investment, Ownership Percentage | 50.00% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate | $ 19,500 | |
Deferred Tax Assets and Liabilities [Abstract] | ||
Non-current deferred tax liability | 81,454 | $ 86,657 |
Net deferred tax liability | 81,454 | 86,657 |
Deferred tax assets | ||
Federal net operating loss carryforwards | 201,978 | 110,350 |
State net operating loss carryforwards | 38,715 | 45,096 |
Share-based compensation | 26,344 | 14,226 |
Other | 63,815 | 35,161 |
Gross deferred tax assets | 330,852 | 204,833 |
Valuation allowance | (28,402) | (28,821) |
Deferred tax assets, net of valuation allowance | 302,450 | 176,012 |
Deferred tax liabilities | ||
Difference between book and tax basis of property and intangible assets | 337,654 | 219,090 |
State tax liability | 31,443 | 33,777 |
Other | 14,807 | 9,802 |
Gross deferred tax liabilities | 383,904 | 262,669 |
State and Local Jurisdiction | ||
Deferred tax assets | ||
Federal net operating loss carryforwards | 732,400 | |
All years [Member] | ||
Income Taxes [Line Items] | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 27,700 | |
Alternative Minimum Tax Credit Carryforward [Member] | Internal Revenue Service (IRS) | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards | $ 10,400 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance on Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 203,900 | |
Deferred Tax Assets, Valuation Allowance | 28,821 | $ 28,402 |
Federal net operating loss carryforwards | 110,350 | $ 201,978 |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Total net operating losses | 525,500 | |
Internal Revenue Service (IRS) | General Business Tax Credit Carryforward | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 8,000 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Federal net operating loss carryforwards | $ 732,400 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred | |||
Federal | $ 6,449 | $ (192,472) | $ (9,493) |
State | 1,698 | (8,703) | 816 |
Deferred income taxes | 8,147 | (201,175) | (8,677) |
Provision (benefit) for income taxes from discontinued operations | (14,855) | 146,379 | 540 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | (10,367) | 0 | 0 |
State | 5,335 | 1,242 | 2,052 |
Total current taxes provision | (5,032) | 1,242 | 2,052 |
Provision (benefit) for income taxes from continuing and discontinued operations | $ (17,970) | $ 53,554 | $ (7,165) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax at federal statutory rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (35.20%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.00% | (2548.10%) | 179.90% |
Effective Income Tax Rate Reconciliation, Uncertain Tax Benefits | 0.00% | 0.00% | (385.40%) |
State income taxes, net of federal benefit | 2.70% | (60.80%) | 64.10% |
Company provided benefits | 0.50% | 10.60% | 17.30% |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | (0.30%) | (7.10%) | (12.60%) |
Effective Income Tax Rate Reconciliation, Company Provided Benefits | 0.50% | 15.20% | 139.80% |
Accrued interest on uncertain tax benefits | 0.10% | 2.10% | (127.70%) |
Effective Income Tax Rate Reconciliation, Compensation-based credits | (1.00%) | (22.30%) | (55.50%) |
Other, net | (0.50%) | 1.60% | (4.00%) |
Effective tax rate | 1.80% | (2573.80%) | (149.10%) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2017 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 1,100 | $ 2,400 | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Unrecognized tax benefit, beginning of year | $ 2,482 | $ 2,482 | $ 30,198 | ||
Tax positions related to current year | 0 | 0 | 0 | ||
Tax positions related to the Deconsolidation of Borgata | 0 | 0 | (27,716) | ||
Unrecognized tax benefits that would impact effective tax rate | 15,800 | ||||
Income tax penalties and interest expense | 100 | 6,200 | |||
Income tax penalties and interest accrued | 1,000 | 800 | |||
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities, Portion Which Affected Effective Tax Rate | 19,500 | ||||
Unrecognized Tax Benefits | 2,482 | 2,482 | $ 2,482 | ||
Internal Revenue Service (IRS) | |||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Unrecognized tax benefits that would impact effective tax rate | $ 2,000 | ||||
All years [Member] | |||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Settlement with taxing authorities | $ (27,700) |
Commitments and Contingencies86
Commitments and Contingencies (Minimum Lease Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
2,015 | $ 20,642 | ||
2,016 | 17,826 | ||
2,017 | 15,325 | ||
2,018 | 14,330 | ||
2,019 | 13,884 | ||
Thereafter | 314,391 | ||
Lease obligations | 396,398 | ||
Selling, General and Administrative Expenses | |||
Operating Leased Assets [Line Items] | |||
Lease expense during the period | $ 30,300 | $ 31,000 | $ 29,000 |
Commitments and Contingencies87
Commitments and Contingencies (Future Minimum Sublease Rental Income) (Details) | Dec. 31, 2017USD ($) |
Sublease Rentals [Line Items] | |
2,013 | $ 3,432 |
2,014 | 2,371 |
2,015 | 1,665 |
2,016 | 930 |
2,017 | 771 |
Thereafter | 250 |
Rental income | $ 9,419 |
Commitments and Contingencies C
Commitments and Contingencies Contingent Payments (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Other Commitments [Line Items] | |
Payment to option holder, percentage of EBITDA | 1.00% |
Commitments and Contingencies P
Commitments and Contingencies PGL Commitments (Details) - USD ($) | Dec. 20, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Sponsor Fees [Line Items] | ||||
Accrued liabilities | $ (255,146,000) | $ (257,554,000) | ||
Parking Fee, Per Space | 65 | |||
Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Payment to option holder, term | 10 years | |||
Diamond Jo Dubuque | ||||
Sponsor Fees [Line Items] | ||||
Sponsor Fees | $ 3,100,000 | $ 3,000,000 | ||
Sponsor Fee Percentage | 4.50% | |||
Diamond Jo Worth | ||||
Sponsor Fees [Line Items] | ||||
Sponsor Fees | $ 5,000,000 | 4,900,000 | $ 5,000,000 | |
Sponsor Fee Percentage | 5.76% | |||
Annual Donations for Education in Operating Area [Member] | Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Amount of other commitment | $ 1,500,000 | |||
Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Other Commitment, Time Period | 15 years | |||
Debt Issued by Counterparty | $ 19,700,000 | |||
Special Tax Assessment | 1,700,000 | 1,700,000 | ||
Accrued liabilities | (8,200,000) | (8,900,000) | ||
Mulvane Special Tax Assessment for Utilities, Discount [Member] | Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Accrued liabilities | (3,500,000) | (4,000,000) | ||
Additional Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star | ||||
Sponsor Fees [Line Items] | ||||
Debt Issued by Counterparty | 5,000,000 | |||
Special Tax Assessment | 1,700,000 | |||
Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque | ||||
Sponsor Fees [Line Items] | ||||
Property Taxes, Minimum Agreed Taxable Value | 57,900,000 | |||
Other Commitment, Minimum Annual Payments | 1,900,000 | |||
Accrued Liabilities [Member] | Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque | ||||
Sponsor Fees [Line Items] | ||||
Other Commitment, Obligation | 1,900,000 | |||
Other Liabilities [Member] | Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque | ||||
Sponsor Fees [Line Items] | ||||
Other Commitment, Obligation | 13,800,000 | 14,100,000 | ||
Other Commitment, Discount on Obligation | $ 2,600,000 | $ 2,800,000 |
Commitments and Contingencies B
Commitments and Contingencies Boyd Commitments (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Sep. 30, 2011 | Dec. 31, 2017 | |
Other Commitments [Line Items] | ||
Purchase price | $ 1.2 | |
Development Agreement | ||
Other Commitments [Line Items] | ||
Purchase price | $ 24.5 | |
Minimum | ||
Other Commitments [Line Items] | ||
Obligation to fund certain pre-development costs, annual amount | 1 | |
Maximum | ||
Other Commitments [Line Items] | ||
Obligation to fund certain pre-development costs, annual amount | $ 2 |
Stockholders' Equity and Stoc91
Stockholders' Equity and Stock Incentive Plans (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock repurchase program, authorized amount | $ 100,000 | ||
