Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 02, 2018 | |
Entity Information [Line Items] | ||
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Entity Registrant Name | BOYD GAMING CORP | |
Entity Central Index Key | 906,553 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 112,273,503 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 632,808 | $ 203,104 |
Restricted cash | 26,112 | 24,175 |
Accounts receivable, net | 35,854 | 40,322 |
Inventories | 16,937 | 18,004 |
Prepaid expenses and other current assets | 34,665 | 37,873 |
Income taxes receivable | 5,204 | 5,185 |
Total current assets | 751,580 | 328,663 |
Property and equipment, net | 2,507,383 | 2,539,786 |
Other assets, net | 91,745 | 81,128 |
Intangible assets, net | 843,757 | 842,946 |
Goodwill, net | 976,018 | 888,224 |
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 5,183 | 5,183 |
Total assets | 5,175,666 | 4,685,930 |
Current liabilities | ||
Accounts payable | 88,937 | 106,323 |
Long-term Debt, Current Maturities | 23,981 | 23,981 |
Accrued liabilities | 256,821 | 255,146 |
Deferred income taxes and income taxes payable, current | 0 | 21 |
Total current liabilities | 369,739 | 385,471 |
Long-term debt, net of current maturities and debt issuance costs | 3,487,613 | 3,051,899 |
Deferred income taxes | 105,950 | 86,657 |
Other long-term tax liabilities | 3,541 | 3,447 |
Other liabilities | 63,663 | 61,229 |
Commitments and contingencies (Notes 3, 8 and 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; 112,370,340 and 112,634,418 shares outstanding | 1,124 | 1,126 |
Additional paid-in capital | 913,096 | 931,858 |
Retained earnings | 232,080 | 164,425 |
Accumulated other comprehensive loss | (1,140) | (182) |
Total stockholders' equity | 1,145,160 | 1,097,227 |
Total liabilities and stockholders' equity | $ 5,175,666 | $ 4,685,930 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 112,370,340 | 112,634,418 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Gaming | $ 447,788 | $ 437,125 | $ 888,251 | $ 881,070 |
Food & beverage | 87,601 | 87,644 | 173,000 | 174,249 |
Room | 49,434 | 47,834 | 97,346 | 94,684 |
Other | 31,970 | 31,521 | 64,314 | 64,186 |
Total revenues | 616,793 | 604,124 | 1,222,911 | 1,214,189 |
Operating costs and expenses | ||||
Gaming | 193,991 | 189,620 | 383,026 | 381,553 |
Food & beverage | 81,619 | 84,427 | 164,309 | 168,775 |
Room | 21,654 | 21,442 | 42,587 | 42,749 |
Other | 21,645 | 21,119 | 42,450 | 42,534 |
Selling, general and administrative | 88,041 | 93,037 | 175,624 | 184,650 |
Maintenance and utilities | 28,673 | 25,864 | 56,599 | 52,263 |
Depreciation and amortization | 53,923 | 52,563 | 105,199 | 106,527 |
Corporate expense | 24,063 | 23,251 | 49,920 | 44,049 |
Project development, preopening and writedowns | 5,801 | 2,784 | 9,241 | 5,756 |
Asset Impairment Charges | 993 | 0 | 993 | 0 |
Other operating items, net | 132 | 463 | 1,931 | 949 |
Total operating costs and expenses | 520,535 | 514,570 | 1,031,879 | 1,029,805 |
Operating income | 96,258 | 89,554 | 191,032 | 184,384 |
Other expense (income) | ||||
Interest income | (522) | (455) | (979) | (915) |
Interest expense, net of amounts capitalized | 44,959 | 42,728 | 89,218 | 86,402 |
Loss on early extinguishments and modifications of debt | 0 | 378 | 61 | 534 |
Other, net | (24) | 559 | (404) | 670 |
Total other expense (income), net | 44,413 | 43,210 | 87,896 | 86,691 |
Income from continuing operations before income taxes | 51,845 | 46,344 | 103,136 | 97,693 |
Income tax provision | (13,247) | (18,652) | (23,139) | (34,925) |
Income from continuing operations, net of tax | 38,598 | 27,692 | 79,997 | 62,768 |
Income from discontinued operations, net of tax | (347) | (21,017) | (347) | (21,392) |
Net income | $ 38,945 | $ 48,709 | $ 80,344 | $ 84,160 |
Continuing operations | $ 0.34 | $ 0.24 | $ 0.70 | $ 0.54 |
Discontinued operations | 0 | 0.18 | 0 | 0.19 |
Basic net income per common share | $ 0.34 | $ 0.42 | $ 0.70 | $ 0.73 |
Weighted average basic shares outstanding | 114,543 | 115,225 | 114,459 | 115,247 |
Continuing operations | $ 0.34 | $ 0.24 | $ 0.70 | $ 0.54 |
Discontinued operations | 0 | 0.18 | 0 | 0.19 |
Diluted net income per common share | $ 0.34 | $ 0.42 | $ 0.70 | $ 0.73 |
Weighted average diluted shares outstanding | 115,218 | 115,923 | 115,186 | 115,911 |
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.05 | $ 0.11 | $ 0.05 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 38,945 | $ 48,709 | $ 80,344 | $ 84,160 |
Other comprehensive (loss) income, net of tax: | ||||
Fair value adjustments to available-for-sale securities, net of tax | (306) | 535 | (1,270) | 1,106 |
Comprehensive income | $ 38,639 | $ 49,244 | $ 79,074 | $ 85,266 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss), Net | Noncontrolling Interest |
Balances at Dec. 31, 2016 | $ 930,180 | $ 1,129 | $ 953,440 | $ (23,824) | $ (615) | $ 50 |
Balance, shares at Dec. 31, 2016 | 112,896,377 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 84,160 | $ 0 | 0 | 84,160 | 0 | 0 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 15,777 | 0 | 0 | 15,777 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 1,106 | $ 0 | 0 | 0 | 1,106 | 0 |
Stock options exercised | 151,683 | |||||
Stock options exercised | 1,227 | $ 1 | 1,226 | 0 | 0 | 0 |
Release of restricted stock units, net of tax | 150,945 | |||||
Release of restricted stock units, net of tax | (2,232) | $ 1 | (2,233) | 0 | 0 | 0 |
Release of performance stock units, net of tax | 173,653 | |||||
Stock Issued During Period, Value, Performance Stock Award, Net of Forfeitures | (1,791) | $ 2 | (1,793) | 0 | 0 | 0 |
Stock Repurchased and Retired During Period, Shares | (441,586) | |||||
Stock Repurchased and Retired During Period, Value | (11,090) | $ (4) | (11,086) | 0 | 0 | 0 |
Dividends, Cash | (5,653) | 0 | 0 | (5,653) | 0 | 0 |
Share-based compensation costs | 8,830 | 0 | 8,830 | 0 | 0 | 0 |
Noncontrolling Interest, Decrease from Deconsolidation | 50 | (50) | ||||
Balances at Jun. 30, 2017 | 1,020,464 | $ 1,129 | 948,384 | 70,460 | 491 | 0 |
Balance, shares at Jun. 30, 2017 | 112,931,072 | |||||
Balances at Dec. 31, 2017 | $ 1,097,227 | $ 1,126 | 931,858 | 164,425 | (182) | 0 |
Balance, shares at Dec. 31, 2017 | 112,634,418 | 112,634,418 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 80,344 | $ 0 | 0 | 80,344 | 0 | 0 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 0 | 0 | 0 | (312) | 312 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (1,270) | $ 0 | 0 | 0 | (1,270) | 0 |
Stock options exercised | 241,236 | |||||
Stock options exercised | 2,253 | $ 2 | 2,251 | 0 | 0 | 0 |
Release of restricted stock units, net of tax | 16,957 | |||||
Release of restricted stock units, net of tax | (364) | $ 0 | (364) | 0 | 0 | 0 |
Release of performance stock units, net of tax | 337,537 | |||||
Stock Issued During Period, Value, Performance Stock Award, Net of Forfeitures | (5,270) | $ 4 | (5,274) | 0 | 0 | 0 |
Stock Repurchased and Retired During Period, Shares | (859,808) | |||||
Stock Repurchased and Retired During Period, Value | (30,332) | $ (8) | (30,324) | 0 | 0 | 0 |
Dividends, Cash | (12,377) | 0 | 0 | (12,377) | 0 | 0 |
Share-based compensation costs | 14,949 | 0 | 14,949 | 0 | 0 | 0 |
Balances at Jun. 30, 2018 | $ 1,145,160 | $ 1,124 | $ 913,096 | $ 232,080 | $ (1,140) | $ 0 |
Balance, shares at Jun. 30, 2018 | 112,370,340 | 112,370,340 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 80,344 | $ 84,160 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Income from discontinued operations, net of tax | (347) | (21,392) |
Depreciation and amortization | 105,199 | 106,527 |
Amortization of debt financing costs and discounts on debt | 4,368 | 4,412 |
Share-based compensation expense | 14,949 | 8,830 |
Deferred income taxes | 19,158 | 32,709 |
Asset Impairment Charges | 993 | 0 |
Loss on early extinguishments and modifications of debt | 61 | 534 |
Other operating activities | 15 | (456) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 4,459 | 539 |
Inventories | 1,067 | (555) |
Prepaid expenses and other current assets | 3,282 | 777 |
Income taxes receivable | (40) | 1,862 |
Other assets, net | (2,316) | (1,642) |
Accounts payable and accrued liabilities | (15,729) | (15,776) |
Other long-term tax liabilities | 94 | 66 |
Other liabilities | 2,434 | (209) |
Net cash provided by operating activities | 217,991 | 200,386 |
Cash Flows from Investing Activities | ||
Capital expenditures | (63,245) | (118,751) |
Payments to Acquire Businesses, Net of Cash Acquired | 100,713 | |
Advances pursuant to development agreement | 0 | (35,108) |
Other investing activities | (9,240) | 492 |
Net cash used in investing activities | (173,198) | (153,367) |
Cash Flows from Financing Activities | ||
Borrowings under Boyd Gaming bank credit facility | 333,900 | 535,900 |
Payments under Boyd Gaming bank credit facility | (591,476) | (628,037) |
Proceeds from Issuance of Senior Long-term Debt | 700,000 | |
Debt financing costs, net | (11,028) | (2,381) |
Share-based compensation activities, net | (3,381) | (2,796) |
Stock Repurchased and Retired During Period, Value | (30,332) | (11,090) |
Payments of Ordinary Dividends, Common Stock | (11,267) | 0 |
Other financing activities | (50) | (95) |
Net cash provided by (used in) financing activities | 386,366 | (108,499) |
Cash Flows from Discontinued Operations | ||
Cash flows from operating activities | 0 | (514) |
Cash flows from investing activities | 482 | 36,247 |
Cash flows from financing activities | 0 | 0 |
Net cash provided by discontinued operations | 482 | 35,733 |
Change in cash and cash equivalents | 431,641 | (25,747) |
Cash, cash equivalents and restricted cash, beginning period | 227,279 | 210,350 |
Cash, cash equivalents and restricted cash, end of period | 658,920 | 184,603 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 85,090 | 94,600 |
Cash paid (received) for income taxes, net of refunds | 3,447 | 4,252 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Payables incurred for capital expenditures | $ 7,082 | $ 7,729 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD." We are a geographically 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. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2017 included in our Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission ("SEC") on June 28, 2018. As discussed in Note 2, Summary of Significant Accounting Policies , we adopted Accounting Standards Update 2016-18 and the Revenue Standard effective January 1, 2018, by applying the full retrospective method, which has impacted previously reported results. The results for the periods indicated are unaudited, but reflect all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its wholly owned subsidiaries. Investments in unconsolidated affiliates, which do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. On 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 Hotel Casino & Spa ("Borgata"), pursuant to an Equity Purchase Agreement (the "Purchase Agreement") entered into on May 31, 2016, as amended on July 19, 2016 by and among the Company, Boyd Atlantic City, Inc., a wholly owned subsidiary of the Company, and MGM Resorts International ("MGM"). (See Note 3, 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 condensed consolidated financial statements. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Lattner Entertainment Group Illinois On June 1, 2018, we completed the acquisition of Lattner Entertainment Group Illinois, LLC ("Lattner"), a distributed gaming operator headquartered in Ottawa, Illinois, pursuant to an Agreement and Plan of Merger (the "Lattner Merger Agreement") dated as of May 1, 2018, by and among Boyd, Boyd TCVI Acquisition, LLC, a wholly owned subsidiary of Boyd ("Boyd TCVI"), Lattner, and Lattner Capital, LLC, solely in its capacity as the representative of the equity holders of Lattner. Pursuant to the Lattner Merger Agreement, Boyd TCVI merged with and into Lattner (the "Lattner Merger"), with Lattner surviving the Lattner Merger and becoming a wholly owned subsidiary of Boyd. Lattner currently operates nearly 1,000 gaming units in approximately 220 locations across the state of Illinois and is aggregated into our Midwest & South segment (See Note 11, Segment Information). The net purchase price was $100.7 million . Consideration Transferred 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 $110.5 million . Status of Purchase Price Allocation The Company is following the acquisition method of accounting per ASC 805 guidance. For purposes of these condensed consolidated financial statements, we have allocated the purchase price to the assets acquired and the liabilities assumed based on preliminary estimates of fair value as determined by management based on its judgment. The excess of the purchase price over the preliminary estimated fair value of the assets acquired and liabilities assumed has been recorded as goodwill. The Company will recognize the assets acquired and liabilities assumed in the acquisition based on fair value estimates as of the date of the Lattner Merger. The determination of the fair values of the acquired assets and assumed liabilities (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) is currently in process. This determination requires significant judgment. As such, management has not completed its valuation analysis and calculations in sufficient detail necessary to finalize the determination of the fair value of the assets acquired and liabilities assumed, along with the related allocations of goodwill and intangible assets. The final fair value determinations are expected to be completed by the end of the year. The final fair value determinations may be significantly different than those reflected in the condensed consolidated financial statements at June 30, 2018. The following table summarizes the preliminary allocation of the purchase price: (In thousands) As Recorded Current assets $ 9,889 Property and equipment 9,063 Intangible and other assets 4,033 Total acquired assets 22,985 Current liabilities 1,062 Total liabilities assumed 1,062 Net identifiable assets acquired 21,923 Goodwill 88,615 Net assets acquired $ 110,538 The following table summarizes the preliminary values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Buildings and improvements 10 - 45 years $ 14 Furniture and equipment 3 - 7 years 9,049 Property and equipment acquired $ 9,063 The goodwill recognized is the excess of the purchase price over the preliminary values assigned to the assets acquired and liabilities assumed. All of the goodwill was assigned to the Midwest & South reportable segment. All of the goodwill is expected to be deductible for income tax purposes. The Company recognized $0.5 million of acquisition related costs that were expensed for both the three and six months ended June 30, 2018 . These costs are included in the condensed consolidated statements of operations in the line item entitled "Project development, preopening and writedowns". Condensed Consolidated Statement of Operations for the period from June 1, 2018 through June 30, 2018 The following supplemental information presents the financial results of Lattner included in the Company's condensed consolidated statement of operations for the three and six months ended June 30, 2018 : Period from June 1 to (In thousands) June 30, 2018 Net revenues $ 3,481 Net income $ 438 Pending Acquisitions On December 18, 2017, we announced that we had entered into a definitive agreement with Penn National Gaming, Inc. ("Penn National," and such agreement, the "Penn National Purchase Agreement"), to acquire the operations of four properties, which include Ameristar St. Charles and Ameristar Kansas City, both in Missouri, along with Belterra Casino Resort in Florence, Indiana, and Belterra Park in Cincinnati, Ohio, for total net cash consideration of $575.0 million , subject to adjustments based on (a) the adjusted 2017 EBITDA of each property (as determined per the agreement), and (b) working capital, cash and indebtedness of the combined properties at closing and transaction expenses (the "Penn National Purchase"). On December 20, 2017, we announced that we had entered into a definitive agreement with Valley Forge Convention Center Partners, L.P. (the "Valley Forge Merger Agreement"), to acquire Valley Forge Casino Resort ("Valley Forge") in King of Prussia, Pennsylvania, for total cash consideration of $280.5 million , subject to adjustment based on working capital, cash and indebtedness of Valley Forge at closing and transaction expenses (the "Valley Forge Merger"). The completion of the Penn National Purchase and the Valley Forge Merger are each subject to customary conditions and the receipt of all required regulatory approvals, including, among others, approval by the required state gaming commissions and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 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 the respective conditions in each of the Penn National Purchase Agreement and the Valley Forge Merger Agreement, we currently expect each of the transactions to close during the second half of 2018. Investment in and Divestiture of Borgata On August 1, 2016, Boyd Gaming completed the sale of its 50% equity interest in MDDHC, the parent company of Borgata in Atlantic City, New Jersey, to MGM pursuant to the Purchase Agreement entered into on May 31, 2016, as amended on July 19, 2016, by and among the Company, Boyd Atlantic City, Inc., a wholly owned subsidiary of the Company, and MGM (the "Transaction"). Prior to the sale of our equity interest, the Company and MGM each held a 50% interest in MDDHC, which owned all the equity interests in Borgata. Until the closing of the sale, we were the managing member of MDDHC, and we were responsible for the day-to-day operations of Borgata. 