Stock Repurchased and Retired During Period, Shares | 1,198 | ||
Stock Repurchased and Retired During Period, Value | $ (31,927) | $ 0 | $ 0 |
Average Repurchase Price per Share | $ 26.64 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 60,100 |
Stockholders' Equity and Stoc92
Stockholders' Equity and Stock Incentive Plans (Restricted Stock Units, Performance Stock Units and Career Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 17,413 | $ 15,518 | $ 19,264 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 442,879 | 542,220 | 541,016 |
Share-based compensation expense | $ 7,463 | $ 8,883 | $ 9,909 |
Non-Option Award Activity [Roll Forward] | |||
Outstanding, beginning of period | 1,961,118 | 2,320,826 | 2,534,496 |
Canceled | (38,964) | (30,400) | (40,800) |
Vested / awarded | (727,821) | (871,528) | (713,886) |
Outstanding, end of period | 1,637,212 | 1,961,118 | 2,320,826 |
Granted, weighted average grant date fair value (in USD per share) | $ 27.40 | $ 18.06 | $ 19.05 |
Total unrecognized share-based compensation costs related to unvested stock options | $ 0 | ||
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | 2 years 6 months 2 days | ||
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 275,305 | 241,235 | 240,156 |
Share-based compensation expense | $ 7,381 | $ 3,353 | $ 5,135 |
Non-Option Award Activity [Roll Forward] | |||
Outstanding, beginning of period | 1,129,078 | 1,249,480 | 1,411,640 |
Canceled | 0 | 0 | (2,677) |
Vested / awarded | (268,429) | (213,365) | (663,945) |
Outstanding, end of period | 1,062,547 | 1,129,078 | 1,249,480 |
Granted, weighted average grant date fair value (in USD per share) | $ 28.94 | $ 17.75 | $ 16.75 |
Total unrecognized share-based compensation costs related to unvested stock options | $ 6,900 | ||
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | 2 years 8 months 13 days | ||
Shares to be issued to settle PSUs | 1,400,000 | ||
Evaluation of performance conditions, period | 3 years | ||
Awards if no conditions met, percentage | 0.00% | ||
Awards if only threshhold performance met, percentage | 50.00% | ||
Awards for target performance, percentage | 100.00% | ||
Awards for maximum performance, percentage (up to 200%) | 200.00% | ||
Award vesting period | 3 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 1,193 | $ 1,974 | $ 2,821 |
Non-Option Award Activity [Roll Forward] | |||
Total unrecognized share-based compensation costs related to unvested stock options | $ 200 | ||
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | 1 year 4 months 26 days | ||
Performance Shares Adjustment [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | (73,407) | (148,272) | 264,306 |
Career Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 66,000 | 73,064 | 103,018 |
Share-based compensation expense | $ 1,376 | $ 1,308 | $ 1,399 |
Non-Option Award Activity [Roll Forward] | |||
Outstanding, beginning of period | 1,041,639 | 968,575 | 896,585 |
Canceled | (11,236) | 0 | 0 |
Vested / awarded | (82,944) | 0 | (31,028) |
Outstanding, end of period | 1,013,459 | 1,041,639 | 968,575 |
Granted, weighted average grant date fair value (in USD per share) | $ 20.41 | $ 19.01 | $ 12.51 |
Total unrecognized share-based compensation costs related to unvested stock options | $ 1,100 | ||
Executive Officer | Career Shares | |||
Non-Option Award Activity [Roll Forward] | |||
Award eligibility, minimum age | 55 years | ||
Award requisite service period | 10 years | ||
Service period, Tranche 1 | 10 years | ||
Service period, Tranche 2 | 15 years | ||
Service period, Tranche 3 | 20 years | ||
Stock Incentive Plan 2012 [Member] | Stock Options | |||
Non-Option Award Activity [Roll Forward] | |||
Award vesting period | 3 years | ||
Common Stock | |||
Non-Option Award Activity [Roll Forward] | |||
Stock Issued During Period, Shares, Performance Stock Award, Net | 173,653 | 159,027 | 481,749 |
Common Stock | PSU - Nov 2013 [Domain] | |||
Non-Option Award Activity [Roll Forward] | |||
Shares to be issued to settle PSUs | 0.80 | ||
Stock Issued During Period, Shares, Performance Stock Award, Gross | 268,429 | ||
Stock Issued During Period, Shares, Performance Stock Award, Taxes | 94,776 | ||
Stock Issued During Period, Shares, Performance Stock Award, Net | 173,653 | ||
Common Stock | PSU - Dec 2012 [Domain] | |||
Non-Option Award Activity [Roll Forward] | |||
Shares to be issued to settle PSUs | 0.59 | ||
Stock Issued During Period, Shares, Performance Stock Award, Gross | 213,365 | ||
Stock Issued During Period, Shares, Performance Stock Award, Taxes | 54,338 | ||
Stock Issued During Period, Shares, Performance Stock Award, Net | 159,027 |
Stockholders' Equity and Stoc93
Stockholders' Equity and Stock Incentive Plans (Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 17, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 16, 2012 |
Stock Options Activity [Roll Forward] | |||||
Outstanding, beginning of period | 3,107,916 | 4,605,055 | 7,169,668 | ||
Granted | 0 | 216,509 | 200,673 | ||
Canceled | (1,323,500) | (1,260,750) | (1,463,497) | ||
Exercised | (241,964) | (452,898) | (1,301,789) | ||
Outstanding, end of period | 1,542,452 | 3,107,916 | 4,605,055 | ||
Exercisable | 1,335,717 | 2,696,315 | |||
Stock Options Activity, Weighted Average Option Price [Roll Forward] | |||||
Outstanding, weighted average option price, beginning of period (in USD per share) | $ 23.36 | $ 26.14 | $ 25.73 | ||
Granted, weighted average option price (in USD per share) | 0 | 17.50 | 19.98 | ||
Canceled, weighted average option price (in USD per share) | 39.30 | 38.63 | 39.82 | ||
Exercised, weighted average option price (in USD per share) | 8.61 | 6.49 | 7.53 | ||
Outstanding, weighted average option price, end of period (in USD per share) | 11.99 | 23.36 | $ 26.14 | ||
Exercisable, weighted average option price (in USD per share) | $ 11 | $ 24.27 | |||
Additional Disclosures: | |||||
Outstanding, weighted average remaining term | 5 years 3 months 24 days | ||||
Exercisable, weighted average remaining term | 4 years 9 months 20 days | 3 years 1 month 6 days | |||
Outstanding, aggregate intrinsic value | $ 35,565 | ||||
Exercisable, aggregate intrinsic value | 32,128 | $ 14,587 | |||
Total intrinsic value of in-the-money options exercised during the period | 3,900 | 5,900 | $ 11,100 | ||
Total fair value of options vested in period | 1,600 | $ 2,000 | $ 1,900 | ||
Stock Options | |||||
Additional Disclosures: | |||||
Total unrecognized share-based compensation costs related to unvested stock options | $ 200 | ||||
Total unrecognized share-based compensation costs related to unvested stock options, period for recognition | 1 year 4 months 26 days | ||||
Stock Incentive Plan 2012 [Member] | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term of stock incentive plan | 10 years | ||||
Increase in number of common shares authorized under Stock Incentive Plan | 4,000,000 | ||||
Number of common shares authorized for issuance under Stock Incentive Plan | 21,000,000 | 17,000,000 | |||
Number of common shares available for grant under Stock Incentive Plan | 4,400,000 | ||||
Number of authorized and unissued common shares under Stock Incentive Plan | 9,700,000 | ||||
Award vesting period | 3 years |
Stockholders' Equity and Stoc94
Stockholders' Equity and Stock Incentive Plans (Stock Options by Exercise Price Range) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Total intrinsic value of in-the-money options exercised during the period | $ 3.9 | $ 5.9 | $ 11.1 |
Options outstanding | 1,542,452 | ||
Options outstanding, weighted-average remaining contractual life | 5 years 3 months 27 days | ||
Options outstanding, weighted-average exercise price | $ 11.99 | ||
Options exercisable | 1,335,717 | ||
Options exercisable, weighted-average exercise price | $ 11 | ||
Range of exercise prices, low | 5.22 | ||
Range of exercise prices, high | $ 39.78 | ||
Total fair value of options vested in period | $ 1.6 | $ 2 | $ 1.9 |
$ 5.22 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 25,510 | ||
Options outstanding, weighted-average remaining contractual life | 4 years 10 months 7 days | ||
Options outstanding, weighted-average exercise price | $ 5.22 | ||
Options exercisable | 25,510 | ||