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. These initial proceeds did not include our 50% share of any future property tax settlement benefits related to the time period during which we held a 50% ownership in MDDHC to which Boyd Gaming retained the right to receive upon payment. On February 15, 2017, Borgata entered into a settlement agreement with Atlantic City, the terms of which provided for $72 million to be paid to Borgata to resolve the remaining property tax issues. For the three and six months ended June 30, 2017, we recognized $35.6 million and $36.2 million , respectively, in income for the cash we received for our share of property tax benefits realized by Borgata subsequent to the closing of the sale. These payments, net of tax of $14.6 million and $14.8 million for the three and six months ended June 30, 2017, respectively, are included in discontinued operations in the condensed consolidated financial statements. During the three and six months ended June 30, 2018, we recognized $0.3 million in income, net of tax, for the cash we received for our share of miscellaneous recoveries realized by Borgata during that period. This payment is included in discontinued operations in the condensed consolidated financial statements. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: June 30, December 31, (In thousands) 2018 2017 Land $ 293,540 $ 294,533 Buildings and improvements 2,948,779 2,935,539 Furniture and equipment 1,379,460 1,311,704 Riverboats and barges 239,713 238,926 Construction in progress 43,658 59,538 Total property and equipment 4,905,150 4,840,240 Less accumulated depreciation 2,397,767 2,300,454 Property and equipment, net $ 2,507,383 $ 2,539,786 Depreciation expense is as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Depreciation expense $ 51,357 $ 47,771 $ 101,503 $ 97,165 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: June 30, 2018 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 4.7 years $ 9,400 $ (4,616 ) $ — $ 4,784 Favorable lease rates 37.5 years 11,730 (3,189 ) — 8,541 Development agreement — 21,373 — — 21,373 Other intangibles 5.0 years 2,169 (98 ) — 2,071 44,672 (7,903 ) — 36,769 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, June 30, 2018 $ 1,069,894 $ (41,863 ) $ (184,274 ) $ 843,757 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 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: June 30, December 31, (In thousands) 2018 2017 Payroll and related expenses $ 62,580 $ 70,724 Interest 19,618 19,858 Gaming liabilities 53,522 55,961 Player loyalty program liabilities 23,391 24,489 Advance deposits 20,190 18,922 Outstanding chip liability 4,701 4,928 Dividend payable 6,742 5,632 Other accrued liabilities 66,077 54,632 Total accrued liabilities $ 256,821 $ 255,146 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt, net of current maturities and debt issuance costs, consists of the following: June 30, 2018 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) June 30, 2018 Principal Discount Costs Debt, Net Bank credit facility 4.450 % $ 1,363,477 $ (1,428 ) $ (21,091 ) $ 1,340,958 6.875% senior notes due 2023 6.875 % 750,000 — (8,578 ) 741,422 6.375% senior notes due 2026 6.375 % 750,000 — (10,213 ) 739,787 6.000% senior notes due 2026 6.000 % 700,000 — (11,027 ) 688,973 Other 5.800 % 454 — — 454 Total long-term debt 3,563,931 (1,428 ) (50,909 ) 3,511,594 Less current maturities 23,981 — — 23,981 Long-term debt, net $ 3,539,950 $ (1,428 ) $ (50,909 ) $ 3,487,613 December 31, 2017 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) Dec. 31, 2017 Principal Discount 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 The outstanding principal amounts under our existing bank credit facility are comprised of the following: June 30, December 31, (In thousands) 2018 2017 Revolving Credit Facility $ — $ 170,000 Term A Loan 204,475 210,938 Refinancing Term B Loans 1,159,002 1,170,016 Swing Loan — 70,100 Total outstanding principal amounts under the bank credit facility $ 1,363,477 $ 1,621,054 At June 30, 2018 , approximately $1.4 billion was outstanding under the bank credit facility. As such, with a total revolving credit commitment of $775.0 million available under the bank credit facility, no borrowings on the Revolving Credit Facility and the Swing Loan, and $12.7 million allocated to support various letters of credit, the remaining contractual availability on the revolving credit commitment is $762.3 million . Senior Notes 6.000% Senior Notes due August 2026 Significant Terms On June 25, 2018, we issued $700.0 million aggregate principal amount of 6.000% senior notes due August 2026 (the " 6.000% Notes"). The 6.000% Notes require semi-annual interest payments on February 15 and August 15 of each year, commencing on August 15, 2018. The 6.000% Notes will mature on August 15, 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. The Company utilized the net proceeds from the debt issuance to pay down the outstanding amounts under the Revolving Credit Facility and Swing Loan and invested the balance of the net proceeds in cash equivalents and short-term marketable securities at a qualified institution. The 6.000% 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 indenture governing the 6.000% Notes, the "Indenture") to incur additional indebtedness or liens, pay dividends or make distributions or repurchase our capital stock, make certain investments, and sell or merge with other companies. In addition, upon the occurrence of a change of control (as defined in the Indenture), we will be required, unless certain conditions are met, to offer to repurchase the 6.000% Notes at a price equal to 101% of the principal amount of the 6.000% Notes, plus accrued and unpaid interest and Additional Interest (as defined in the Indenture), if any, to, but not including, the date of purchase. If we sell assets, we will be required under certain circumstances to offer to purchase the 6.000% Notes. At any time prior to August 15, 2021, we may redeem the 6.000% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, up to, but excluding, the applicable redemption date, plus a make whole premium. Subsequent to August 15, 2021, we may redeem all or a portion of the 6.000% Notes at redemption prices (expressed as percentages of the principal amount) ranging from 103% in 2021 to 100% in 2024 and thereafter, plus accrued and unpaid interest and Additional Interest. In connection with the private placement of the 6.000% 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 6.000% Notes. We must use commercially reasonable efforts to file a registration statement and to consummate an exchange offer within 365 days after the issuance of the 6.000% Notes, subject to certain suspension and other rights set forth in the registration rights agreement. Under certain circumstances, including our determination that we cannot complete an exchange offer, we are required to file a shelf registration statement for the resale of the 6.000% Notes and to cause such shelf registration statement to be declared effective as soon as reasonably practicable (but in no event later than the 365th day following the issuance of the 6.000% Notes) after the occurrence of such circumstances. Subject to certain suspension and other rights, in the event that the registration statement is not filed or declared effective within the time periods specified in the registration rights agreement, the exchange offer is not consummated within 365 days after the issuance of the 6.000% Notes, or the registration statement is filed and declared effective but thereafter ceases to be effective or is unusable for its intended purpose for a period in excess of 30 days without being succeeded immediately by a post-effective amendment that cures such failure, the agreement provides that additional interest will accrue on the principal amount of the 6.000% Notes at a rate of 0.25% per annum during the 90-day period immediately following any of these events and will increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event will the penalty rate exceed 1.00% per annum, until the default is cured. There are no other alternative settlement methods and, other than the 1.00% per annum maximum penalty rate, the agreement contains no limit on the maximum potential amount of consideration that could be transferred in the event we do not meet the registration statement filing requirements. We filed the required registration statement and commenced the exchange offer on July 12, 2018. The exchange offer will expire, unless extended or terminated in accordance with its terms, on August 10, 2018. Accordingly, we do not believe that payment of additional interest under the registration payment arrangement is probable and, therefore, no related liability has been recorded in the consolidated financial statements. Debt Financing Costs In conjunction with the issuance of the 6.000% Notes, we incurred approximately $11.0 million in debt financing costs that have been deferred and are being amortized over the term of the 6.000% Notes using the effective interest method. Credit Facility On August 2, 2018, we entered into a Joinder Agreement (the "Joinder Agreement") to the Third Amended and Restated Credit Agreement, as amended (the "Credit Agreement"), among the Company, certain financial institutions and Bank of America, N.A., as administrative agent. The Joinder Agreement modifies the Credit Agreement solely to join additional financial institutions as lenders and to provide for (i) increased commitments under the senior secured revolving credit facility under the Credit Agreement (the “Revolving Credit Facility”) by an amount equal to $170.5 million resulting in total availability under the Revolving Credit Facility of an amount equal to $945.5 million and (ii) commitments from lenders to make additional Term A Loans (as defined in the Credit Agreement) in an amount equal to $49.5 million resulting in aggregate outstanding Term A Loans under the Credit Agreement in an amount equal to approximately $248.4 million . Covenant Compliance As of June 30, 2018 , we believe that we were in compliance with the financial and other covenants of our debt instruments. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments There have been no material changes to our commitments described under Note 9, Commitments and Contingencies , in our Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the SEC on February 26, 2018 , which was superseded by our Current Report on Form 8-K filed with the SEC on June 28, 2018. 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 | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity and Stock Incentive Plans | STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS Share Repurchase Program On May 2, 2017, the Company announced that its Board of Directors had reaffirmed the Company’s existing share repurchase program, which as of June 30, 2018 , had $29.8 million remaining. The Company intends to make purchases of its common stock from time to time under this program 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. The following table provides information regarding share repurchases during the referenced periods. (1) Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2018 2017 2018 2017 Shares repurchased (2) 301 442 860 442 Total cost, including brokerage fees $ 10,530 $ 11,090 $ 30,332 $ 11,090 Average repurchase price per share (3) $ 35.02 $ 25.11 $ 35.28 $ 25.11 (1) Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2018 . These amounts exclude repurchases traded but not yet settled on or before June 30, 2018 . (2) All shares repurchased have been retired and constitute authorized but unissued shares. (3) Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. Dividends 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 and reflected in the periods presented are: Declaration date Record date Payment date Amount per share December 7, 2017 December 28, 2017 January 15, 2018 $0.05 March 2, 2018 March 16, 2018 April 15, 2018 0.05 June 8, 2018 June 29, 2018 July 15, 2018 0.06 Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Gaming $ 131 $ 111 $ 303 $ 181 Food & beverage 25 22 58 35 Room 13 10 28 16 Selling, general and administrative 669 561 1,541 919 Corporate expense 5,184 5,043 13,019 7,679 Total share-based compensation expense $ 6,022 $ 5,747 $ 14,949 $ 8,830 Performance Shares Our stock incentive plan provides for the issuance of Performance Share Unit ("PSU") grants which may be earned, in whole or in part, upon passage of time and the attainment of performance criteria. We periodically review our estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant and adjust our stock compensation expense accordingly. The PSU grants awarded in fourth quarter 2014 and 2013 vested during first quarter 2018 and 2017, respectively. Common shares were issued based on the determination by the Compensation Committee of the Board of Directors of our actual achievement of net revenue growth, Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") growth and customer service scores for the three-year performance period of 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 December 2014 resulted in a total of 486,805 shares being issued during first quarter 2018, representing approximately 1.57 shares per PSU. Of the 486,805 shares issued, a total of 149,268 were surrendered by the participants for payroll taxes, resulting in a net issuance of 337,537 shares due to the vesting of the 2014 grant. The actual achievement level under the award metrics equaled the estimated performance as of year-end 2017; therefore, the vesting of the PSUs did not impact compensation costs in our 2018 condensed consolidated statement of operations. 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 condensed consolidated statement of operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The authoritative accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These inputs create the following fair value hierarchy: Level 1 : Quoted prices for identical instruments in active markets. Level 2 : Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 : Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: June 30, 2018 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 632,808 $ 632,808 $ — $ — Restricted cash 26,112 26,112 — — Investment available for sale 15,591 — — 15,591 Liabilities Contingent payments $ 2,577 $ — $ — $ 2,577 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 Cash and Cash Equivalents and Restricted Cash The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks at June 30, 2018 and December 31, 2017 . Investment Available for Sale We have an investment in a single municipal bond issuance of $20.0 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 with a maturity date of June 1, 2037 that is classified as available for sale. We are the only holder of this instrument and there is no quoted market price for this instrument. As such, the fair value of this investment is classified as Level 3 in the fair value hierarchy. The fair value of the instrument is estimated using a discounted cash flows approach and the significant unobservable input used in the valuation at June 30, 2018 and December 31, 2017 is a discount rate of 11.3% and 9.6% , 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 condensed consolidated balance sheets. At both June 30, 2018 and December 31, 2017 , $0.5 million of the carrying value of the investment available for sale is included as a current asset in prepaid expenses and other current assets, and at June 30, 2018 and December 31, 2017 , $15.1 million and $17.3 million , respectively, is included in other assets on the condensed consolidated balance sheets. The discount associated with this investment of $2.9 million as of both June 30, 2018 and December 31, 2017 , is netted with the investment balance and is being accreted over the life of the investment using the effective interest method. The accretion of such discount is included in interest income on the condensed consolidated statements of operations. Contingent Payments In connection with the development of the Kansas Star Casino ("Kansas Star"), 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 on December 20, 2011. The liability is recorded at the estimated fair value of the contingent payments using a discounted cash flows approach and the significant unobservable input used in the valuation at June 30, 2018 and December 31, 2017 , is a discount rate of 11.0% and 9.2% , respectively. At June 30, 2018 and December 31, 2017 , there was a current liability of $0.9 million and $0.8 million , respectively, related to this agreement, which is recorded in accrued liabilities on the respective condensed consolidated balance sheets, and long-term obligation at June 30, 2018 and December 31, 2017 , of $1.7 million and $2.1 million , respectively, which is included in other liabilities on the respective condensed consolidated balance sheets. The following tables summarize the changes in fair value of the Company's Level 3 assets and liabilities: Three Months Ended June 30, 2018 June 30, 2017 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,454 $ (2,813 ) $ 17,865 $ (3,348 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 36 (58 ) 34 (73 ) Included in other comprehensive income (loss) (424 ) — (3 ) — Included in other items, net — 64 — (7 ) Purchases, sales, issuances and settlements: Settlements (475 ) 230 (440 ) 224 Balance at end of reporting period $ 15,591 $ (2,577 ) $ 17,456 $ (3,204 ) Six Months Ended June 30, 2018 June 30, 2017 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 17,752 $ (2,887 ) $ 17,259 $ (3,038 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 72 (120 ) 69 (202 ) Included in other comprehensive income (loss) (1,758 ) — 568 — Included in other items, net — (18 ) — (398 ) Purchases, sales, issuances and settlements: Settlements (475 ) 448 (440 ) 434 Balance at end of reporting period $ 15,591 $ (2,577 ) $ 17,456 $ (3,204 ) We are exposed to valuation risk on our Level 3 financial instruments. We estimate our risk exposure using a sensitivity analysis of potential changes in the significant unobservable inputs of our fair value measurements. Our Level 3 financial instruments are most susceptible to valuation risk caused by changes in the discount rate. If the discount in our fair value measurements increased or decreased by 100 basis points, the change would not cause the value of our fair value measurements to change significantly. Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: June 30, 2018 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 30,847 $ 25,049 $ 30,572 Level 3 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 The following tables provide the fair value measurement information about our long-term debt: June 30, 2018 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,363,477 $ 1,340,958 $ 1,366,375 Level 2 6.875% senior notes due 2023 750,000 741,422 786,563 Level 1 6.375% senior notes due 2026 750,000 739,787 756,563 Level 1 6.000% senior notes due 2026 700,000 688,973 691,250 Level 1 Other 454 454 454 Level 3 Total debt $ 3,563,931 $ 3,511,594 $ 3,601,205 December 31, 2017 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank 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 The estimated fair value of our bank credit facility is based on a relative value analysis performed on or about June 30, 2018 and December 31, 2017 . The estimated fair values of our Senior Notes are based on quoted market prices as of June 30, 2018 and December 31, 2017 . 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 six months ended June 30, 2018 or 2017 . |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We aggregate certain of our gaming entertainment properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest & South. The table below lists the classification of each of our properties. Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada 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 & 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 Results of Operations - Total Reportable Segment Departmental 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 & South segments. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company. Results for our Illinois distributed gaming operator are included in our Midwest & South segment. The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments: Three Months Ended June 30, 2018 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 142,488 $ 38,948 $ 25,659 $ 12,879 $ 219,974 Downtown Las Vegas 32,822 13,741 6,606 8,033 61,202 Midwest & South 272,478 34,912 17,169 11,058 335,617 Total Revenues $ 447,788 $ 87,601 $ 49,434 $ 31,970 $ 616,793 Three Months Ended June 30, 2017 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 139,862 $ 38,914 $ 24,892 $ 13,005 $ 216,673 Downtown Las Vegas 32,224 13,372 6,108 7,928 59,632 Midwest & South 265,039 35,358 16,834 10,588 327,819 Total Revenues $ 437,125 $ 87,644 $ 47,834 $ 31,521 $ 604,124 Six Months Ended June 30, 2018 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 285,636 $ 77,818 $ 51,815 $ 26,880 $ 442,149 Downtown Las Vegas 65,261 27,328 13,417 15,664 121,670 Midwest & South 537,354 67,854 32,114 21,770 659,092 Total Revenues $ 888,251 $ 173,000 $ 97,346 $ 64,314 $ 1,222,911 Six Months Ended June 30, 2017 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 283,808 $ 77,366 $ 51,099 $ 26,641 $ 438,914 Downtown Las Vegas 66,116 26,829 11,882 15,752 120,579 Midwest & South 531,146 70,054 31,703 21,793 654,696 Total Revenues $ 881,070 $ 174,249 $ 94,684 $ 64,186 $ 1,214,189 The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Adjusted EBITDA Las Vegas Locals $ 70,248 $ 63,300 $ 141,278 $ 129,214 Downtown Las Vegas 13,543 12,545 26,761 26,246 Midwest & South 98,510 93,730 192,756 188,043 Total Reportable Segment Adjusted EBITDA 182,301 169,575 360,795 343,503 Corporate expense (18,878 ) (18,207 ) (36,900 ) (36,370 ) Adjusted EBITDA 163,423 151,368 323,895 307,133 Other operating costs and expenses Deferred rent 294 257 550 687 Depreciation and amortization 53,923 52,563 105,199 106,527 Share-based compensation expense 6,022 5,747 14,949 8,830 Project development, preopening and writedowns 5,801 2,784 9,241 5,756 Impairments of assets 993 — 993 — Other operating items, net 132 463 1,931 949 Total other operating costs and expenses 67,165 61,814 132,863 122,749 Operating income $ 96,258 $ 89,554 $ 191,032 $ 184,384 For purposes of this presentation, 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. Total Reportable Segment Assets The Company's assets by Reportable Segment consisted of the following amounts: June 30, December 31, (In thousands) 2018 2017 Assets Las Vegas Locals $ 1,752,150 $ 1,792,119 Downtown Las Vegas 169,856 170,574 Midwest & South 2,565,077 2,496,957 Total Reportable Segment Assets 4,487,083 4,459,650 Corporate 688,583 226,280 Total Assets $ 5,175,666 $ 4,685,930 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2018 | |
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, our 6.375% Notes and our 6.000% Notes (collectively, the "Notes") is presented below. The 6.875% Notes and 6.375% Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us. The non-guarantors primarily represent special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries. On June 25, 2018, the Company issued the 6.000% Notes, which are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our current and future domestic restricted subsidiaries. With the exception of one subsidiary, the guarantors of the 6.000% Notes are the same as for our 6.375% Notes and 6.875% Notes. The non-guarantors primarily represent our special purpose entities, tax holding companies, our less significant operating subsidiaries and our less than wholly owned subsidiaries. The tables below present the condensed consolidating balance sheets as of June 30, 2018 and December 31, 2017 , the condensed consolidating statements of operations for the three and six months ended June 30, 2018 and 2017 , and the condensed consolidating statements of cash flows for the six months ended June 30, 2018 and 2017 . These tables reflect the impact of the adoption of the Revenue Standard and Update 2016-18 (see Note 2, Summary of Significant Accounting Policies ) and the segregation of the wholly owned subsidiary that is a guarantor for the 6.875% Notes and 6.375% Notes and a non-guarantor for the 6.000% Notes. Condensed Consolidating Balance Sheets June 30, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 446,831 $ 169,803 $ — $ 16,174 $ — $ — $ 632,808 Restricted cash — 11,597 — 14,515 — — 26,112 Other current assets 74,193 17,859 233 2,724 — (2,349 ) 92,660 Property and equipment, net 91,714 2,380,288 — 35,381 — — 2,507,383 Investments in subsidiaries 5,210,840 — — 2,140 — (5,212,980 ) — Intercompany receivable — 1,850,202 374,065 — — (2,224,267 ) — Other assets, net 29,011 29,687 — 38,230 — — 96,928 Intangible assets, net — 817,628 — 26,129 — — 843,757 Goodwill, net — 887,442 — 88,576 — — 976,018 Total assets $ 5,852,589 $ 6,164,506 $ 374,298 $ 223,869 $ — $ (7,439,596 ) $ 5,175,666 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 23,895 $ 86 $ — $ — $ — $ — $ 23,981 Other current liabilities 124,144 200,921 — 22,887 — (2,194 ) 345,758 Accumulated losses of subsidiaries in excess of investment — 5,656 — — — (5,656 ) — Intercompany payable 1,165,444 — — 1,058,701 — (2,224,145 ) — Long-term debt, net of current maturities and debt issuance costs 3,487,244 369 — — — — 3,487,613 Other long-term liabilities (93,298 ) 275,982 900 (10,430 ) — — 173,154 Total stockholders' equity (deficit) 1,145,160 5,681,492 373,398 (847,289 ) — (5,207,601 ) 1,145,160 Total liabilities and stockholders' equity $ 5,852,589 $ 6,164,506 $ 374,298 $ 223,869 $ — $ (7,439,596 ) $ 5,175,666 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Balance Sheets - continued December 31, 2017 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* 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 20,687 234 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 — 1,560,841 373,718 — — (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 $ 5,959,550 $ 373,952 $ 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 ) 256,584 900 (10,428 ) — — 151,333 Total stockholders' equity (deficit) 1,097,227 5,417,186 373,052 (931,397 ) — (4,858,841 ) 1,097,227 Total liabilities and stockholders' equity $ 5,095,354 $ 5,959,550 $ 373,952 $ 123,867 $ — $ (6,866,793 ) $ 4,685,930 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Operations Three Months Ended June 30, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Total revenues $ 21,286 $ 607,569 $ — $ 13,745 $ — $ (25,807 ) $ 616,793 Operating costs and expenses Operating — 306,392 — 12,517 — — 318,909 Selling, general and administrative (3 ) 85,913 — 2,131 — — 88,041 Maintenance and utilities — 28,331 — 342 — — 28,673 Depreciation and amortization 4,347 48,245 — 1,331 — — 53,923 Corporate expense 23,252 213 — 598 — — 24,063 Project development, preopening and writedowns 2,640 1,017 — 2,144 — — 5,801 Impairments of assets 993 — — — — — 993 Other operating items, net 48 84 — — — — 132 Intercompany expenses (199 ) 26,006 — — — (25,807 ) — Total operating costs and expenses 31,078 496,201 — 19,063 — (25,807 ) 520,535 Equity in earnings (losses) of subsidiaries 82,365 (386 ) — — — (81,979 ) — Operating income (loss) 72,573 110,982 — (5,318 ) — (81,979 ) 96,258 Other expense (income) Interest expense, net 44,154 277 — 6 — — 44,437 Other, net (5 ) (2 ) — (17 ) — — (24 ) Total other expense (income), net 44,149 275 — (11 ) — — 44,413 Income (loss) from continuing operations before income taxes 28,424 110,707 — (5,307 ) — (81,979 ) 51,845 Income tax benefit (provision) 10,521 (24,785 ) — 1,017 — — (13,247 ) Income (loss) from continuing operations, net of tax 38,945 85,922 — (4,290 ) — (81,979 ) 38,598 Income from discontinued operations, net of tax — — 347 — — — 347 Net income (loss) $ 38,945 $ 85,922 $ 347 $ (4,290 ) $ — $ (81,979 ) $ 38,945 Comprehensive income (loss) $ 38,639 $ 85,616 $ 347 $ (4,290 ) $ — $ (81,673 ) $ 38,639 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Operations - continued Three Months Ended June 30, 2017 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Total revenues $ 18,490 $ 598,194 $ — $ 10,897 $ — $ (23,457 ) $ 604,124 Operating costs and expenses Operating — 307,139 — 9,469 — — 316,608 Selling, general and administrative 17 91,129 — 1,908 — (17 ) 93,037 Maintenance and utilities — 25,511 — 353 — — 25,864 Depreciation and amortization 2,844 48,687 — 1,032 — — 52,563 Corporate expense 22,506 375 — 370 — — 23,251 Project development, preopening and writedowns 1,472 586 116 610 — — 2,784 Other operating items, net 150 313 — — — — 463 Intercompany expenses 301 23,139 — — — (23,440 ) — Total operating costs and expenses 27,290 496,879 116 13,742 — (23,457 ) 514,570 Equity in earnings (losses) of subsidiaries 85,416 (169 ) — — — (85,247 ) — Operating income (loss) 76,616 101,146 (116 ) (2,845 ) — (85,247 ) 89,554 Other expense (income) Interest expense, net 41,961 306 — 6 — — 42,273 Loss on early extinguishments and modifications of debt 378 — — — — — 378 Other, net 520 57 — (18 ) — — 559 Total other expense (income), net 42,859 363 — (12 ) — — 43,210 Income (loss) from continuing operations before income taxes 33,757 100,783 (116 ) (2,833 ) — (85,247 ) 46,344 Income tax benefit (provision) 14,952 (34,512 ) — 908 — — (18,652 ) Income (loss) from continuing operations, net of tax 48,709 66,271 (116 ) (1,925 ) — (85,247 ) 27,692 Income from discontinued operations, net of tax — — 21,017 — — — 21,017 Net income (loss) $ 48,709 $ 66,271 $ 20,901 $ (1,925 ) $ — $ (85,247 ) $ 48,709 Comprehensive income (loss) $ 49,244 $ 66,806 $ 20,901 $ (1,925 ) $ — $ (85,782 ) $ 49,244 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Operations - continued Six Months Ended June 30, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Net revenues $ 42,127 $ 1,208,531 $ — $ 23,766 $ — $ (51,513 ) $ 1,222,911 Operating costs and expenses Operating — 610,225 — 22,147 — — 632,372 Selling, general and administrative 8 171,634 — 3,993 — (11 ) 175,624 Maintenance and utilities — 55,929 — 670 — — 56,599 Depreciation and amortization 8,183 94,775 — 2,241 — — 105,199 Corporate expense 48,500 216 — 1,204 — — 49,920 Project development, preopening and writedowns 4,143 1,190 — 3,908 — — 9,241 Impairments of assets 993 — — — — — 993 Other operating items, net 48 1,883 — — — — 1,931 Intercompany expenses 102 51,400 — — — (51,502 ) — Total operating costs and expenses 61,977 987,252 — 34,163 — (51,513 ) 1,031,879 Equity in earnings of subsidiaries 164,009 (571 ) — — — (163,438 ) — Operating income (loss) 144,159 220,708 — (10,397 ) — (163,438 ) 191,032 Other expense (income) Interest expense, net 87,673 554 — 12 — — 88,239 Loss on early extinguishments and modifications of debt 61 — — — — — 61 Other, net (5 ) (366 ) — (33 ) — — (404 ) Total other expense (income), net 87,729 188 — (21 ) — — 87,896 Income (loss) from continuing operations before income taxes 56,430 220,520 — (10,376 ) — (163,438 ) 103,136 Income taxes benefit (provision) 23,914 (49,169 ) — 2,116 — — (23,139 ) Income (loss) from continuing operations, net of tax 80,344 171,351 — (8,260 ) — (163,438 ) 79,997 Income from discontinued operations, net of tax — — 347 — — — 347 Net income (loss) $ 80,344 $ 171,351 $ 347 $ (8,260 ) $ — $ (163,438 ) $ 80,344 Comprehensive income (loss) $ 79,074 $ 170,081 $ 347 $ (8,260 ) $ — $ (162,168 ) $ 79,074 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Operations - continued Six Months Ended June 30, 2017 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Net revenues $ 37,200 $ 1,202,307 $ — $ 21,702 $ — $ (47,020 ) $ 1,214,189 Operating costs and expenses Operating — 616,569 — 19,042 — — 635,611 Selling, general and administrative 23 180,730 — 3,920 — (23 ) 184,650 Maintenance and utilities — 51,612 — 651 — — 52,263 Depreciation and amortization 5,526 98,970 — 2,031 — — 106,527 Corporate expense 42,370 739 — 940 — — 44,049 Project development, preopening and writedowns 2,727 1,427 154 1,448 — — 5,756 Impairments of assets — — — — — — — Other operating items, net 225 724 — — — — 949 Intercompany expenses 602 46,395 — — — (46,997 ) — Total operating costs and expenses 51,473 997,166 154 28,032 — (47,020 ) 1,029,805 Equity in earnings (losses) of subsidiaries 151,977 (298 ) — — — (151,679 ) — Operating income (loss) 137,704 204,843 (154 ) (6,330 ) — (151,679 ) 184,384 Other expense (income) Interest expense, net 84,800 675 — 12 — — 85,487 Loss on early extinguishments of debt 534 — — — — — 534 Other, net 520 184 — (34 ) — — 670 Total other expense (income), net 85,854 859 — (22 ) — — 86,691 Income (loss) from continuing operations before income taxes 51,850 203,984 (154 ) (6,308 ) — (151,679 ) 97,693 Income taxes benefit (provision) 32,310 (69,300 ) — 2,065 — — (34,925 ) Income (loss) from continuing operations, net of tax 84,160 134,684 (154 ) (4,243 ) — (151,679 ) 62,768 Income from discontinued operations, net of tax — — 21,392 — — — 21,392 Net income (loss) $ 84,160 $ 134,684 $ 21,238 $ (4,243 ) $ — $ (151,679 ) $ 84,160 Comprehensive income (loss) $ 85,266 $ 135,790 $ 21,238 $ (4,243 ) $ — $ (152,785 ) $ 85,266 