Options exercisable, weighted-average exercise price | $ 5.22 | ||
Range of exercise prices, low | 5.22 | ||
Range of exercise prices, high | $ 7.55 | ||
6.60 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 28,000 | ||
Options outstanding, weighted-average remaining contractual life | 10 months 2 days | ||
Options outstanding, weighted-average exercise price | $ 6.60 | ||
Options exercisable | 28,000 | ||
Options exercisable, weighted-average exercise price | $ 6.60 | ||
Range of exercise prices, low | 8.34 | ||
Range of exercise prices, high | $ 8.34 | ||
6.70 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 196,869 | ||
Options outstanding, weighted-average remaining contractual life | 3 years 11 months 5 days | ||
Options outstanding, weighted-average exercise price | $ 6.70 | ||
Options exercisable | 196,869 | ||
Options exercisable, weighted-average exercise price | $ 6.70 | ||
Range of exercise prices, low | 9.86 | ||
Range of exercise prices, high | $ 9.86 | ||
7.55 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 65,000 | ||
Options outstanding, weighted-average remaining contractual life | 1 year 9 months 30 days | ||
Options outstanding, weighted-average exercise price | $ 7.55 | ||
Options exercisable | 65,000 | ||
Options exercisable, weighted-average exercise price | $ 7.55 | ||
Range of exercise prices, low | 11.57 | ||
Range of exercise prices, high | $ 11.57 | ||
8.34 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 294,163 | ||
Options outstanding, weighted-average remaining contractual life | 2 years 9 months 19 days | ||
Options outstanding, weighted-average exercise price | $ 8.34 | ||
Options exercisable | 294,163 | ||
Options exercisable, weighted-average exercise price | $ 8.34 | ||
Range of exercise prices, low | 17.75 | ||
Range of exercise prices, high | $ 17.75 | ||
9.86 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 260,882 | ||
Options outstanding, weighted-average remaining contractual life | 5 years 10 months 7 days | ||
Options outstanding, weighted-average exercise price | $ 9.86 | ||
Options exercisable | 260,882 | ||
Options exercisable, weighted-average exercise price | $ 9.86 | ||
Range of exercise prices, low | 19.98 | ||
Range of exercise prices, high | $ 19.98 | ||
11.57 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 229,846 | ||
Options outstanding, weighted-average remaining contractual life | 6 years 1 month 27 days | ||
Options outstanding, weighted-average exercise price | $ 11.57 | ||
Options exercisable | 229,846 | ||
Options exercisable, weighted-average exercise price | $ 11.57 | ||
Range of exercise prices, low | 33.31 | ||
Range of exercise prices, high | $ 33.31 | ||
17.75 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 216,509 | ||
Options outstanding, weighted-average remaining contractual life | 8 years 10 months 7 days | ||
Options outstanding, weighted-average exercise price | $ 17.75 | ||
Options exercisable | 72,174 | ||
Options exercisable, weighted-average exercise price | $ 17.75 | ||
Range of exercise prices, low | 38.11 | ||
Range of exercise prices, high | $ 38.11 | ||
19.98 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 200,673 | ||
Options outstanding, weighted-average remaining contractual life | 7 years 4 months 30 days | ||
Options outstanding, weighted-average exercise price | $ 19.98 | ||
Options exercisable | 138,273 | ||
Options exercisable, weighted-average exercise price | $ 19.98 | ||
Range of exercise prices, low | 39.78 | ||
Range of exercise prices, high | 39.78 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range Ten [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of exercise prices, low | 42.69 | ||
Range of exercise prices, high | $ 42.69 | ||
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range Nine [Member] [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding | 25,000 | ||
Options outstanding, weighted-average remaining contractual life | 4 days | ||
Options outstanding, weighted-average exercise price | $ 33.31 | ||
Options exercisable | 25,000 | ||
Options exercisable, weighted-average exercise price | $ 33.31 |
Stockholders' Equity and Stoc95
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Dividends Declared | $ 0.15 | $ 0 | $ 0 |
Share-based compensation expense | $ (17,413) | $ (15,518) | $ (19,264) |
Gaming | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (363) | (428) | (393) |
Food and beverage | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (69) | (82) | (75) |
Room | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (33) | (39) | (36) |
Selling, general and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (1,846) | (2,176) | (1,996) |
Corporate expense | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (15,102) | (12,793) | (16,764) |
Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (1,193) | (1,974) | (2,821) |
Restricted Stock Units (RSUs) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (7,463) | (8,883) | (9,909) |
Performance Stock Units (PSUs) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (7,381) | (3,353) | (5,135) |
Career Shares | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ (1,376) | $ (1,308) | $ (1,399) |
Stockholders' Equity and Stoc96
Stockholders' Equity and Stock Incentive Plans Dividends (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | |
Dividends Paid [Abstract] | |||
Dividends, Share-based Compensation | $ 0.05 | $ 0.05 | $ 0.05 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 20, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 16, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment available for sale | $ 17,300 | $ 16,800 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 18.50% | |||
Available-for-sale securities, current portion | 500 | $ 400 | ||
Fair Value, Discount Amount, Available for sales securities | $ 2,900 | 3,100 | ||
Payment to option holder, percentage of EBITDA | 1.00% | |||
Contingent consideration, liability for payments to option holder, current | $ 800 | 900 | ||
Contingent consideration, liability for payments to option holder, noncurrent | 2,100 | 2,200 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, gross | 20,500 | |||
Investment available for sale | $ 17,752 | 17,259 | ||
Debt security, interest rate | 7.50% | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment available for sale | $ 17,752 | $ 17,259 | ||
Kansas Star | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Payment to option holder, percentage of EBITDA | 1.00% | |||
Senior Notes | 8.375% Senior Notes due 2018 | Peninsula | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument, stated interest rate | 8.375% | |||
Available-for-sale Securities [Member] | Discount Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 9.60% | 10.30% | ||
Contingent Payments | Discount Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 9.20% |
Fair Value Measurements (Balanc
Fair Value Measurements (Balances Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 203,104 | $ 193,862 | $ 158,821 |
Restricted cash | 24,175 | 16,488 | $ 19,030 |
Restricted cash | 24,175 | 16,488 | |
Investment available for sale | 17,300 | 16,800 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent payments | 2,887 | 3,038 | |
Cash and cash equivalents | 203,104 | 193,862 | |
Restricted cash | 24,175 | 16,488 | |
Investment available for sale | 17,752 | 17,259 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent payments | 0 | 0 | |
Cash and cash equivalents | 203,104 | 193,862 | |
Restricted cash | 16,488 | ||
Investment available for sale | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent payments | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Investment available for sale | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent payments | 2,887 | 3,038 | |
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Investment available for sale | 17,752 | 17,259 | |
Parent Company [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 347 | 1,212 | |
Restricted cash | $ 0 | $ 0 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment available for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, 2015 | $ 17,259 | $ 17,839 |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | 138 | 130 |
Included in other comprehensive income (loss) | 795 | (299) |
Purchases, sales, issuances and settlements: | ||
Settlements | (440) | |
Balance at December 31, 2017 | 17,752 | 17,259 |
Purchases, sales, issuances and settlements: | ||
Settlements | 411 | |
Contingent Payments | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at January 1, 2017 | (3,038) | (3,632) |
Total gains (losses) (realized or unrealized): | ||
Included in earnings | (335) | (600) |
Included in other comprehensive income (loss) | 0 | 0 |
Purchases, sales, issuances and settlements: | ||
Settlements | (819) | (848) |
Balance at December 31, 2017 | $ (2,887) | $ (3,038) |
Non-operating income | Investment available for sale | ||
Total gains (losses) (realized or unrealized): | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings, Description | 0 | 0 |
Non-operating income | Contingent Payments | ||
Total gains (losses) (realized or unrealized): | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings, Description | (333) | 346 |
Fair Value Measurements (Valuat
Fair Value Measurements (Valuation Techniques) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques, Unobservable Inputs, Rate, Percentage | 18.50% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Balance Sheet Grouping) (Details) - Parent Company [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Liabilities | ||
Obligation under assessment arrangements | $ 31,729 | $ 33,456 |
Other financial instruments | 100 | |
Carrying Value | ||
Liabilities | ||
Obligation under assessment arrangements | 25,602 | 26,660 |
Other financial instruments | 97 | |
Estimated Fair Value | ||
Liabilities | ||
Obligation under assessment arrangements | $ 26,999 | 27,054 |
Other financial instruments | $ 97 |
Fair Value Measurements (Fai102
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 28, 2016 | May 21, 2015 | Aug. 16, 2012 | Nov. 10, 2010 |
Parent Company [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Outstanding principal | $ 3,121,558 | $ 3,283,129 | ||||
Parent Company [Member] | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | 3,229,455 | |||||
Parent Company [Member] | Estimated Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument | 3,403,069 | |||||
Parent Company [Member] | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | 504 | 591 | ||||
Parent Company [Member] | Fixed Rate Debt | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimated Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument | 504 | 591 | ||||
Parent Company [Member] | Other | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | 504 | 591 | ||||
Parent Company [Member] | Other | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Outstanding principal | 504 | 591 | ||||
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | 1,595,703 | 1,752,147 | ||||
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Outstanding principal | 1,621,054 | 1,782,538 | ||||
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | 1,595,703 | 1,752,147 | ||||
Parent Company [Member] | Bank Credit Facility | Bank Credit Facility | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimated Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument | $ 1,625,178 | $ 1,791,853 | ||||
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument, stated interest rate | 6.875% | 6.875% | 6.875% | 6.875% | ||
Long-term Debt | $ 740,545 | $ 738,791 | ||||
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Outstanding principal | 750,000 | 750,000 | ||||
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | 740,545 | 738,791 | ||||
Parent Company [Member] | Senior Notes Due 2023 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument | $ 798,750 | $ 806,250 | ||||
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument, stated interest rate | 6.375% | 6.375% | 6.375% | 6.375% | ||
Long-term Debt | $ 739,128 | |||||
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | $ 737,926 | |||||
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Outstanding principal | 750,000 | 750,000 | ||||
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | 739,128 | |||||
Parent Company [Member] | Senior Notes Due 2026 [Member] | Senior Notes | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Estimated Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument | 810,000 | $ 804,375 | ||||
Consolidated, Excluding Borgata [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Outstanding principal | 3,121,558 | |||||
Consolidated, Excluding Borgata [Member] | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | 3,075,880 | |||||
Consolidated, Excluding Borgata [Member] | Estimated Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument | $ 3,234,432 | |||||
Peninsula | 8.375% Senior Notes due 2018 | Senior Notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt instrument, stated interest rate | 8.375% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions based on wages paid to covered employees | $ 1.6 | $ 1.5 | $ 1.4 |
Voluntary contributions to the 401(k) profit-sharing plans and trusts | $ 4.4 | $ 3.9 | $ 3.3 |
Segment Information (Certain Se
Segment Information (Certain Segment Operating Data and Other) (Details) $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||||||||||
Gaming | $ 1,740,268 | $ 1,610,393 | $ 1,631,177 | |||||||||
Food and beverage | 346,379 | 302,705 | 303,786 | |||||||||
Room | 186,795 | 169,391 | 162,248 | |||||||||
Other | 127,377 | 116,770 | 117,620 | |||||||||
Gross Revenues | 2,400,819 | 2,199,259 | 2,214,831 | |||||||||
Corporate expense | 88,148 | 72,668 | 76,941 | |||||||||
Depreciation and amortization | 217,522 | 196,226 | 207,118 | |||||||||
Project development, preopening and writedowns | 14,454 | 22,107 | 6,907 | |||||||||
Share-based compensation expense | 17,413 | 15,518 | 19,264 | |||||||||
Other Asset Impairment Charges | 0 | 38,302 | 18,565 | |||||||||
Impairments of assets | (426) | 38,302 | 18,565 | |||||||||
Other operating charges, net | 1,900 | 284 | 907 | |||||||||
Operating Income (Loss) | $ 80,477 | $ 78,940 | $ 89,554 | $ 94,830 | $ 29,726 | $ 67,881 | $ 80,439 | $ 82,362 | $ 343,801 | 260,408 | 271,584 | |
Number of reportable segments | segment | 3 | |||||||||||
Segment Reconciling Items [Member] | ||||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||||||||||
Total Reportable Segment Adjusted EBITDA | $ 595,931 | 536,111 | 527,773 | |||||||||
Corporate expense | (73,046) | (59,875) | (60,177) | |||||||||
Reportable Segment Adjusted EBITDA | 668,977 | 595,986 | 587,950 | |||||||||
Deferred rent | 1,267 | 3,266 | 3,428 | |||||||||
Depreciation and amortization | 196,226 | 207,118 | ||||||||||
Project development, preopening and writedowns | 22,107 | 6,907 | ||||||||||
Share-based compensation expense | 17,413 | 15,518 | 19,264 | |||||||||
Impairments of assets | 38,302 | 18,565 | ||||||||||
Other operating charges, net | 284 | 907 | ||||||||||
Total other operating costs and expenses | 252,130 | 275,703 | 256,189 | |||||||||
Operating Income (Loss) | 343,801 | 260,408 | 271,584 | |||||||||
Las Vegas Locals | ||||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||||||||||
Gaming | 563,785 | 422,375 | 395,108 | |||||||||
Food and beverage | 154,451 | 108,541 | 103,353 | |||||||||
Room | 98,406 | 82,566 | 75,282 | |||||||||
Other | 51,735 | 41,533 | 42,827 | |||||||||
Gross Revenues | 868,377 | 655,015 | 616,570 | |||||||||
Total Reportable Segment Adjusted EBITDA | 249,906 | 176,066 | 157,269 | |||||||||
Downtown Las Vegas | ||||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||||||||||
Gaming | 133,072 | 133,165 | 131,871 | |||||||||
Food and beverage | 54,451 | 52,849 | 52,105 | |||||||||
Room | 24,623 | 20,209 | 19,856 | |||||||||
Other | 32,295 | 30,347 | 29,445 | |||||||||
Gross Revenues | 244,441 | 236,570 | 233,277 | |||||||||
Total Reportable Segment Adjusted EBITDA | 54,613 | 52,341 | 49,214 | |||||||||
Midwest and South | ||||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||||||||||
Gaming | 1,043,411 | 1,054,853 | 1,104,198 | |||||||||
Food and beverage | 137,477 | 141,315 | 148,328 | |||||||||
Room | 63,766 | 66,616 | 67,110 | |||||||||
Other | 43,347 | 44,890 | 45,348 | |||||||||