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (70,065 ) $ 282,907 $ (135 ) $ 5,405 $ — $ (121 ) $ 217,991 Cash flows from investing activities Capital expenditures (36,914 ) (26,059 ) — (272 ) — — (63,245 ) Cash paid for acquisition, net of cash received (100,713 ) — — — — — (100,713 ) Net activity with affiliates — (289,361 ) (347 ) — — 289,708 — Other investing activities (9,240 ) — — — — — (9,240 ) Net cash from investing activities (146,867 ) (315,420 ) (347 ) (272 ) — 289,708 (173,198 ) Cash flows from financing activities Borrowings under bank credit facility 333,900 — — — — — 333,900 Payments under bank credit facility (591,476 ) — — — — — (591,476 ) Proceeds from issuance of senior notes 700,000 — — — — — 700,000 Debt financing costs, net (11,028 ) — — — — — (11,028 ) Net activity with affiliates 277,000 — — 12,587 — (289,587 ) — Share-based compensation activities, net (3,381 ) — — — — — (3,381 ) Shares repurchased and retired (30,332 ) — — — — — (30,332 ) Dividends paid (11,267 ) — — — — — (11,267 ) Other financing activities — (50 ) — — — — (50 ) Net cash from financing activities 663,416 (50 ) — 12,587 — (289,587 ) 386,366 Cash flows from discontinued operations Cash flows from operating activities — — — — — — — Cash flows from investing activities — — 482 — — — 482 Cash flows from financing activities — — — — — — — Net cash from discontinued operations — — 482 — — — 482 Net change in cash, cash equivalents and restricted cash 446,484 (32,563 ) — 17,720 — — 431,641 Cash, cash equivalents and restricted cash, beginning of period 347 213,963 — 12,969 — — 227,279 Cash, cash equivalents and restricted cash, end of period $ 446,831 $ 181,400 $ — $ 30,689 $ — $ — $ 658,920 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Cash Flows - continued Six Months Ended June 30, 2017 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (32,014 ) $ 239,394 $ (663 ) $ (7,708 ) $ 254 $ 1,123 $ 200,386 Cash flows from investing activities Capital expenditures (68,685 ) (49,966 ) — (100 ) — — (118,751 ) Net activity with affiliates — (215,816 ) (35,070 ) — — 250,886 — Advances pursuant to development agreement — — — (35,108 ) — — (35,108 ) Other investing activities — 492 — — — — 492 Net cash from investing activities (68,685 ) (265,290 ) (35,070 ) (35,208 ) — 250,886 (153,367 ) Cash flows from financing activities Borrowings under bank credit facility 535,900 — — — — — 535,900 Payments under bank credit facility (628,037 ) — — — — — (628,037 ) Debt financing costs, net (2,381 ) — — — — — (2,381 ) Net activity with affiliates 207,941 — — 44,322 (254 ) (252,009 ) — Share-based compensation activities, net (2,796 ) — — — — — (2,796 ) Shares repurchased and retired (11,090 ) — — — — — (11,090 ) Other financing activities (50 ) (45 ) — — — — (95 ) Net cash from financing activities 99,487 (45 ) — 44,322 (254 ) (252,009 ) (108,499 ) 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 (1,212 ) (25,941 ) — 1,406 — — (25,747 ) 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 $ — $ 173,669 $ — $ 10,934 $ — $ — $ 184,603 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS We have evaluated all events or transactions that occurred after June 30, 2018 . During this period, up to the filing date, we did not identify any additional subsequent events, other than the commencement of the exchange offer and the entering into the Joinder Agreement disclosed in Note 7, Long-Term Debt , and the payment of a cash dividend disclosed in Note 9, Stockholders’ 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 Accounti
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | 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 gross 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 owed 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 hotel rooms and food & beverage). 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: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Food & beverage $ 43,285 $ 43,662 $ 85,923 $ 86,475 Rooms 19,861 19,053 38,861 37,642 Other 2,749 2,667 5,329 5,195 |
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 recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $80.3 million and $83.8 million for the three months ended June 30, 2018 and 2017 , respectively |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand. The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. June 30, December 31, June 30, December 31, (In thousands) 2018 2017 2017 2016 Cash and cash equivalents $ 632,808 $ 203,104 $ 162,963 $ 193,862 Restricted cash 26,112 24,175 21,640 16,488 Total cash, cash equivalents and restricted cash $ 658,920 $ 227,279 $ 184,603 $ 210,350 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 gross 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 owed 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 hotel rooms and food & beverage). 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: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Food & beverage $ 43,285 $ 43,662 $ 85,923 $ 86,475 Rooms 19,861 19,053 38,861 37,642 Other 2,749 2,667 5,329 5,195 Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $80.3 million and $83.8 million for the three months ended June 30, 2018 and 2017 , respectively, and $158.4 million and $167.0 million for the six months ended June 30, 2018 and 2017 , respectively. Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability, 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 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 condensed consolidated balance sheets. 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 Adopted Accounting Pronouncements Accounting Standards Update ("ASU") 2018-06, Compensation - Stock Compensation ("Update 2018-06") In June 2018, the Financial Accounting Standards Board ("FASB") issued Update 2018-06 which expands Accounting Standards Codification ("ASC") 718, to include share-based payment transactions for acquiring goods and services from nonemployees. 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 determined that the impact of the new standard to its consolidated financial statements will not be material. ASU 2018-05, Income Taxes ("Update 2018-05") In March 2018, the FASB issued Update 2018-05, which amends the guidance to SEC Staff Accounting Bulletin No. 118 ("SAB 118") by adding income tax accounting implications of the Tax Cuts and Jobs Act (the "Tax Act"). The SEC staff issued SAB 118 to provide 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 ASC 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 in fourth quarter 2017. 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. However, if any changes are determined, we will record those as part of the measurement period. ASU 2018-02, Income Statement - Reporting Comprehensive Income ("Update 2018-02") In first quarter 2018, the Company adopted ASU 2018-02 which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The effect of this change in accounting principle is to record an other comprehensive income tax effect of $0.3 million as a reduction in retained earnings on the condensed consolidated statement of changes in stockholders' equity for the six months ended June 30, 2018 . ASU 2016-18, Statement of Cash Flows ("Update 2016-18") In November 2016, the FASB issued Update 2016-18, which amends 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 effective January 1, 2018 using the retrospective approach. We adjusted our condensed 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 condensed consolidated statement of cash flows for the six months ended June 30, 2017 were as follows: Six Months Ended June 30, 2017 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 195,234 $ 5,152 $ 200,386 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 (30,899 ) 5,152 (25,747 ) Cash, cash equivalents and restricted cash, end of period $ 162,963 $ 21,640 $ 184,603 ASU 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. Update 2016-15 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 Company adopted Update 2016-15 effective January 1, 2018. The Company determined that the impact of the new standard on its consolidated financial statements is not material. ASU 2016-09, Compensation - Stock Compensation ("Update 2016-09") In first quarter 2017, the Company adopted 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 was to record the benefit of previously unrecognized excess tax deductions as an increase in retained earnings of $15.8 million on the condensed consolidated statement of changes in stockholders' equity for the six months ended June 30, 2017 . ASU 2014-09, Revenue from Contracts with Customers ("Update 2014-09"); ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14" ) ; ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("Update 2016-08"); ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("Update 2016-10"); ASU 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 ASU 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 in first quarter 2018 and has adjusted the prior periods presented. The guidance changed the presentation of net revenues as the 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 condensed consolidated balance sheet. The impact to the condensed consolidated statement of cash flows for the three and six months ended June 30, 2017 was not material. 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 our results for the three months ended June 30, 2017 are as follows: Three Months Ended June 30, 2017 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 495,056 $ (57,931 ) $ 437,125 Food & beverage 88,342 (698 ) 87,644 Room 48,270 (436 ) 47,834 Other 32,915 (1,394 ) 31,521 Gross revenues 664,583 (60,459 ) 604,124 Less promotional allowances 64,715 (64,715 ) — Net revenues 599,868 4,256 604,124 Operating costs and expenses Gaming 229,912 (40,292 ) 189,620 Food & beverage 49,533 34,894 84,427 Room 13,469 7,973 21,442 Other 19,631 1,488 21,119 Selling, general and administrative 93,037 — 93,037 Maintenance and utilities 25,864 — 25,864 Depreciation and amortization 52,563 — 52,563 Corporate expense 23,251 — 23,251 Project development, preopening and writedowns 2,784 — 2,784 Other operating items, net 463 — 463 Total operating costs and expenses 510,507 4,063 514,570 Operating income 89,361 193 89,554 Other expense (income) Interest income (455 ) — (455 ) Interest expense, net of amounts capitalized 42,728 — 42,728 Loss on early extinguishments and modifications of debt 378 — 378 Other, net 559 — 559 Total other expense, net 43,210 — 43,210 Income from continuing operations before income taxes 46,151 193 46,344 Income tax provision (18,590 ) (62 ) (18,652 ) Income from continuing operations, net of tax 27,561 131 27,692 Income from discontinued operations, net of tax 21,017 — 21,017 Net income $ 48,578 $ 131 $ 48,709 Basic net income per common share Continuing operations $ 0.24 $ — $ 0.24 Discontinued operations 0.18 — 0.18 Basic net income per common share $ 0.42 $ — $ 0.42 Weighted average basic shares outstanding 115,225 — 115,225 Diluted net income per common share Continuing operations $ 0.24 $ — $ 0.24 Discontinued operations 0.18 — 0.18 Diluted net income per common share $ 0.42 $ — $ 0.42 Weighted average diluted shares outstanding 115,923 — 115,923 The effects of the adoption of the Revenue Standard on our results for the six months ended June 30, 2017 are as follows: Six Months Ended June 30, 2017 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 995,055 $ (113,985 ) $ 881,070 Food & beverage 175,785 (1,536 ) 174,249 Room 95,596 (912 ) 94,684 Other 66,953 (2,767 ) 64,186 Gross revenues 1,333,389 (119,200 ) 1,214,189 Less promotional allowances 128,179 (128,179 ) — Net revenues 1,205,210 8,979 1,214,189 Operating costs and expenses Gaming 461,543 (79,990 ) 381,553 Food & beverage 99,051 69,724 168,775 Room 26,583 16,166 42,749 Other 39,610 2,924 42,534 Selling, general and administrative 184,650 — 184,650 Maintenance and utilities 52,263 — 52,263 Depreciation and amortization 106,527 — 106,527 Corporate expense 44,049 — 44,049 Project development, preopening and writedowns 5,756 — 5,756 Other operating items, net 949 — 949 Total operating costs and expenses 1,020,981 8,824 1,029,805 Operating income 184,229 155 184,384 Other expense (income) Interest income (915 ) — (915 ) Interest expense, net of amounts capitalized 86,402 — 86,402 Loss on early extinguishments and modifications of debt 534 — 534 Other, net 670 — 670 Total other expense, net 86,691 — 86,691 Income from continuing operations before income taxes 97,538 155 97,693 Income tax provision (34,863 ) (62 ) (34,925 ) Income from continuing operations, net of tax 62,675 93 62,768 Income from discontinued operations, net of tax 21,392 — 21,392 Net income $ 84,067 $ 93 $ 84,160 Basic net income per common share Continuing operations $ 0.54 $ — $ 0.54 Discontinued operations 0.19 — 0.19 Basic net income per common share $ 0.73 $ — $ 0.73 Weighted average basic shares outstanding 115,247 — 115,247 Diluted net income per common share Continuing operations $ 0.54 $ — $ 0.54 Discontinued operations 0.19 — 0.19 Diluted net income per common share $ 0.73 $ — $ 0.73 Weighted average diluted shares outstanding 115,911 — 115,911 Recently Issued Accounting Pronouncements ASU 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 has begun planning its assessment and implementation process, including determining the completeness of its lease population, and is currently evaluating the practical expedients and accounting policy elections and assessing the overall financial statement impact. While the Company’s evaluation of this guidance is in the early stages, adoption is expected to have a significant impact on the consolidated balance sheet due to recognition of right-of-use assets and lease liabilities, but will likely have an insignificant impact on its consolidated statements of operations and comprehensive income. The Company also anticipates expanded footnote disclosures related to its leases under the new guidance. The Company’s evaluation of Update 2016-02 is ongoing and may identify additional impacts on its consolidated financial statements and related disclosures prior to adoption. 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. |
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 [Policy Text Block] | Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service 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 condensed consolidated balance sheets. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standards Update ("ASU") 2018-06, Compensation - Stock Compensation ("Update 2018-06") In June 2018, the Financial Accounting Standards Board ("FASB") issued Update 2018-06 which expands Accounting Standards Codification ("ASC") 718, to include share-based payment transactions for acquiring goods and services from nonemployees. 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 determined that the impact of the new standard to its consolidated financial statements will not be material. ASU 2018-05, Income Taxes ("Update 2018-05") In March 2018, the FASB issued Update 2018-05, which amends the guidance to SEC Staff Accounting Bulletin No. 118 ("SAB 118") by adding income tax accounting implications of the Tax Cuts and Jobs Act (the "Tax Act"). The SEC staff issued SAB 118 to provide 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 ASC 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 in fourth quarter 2017. 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. However, if any changes are determined, we will record those as part of the measurement period. ASU 2018-02, Income Statement - Reporting Comprehensive Income ("Update 2018-02") In first quarter 2018, the Company adopted ASU 2018-02 which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The effect of this change in accounting principle is to record an other comprehensive income tax effect of $0.3 million as a reduction in retained earnings on the condensed consolidated statement of changes in stockholders' equity for the six months ended June 30, 2018 . ASU 2016-18, Statement of Cash Flows ("Update 2016-18") In November 2016, the FASB issued Update 2016-18, which amends 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 effective January 1, 2018 using the retrospective approach. We adjusted our condensed 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 condensed consolidated statement of cash flows for the six months ended June 30, 2017 were as follows: Six Months Ended June 30, 2017 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 195,234 $ 5,152 $ 200,386 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 (30,899 ) 5,152 (25,747 ) Cash, cash equivalents and restricted cash, end of period $ 162,963 $ 21,640 $ 184,603 ASU 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. Update 2016-15 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 Company adopted Update 2016-15 effective January 1, 2018. The Company determined that the impact of the new standard on its consolidated financial statements is not material. ASU 2016-09, Compensation - Stock Compensation ("Update 2016-09") In first quarter 2017, the Company adopted 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 was to record the benefit of previously unrecognized excess tax deductions as an increase in retained earnings of $15.8 million on the condensed consolidated statement of changes in stockholders' equity for the six months ended June 30, 2017 . ASU 2014-09, Revenue from Contracts with Customers ("Update 2014-09"); ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date ("Update 2015-14" ) ; ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("Update 2016-08"); ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("Update 2016-10"); ASU 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 ASU 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 in first quarter 2018 and has adjusted the prior periods presented. The guidance changed the presentation of net revenues as the 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 condensed consolidated balance sheet. The impact to the condensed consolidated statement of cash flows for the three and six months ended June 30, 2017 was not material. 