Gross Revenues | 1,288,001 | 1,307,674 | 1,364,984 | |||||||||
Total Reportable Segment Adjusted EBITDA | $ 364,458 | $ 367,579 | 381,467 | |||||||||
Borgata | ||||||||||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||||||||||
Ownership percentage by noncontrolling owners | 50.00% | 50.00% | ||||||||||
Operating Income (Loss) | $ 118,698 | $ 146,842 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 4,685,930 | $ 4,670,751 |
Reportable Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 4,459,650 | 4,499,484 |
Las Vegas Locals | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,792,119 | 1,785,858 |
Downtown Las Vegas | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 170,574 | 157,319 |
Midwest and South | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 2,496,957 | 2,556,307 |
Corporate | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 226,280 | $ 171,267 |
Segment Information (Reconci106
Segment Information (Reconciliation of Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | $ (190,417) | $ (160,427) | $ (128,305) |
Change in Accrued Property Additions | 47 | (69) | 2,865 |
Cash-Based Capital Expenditures | 190,464 | 160,358 | 131,170 |
Las Vegas Locals | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | (59,382) | (42,069) | (41,772) |
Downtown Las Vegas | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | (21,705) | (28,431) | (13,000) |
Midwest and South | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | (37,657) | (73,255) | (60,887) |
Reportable Segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | (118,744) | (143,755) | (115,659) |
Corporate | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | $ (71,673) | $ (16,672) | $ 12,646 |
Selected Quarterly Financial107
Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Revenues | $ 595,088 | $ 591,542 | $ 604,124 | $ 610,065 | $ 558,649 | $ 535,173 | $ 548,784 | $ 556,653 | $ 2,400,819 | $ 2,199,259 | $ 2,214,831 |
Operating Income (Loss) | 80,477 | 78,940 | 89,554 | 94,830 | 29,726 | 67,881 | 80,439 | 82,362 | 343,801 | 260,408 | 271,584 |
Income from continuing operations, net of tax | 82,073 | 23,157 | 27,692 | 35,076 | 10,581 | 164,197 | 11,257 | 21,666 | 167,998 | 207,701 | 11,068 |
Income from discontinued operations, net of tax | 0 | 0 | 21,017 | 375 | 1,478 | 180,707 | 18,715 | 11,630 | 21,392 | 212,530 | 36,539 |
Net Income (Loss) Attributable to Parent | $ 82,073 | $ 23,157 | $ 48,709 | $ 35,451 | $ 12,059 | $ 344,904 | $ 29,972 | $ 33,296 | $ 189,390 | $ 420,231 | $ 47,607 |
Continuing operations | $ 0.72 | $ 0.20 | $ 0.24 | $ 0.31 | $ 0.09 | $ 1.43 | $ 0.10 | $ 0.19 | $ 1.46 | $ 1.81 | $ 0.10 |
Discontinued operations | 0 | 0 | 0.18 | 0 | 0.01 | 1.58 | 0.16 | 0.10 | 0.19 | 1.86 | 0.32 |
Basic net income per common share | 0.72 | 0.20 | 0.42 | 0.31 | 0.10 | 3.01 | 0.26 | 0.29 | 1.65 | 3.67 | 0.42 |
Continuing operations | 0.71 | 0.20 | 0.24 | 0.31 | 0.09 | 1.43 | 0.10 | 0.19 | 1.45 | 1.80 | 0.10 |
Discontinued operations | 0 | 0 | 0.18 | 0 | 0.01 | 1.57 | 0.16 | 0.10 | 0.19 | 1.85 | 0.32 |
Diluted net income per common share | $ 0.71 | $ 0.20 | $ 0.42 | $ 0.31 | $ 0.10 | $ 3 | $ 0.26 | $ 0.29 | $ 1.64 | $ 3.65 | $ 0.42 |
Condensed Consolidating Fina108
Condensed Consolidating Financial Information (Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 203,104 | $ 193,862 | $ 158,821 | |
Restricted cash | 24,175 | 16,488 | 19,030 | |
Other current assets | 101,384 | 97,597 | ||
Property and equipment, net | 2,539,786 | 2,605,169 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 86,311 | 49,205 | ||
Assets | ||||
Intangible assets, net | 842,946 | 881,954 | 890,054 | $ 934,249 |
Goodwill, net | 888,224 | 826,476 | 685,310 | 685,310 |
Total assets | 4,685,930 | 4,670,751 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 23,981 | 30,336 | ||
Other current liabilities | 361,490 | 341,640 | ||
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 | 3,051,899 | 3,199,119 | ||
Other long-term liabilities | 151,333 | 169,476 | ||
Preferred stock | 0 | 0 | ||
Common stock | 1,126 | 1,129 | ||
Additional paid-in capital | 931,858 | 953,440 | ||
Retained earnings (deficit) | 164,425 | (23,824) | ||
Accumulated other comprehensive loss | (182) | (615) | ||
Total Boyd Gaming Corporation stockholders’ equity | 1,097,227 | 930,130 | ||
Noncontrolling interest | 0 | 50 | ||
Total stockholders’ equity | 1,097,227 | 930,180 | $ 501,837 | $ 438,087 |
Total liabilities and stockholders’ equity | 4,685,930 | 4,670,751 | ||
Boyd | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 347 | 1,212 | ||
Restricted cash | 0 | 0 | ||
Other current assets | 78,226 | 78,915 | ||
Property and equipment, net | 88,464 | 73,180 | ||
Investments in subsidiaries | 4,913,592 | 4,501,951 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 14,725 | 13,598 | ||
Assets | ||||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 5,095,354 | 4,668,856 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 23,895 | 30,250 | ||
Other current liabilities | 130,030 | 93,762 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 888,444 | 521,002 | ||
Long-term debt, net of current maturities and debt issuance costs | 3,051,481 | 3,198,613 | ||
Other long-term liabilities | (95,723) | (104,901) | ||
Total Boyd Gaming Corporation stockholders’ equity | 930,130 | |||
Noncontrolling interest | 0 | |||
Total stockholders’ equity | 1,097,227 | 930,130 | ||
Total liabilities and stockholders’ equity | 5,095,354 | 4,668,856 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 199,574 | 189,364 | ||
Restricted cash | 14,389 | 10,246 | ||
Other current assets | 20,921 | 16,469 | ||
Property and equipment, net | 2,424,361 | 2,503,127 | ||
Investments in subsidiaries | 0 | 139,465 | ||
Intercompany receivable | 1,934,559 | 1,491,017 | ||
Other assets, net | 33,369 | 31,899 | ||
Assets | ||||
Intangible assets, net | 818,887 | 857,894 | ||
Goodwill, net | 887,442 | 825,694 | ||
Total assets | 6,333,502 | 6,065,175 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 86 | 86 | ||
Other current liabilities | 212,146 | 202,840 | ||
Accumulated losses of subsidiaries in excess of investment | 73,130 | 0 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 418 | 506 | ||
Other long-term liabilities | 257,484 | 296,106 | ||
Total Boyd Gaming Corporation stockholders’ equity | 5,565,637 | |||
Noncontrolling interest | 0 | |||
Total stockholders’ equity | 5,790,238 | 5,565,637 | ||
Total liabilities and stockholders’ equity | 6,333,502 | 6,065,175 | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 3,183 | 3,286 | ||
Restricted cash | 9,786 | 6,242 | ||
Other current assets | 2,782 | 2,666 | ||
Property and equipment, net | 26,961 | 28,862 | ||
Investments in subsidiaries | 18,097 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 38,217 | 3,708 | ||
Assets | ||||
Intangible assets, net | 24,059 | 24,060 | ||
Goodwill, net | 782 | 782 | ||
Total assets | 123,867 | 69,606 | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | 19,578 | 46,467 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 8,257 | ||
Intercompany payable | 1,046,114 | 968,811 | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Other long-term liabilities | (10,428) | (21,729) | ||
Total Boyd Gaming Corporation stockholders’ equity | (932,200) | |||
Noncontrolling interest | 0 | |||
Total stockholders’ equity | (931,397) | (932,200) | ||
Total liabilities and stockholders’ equity | 123,867 | 69,606 | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Assets | ||||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 0 | 0 | ||
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 | 0 | 254 | ||
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) | |||
Noncontrolling interest | 0 | |||
Total stockholders’ equity | 0 | (254) | ||
Total liabilities and stockholders’ equity | 0 | 0 | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Other current assets | (545) | (453) | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | (4,931,689) | (4,641,416) | ||
Intercompany receivable | (1,934,559) | (1,491,017) | ||
Other assets, net | 0 | 0 | ||
Assets | ||||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | (6,866,793) | (6,132,886) | ||