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 our results for the three months ended June 30, 2017 are as follows: Three Months Ended June 30, 2017 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 495,056 $ (57,931 ) $ 437,125 Food & beverage 88,342 (698 ) 87,644 Room 48,270 (436 ) 47,834 Other 32,915 (1,394 ) 31,521 Gross revenues 664,583 (60,459 ) 604,124 Less promotional allowances 64,715 (64,715 ) — Net revenues 599,868 4,256 604,124 Operating costs and expenses Gaming 229,912 (40,292 ) 189,620 Food & beverage 49,533 34,894 84,427 Room 13,469 7,973 21,442 Other 19,631 1,488 21,119 Selling, general and administrative 93,037 — 93,037 Maintenance and utilities 25,864 — 25,864 Depreciation and amortization 52,563 — 52,563 Corporate expense 23,251 — 23,251 Project development, preopening and writedowns 2,784 — 2,784 Other operating items, net 463 — 463 Total operating costs and expenses 510,507 4,063 514,570 Operating income 89,361 193 89,554 Other expense (income) Interest income (455 ) — (455 ) Interest expense, net of amounts capitalized 42,728 — 42,728 Loss on early extinguishments and modifications of debt 378 — 378 Other, net 559 — 559 Total other expense, net 43,210 — 43,210 Income from continuing operations before income taxes 46,151 193 46,344 Income tax provision (18,590 ) (62 ) (18,652 ) Income from continuing operations, net of tax 27,561 131 27,692 Income from discontinued operations, net of tax 21,017 — 21,017 Net income $ 48,578 $ 131 $ 48,709 Basic net income per common share Continuing operations $ 0.24 $ — $ 0.24 Discontinued operations 0.18 — 0.18 Basic net income per common share $ 0.42 $ — $ 0.42 Weighted average basic shares outstanding 115,225 — 115,225 Diluted net income per common share Continuing operations $ 0.24 $ — $ 0.24 Discontinued operations 0.18 — 0.18 Diluted net income per common share $ 0.42 $ — $ 0.42 Weighted average diluted shares outstanding 115,923 — 115,923 The effects of the adoption of the Revenue Standard on our results for the six months ended June 30, 2017 are as follows: Six Months Ended June 30, 2017 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 995,055 $ (113,985 ) $ 881,070 Food & beverage 175,785 (1,536 ) 174,249 Room 95,596 (912 ) 94,684 Other 66,953 (2,767 ) 64,186 Gross revenues 1,333,389 (119,200 ) 1,214,189 Less promotional allowances 128,179 (128,179 ) — Net revenues 1,205,210 8,979 1,214,189 Operating costs and expenses Gaming 461,543 (79,990 ) 381,553 Food & beverage 99,051 69,724 168,775 Room 26,583 16,166 42,749 Other 39,610 2,924 42,534 Selling, general and administrative 184,650 — 184,650 Maintenance and utilities 52,263 — 52,263 Depreciation and amortization 106,527 — 106,527 Corporate expense 44,049 — 44,049 Project development, preopening and writedowns 5,756 — 5,756 Other operating items, net 949 — 949 Total operating costs and expenses 1,020,981 8,824 1,029,805 Operating income 184,229 155 184,384 Other expense (income) Interest income (915 ) — (915 ) Interest expense, net of amounts capitalized 86,402 — 86,402 Loss on early extinguishments and modifications of debt 534 — 534 Other, net 670 — 670 Total other expense, net 86,691 — 86,691 Income from continuing operations before income taxes 97,538 155 97,693 Income tax provision (34,863 ) (62 ) (34,925 ) Income from continuing operations, net of tax 62,675 93 62,768 Income from discontinued operations, net of tax 21,392 — 21,392 Net income $ 84,067 $ 93 $ 84,160 Basic net income per common share Continuing operations $ 0.54 $ — $ 0.54 Discontinued operations 0.19 — 0.19 Basic net income per common share $ 0.73 $ — $ 0.73 Weighted average basic shares outstanding 115,247 — 115,247 Diluted net income per common share Continuing operations $ 0.54 $ — $ 0.54 Discontinued operations 0.19 — 0.19 Diluted net income per common share $ 0.73 $ — $ 0.73 Weighted average diluted shares outstanding 115,911 — 115,911 Recently Issued Accounting Pronouncements ASU 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 has begun planning its assessment and implementation process, including determining the completeness of its lease population, and is currently evaluating the practical expedients and accounting policy elections and assessing the overall financial statement impact. While the Company’s evaluation of this guidance is in the early stages, adoption is expected to have a significant impact on the consolidated balance sheet due to recognition of right-of-use assets and lease liabilities, but will likely have an insignificant impact on its consolidated statements of operations and comprehensive income. The Company also anticipates expanded footnote disclosures related to its leases under the new guidance. The Company’s evaluation of Update 2016-02 is ongoing and may identify additional impacts on its consolidated financial statements and related disclosures prior to adoption. 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 Accoun21
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Item Effected [Line Items] | ||
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 condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. June 30, December 31, June 30, December 31, (In thousands) 2018 2017 2017 2016 Cash and cash equivalents $ 632,808 $ 203,104 $ 162,963 $ 193,862 Restricted cash 26,112 24,175 21,640 16,488 Total cash, cash equivalents and restricted cash $ 658,920 $ 227,279 $ 184,603 $ 210,350 | |
Schedule of Promotional Allowances [Table Text Block] | 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: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Food & beverage $ 43,285 $ 43,662 $ 85,923 $ 86,475 Rooms 19,861 19,053 38,861 37,642 Other 2,749 2,667 5,329 5,195 | |
Schedule of Cash Flows Adjustments [Table Text Block] | The effects of adopting Update 2016-18 on our condensed consolidated statement of cash flows for the six months ended June 30, 2017 were as follows: Six Months Ended June 30, 2017 (In thousands) As Previously Reported Adoption of Update 2016-18 As Adjusted Net cash provided by operating activities $ 195,234 $ 5,152 $ 200,386 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 (30,899 ) 5,152 (25,747 ) Cash, cash equivalents and restricted cash, end of period $ 162,963 $ 21,640 $ 184,603 | |
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 three months ended June 30, 2017 are as follows: Three Months Ended June 30, 2017 (In thousands, except per share data) As Previously Reported Adoption of Revenue Standard As Adjusted Revenues Gaming $ 495,056 $ (57,931 ) $ 437,125 Food & beverage 88,342 (698 ) 87,644 Room 48,270 (436 ) 47,834 Other 32,915 (1,394 ) 31,521 Gross revenues 664,583 (60,459 ) 604,124 Less promotional allowances 64,715 (64,715 ) — Net revenues 599,868 4,256 604,124 Operating costs and expenses Gaming 229,912 (40,292 ) 189,620 Food & beverage 49,533 34,894 84,427 Room 13,469 7,973 21,442 Other 19,631 1,488 21,119 Selling, general and administrative 93,037 — 93,037 Maintenance and utilities 25,864 — 25,864 Depreciation and amortization 52,563 — 52,563 Corporate expense 23,251 — 23,251 Project development, preopening and writedowns 2,784 — 2,784 Other operating items, net 463 — 463 Total operating costs and expenses 510,507 4,063 514,570 Operating income 89,361 193 89,554 Other expense (income) Interest income (455 ) — (455 ) Interest expense, net of amounts capitalized 42,728 — 42,728 Loss on early extinguishments and modifications of debt 378 — 378 Other, net 559 — 559 Total other expense, net 43,210 — 43,210 Income from continuing operations before income taxes 46,151 193 46,344 Income tax provision (18,590 ) (62 ) (18,652 ) Income from continuing operations, net of tax 27,561 131 27,692 Income from discontinued operations, net of tax 21,017 — 21,017 Net income $ 48,578 $ 131 $ 48,709 Basic net income per common share Continuing operations $ 0.24 $ — $ 0.24 Discontinued operations 0.18 — 0.18 Basic net income per common share $ 0.42 $ — $ 0.42 Weighted average basic shares outstanding 115,225 — 115,225 Diluted net income per common share Continuing operations $ 0.24 $ — $ 0.24 Discontinued operations 0.18 — 0.18 Diluted net income per common share $ 0.42 $ — $ 0.42 Weighted average diluted shares outstanding 115,923 — 115,923 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consists of the following: June 30, December 31, (In thousands) 2018 2017 Land $ 293,540 $ 294,533 Buildings and improvements 2,948,779 2,935,539 Furniture and equipment 1,379,460 1,311,704 Riverboats and barges 239,713 238,926 Construction in progress 43,658 59,538 Total property and equipment 4,905,150 4,840,240 Less accumulated depreciation 2,397,767 2,300,454 Property and equipment, net $ 2,507,383 $ 2,539,786 |
Depreciation Expense Table | Depreciation expense is as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Depreciation expense $ 51,357 $ 47,771 $ 101,503 $ 97,165 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: June 30, 2018 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 4.7 years $ 9,400 $ (4,616 ) $ — $ 4,784 Favorable lease rates 37.5 years 11,730 (3,189 ) — 8,541 Development agreement — 21,373 — — 21,373 Other intangibles 5.0 years 2,169 (98 ) — 2,071 44,672 (7,903 ) — 36,769 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, June 30, 2018 $ 1,069,894 $ (41,863 ) $ (184,274 ) $ 843,757 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 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: June 30, December 31, (In thousands) 2018 2017 Payroll and related expenses $ 62,580 $ 70,724 Interest 19,618 19,858 Gaming liabilities 53,522 55,961 Player loyalty program liabilities 23,391 24,489 Advance deposits 20,190 18,922 Outstanding chip liability 4,701 4,928 Dividend payable 6,742 5,632 Other accrued liabilities 66,077 54,632 Total accrued liabilities $ 256,821 $ 255,146 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Line of Credit Facility [Line Items] | |
Schedule of Long-term Debt Instruments | Long-term debt, net of current maturities and debt issuance costs, consists of the following: June 30, 2018 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) June 30, 2018 Principal Discount Costs Debt, Net Bank credit facility 4.450 % $ 1,363,477 $ (1,428 ) $ (21,091 ) $ 1,340,958 6.875% senior notes due 2023 6.875 % 750,000 — (8,578 ) 741,422 6.375% senior notes due 2026 6.375 % 750,000 — (10,213 ) 739,787 6.000% senior notes due 2026 6.000 % 700,000 — (11,027 ) 688,973 Other 5.800 % 454 — — 454 Total long-term debt 3,563,931 (1,428 ) (50,909 ) 3,511,594 Less current maturities 23,981 — — 23,981 Long-term debt, net $ 3,539,950 $ (1,428 ) $ (50,909 ) $ 3,487,613 December 31, 2017 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) Dec. 31, 2017 Principal Discount 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 |
Line of Credit | Bank Credit Facility [Member] | Parent | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities | The outstanding principal amounts under our existing bank credit facility are comprised of the following: June 30, December 31, (In thousands) 2018 2017 Revolving Credit Facility $ — $ 170,000 Term A Loan 204,475 210,938 Refinancing Term B Loans 1,159,002 1,170,016 Swing Loan — 70,100 Total outstanding principal amounts under the bank credit facility $ 1,363,477 $ 1,621,054 |
Stockholders' Equity and Stoc26
Stockholders' Equity and Stock Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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) Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2018 2017 2018 2017 Shares repurchased (2) 301 442 860 442 Total cost, including brokerage fees $ 10,530 $ 11,090 $ 30,332 $ 11,090 Average repurchase price per share (3) $ 35.02 $ 25.11 $ 35.28 $ 25.11 (1) Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2018 . These amounts exclude repurchases traded but not yet settled on or before June 30, 2018 . (2) All shares repurchased have been retired and constitute authorized but unissued shares. (3) Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. |
Dividends Declared [Table Text Block] | The dividends declared by the Board under this program and reflected in the periods presented are: Declaration date Record date Payment date Amount per share December 7, 2017 December 28, 2017 January 15, 2018 $0.05 March 2, 2018 March 16, 2018 April 15, 2018 0.05 June 8, 2018 June 29, 2018 July 15, 2018 0.06 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Gaming $ 131 $ 111 $ 303 $ 181 Food & beverage 25 22 58 35 Room 13 10 28 16 Selling, general and administrative 669 561 1,541 919 Corporate expense 5,184 5,043 13,019 7,679 Total share-based compensation expense $ 6,022 $ 5,747 $ 14,949 $ 8,830 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: June 30, 2018 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 632,808 $ 632,808 $ — $ — Restricted cash 26,112 26,112 — — Investment available for sale 15,591 — — 15,591 Liabilities Contingent payments $ 2,577 $ — $ — $ 2,577 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 |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the changes in fair value of the Company's Level 3 assets and liabilities: Three Months Ended June 30, 2018 June 30, 2017 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,454 $ (2,813 ) $ 17,865 $ (3,348 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 36 (58 ) 34 (73 ) Included in other comprehensive income (loss) (424 ) — (3 ) — Included in other items, net — 64 — (7 ) Purchases, sales, issuances and settlements: Settlements (475 ) 230 (440 ) 224 Balance at end of reporting period $ 15,591 $ (2,577 ) $ 17,456 $ (3,204 ) Six Months Ended June 30, 2018 June 30, 2017 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 17,752 $ (2,887 ) $ 17,259 $ (3,038 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 72 (120 ) 69 (202 ) Included in other comprehensive income (loss) (1,758 ) — 568 — Included in other items, net — (18 ) — (398 ) Purchases, sales, issuances and settlements: Settlements (475 ) 448 (440 ) 434 Balance at end of reporting period $ 15,591 $ (2,577 ) $ 17,456 $ (3,204 ) We are exposed to valuation risk on our Level 3 financial instruments. We estimate our risk exposure using a sensitivity analysis of potential changes in the significant unobservable inputs of our fair value measurements. Our Level 3 financial instruments are most susceptible to valuation risk caused by changes in the discount rate. If the discount in our fair value measurements increased or decreased by 100 basis points, the change would not cause the value of our fair value measurements to change significantly. |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: June 30, 2018 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 30,847 $ 25,049 $ 30,572 Level 3 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 The following tables provide the fair value measurement information about our long-term debt: June 30, 2018 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,363,477 $ 1,340,958 $ 1,366,375 Level 2 6.875% senior notes due 2023 750,000 741,422 786,563 Level 1 6.375% senior notes due 2026 750,000 739,787 756,563 Level 1 6.000% senior notes due 2026 700,000 688,973 691,250 Level 1 Other 454 454 454 Level 3 Total debt $ 3,563,931 $ 3,511,594 $ 3,601,205 December 31, 2017 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank 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 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Schedule of Composition of Segments | We aggregate certain of our gaming entertainment properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest & South. The table below lists the classification of each of our properties. Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada 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 & 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 |
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: Three Months Ended June 30, 2018 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 142,488 $ 38,948 $ 25,659 $ 12,879 $ 219,974 Downtown Las Vegas 32,822 13,741 6,606 8,033 61,202 Midwest & South 272,478 34,912 17,169 11,058 335,617 Total Revenues $ 447,788 $ 87,601 $ 49,434 $ 31,970 $ 616,793 Three Months Ended June 30, 2017 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 139,862 $ 38,914 $ 24,892 $ 13,005 $ 216,673 Downtown Las Vegas 32,224 13,372 6,108 7,928 59,632 Midwest & South 265,039 35,358 16,834 10,588 327,819 Total Revenues $ 437,125 $ 87,644 $ 47,834 $ 31,521 $ 604,124 Six Months Ended June 30, 2018 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 285,636 $ 77,818 $ 51,815 $ 26,880 $ 442,149 Downtown Las Vegas 65,261 27,328 13,417 15,664 121,670 Midwest & South 537,354 67,854 32,114 21,770 659,092 Total Revenues $ 888,251 $ 173,000 $ 97,346 $ 64,314 $ 1,222,911 Six Months Ended June 30, 2017 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 283,808 $ 77,366 $ 51,099 $ 26,641 $ 438,914 Downtown Las Vegas 66,116 26,829 11,882 15,752 120,579 Midwest & South 531,146 70,054 31,703 21,793 654,696 Total Revenues $ 881,070 $ 174,249 $ 94,684 $ 64,186 $ 1,214,189 |
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated | The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2018 2017 2018 2017 Adjusted EBITDA Las Vegas Locals $ 70,248 $ 63,300 $ 141,278 $ 129,214 Downtown Las Vegas 13,543 12,545 26,761 26,246 Midwest & South 98,510 93,730 192,756 188,043 Total Reportable Segment Adjusted EBITDA 182,301 169,575 360,795 343,503 Corporate expense (18,878 ) (18,207 ) (36,900 ) (36,370 ) Adjusted EBITDA 163,423 151,368 323,895 307,133 Other operating costs and expenses Deferred rent 294 257 550 687 Depreciation and amortization 53,923 52,563 105,199 106,527 Share-based compensation expense 6,022 5,747 14,949 8,830 Project development, preopening and writedowns 5,801 2,784 9,241 5,756 Impairments of assets 993 — 993 — Other operating items, net 132 463 1,931 949 Total other operating costs and expenses 67,165 61,814 132,863 122,749 Operating income $ 96,258 $ 89,554 $ 191,032 $ 184,384 |
Reconciliation of Assets from Segment to Consolidated | The Company's assets by Reportable Segment consisted of the following amounts: June 30, December 31, (In thousands) 2018 2017 Assets Las Vegas Locals $ 1,752,150 $ 1,792,119 Downtown Las Vegas 169,856 170,574 Midwest & South 2,565,077 2,496,957 Total Reportable Segment Assets 4,487,083 4,459,650 Corporate 688,583 226,280 Total Assets $ 5,175,666 $ 4,685,930 |
Condensed Consolidating Finan29
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of adjustments [Line Items] | |
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheets June 30, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 446,831 $ 169,803 $ — $ 16,174 $ — $ — $ 632,808 Restricted cash — 11,597 — 14,515 — — 26,112 Other current assets 74,193 17,859 233 2,724 — (2,349 ) 92,660 Property and equipment, net 91,714 2,380,288 — 35,381 — — 2,507,383 Investments in subsidiaries 5,210,840 — — 2,140 — (5,212,980 ) — Intercompany receivable — 1,850,202 374,065 — — (2,224,267 ) — Other assets, net 29,011 29,687 — 38,230 — — 96,928 Intangible assets, net — 817,628 — 26,129 — — 843,757 Goodwill, net — 887,442 — 88,576 — — 976,018 Total assets $ 5,852,589 $ 6,164,506 $ 374,298 $ 223,869 $ — $ (7,439,596 ) $ 5,175,666 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 23,895 $ 86 $ — $ — $ — $ — $ 23,981 Other current liabilities 124,144 200,921 — 22,887 — (2,194 ) 345,758 Accumulated losses of subsidiaries in excess of investment — 5,656 — — — (5,656 ) — Intercompany payable 1,165,444 — — 1,058,701 — (2,224,145 ) — Long-term debt, net of current maturities and debt issuance costs 3,487,244 369 — — — — 3,487,613 Other long-term liabilities (93,298 ) 275,982 900 (10,430 ) — — 173,154 Total stockholders' equity (deficit) 1,145,160 5,681,492 373,398 (847,289 ) — (5,207,601 ) 1,145,160 Total liabilities and stockholders' equity $ 5,852,589 $ 6,164,506 $ 374,298 $ 223,869 $ — $ (7,439,596 ) $ 5,175,666 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Balance Sheets - continued December 31, 2017 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* 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 20,687 234 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 — 1,560,841 373,718 — — (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 $ 5,959,550 $ 373,952 $ 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 ) 256,584 900 (10,428 ) — — 151,333 Total stockholders' equity (deficit) 1,097,227 5,417,186 373,052 (931,397 ) — (4,858,841 ) 1,097,227 Total liabilities and stockholders' equity $ 5,095,354 $ 5,959,550 $ 373,952 $ 123,867 $ — $ (6,866,793 ) $ 4,685,930 |
Schedule of Condensed Income Statement | Condensed Consolidating Statements of Operations Three Months Ended June 30, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Total revenues $ 21,286 $ 607,569 $ — $ 13,745 $ — $ (25,807 ) $ 616,793 Operating costs and expenses Operating — 306,392 — 12,517 — — 318,909 Selling, general and administrative (3 ) 85,913 — 2,131 — — 88,041 Maintenance and utilities — 28,331 — 342 — — 28,673 Depreciation and amortization 4,347 48,245 — 1,331 — — 53,923 Corporate expense 23,252 213 — 598 — — 24,063 Project development, preopening and writedowns 2,640 1,017 — 2,144 — — 5,801 Impairments of assets 993 — — — — — 993 Other operating items, net 48 84 — — — — 132 Intercompany expenses (199 ) 26,006 — — — (25,807 ) — Total operating costs and expenses 31,078 496,201 — 19,063 — (25,807 ) 520,535 Equity in earnings (losses) of subsidiaries 82,365 (386 ) — — — (81,979 ) — Operating income (loss) 72,573 110,982 — (5,318 ) — (81,979 ) 96,258 Other expense (income) Interest expense, net 44,154 277 — 6 — — 44,437 Other, net (5 ) (2 ) — (17 ) — — (24 ) Total other expense (income), net 44,149 275 — (11 ) — — 44,413 Income (loss) from continuing operations before income taxes 28,424 110,707 — (5,307 ) — (81,979 ) 51,845 Income tax benefit (provision) 10,521 (24,785 ) — 1,017 — — (13,247 ) Income (loss) from continuing operations, net of tax 38,945 85,922 — (4,290 ) — (81,979 ) 38,598 Income from discontinued operations, net of tax — — 347 — — — 347 Net income (loss) $ 38,945 $ 85,922 $ 347 $ (4,290 ) $ — $ (81,979 ) $ 38,945 Comprehensive income (loss) $ 38,639 $ 85,616 $ 347 $ (4,290 ) $ — $ (81,673 ) $ 38,639 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Operations - continued Three Months Ended June 30, 2017 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Total revenues $ 18,490 $ 598,194 $ — $ 10,897 $ — $ (23,457 ) $ 604,124 Operating costs and expenses Operating — 307,139 — 9,469 — — 316,608 Selling, general and administrative 17 91,129 — 1,908 — (17 ) 93,037 Maintenance and utilities — 25,511 — 353 — — 25,864 Depreciation and amortization 2,844 48,687 — 1,032 — — 52,563 Corporate expense 22,506 375 — 370 — — 23,251 Project development, preopening and writedowns 1,472 586 116 610 — — 2,784 Other operating items, net 150 313 — — — — 463 Intercompany expenses 301 23,139 — — — (23,440 ) — Total operating costs and expenses 27,290 496,879 116 13,742 — (23,457 ) 514,570 Equity in earnings (losses) of subsidiaries 85,416 (169 ) — — — (85,247 ) — Operating income (loss) 76,616 101,146 (116 ) (2,845 ) — (85,247 ) 89,554 Other expense (income) Interest expense, net 41,961 306 — 6 — — 42,273 Loss on early extinguishments and modifications of debt 378 — — — — — 378 Other, net 520 57 — (18 ) — — 559 Total other expense (income), net 42,859 363 — (12 ) — — 43,210 Income (loss) from continuing operations before income taxes 33,757 100,783 (116 ) (2,833 ) — (85,247 ) 46,344 Income tax benefit (provision) 14,952 (34,512 ) — 908 — — (18,652 ) Income (loss) from continuing operations, net of tax 48,709 66,271 (116 ) (1,925 ) — (85,247 ) 27,692 Income from discontinued operations, net of tax — — 21,017 — — — 21,017 Net income (loss) $ 48,709 $ 66,271 $ 20,901 $ (1,925 ) $ — $ (85,247 ) $ 48,709 Comprehensive income (loss) $ 49,244 $ 66,806 $ 20,901 $ (1,925 ) $ — $ (85,782 ) $ 49,244 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Operations - continued Six Months Ended June 30, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Net revenues $ 42,127 $ 1,208,531 $ — $ 23,766 $ — $ (51,513 ) $ 1,222,911 Operating costs and expenses Operating — 610,225 — 22,147 — — 632,372 Selling, general and administrative 8 171,634 — 3,993 — (11 ) 175,624 Maintenance and utilities — 55,929 — 670 — — 56,599 Depreciation and amortization 8,183 94,775 — 2,241 — — 105,199 Corporate expense 48,500 216 — 1,204 — — 49,920 Project development, preopening and writedowns 4,143 1,190 — 3,908 — — 9,241 Impairments of assets 993 — — — — — 993 Other operating items, net 48 1,883 — — — — 1,931 Intercompany expenses 102 51,400 — — — (51,502 ) — Total operating costs and expenses 61,977 987,252 — 34,163 — (51,513 ) 1,031,879 Equity in earnings of subsidiaries 164,009 (571 ) — — — (163,438 ) — Operating income (loss) 144,159 220,708 — (10,397 ) — (163,438 ) 191,032 Other expense (income) Interest expense, net 87,673 554 — 12 — — 88,239 Loss on early extinguishments and modifications of debt 61 — — — — — 61 Other, net (5 ) (366 ) — (33 ) — — (404 ) Total other expense (income), net 87,729 188 — (21 ) — — 87,896 Income (loss) from continuing operations before income taxes 56,430 220,520 — (10,376 ) — (163,438 ) 103,136 Income taxes benefit (provision) 23,914 (49,169 ) — 2,116 — — (23,139 ) Income (loss) from continuing operations, net of tax 80,344 171,351 — (8,260 ) — (163,438 ) 79,997 Income from discontinued operations, net of tax — — 347 — — — 347 Net income (loss) $ 80,344 $ 171,351 $ 347 $ (8,260 ) $ — $ (163,438 ) $ 80,344 Comprehensive income (loss) $ 79,074 $ 170,081 $ 347 $ (8,260 ) $ — $ (162,168 ) $ 79,074 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Operations - continued Six Months Ended June 30, 2017 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Net revenues $ 37,200 $ 1,202,307 $ — $ 21,702 $ — $ (47,020 ) $ 1,214,189 Operating costs and expenses Operating — 616,569 — 19,042 — — 635,611 Selling, general and administrative 23 180,730 — 3,920 — (23 ) 184,650 Maintenance and utilities — 51,612 — 651 — — 52,263 Depreciation and amortization 5,526 98,970 — 2,031 — — 106,527 Corporate expense 42,370 739 — 940 — — 44,049 Project development, preopening and writedowns 2,727 1,427 154 1,448 — — 5,756 Impairments of assets — — — — — — — Other operating items, net 225 724 — — — — 949 Intercompany expenses 602 46,395 — — — (46,997 ) — Total operating costs and expenses 51,473 997,166 154 28,032 — (47,020 ) 1,029,805 Equity in earnings (losses) of subsidiaries 151,977 (298 ) — — — (151,679 ) — Operating income (loss) 137,704 204,843 (154 ) (6,330 ) — (151,679 ) 184,384 Other expense (income) Interest expense, net 84,800 675 — 12 — — 85,487 Loss on early extinguishments of debt 534 — — — — — 534 Other, net 520 184 — (34 ) — — 670 Total other expense (income), net 85,854 859 — (22 ) — — 86,691 Income (loss) from continuing operations before income taxes 51,850 203,984 (154 ) (6,308 ) — (151,679 ) 97,693 Income taxes benefit (provision) 32,310 (69,300 ) — 2,065 — — (34,925 ) Income (loss) from continuing operations, net of tax 84,160 134,684 (154 ) (4,243 ) — (151,679 ) 62,768 Income from discontinued operations, net of tax — — 21,392 — — — 21,392 Net income (loss) $ 84,160 $ 134,684 $ 21,238 $ (4,243 ) $ — $ (151,679 ) $ 84,160 Comprehensive income (loss) $ 85,266 $ 135,790 $ 21,238 $ (4,243 ) $ — $ (152,785 ) $ 85,266 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. |
Schedule of Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (70,065 ) $ 282,907 $ (135 ) $ 5,405 $ — $ (121 ) $ 217,991 Cash flows from investing activities Capital expenditures (36,914 ) (26,059 ) — (272 ) — — (63,245 ) Cash paid for acquisition, net of cash received (100,713 ) — — — — — (100,713 ) Net activity with affiliates — (289,361 ) (347 ) — — 289,708 — Other investing activities (9,240 ) — — — — — (9,240 ) Net cash from investing activities (146,867 ) (315,420 ) (347 ) (272 ) — 289,708 (173,198 ) Cash flows from financing activities Borrowings under bank credit facility 333,900 — — — — — 333,900 Payments under bank credit facility (591,476 ) — — — — — (591,476 ) Proceeds from issuance of senior notes 700,000 — — — — — 700,000 Debt financing costs, net (11,028 ) — — — — — (11,028 ) Net activity with affiliates 277,000 — — 12,587 — (289,587 ) — Share-based compensation activities, net (3,381 ) — — — — — (3,381 ) Shares repurchased and retired (30,332 ) — — — — — (30,332 ) Dividends paid (11,267 ) — — — — — (11,267 ) Other financing activities — (50 ) — — — — (50 ) Net cash from financing activities 663,416 (50 ) — 12,587 — (289,587 ) 386,366 Cash flows from discontinued operations Cash flows from operating activities — — — — — — — Cash flows from investing activities — — 482 — — — 482 Cash flows from financing activities — — — — — — — Net cash from discontinued operations — — 482 — — — 482 Net change in cash, cash equivalents and restricted cash 446,484 (32,563 ) — 17,720 — — 431,641 Cash, cash equivalents and restricted cash, beginning of period 347 213,963 — 12,969 — — 227,279 Cash, cash equivalents and restricted cash, end of period $ 446,831 $ 181,400 $ — $ 30,689 $ — $ — $ 658,920 * Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes. Condensed Consolidating Statements of Cash Flows - continued Six Months Ended June 30, 2017 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (32,014 ) $ 239,394 $ (663 ) $ (7,708 ) $ 254 $ 1,123 $ 200,386 Cash flows from investing activities Capital expenditures (68,685 ) (49,966 ) — (100 ) — — (118,751 ) Net activity with affiliates — (215,816 ) (35,070 ) — — 250,886 — Advances pursuant to development agreement — — — (35,108 ) — — (35,108 ) Other investing activities — 492 — — — — 492 Net cash from investing activities (68,685 ) (265,290 ) (35,070 ) (35,208 ) — 250,886 (153,367 ) Cash flows from financing activities Borrowings under bank credit facility 535,900 — — — — — 535,900 Payments under bank credit facility (628,037 ) — — — — — (628,037 ) Debt financing costs, net (2,381 ) — — — — — (2,381 ) Net activity with affiliates 207,941 — — 44,322 (254 ) (252,009 ) — Share-based compensation activities, net (2,796 ) — — — — — (2,796 ) Shares repurchased and retired (11,090 ) — — — — — (11,090 ) Other financing activities (50 ) (45 ) — — — — (95 ) Net cash from financing activities 99,487 (45 ) — 44,322 (254 ) (252,009 ) (108,499 ) 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 (1,212 ) (25,941 ) — 1,406 — — (25,747 ) 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 $ — $ 173,669 $ — $ 10,934 $ — $ — $ 184,603 |
Organization and Basis of Pre30
Organization and Basis of Presentation (Details) - property | 3 Months Ended | |
Jun. 30, 2018 | Jan. 31, 2010 | |
Consolidated Entities [Line Items] | ||
Number of gaming entertainment properties | 24 | |
Subsidiary, Borgata | ||
Consolidated Entities [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Promotional Allowances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Allowances [Line Items] | ||||
Promotional Allowances | $ 0 | $ 0 | ||
Food and Beverage | ||||
Allowances [Line Items] | ||||
Promotional Allowances | $ 43,285 | 43,662 | $ 85,923 | 86,475 |
Rooms | ||||
Allowances [Line Items] | ||||
Promotional Allowances | 19,861 | 19,053 | 38,861 | 37,642 |
Other Products and Services | ||||
Allowances [Line Items] | ||||
Promotional Allowances | $ 2,749 | $ 2,667 | $ 5,329 | $ 5,195 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Gaming Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accounting Policies [Abstract] | ||||
Gaming taxes | $ 80.3 | $ 83.8 | $ 158.4 | $ 167 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Unrecognized Tax Benefits) (Details) $ in Millions | Jun. 30, 2018USD ($) |
Income Tax Contingency [Line Items] | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 15.8 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 632,808 | $ 203,104 | $ 162,963 | $ 193,862 |
Restricted cash | 26,112 | 24,175 | 21,640 | 16,488 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 658,920 | $ 227,279 | $ 184,603 | $ 210,350 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies Organization (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Gaming | $ 447,788 | $ 437,125 | $ 888,251 | $ 881,070 | ||
Income tax provision | (13,247) | (18,652) | (23,139) | (34,925) | ||
Total stockholders' equity (deficit) | 1,145,160 | 1,020,464 | 1,145,160 | 1,020,464 | $ 1,097,227 | $ 930,180 |
Deferred income taxes | 105,950 | 105,950 | 86,657 | |||
Accrued liabilities | 256,821 | 256,821 | 255,146 | |||
Food & beverage | 87,601 | 87,644 | 173,000 | 174,249 | ||
Room | 49,434 | 47,834 | 97,346 | 94,684 | ||
Other | 31,970 | 31,521 | 64,314 | 64,186 | ||
Gross Revenues | 616,793 | 604,124 | 1,222,911 | 1,214,189 | ||
Promotional Allowances | 0 | 0 | ||||
Revenue, Net | 616,793 | 604,124 | 1,222,911 | 1,214,189 | ||
Gaming | 193,991 | 189,620 | 383,026 | 381,553 | ||
Food & beverage | 81,619 | 84,427 | 164,309 | 168,775 | ||
Room | 21,654 | 21,442 | 42,587 | 42,749 | ||