Liabilities and Stockholders’ Equity | ||||
Current maturities of long-term debt | 0 | 0 | ||
Other current liabilities | (264) | (1,429) | ||
Accumulated losses of subsidiaries in excess of investment | (73,130) | (8,257) | ||
Intercompany payable | (1,934,558) | (1,490,067) | ||
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 | (4,633,183) | |||
Noncontrolling interest | 50 | |||
Total stockholders’ equity | (4,858,841) | (4,633,133) | ||
Total liabilities and stockholders’ equity | $ (6,866,793) | $ (6,132,886) |
Condensed Consolidating Fina109
Condensed Consolidating Financial Information (Income Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | $ 595,088 | $ 591,542 | $ 604,124 | $ 610,065 | $ 558,649 | $ 535,173 | $ 548,784 | $ 556,653 | $ 2,400,819 | $ 2,199,259 | $ 2,214,831 |
Costs and Expenses | |||||||||||
Operating | 1,263,921 | 1,186,985 | 1,205,589 | ||||||||
Selling, general and administrative | 362,037 | 322,259 | 322,672 | ||||||||
Maintenance and utilities | 109,462 | 100,020 | 104,548 | ||||||||
Depreciation and amortization | 217,522 | 196,226 | 207,118 | ||||||||
Corporate expense | 88,148 | 72,668 | 76,941 | ||||||||
Project development, preopening and writedowns | 14,454 | 22,107 | 6,907 | ||||||||
Impairments of assets | (426) | 38,302 | 18,565 | ||||||||
Other operating charges, net | 1,900 | 284 | 907 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 2,057,018 | 1,938,851 | 1,943,247 | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | ||||||||
Operating income | 80,477 | 78,940 | 89,554 | 94,830 | 29,726 | 67,881 | 80,439 | 82,362 | 343,801 | 260,408 | 271,584 |
Other expense (income) | |||||||||||
Interest expense, net | 171,290 | 209,731 | 222,732 | ||||||||
Loss on early extinguishments and modifications of debt | 1,582 | 42,364 | 40,733 | ||||||||
Other, net | (184) | 545 | 3,676 | ||||||||
Total other expense, net | 172,688 | 252,640 | 267,141 | ||||||||
Income (loss) from continuing operations before income taxes | 171,113 | 7,768 | 4,443 | ||||||||
Income tax (provision) benefit | 3,115 | (199,933) | (6,625) | ||||||||
Income from continuing operations, net of tax | 82,073 | 23,157 | 27,692 | 35,076 | 10,581 | 164,197 | 11,257 | 21,666 | 167,998 | 207,701 | 11,068 |
Income from discontinued operations, net of tax | 0 | 0 | 21,017 | 375 | 1,478 | 180,707 | 18,715 | 11,630 | 21,392 | 212,530 | 36,539 |
Net income | 189,390 | 420,231 | 47,607 | ||||||||
Net Income (Loss) Attributable to Parent | $ 82,073 | $ 23,157 | $ 48,709 | $ 35,451 | $ 12,059 | $ 344,904 | $ 29,972 | $ 33,296 | 189,390 | 420,231 | 47,607 |
Comprehensive income | 189,823 | 419,932 | 47,344 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 2,377,514 | 2,176,788 | 2,194,440 | ||||||||
Costs and Expenses | |||||||||||
Operating | 1,225,765 | 1,148,170 | 1,165,834 | ||||||||
Selling, general and administrative | 354,423 | 265,735 | 267,913 | ||||||||
Maintenance and utilities | 108,092 | 98,741 | 103,086 | ||||||||
Depreciation and amortization | 201,401 | 183,531 | 196,865 | ||||||||
Corporate expense | 1,140 | 1,738 | 1,781 | ||||||||
Project development, preopening and writedowns | 2,912 | (3,292) | 2,351 | ||||||||
Impairments of assets | 1 | 36,862 | 17,500 | ||||||||
Other operating charges, net | 1,175 | 103 | 308 | ||||||||
Intercompany expenses | (91,411) | (140,671) | (140,971) | ||||||||
Total operating costs and expenses | 1,986,320 | 1,872,259 | 1,896,609 | ||||||||
Equity in earnings (losses) of subsidiaries | (1,374) | (2,039) | (2,204) | ||||||||
Operating income | 389,820 | 302,490 | 295,627 | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 1,275 | 51,783 | 96,818 | ||||||||
Loss on early extinguishments and modifications of debt | 0 | 14,008 | 9,904 | ||||||||
Other, net | (98) | 617 | 2,959 | ||||||||
Total other expense, net | 1,177 | 66,408 | 109,681 | ||||||||
Income (loss) from continuing operations before income taxes | 388,643 | 236,082 | 185,946 | ||||||||
Income tax (provision) benefit | 73,426 | (12,852) | 16,098 | ||||||||
Income from continuing operations, net of tax | 315,217 | 248,934 | 169,848 | ||||||||
Income from discontinued operations, net of tax | 21,392 | 212,530 | 36,539 | ||||||||
Net income | 336,609 | 461,464 | 206,387 | ||||||||
Comprehensive income | 337,042 | 461,165 | 206,124 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 73,292 | 121,939 | 121,541 | ||||||||
Costs and Expenses | |||||||||||
Operating | 0 | 1,200 | 1,800 | ||||||||
Selling, general and administrative | 44 | 49,938 | 48,173 | ||||||||
Maintenance and utilities | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 12,041 | 8,767 | 6,179 | ||||||||
Corporate expense | 85,362 | 66,703 | 71,700 | ||||||||
Project development, preopening and writedowns | 7,806 | 18,079 | 884 | ||||||||
Impairments of assets | 600 | 1,440 | 0 | ||||||||
Other operating charges, net | 725 | 181 | 599 | ||||||||
Intercompany expenses | (1,204) | (1,205) | (1,204) | ||||||||
Total operating costs and expenses | 107,782 | 147,513 | 130,539 | ||||||||
Equity in earnings (losses) of subsidiaries | 330,711 | 445,130 | 190,943 | ||||||||
Operating income | 296,221 | 419,556 | 181,945 | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 169,990 | 157,923 | 125,890 | ||||||||
Loss on early extinguishments and modifications of debt | 1,582 | 28,356 | 30,829 | ||||||||
Other, net | (16) | 1 | 396 | ||||||||
Total other expense, net | 171,556 | 186,280 | 157,115 | ||||||||
Income (loss) from continuing operations before income taxes | 124,665 | 233,276 | 24,830 | ||||||||
Income tax (provision) benefit | (64,725) | (186,955) | (22,777) | ||||||||
Income from continuing operations, net of tax | 189,390 | 420,231 | 47,607 | ||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income | 189,390 | 420,231 | 47,607 | ||||||||
Comprehensive income | 189,823 | 419,932 | 47,344 | ||||||||
Non-Guarantor Subsidiaries (100% Owned) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 42,670 | 43,867 | 42,459 | ||||||||
Costs and Expenses | |||||||||||
Operating | 38,156 | 37,615 | 37,955 | ||||||||
Selling, general and administrative | 7,612 | 6,584 | 6,604 | ||||||||
Maintenance and utilities | 1,370 | 1,279 | 1,462 | ||||||||
Depreciation and amortization | 4,080 | 3,928 | 4,074 | ||||||||
Corporate expense | 1,646 | 4,227 | 3,460 | ||||||||
Project development, preopening and writedowns | 3,736 | 7,320 | 3,596 | ||||||||
Impairments of assets | (1,027) | 0 | 1,065 | ||||||||
Other operating charges, net | 0 | 0 | 0 | ||||||||
Intercompany expenses | 0 | (1,461) | (1,416) | ||||||||
Total operating costs and expenses | 55,573 | 62,414 | 59,632 | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | (76) | ||||||||
Operating income | (12,903) | (18,547) | (17,249) | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 25 | 25 | 24 | ||||||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | ||||||||
Other, net | (70) | (73) | 321 | ||||||||
Total other expense, net | (45) | (48) | 345 | ||||||||
Income (loss) from continuing operations before income taxes | (12,858) | (18,499) | (17,594) | ||||||||
Income tax (provision) benefit | (5,586) | (126) | 54 | ||||||||
Income from continuing operations, net of tax | (7,272) | (18,373) | (17,648) | ||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income | (7,272) | (18,373) | (17,648) | ||||||||
Comprehensive income | (7,272) | (18,373) | (17,648) | ||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | 0 | 0 | 0 | ||||||||
Costs and Expenses | |||||||||||
Operating | 0 | 0 | 0 | ||||||||
Selling, general and administrative | 0 | 0 | 0 | ||||||||
Maintenance and utilities | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Corporate expense | 0 | 0 | 0 | ||||||||
Project development, preopening and writedowns | 0 | 0 | 76 | ||||||||
Impairments of assets | 0 | 0 | 0 | ||||||||
Other operating charges, net | 0 | 0 | 0 | ||||||||
Intercompany expenses | 0 | 0 | 0 | ||||||||
Total operating costs and expenses | 0 | 0 | 76 | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | ||||||||
Operating income | 0 | 0 | (76) | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | ||||||||
Other, net | 0 | 0 | 0 | ||||||||