Other | 21,645 | 21,119 | 42,450 | 42,534 | ||
Selling, general and administrative | 88,041 | 93,037 | 175,624 | 184,650 | ||
Maintenance and utilities | 28,673 | 25,864 | 56,599 | 52,263 | ||
Depreciation, Depletion and Amortization, Nonproduction | 53,923 | 52,563 | 105,199 | 106,527 | ||
Corporate expense | 24,063 | 23,251 | 49,920 | 44,049 | ||
Project development, preopening and writedowns | 5,801 | 2,784 | 9,241 | 5,756 | ||
Other operating items, net | 132 | 463 | 1,931 | 949 | ||
Costs and Expenses | 520,535 | 514,570 | 1,031,879 | 1,029,805 | ||
Operating Income (Loss) | 96,258 | 89,554 | 191,032 | 184,384 | ||
Interest income | (522) | (455) | (979) | (915) | ||
Interest Expense | 44,959 | 42,728 | 89,218 | 86,402 | ||
Gain Loss on Early Retirements of Debt | 378 | 534 | ||||
Other Nonoperating Income (Expense) | 559 | 670 | ||||
Nonoperating Income (Expense) | 44,413 | 43,210 | 87,896 | 86,691 | ||
Income from continuing operations before income taxes | 51,845 | 46,344 | 103,136 | 97,693 | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 27,692 | 62,768 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 347 | 21,017 | 347 | 21,392 | ||
Net income | $ 38,945 | $ 48,709 | $ 80,344 | $ 84,160 | ||
Continuing operations | $ 0.34 | $ 0.24 | $ 0.70 | $ 0.54 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.18 | 0.19 | ||||
Basic net income per common share | $ 0.34 | $ 0.42 | $ 0.70 | $ 0.73 | ||
Weighted average basic shares outstanding | 114,543 | 115,225 | 114,459 | 115,247 | ||
Continuing operations | $ 0.34 | $ 0.24 | $ 0.70 | $ 0.54 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.18 | 0.19 | ||||
Diluted net income per common share | $ 0.34 | $ 0.42 | $ 0.70 | $ 0.73 | ||
Weighted average diluted shares outstanding | 115,218 | 115,923 | 115,186 | 115,911 | ||
As Previously Reported [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Gaming | $ 495,056 | $ 995,055 | ||||
Income tax provision | (18,590) | (34,863) | ||||
Food & beverage | 88,342 | 175,785 | ||||
Room | 48,270 | 95,596 | ||||
Other | 32,915 | 66,953 | ||||
Gross Revenues | 664,583 | 1,333,389 | ||||
Promotional Allowances | 64,715 | 128,179 | ||||
Revenue, Net | 599,868 | 1,205,210 | ||||
Gaming | 229,912 | 461,543 | ||||
Food & beverage | 49,533 | 99,051 | ||||
Room | 13,469 | 26,583 | ||||
Other | 19,631 | 39,610 | ||||
Selling, general and administrative | 93,037 | 184,650 | ||||
Maintenance and utilities | 25,864 | 52,263 | ||||
Depreciation, Depletion and Amortization, Nonproduction | 52,563 | 106,527 | ||||
Corporate expense | 23,251 | 44,049 | ||||
Project development, preopening and writedowns | 2,784 | 5,756 | ||||
Other operating items, net | 463 | 949 | ||||
Costs and Expenses | 510,507 | 1,020,981 | ||||
Operating Income (Loss) | 89,361 | 184,229 | ||||
Interest income | (455) | (915) | ||||
Interest Expense | 42,728 | 86,402 | ||||
Gain Loss on Early Retirements of Debt | 378 | 534 | ||||
Other Nonoperating Income (Expense) | 559 | 670 | ||||
Nonoperating Income (Expense) | 43,210 | 86,691 | ||||
Income from continuing operations before income taxes | 46,151 | 97,538 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 27,561 | 62,675 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 21,017 | 21,392 | ||||
Net income | $ 48,578 | $ 84,067 | ||||
Continuing operations | $ 0.24 | $ 0.54 | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.18 | 0.19 | ||||
Basic net income per common share | $ 0.42 | $ 0.73 | ||||
Weighted average basic shares outstanding | 115,225 | 115,247 | ||||
Continuing operations | $ 0.24 | $ 0.54 | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.18 | 0.19 | ||||
Diluted net income per common share | $ 0.42 | $ 0.73 | ||||
Weighted average diluted shares outstanding | 115,923 | 115,911 | ||||
Adjustments [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Gaming | $ (57,931) | $ (113,985) | ||||
Income tax provision | (62) | (62) | ||||
Total stockholders' equity (deficit) | 3,800 | |||||
Deferred income taxes | 2,400 | |||||
Accrued liabilities | $ 6,200 | |||||
Food & beverage | (698) | (1,536) | ||||
Room | (436) | (912) | ||||
Other | (1,394) | (2,767) | ||||
Gross Revenues | (60,459) | (119,200) | ||||
Promotional Allowances | (64,715) | (128,179) | ||||
Revenue, Net | 4,256 | 8,979 | ||||
Gaming | (40,292) | (79,990) | ||||
Food & beverage | 34,894 | 69,724 | ||||
Room | 7,973 | 16,166 | ||||
Other | 1,488 | 2,924 | ||||
Selling, general and administrative | 0 | 0 | ||||
Maintenance and utilities | 0 | 0 | ||||
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | ||||
Corporate expense | 0 | 0 | ||||
Project development, preopening and writedowns | 0 | 0 | ||||
Other operating items, net | 0 | 0 | ||||
Costs and Expenses | 4,063 | 8,824 | ||||
Operating Income (Loss) | 193 | 155 | ||||
Interest income | 0 | 0 | ||||
Interest Expense | 0 | 0 | ||||
Gain Loss on Early Retirements of Debt | 0 | 0 | ||||
Other Nonoperating Income (Expense) | 0 | 0 | ||||
Nonoperating Income (Expense) | 0 | 0 | ||||
Income from continuing operations before income taxes | 193 | 155 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 131 | 93 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||||
Net income | $ 131 | $ 93 | ||||
Continuing operations | $ 0 | $ 0 | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | ||||
Basic net income per common share | $ 0 | $ 0 | ||||
Weighted average basic shares outstanding | 0 | 0 | ||||
Continuing operations | $ 0 | $ 0 | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | ||||
Diluted net income per common share | $ 0 | $ 0 | ||||
Weighted average diluted shares outstanding | 0 | 0 | ||||
Adjustments for Change in Accounting Principle [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Income tax provision | $ (300) |
Summary of Significant Accoun36
Summary of Significant Accounting Policies Adjustment for New Accounting Pronouncements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Gaming | $ 447,788 | $ 437,125 | $ 888,251 | $ 881,070 |
Food & beverage | 87,601 | 87,644 | 173,000 | 174,249 |
Room | 49,434 | 47,834 | 97,346 | 94,684 |
Other | 31,970 | 31,521 | 64,314 | 64,186 |
Total revenues | 616,793 | 604,124 | 1,222,911 | 1,214,189 |
Promotional Allowances | 0 | 0 | ||
Revenue, Net | 616,793 | 604,124 | 1,222,911 | 1,214,189 |
Gaming | 193,991 | 189,620 | 383,026 | 381,553 |
Food & beverage | 81,619 | 84,427 | 164,309 | 168,775 |
Room | 21,654 | 21,442 | 42,587 | 42,749 |
Other | 21,645 | 21,119 | 42,450 | 42,534 |
Selling, general and administrative | 88,041 | 93,037 | 175,624 | 184,650 |
Maintenance and utilities | 28,673 | 25,864 | 56,599 | 52,263 |
Depreciation, Depletion and Amortization, Nonproduction | 53,923 | 52,563 | 105,199 | 106,527 |
Corporate expense | 24,063 | 23,251 | 49,920 | 44,049 |
Project development, preopening and writedowns | 5,801 | 2,784 | 9,241 | 5,756 |
Other operating items, net | 132 | 463 | 1,931 | 949 |
Total operating costs and expenses | 520,535 | 514,570 | 1,031,879 | 1,029,805 |
Operating income | 96,258 | 89,554 | 191,032 | 184,384 |
Interest income | (522) | (455) | (979) | (915) |
Interest Expense | 44,959 | 42,728 | 89,218 | 86,402 |
Gain Loss on Early Retirements of Debt | 378 | 534 | ||
Other Nonoperating Income (Expense) | 559 | 670 | ||
Total other expense (income), net | 44,413 | 43,210 | 87,896 | 86,691 |
Income from continuing operations before income taxes | 51,845 | 46,344 | 103,136 | 97,693 |
Income tax provision | (13,247) | (18,652) | (23,139) | (34,925) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 27,692 | 62,768 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 347 | 21,017 | 347 | 21,392 |
Net income | $ 38,945 | $ 48,709 | $ 80,344 | $ 84,160 |
Continuing operations | $ 0.34 | $ 0.24 | $ 0.70 | $ 0.54 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.18 | 0.19 | ||
Basic net income per common share | $ 0.34 | $ 0.42 | $ 0.70 | $ 0.73 |
Weighted average basic shares outstanding | 114,543 | 115,225 | 114,459 | 115,247 |
Continuing operations | $ 0.34 | $ 0.24 | $ 0.70 | $ 0.54 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.18 | 0.19 | ||
Diluted net income per common share | $ 0.34 | $ 0.42 | $ 0.70 | $ 0.73 |
Weighted average diluted shares outstanding | 115,218 | 115,923 | 115,186 | 115,911 |
Adjustments [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Gaming | $ (57,931) | $ (113,985) | ||
Food & beverage | (698) | (1,536) | ||
Room | (436) | (912) | ||
Other | (1,394) | (2,767) | ||
Total revenues | (60,459) | (119,200) | ||
Promotional Allowances | (64,715) | (128,179) | ||
Revenue, Net | 4,256 | 8,979 | ||
Gaming | (40,292) | (79,990) | ||
Food & beverage | 34,894 | 69,724 | ||
Room | 7,973 | 16,166 | ||
Other | 1,488 | 2,924 | ||
Selling, general and administrative | 0 | 0 | ||
Maintenance and utilities | 0 | 0 | ||
Depreciation, Depletion and Amortization, Nonproduction | 0 | 0 | ||
Corporate expense | 0 | 0 | ||
Project development, preopening and writedowns | 0 | 0 | ||
Other operating items, net | 0 | 0 | ||
Total operating costs and expenses | 4,063 | 8,824 | ||
Operating income | 193 | 155 | ||
Interest income | 0 | 0 | ||
Interest Expense | 0 | 0 | ||
Gain Loss on Early Retirements of Debt | 0 | 0 | ||
Other Nonoperating Income (Expense) | 0 | 0 | ||
Total other expense (income), net | 0 | 0 | ||
Income from continuing operations before income taxes | 193 | 155 | ||
Income tax provision | (62) | (62) | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 131 | 93 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||
Net income | $ 131 | $ 93 | ||
Continuing operations | $ 0 | $ 0 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | ||
Basic net income per common share | $ 0 | $ 0 | ||
Weighted average basic shares outstanding | 0 | 0 | ||
Continuing operations | $ 0 | $ 0 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | ||
Diluted net income per common share | $ 0 | $ 0 | ||
Weighted average diluted shares outstanding | 0 | 0 | ||
As Previously Reported [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Gaming | $ 495,056 | $ 995,055 | ||
Food & beverage | 88,342 | 175,785 | ||
Room | 48,270 | 95,596 | ||
Other | 32,915 | 66,953 | ||
Total revenues | 664,583 | 1,333,389 | ||
Promotional Allowances | 64,715 | 128,179 | ||
Revenue, Net | 599,868 | 1,205,210 | ||
Gaming | 229,912 | 461,543 | ||
Food & beverage | 49,533 | 99,051 | ||
Room | 13,469 | 26,583 | ||
Other | 19,631 | 39,610 | ||
Selling, general and administrative | 93,037 | 184,650 | ||
Maintenance and utilities | 25,864 | 52,263 | ||
Depreciation, Depletion and Amortization, Nonproduction | 52,563 | 106,527 | ||
Corporate expense | 23,251 | 44,049 | ||
Project development, preopening and writedowns | 2,784 | 5,756 | ||
Other operating items, net | 463 | 949 | ||
Total operating costs and expenses | 510,507 | 1,020,981 | ||
Operating income | 89,361 | 184,229 | ||
Interest income | (455) | (915) | ||
Interest Expense | 42,728 | 86,402 | ||
Gain Loss on Early Retirements of Debt | 378 | 534 | ||
Other Nonoperating Income (Expense) | 559 | 670 | ||
Total other expense (income), net | 43,210 | 86,691 | ||
Income from continuing operations before income taxes | 46,151 | 97,538 | ||
Income tax provision | (18,590) | (34,863) | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 27,561 | 62,675 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 21,017 | 21,392 | ||
Net income | $ 48,578 | $ 84,067 | ||
Continuing operations | $ 0.24 | $ 0.54 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.18 | 0.19 | ||
Basic net income per common share | $ 0.42 | $ 0.73 | ||
Weighted average basic shares outstanding | 115,225 | 115,247 | ||
Continuing operations | $ 0.24 | $ 0.54 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.18 | 0.19 | ||
Diluted net income per common share | $ 0.42 | $ 0.73 | ||
Weighted average diluted shares outstanding | 115,923 | 115,911 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash from operating activities | $ 217,991 | $ 200,386 | ||
Net change in cash, cash equivalents and restricted cash | 431,641 | (25,747) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 658,920 | 184,603 | $ 227,279 | $ 210,350 |
As Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash from operating activities | 195,234 | |||
Net change in cash, cash equivalents and restricted cash | (30,899) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 162,963 | 193,862 | ||
Adjustments [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash from operating activities | 5,152 | |||
Net change in cash, cash equivalents and restricted cash | 5,152 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 21,640 | $ 16,488 |
Acquisitions and Divestitures I
Acquisitions and Divestitures Investment in and Divestiture of Business (Details) $ in Thousands | Aug. 02, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($)property | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2010 |
Business Acquisition [Line Items] | |||||||||
Number of Lattner Gaming Units | property | 1,000 | ||||||||
Number of Lattner Locations | property | 220 | ||||||||
Gross Revenues | $ 616,793 | $ 604,124 | $ 1,222,911 | $ 1,214,189 | |||||
Goodwill, net | $ 976,018 | 976,018 | 976,018 | $ 888,224 | |||||
Depreciation and amortization | 53,923 | 52,563 | 105,199 | 106,527 | |||||
Net income | 38,945 | 48,709 | 80,344 | 84,160 | |||||
Project development, preopening and writedowns | $ 5,801 | 2,784 | 9,241 | 5,756 | |||||
Lattner Entertainment Group Illinois, LLC [Domain] | |||||||||
Business Acquisition [Line Items] | |||||||||
Gross Revenues | 3,481 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 9,889 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,063 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 4,033 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 22,985 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 1,062 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,062 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 21,923 | ||||||||
Business Combination, Net Purchase Price | 100,700 | ||||||||
Goodwill, net | 88,615 | ||||||||
Business Combination, Transferred | 110,538 | ||||||||
Net income | $ 438 | ||||||||
Project development, preopening and writedowns | 500 | ||||||||
Penn National Gaming, Inc. [Domain] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Transferred | 575,000 | ||||||||
Valley Forge Convention Center Partners, L.P. [Domain] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Transferred | 280,500 | ||||||||
Subsidiary, Borgata | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Proceeds from Divestiture of Businesses | $ 900,000 | ||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 589,000 | ||||||||
Refund From Tax Settlement | $ 72,000 | ||||||||
Borgata [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 35,600 | $ 300 | 36,200 | ||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | $ 14,600 | $ 14,800 | |||||||
Buildings and improvements | Lattner Entertainment Group Illinois, LLC [Domain] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14 | ||||||||
Furniture and equipment | Lattner Entertainment Group Illinois, LLC [Domain] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 9,049 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 4,905,150 | $ 4,905,150 | $ 4,840,240 | ||
Less accumulated depreciation | 2,397,767 | 2,397,767 | 2,300,454 | ||
Property and equipment, net | 2,507,383 | 2,507,383 | 2,539,786 | ||
Depreciation expense | 51,357 | $ 47,771 | 101,503 | $ 97,165 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 293,540 | 293,540 | 294,533 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 2,948,779 | 2,948,779 | 2,935,539 | ||
Furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 1,379,460 | 1,379,460 | 1,311,704 | ||
Riverboats and barges | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 239,713 | 239,713 | 238,926 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 43,658 | $ 43,658 | $ 59,538 |
Intangible Assets (Summary of A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,069,894 | $ 1,067,725 |
Intangible assets, cumulative amortization | (41,863) | (40,505) |
Intangible assets, cumulative impairment | (184,274) | (184,274) |
Intangible assets, net | 843,757 | 842,946 |
Amortizing intangibles: | ||
Gross carrying value | 44,672 | 42,503 |
Cumulative amortization | (7,903) | (6,545) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 36,769 | 35,958 |
Indefinite lived intangible assets: | ||
Gross carrying value | 1,025,222 | 1,025,222 |
Cumulative amortization | (33,960) | (33,960) |
Cumulative impairment losses | (184,274) | (184,274) |
Intangible assets, net | $ 806,988 | $ 806,988 |
Customer Relationships [Member] | ||
Amortizing intangibles: | ||
Weighted average life | 4 years 8 months 10 days | 5 years 2 months 13 days |
Gross carrying value | $ 9,400 | $ 9,400 |
Cumulative amortization | (4,616) | (3,470) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 4,784 | $ 5,930 |
Off-Market Favorable Lease [Member] | ||
Amortizing intangibles: | ||
Weighted average life | 37 years 6 months | 38 years |