Total other expense, net | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | 0 | 0 | (76) | ||||||||
Income tax (provision) benefit | 0 | 0 | 0 | ||||||||
Income from continuing operations, net of tax | 0 | 0 | (76) | ||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | (76) | ||||||||
Comprehensive income | 0 | 0 | (76) | ||||||||
Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net Revenues | (92,657) | (143,335) | (143,609) | ||||||||
Costs and Expenses | |||||||||||
Operating | 0 | 0 | 0 | ||||||||
Selling, general and administrative | (42) | 2 | (18) | ||||||||
Maintenance and utilities | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Corporate expense | 0 | 0 | 0 | ||||||||
Project development, preopening and writedowns | 0 | 0 | 0 | ||||||||
Impairments of assets | 0 | 0 | 0 | ||||||||
Other operating charges, net | 0 | 0 | 0 | ||||||||
Intercompany expenses | 92,615 | 143,337 | 143,591 | ||||||||
Total operating costs and expenses | (92,657) | (143,335) | (143,609) | ||||||||
Equity in earnings (losses) of subsidiaries | (329,337) | (443,091) | (188,663) | ||||||||
Operating income | (329,337) | (443,091) | (188,663) | ||||||||
Other expense (income) | |||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | ||||||||
Other, net | 0 | 0 | 0 | ||||||||
Total other expense, net | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | (329,337) | (443,091) | (188,663) | ||||||||
Income tax (provision) benefit | 0 | 0 | 0 | ||||||||
Income from continuing operations, net of tax | (329,337) | (443,091) | (188,663) | ||||||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income | (329,337) | (443,091) | (188,663) | ||||||||
Comprehensive income | $ (329,770) | $ (442,792) | $ (188,400) |
Condensed Consolidating Fina110
Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||||
Net cash from operating activities | $ 422,551 | $ 300,339 | $ 326,674 | |
Cash flows from investing activities | ||||
Capital expenditures | (190,464) | (160,358) | (131,170) | |
Net Investing Activity with Affiliates | 0 | 0 | ||
Proceeds from Equity Method Investment, Distribution | 0 | 0 | 0 | |
Proceeds (Payments) from Investments in Development Agreement | (35,108) | 0 | 0 | |
Payments to (Proceeds from) Combined Other Investing Activities | 706 | |||
Cash paid for acquisitions, net of cash received | (1,153) | (592,703) | 0 | |
Other investing activities | 706 | 14,207 | 4,528 | |
Net cash used in investing activities | (226,019) | (738,854) | (126,642) | |
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 958,000 | 2,276,175 | 1,379,000 | |
Payments under bank credit facility | (1,119,485) | (2,366,112) | (1,636,350) | |
Debt financing costs, net | (3,430) | (42,220) | (14,004) | |
Premium and Consent Fees Paid | 0 | (15,750) | (24,246) | |
Net Financing Activity with Affiliates | 0 | (1,295) | 3,689 | |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 0 | 0 | ||
Share-based compensation activities, net | (7,711) | (1,295) | 3,689 | |
Stock Repurchased During Period, Value | (31,927) | |||
Payments of Ordinary Dividends, Common Stock | (11,286) | 0 | 0 | |
Proceeds from (Payments for) Other Financing Activities | (503) | 45 | 0 | |
Net cash provided by (used in) financing activities | (215,336) | (99,247) | (199,724) | |
Proceeds from Issuance of Senior Long-term Debt | 0 | 750,000 | 750,000 | |
Payments on Retirements of Long-term Debt | 0 | 700,000 | 657,813 | |
Cash flows from operating activities | (514) | (27,796) | 14,095 | |
Cash flows from investing activities | 36,247 | 598,057 | 0 | |
Cash flows from financing activities | 0 | 0 | 0 | |
Net cash provided by discontinued operations | 35,733 | 570,261 | 14,095 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 16,929 | 32,499 | 14,403 | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | ||
Proceeds from Contributions from Parent | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 227,279 | 210,350 | 177,851 | $ 163,448 |
Parent Company [Member] | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | (82,632) | (86,502) | 102,080 | |
Cash flows from investing activities | ||||
Capital expenditures | (102,277) | (42,840) | (48,591) | |
Net Investing Activity with Affiliates | 0 | 0 | 0 | |
Proceeds from Equity Method Investment, Distribution | 10,867 | 9,150 | 11,200 | |
Proceeds (Payments) from Investments in Development Agreement | 0 | |||
Payments to (Proceeds from) Combined Other Investing Activities | 0 | |||
Cash paid for acquisitions, net of cash received | (1,153) | (592,703) | ||
Other investing activities | 0 | 3,292 | ||
Net cash used in investing activities | (92,563) | (626,393) | (34,099) | |
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 958,000 | 2,039,175 | 1,033,500 | |
Payments under bank credit facility | (1,119,485) | (1,466,362) | (1,211,200) | |
Debt financing costs, net | (3,430) | (42,220) | (14,004) | |
Premium and Consent Fees Paid | (15,750) | (24,246) | ||
Net Financing Activity with Affiliates | 389,579 | (1,295) | 3,689 | |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 0 | 0 | ||
Share-based compensation activities, net | (7,711) | |||
Stock Repurchased During Period, Value | (31,927) | |||
Payments of Ordinary Dividends, Common Stock | (11,286) | |||
Proceeds from (Payments for) Other Financing Activities | (590) | 45 | ||
Net cash provided by (used in) financing activities | 174,330 | 714,105 | (67,981) | |
Proceeds from Issuance of Senior Long-term Debt | 750,000 | 750,000 | ||
Payments on Retirements of Long-term Debt | 350,000 | 500,000 | ||
Cash flows from operating activities | 0 | 0 | 0 | |
Cash flows from investing activities | 0 | 0 | 0 | |
Cash flows from financing activities | 0 | 0 | 0 | |
Net cash provided by discontinued operations | 0 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (865) | 1,210 | 0 | |
Proceeds from Issuance of Long-term Debt | (199,398) | (105,720) | ||
Proceeds from Contributions from Parent | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 347 | 1,212 | 2 | 2 |
Guarantor Subsidiaries | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 519,608 | 380,803 | 237,010 | |
Cash flows from investing activities | ||||
Capital expenditures | (87,590) | (116,834) | (82,392) | |
Net Investing Activity with Affiliates | (443,542) | 211,300 | (66,691) | |
Proceeds from Equity Method Investment, Distribution | 0 | 0 | 0 | |
Proceeds (Payments) from Investments in Development Agreement | 0 | |||
Payments to (Proceeds from) Combined Other Investing Activities | 706 | |||
Cash paid for acquisitions, net of cash received | 0 | 0 | ||
Other investing activities | 7,529 | 1,236 | ||
Net cash used in investing activities | (530,426) | 101,995 | (147,847) | |
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 237,000 | 345,500 | |
Payments under bank credit facility | 0 | (899,750) | (425,150) | |
Debt financing costs, net | 0 | 0 | 0 | |
Premium and Consent Fees Paid | 0 | 0 | ||
Net Financing Activity with Affiliates | 0 | 0 | 0 | |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | (10,475) | (9,000) | ||
Share-based compensation activities, net | 0 | |||
Stock Repurchased During Period, Value | 0 | |||
Payments of Ordinary Dividends, Common Stock | 0 | |||
Proceeds from (Payments for) Other Financing Activities | 87 | 0 | ||
Net cash provided by (used in) financing activities | (10,562) | (1,021,750) | (90,753) | |
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | ||
Payments on Retirements of Long-term Debt | 350,000 | 3 | ||
Cash flows from operating activities | (514) | (27,796) | 14,095 | |
Cash flows from investing activities | 36,247 | 598,057 | 0 | |
Cash flows from financing activities | 0 | 0 | 0 | |
Net cash provided by discontinued operations | 35,733 | 570,261 | 14,095 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 14,353 | 31,309 | 12,505 | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | ||
Proceeds from Contributions from Parent | (11,100) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 213,963 | 199,610 | 168,301 | 155,796 |
Non-Guarantor Subsidiaries (100% Owned) | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | (15,628) | 7,234 | (12,131) | |
Cash flows from investing activities | ||||
Capital expenditures | (597) | (684) | (187) | |
Net Investing Activity with Affiliates | 0 | 0 | 0 | |
Proceeds from Equity Method Investment, Distribution | 0 | 0 | 0 | |
Proceeds (Payments) from Investments in Development Agreement | (35,108) | |||
Payments to (Proceeds from) Combined Other Investing Activities | 0 | |||
Cash paid for acquisitions, net of cash received | 0 | 0 | ||
Other investing activities | 6,678 | 0 | ||
Net cash used in investing activities | (35,705) | 5,994 | (187) | |
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | 0 | |
Payments under bank credit facility | 0 | 0 | 0 | |
Debt financing costs, net | 0 | 0 | 0 | |
Premium and Consent Fees Paid | 0 | 0 | ||
Net Financing Activity with Affiliates | 55,166 | 0 | 0 | |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | (392) | (150) | ||
Share-based compensation activities, net | 0 | |||
Stock Repurchased During Period, Value | 0 | |||
Payments of Ordinary Dividends, Common Stock | 0 | |||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
Net cash provided by (used in) financing activities | 54,774 | (13,027) | 14,214 | |
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | ||
Payments on Retirements of Long-term Debt | 0 | 157,810 | ||
Cash flows from operating activities | 0 | 0 | 0 | |
Cash flows from investing activities | 0 | 0 | 0 | |
Cash flows from financing activities | 0 | 0 | 0 | |
Net cash provided by discontinued operations | 0 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 3,441 | 201 | 1,896 | |
Proceeds from Issuance of Long-term Debt | (12,877) | 172,124 | ||
Proceeds from Contributions from Parent | (100) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 12,969 | 9,528 | 9,327 | 7,431 |
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 254 | 0 | (76) | |
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | 0 | |
Net Investing Activity with Affiliates | 0 | 0 | 0 | |
Proceeds from Equity Method Investment, Distribution | 0 | 0 | 0 | |
Proceeds (Payments) from Investments in Development Agreement | 0 | |||
Payments to (Proceeds from) Combined Other Investing Activities | 0 | |||
Cash paid for acquisitions, net of cash received | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 | |
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | 0 | |
Payments under bank credit facility | 0 | 0 | 0 | |
Debt financing costs, net | 0 | 0 | 0 | |
Premium and Consent Fees Paid | 0 | 0 | ||
Net Financing Activity with Affiliates | (254) | 0 | 0 | |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 0 | 0 | ||
Share-based compensation activities, net | 0 | |||
Stock Repurchased During Period, Value | 0 | |||
Payments of Ordinary Dividends, Common Stock | 0 | |||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
Net cash provided by (used in) financing activities | (254) | (221) | 78 | |
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | ||
Payments on Retirements of Long-term Debt | 0 | 0 | ||
Cash flows from operating activities | 0 | 0 | 0 | |
Cash flows from investing activities | 0 | 0 | 0 | |
Cash flows from financing activities | 0 | 0 | 0 | |
Net cash provided by discontinued operations | 0 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | (221) | 2 | |
Proceeds from Issuance of Long-term Debt | (221) | 78 | ||
Proceeds from Contributions from Parent | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 221 | 219 |
Eliminations [Member] | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 949 | (1,196) | (209) | |
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | 0 | |
Net Investing Activity with Affiliates | 443,542 | (211,300) | 66,691 | |
Proceeds from Equity Method Investment, Distribution | (10,867) | (9,150) | (11,200) | |
Proceeds (Payments) from Investments in Development Agreement | 0 | |||
Payments to (Proceeds from) Combined Other Investing Activities | 0 | |||
Cash paid for acquisitions, net of cash received | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 432,675 | (220,450) | 55,491 | |
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | 0 | |
Payments under bank credit facility | 0 | 0 | 0 | |
Debt financing costs, net | 0 | 0 | 0 | |
Premium and Consent Fees Paid | 0 | 0 | ||
Net Financing Activity with Affiliates | (444,491) | 0 | 0 | |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 10,867 | 9,150 | ||
Share-based compensation activities, net | 0 | |||
Stock Repurchased During Period, Value | 0 | |||
Payments of Ordinary Dividends, Common Stock | 0 | |||
Proceeds from (Payments for) Other Financing Activities | 0 | |||
Net cash provided by (used in) financing activities | (433,624) | 221,646 | (55,282) | |
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | ||
Payments on Retirements of Long-term Debt | 0 | |||
Cash flows from operating activities | 0 | 0 | 0 | |
Cash flows from investing activities | 0 | 0 | 0 | |
Cash flows from financing activities | 0 | 0 | 0 | |
Net cash provided by discontinued operations | 0 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | 0 | |
Proceeds from Issuance of Long-term Debt | 212,496 | (66,482) | ||
Proceeds from Contributions from Parent | 11,200 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0 | 0 | $ 0 | $ 0 |
Consolidation, Eliminations [Member] | ||||
Cash flows from financing activities | ||||
Proceeds from (Payments for) Other Financing Activities | 0 | |||
Payments on Retirements of Long-term Debt | $ 0 |
Condensed Consolidating Fina111
Condensed Consolidating Financial Information (Narrative) (Details) | Dec. 31, 2017 | Dec. 31, 2016 | May 21, 2015 | Nov. 10, 2010 |
For the year ending December 31, | ||||
Subsidiaries, Ownership Percentage | 80.00% | |||
Boyd | ||||
For the year ending December 31, | ||||
Subsidiaries, Ownership Percentage | 100.00% | |||
Boyd | Senior Notes | Senior Notes Due 2023 [Member] | ||||
For the year ending December 31, | ||||
Debt instrument, stated interest rate | 6.875% | 6.875% | 6.875% | 6.875% |
Subsidiaries, Ownership Percentage | 100.00% |
Condensed Consolidating Fina112
Condensed Consolidating Financial Information Schedule of adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of adjustments [Line Items] | |||||||||||
Net income | $ 189,390 | $ 420,231 | $ 47,607 | ||||||||
Income from continuing operations, net of tax | $ 82,073 | $ 23,157 | $ 27,692 | $ 35,076 | $ 10,581 | $ 164,197 | $ 11,257 | $ 21,666 | 167,998 | 207,701 | 11,068 |
Total assets | 4,685,930 | 4,670,751 | 4,685,930 | 4,670,751 | |||||||
Net cash from operating activities | 422,551 | 300,339 | 326,674 | ||||||||
Boyd | |||||||||||
Schedule of adjustments [Line Items] | |||||||||||
Net income | 189,390 | 420,231 | 47,607 | ||||||||
Income from continuing operations, net of tax | 189,390 | 420,231 | 47,607 | ||||||||
Total assets | 5,095,354 | 4,668,856 | 5,095,354 | 4,668,856 | |||||||
Net cash from operating activities | (82,632) | (86,502) | 102,080 | ||||||||
Guarantor Subsidiaries | |||||||||||
Schedule of adjustments [Line Items] | |||||||||||
Net income | 336,609 | 461,464 | 206,387 | ||||||||
Income from continuing operations, net of tax | 315,217 | 248,934 | 169,848 | ||||||||
Total assets | 6,333,502 | 6,065,175 | 6,333,502 | 6,065,175 | |||||||
Net cash from operating activities | 519,608 | 380,803 | 237,010 | ||||||||
Non-Guarantor Subsidiaries (100% Owned) | |||||||||||
Schedule of adjustments [Line Items] | |||||||||||
Net income | (7,272) | (18,373) | (17,648) | ||||||||
Income from continuing operations, net of tax | (7,272) | (18,373) | (17,648) | ||||||||
Total assets | 123,867 | 69,606 | 123,867 | 69,606 | |||||||
Net cash from operating activities | (15,628) | 7,234 | (12,131) | ||||||||
Non-Guarantor Subsidiaries (Not 100% Owned) | |||||||||||
Schedule of adjustments [Line Items] | |||||||||||
Net income | 0 | 0 | (76) | ||||||||
Income from continuing operations, net of tax | 0 | 0 | (76) | ||||||||
Total assets | $ 0 | $ 0 | 0 | 0 | |||||||
Net cash from operating activities | $ 254 | $ 0 | $ (76) |
Related Party Transactions (Det
Related Party Transactions (Details) | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |
Ownership percentage | 50.00% |
William S. Boyd and His Immediate Family | |
Related Party Transaction [Line Items] | |
Ownership percentage | 27.00% |