Gross carrying value | $ 11,730 | $ 11,730 |
Cumulative amortization | (3,189) | (3,075) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 8,541 | 8,655 |
Development Agreement | ||
Amortizing intangibles: | ||
Gross carrying value | 21,373 | 21,373 |
Cumulative amortization | 0 | 0 |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 21,373 | 21,373 |
Other Intangible Assets [Member] | ||
Amortizing intangibles: | ||
Weighted average life | 5 years | |
Gross carrying value | $ 2,169 | |
Cumulative amortization | (98) | |
Cumulative impairment losses | 0 | |
Intangible assets, net | 2,071 | |
Trademarks | ||
Indefinite lived intangible assets: | ||
Gross carrying value | 151,887 | 151,887 |
Cumulative amortization | 0 | 0 |
Cumulative impairment losses | (4,300) | (4,300) |
Intangible assets, net | 147,587 | 147,587 |
Gaming License Rights | ||
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 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 62,580 | $ 70,724 |
Interest | 19,618 | 19,858 |
Gaming liabilities | 53,522 | 55,961 |
Player loyalty program liabilities | 23,391 | 24,489 |
Advance deposits | 20,190 | 18,922 |
Outstanding chip liabilities | 4,701 | 4,928 |
Dividends payable | 6,742 | 5,632 |
Other accrued liabilities | 66,077 | 54,632 |
Total accrued liabilities | $ 256,821 | $ 255,146 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3,563,931 | $ 3,121,558 |
Unamortized discount | (1,428) | (1,556) |
Unamortized Debt Issuance Expense | (50,909) | (44,122) |
Long-term Debt, Current Maturities | 23,981 | 23,981 |
Long-term debt, gross, excluding current maturities | 3,539,950 | 3,097,577 |
Long-term debt, net of current maturities and debt issuance costs | 3,487,613 | 3,051,899 |
Parent | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 3,563,931 | 3,121,558 |
Unamortized discount | (1,428) | (1,556) |
Unamortized Debt Issuance Expense | (50,909) | (44,122) |
Long-term debt, net | 3,511,594 | 3,075,880 |
Long-term Debt, Current Maturities | 23,895 | 23,895 |
Long-term debt, net of current maturities and debt issuance costs | $ 3,487,244 | $ 3,051,481 |
Parent | Line of Credit | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 4.45% | 3.882% |
Unamortized discount | $ (1,428) | $ (1,556) |
Unamortized Debt Issuance Expense | (21,091) | (23,795) |
Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0 | 0 |
Unamortized Debt Issuance Expense | $ (8,578) | $ (9,455) |
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Parent | Senior Notes | 6.375% Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0 | $ 0 |
Unamortized Debt Issuance Expense | $ (10,213) | $ (10,872) |
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% |
Parent | Senior Notes | 6.000% Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0 | |
Unamortized Debt Issuance Expense | $ (11,027) | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Parent | Other Debt Obligations [Member] | Other | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0 | $ 0 |
Unamortized Debt Issuance Expense | $ 0 | $ 0 |
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | 5.80% |
Fair Value, Measurements, Nonrecurring [Member] | Parent | Line of Credit | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,363,477 | $ 1,621,054 |
Long-term debt, net | 1,340,958 | 1,595,703 |
Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 750,000 | 750,000 |
Long-term debt, net | 741,422 | 740,545 |
Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | 6.375% Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 750,000 | 750,000 |
Long-term debt, net | 739,787 | 739,128 |
Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | 6.000% Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 700,000 | |
Long-term debt, net | 688,973 | |
Fair Value, Measurements, Nonrecurring [Member] | Parent | Other Debt Obligations [Member] | Other | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 454 | 504 |
Long-term debt, net | $ 454 | $ 504 |
Long-Term Debt (Schedule of Boy
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) - Line of Credit - Parent - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 1,363,477 | $ 1,621,054 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 0 | 170,000 |
Term Loan A [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 204,475 | 210,938 |
Refinancing Term B Loans [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 1,159,002 | 1,170,016 |
Swing Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 0 | $ 70,100 |
Long-Term Debt (Boyd Bank Credi
Long-Term Debt (Boyd Bank Credit Facility Narrative) (Details) - Parent - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 775,000 | |
Revolving Credit Facility, Joinder Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Additional Available Borrowing Capacity | 170,500 | |
Line of Credit Facility, Maximum Borrowing Capacity | 945,500 | |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 1,363,477 | $ 1,621,054 |
Line of Credit Facility, Remaining Borrowing Capacity | 762,300 | |
Line of Credit | Term Loan A, Joinder Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 248,400 | |
Long-term Line of Credit, Additional Available Borrowing Capacity | 49,500 | |
Line of Credit | Term Loan A [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 204,475 | 210,938 |
Line of Credit | Refinancing Term B Loans [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 1,159,002 | $ 1,170,016 |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 12,700 |
Long-Term Debt (Covenant Compli
Long-Term Debt (Covenant Compliance) (Details) - Parent - Senior Notes | Jun. 30, 2018 | Dec. 31, 2017 |
6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
6.375% Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% |
Long-Term Debt (Loss on Early E
Long-Term Debt (Loss on Early Extinguishments and Modifications of Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Extinguishment of Debt [Line Items] | |||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ (378) | $ (61) | $ (534) | |
Parent Company [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Gain (Loss) on Extinguishment of Debt | $ (378) | $ (61) | $ (534) | ||
Parent Company [Member] | 6.375% Senior Notes Due 2026 [Member] | Senior Notes [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% | 6.375% |
Long-Term Debt 6.000% Senior No
Long-Term Debt 6.000% Senior Notes due 2026 (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Mar. 28, 2016 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,563,931 | $ 3,121,558 | |
Unamortized Debt Issuance Expense | 50,909 | 44,122 | |
Parent | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 3,563,931 | 3,121,558 | |
Subsidiaries, Ownership Percentage | 100.00% | ||
Unamortized Debt Issuance Expense | $ 50,909 | $ 44,122 | |
Parent | Senior Notes [Member] | 6.000% Senior Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | ||
Subsidiaries, Ownership Percentage | 100.00% | ||
Unamortized Debt Issuance Expense | $ 11,027 | ||
Parent | Senior Notes [Member] | 6.000% Senior Notes Due 2026 [Member] | Base Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | ||
Parent | Senior Notes [Member] | 6.000% Senior Notes Due 2026 [Member] | Base Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | ||
Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes [Member] | 6.000% Senior Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 700,000 | ||
After August 15, 2021 and Prior to 2024 [Domain] | Parent | Senior Notes [Member] | 6.000% Senior Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 103.00% | ||
Prior to August 15, 2024 [Domain] | Parent | Senior Notes [Member] | 6.000% Senior Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Stockholders' Equity and Stoc48
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 29,800,000 | $ 29,800,000 | ||||
Share-based compensation expense | 6,022,000 | $ 5,747,000 | 14,949,000 | $ 8,830,000 | ||
Dividends, Share-based Compensation | 0.06 | $ 0.05 | $ 0.05 | |||
Stock Repurchased and Retired During Period, Value | $ 10,530,000 | $ 11,090,000 | $ 30,332,000 | $ 11,090,000 | ||
Average Repurchase Price per Share | $ 35.02 | $ 25.11 | $ 35.28 | $ 25.11 | ||
Gaming | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation expense | $ 131,000 | $ 111,000 | $ 303,000 | $ 181,000 | ||
Food and Beverage | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation expense | 25,000 | 22,000 | 58,000 | 35,000 | ||
Room | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation expense | 13,000 | 10,000 | 28,000 | 16,000 | ||
Selling, General and Administrative | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation expense | 669,000 | 561,000 | 1,541,000 | 919,000 | ||
Corporate Expense | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation expense | $ 5,184,000 | $ 5,043,000 | $ 13,019,000 | $ 7,679,000 | ||
Common Stock | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock Repurchased and Retired During Period, Shares | 301,000 | 442,000 | 859,808 | 441,586 | ||
Release of performance stock units, net of tax | 337,537 | 173,653 | ||||
Stock Repurchased and Retired During Period, Value | $ 8,000 | $ 4,000 |
Stockholders' Equity and Stoc49
Stockholders' Equity and Stock Incentive Plans Dividends (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Dividends, Share-based Payments [Abstract] | |||
Dividends, Share-based Compensation | $ 0.06 | $ 0.05 | $ 0.05 |
Stockholders' Equity and Stoc50
Stockholders' Equity and Stock Incentive Plans RSU, PSU and Career Shares (Details) - Common Stock | 6 Months Ended |
Jun. 30, 2018shares | |
PSU - Dec 2014 [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Performance Stock Award, Gross | 486,805 |
Shares to be issued to settle PSUs | 1.57 |
Stock Issued During Period, Shares, Performance Stock Award, Taxes | 149,268 |
Stock Issued During Period, Shares, Performance Stock Award, Net | 337,537 |
PSU - Nov 2013 [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Performance Stock Award, Gross | 268,429 |
Shares to be issued to settle PSUs | 0.80 |
Stock Issued During Period, Shares, Performance Stock Award, Taxes | 94,776 |
Stock Issued During Period, Shares, Performance Stock Award, Net | 173,653 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balance Measured at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities, Current | $ 500 | $ 500 | ||
Assets | ||||
Restricted cash | 26,112 | 24,175 | $ 21,640 | $ 16,488 |
Investment available for sale | 15,100 | 17,300 | ||
Liabilities | ||||
Fair Value, Discount Amount, Available for sales securities | 2,900 | 2,900 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets | ||||
Cash and cash equivalents | 632,808 | 203,104 | ||
Restricted cash | 26,112 | 24,175 | ||
Investment available for sale | 15,591 | 17,752 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | 2,577 | 2,887 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 | ||||
Assets | ||||
Cash and cash equivalents | 632,808 | 203,104 | ||
Investment available for sale | 0 | 0 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Investment available for sale | 0 | 0 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Investment available for sale | 15,591 | 17,752 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | $ 2,577 | $ 2,887 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative-Balances Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 20, 2011 | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment available for sale | $ 15,100 | $ 17,300 | |
Available-for-sale Securities, Current | 500 | 500 | |
Fair Value, Discount Amount, Available for sales securities | 2,900 | 2,900 | |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Current | 900 | 800 | |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | 1,700 | 2,100 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment available for sale | 20,000 | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment available for sale | $ 15,591 | 17,752 | |
Debt Security, Interest Rate, Stated Percentage | 7.50% | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment available for sale | $ 15,591 | $ 17,752 | |
Available-for-sale Securities [Member] | Discount Rate [Member] | Level 3 | |||
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 | 11.279% | 9.637% | |
Kansas Star [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Payment to Option Holder, Percentage of EBITDA | 1.00% | ||
Contingent Payments | Discount Rate [Member] | Level 3 | |||
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 | 11.00% | 9.20% |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Contingent Payments | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 2,813,000 | $ 3,348,000 | $ 2,887,000 | $ 3,038,000 |
Included in Earnings | 58,000 | 73,000 | 120,000 | 202,000 |
Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Transfers, Net | (64,000) | 7,000 | 18,000 | 398,000 |
Settlements | 230,000 | 224,000 | 448,000 | 434,000 |
Ending Balance | (2,577,000) | (3,204,000) | (2,577,000) | (3,204,000) |
Investment Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 16,454,000 | 17,865,000 | 17,752,000 | 17,259,000 |
Included in Earnings | (36,000) | (34,000) | (72,000) | (69,000) |
Included in Other Comprehensive Income (Loss) | 424,000 | 3,000 | 1,758,000 | (568,000) |
Transfers, Net | 0 | 0 | 0 | 0 |
Ending Balance | 15,591,000 | 17,456,000 | 15,591,000 | 17,456,000 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Settlements | $ (475,000) | $ (440,000) | $ (475,000) | $ (440,000) |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, by Balance Sheet Grouping) (Details) - Parent - Level 3 - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | $ 30,847 | $ 31,729 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | 25,049 | 25,602 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | $ 30,572 | $ 26,999 |
Fair Value Measurements (Fair55
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | $ 3,563,931 | $ 3,121,558 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 3,511,594 | 3,075,880 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,601,205 | 3,234,432 |
Parent | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 3,563,931 | 3,121,558 |
Long-term debt, net | 3,511,594 | 3,075,880 |
Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Line of Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 1,363,477 | 1,621,054 |
Long-term debt, net | 1,340,958 | 1,595,703 |
6.875 % Senior Notes Due 2023 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 750,000 | 750,000 |
Long-term debt, net | 741,422 | 740,545 |
6.375% Senior Notes Due 2026 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 750,000 | 750,000 |
Long-term debt, net | 739,787 | 739,128 |
6.000% Senior Notes Due 2026 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 700,000 | |
Long-term debt, net | 688,973 | |
Level 1 | 6.875 % Senior Notes Due 2023 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 750,000 | |
Level 1 | 6.875 % Senior Notes Due 2023 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 740,545 | |
Level 1 | 6.875 % Senior Notes Due 2023 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 786,563 | 798,750 |
Level 1 | 6.375% Senior Notes Due 2026 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 750,000 | |
Level 1 | 6.375% Senior Notes Due 2026 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 739,128 | |
Level 1 | 6.375% Senior Notes Due 2026 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 756,563 | 810,000 |
Level 1 | 6.000% Senior Notes Due 2026 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 691,250 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Line of Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 1,621,054 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Line of Credit | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 1,595,703 | |
Level 2 | Bank Credit Facility [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Line of Credit | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,366,375 | 1,625,178 |
Level 3 | Other Debt [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Other Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 504 | |
Level 3 | Other Debt [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Other Debt Obligations [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 504 | |
Level 3 | Other Debt [Member] | Fair Value, Measurements, Nonrecurring [Member] | Parent | Other Debt Obligations [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 454 | $ 504 |
Segment Information (Certain Se
Segment Information (Certain Segment Operating Data and Other) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Gaming | $ 447,788 | $ 437,125 | $ 888,251 | $ 881,070 |
Revenue, Net | 616,793 | 604,124 | 1,222,911 | 1,214,189 |
Adjusted EBITDA | 163,423 | 151,368 | 323,895 | 307,133 |
Corporate expense | 24,063 | 23,251 | 49,920 | 44,049 |
Deferred rent | 294 | 257 | 550 | 687 |
Depreciation and amortization | 53,923 | 52,563 | 105,199 | 106,527 |
Depreciation and amortization | (53,923) | (52,563) | (105,199) | (106,527) |
Share-based compensation expense | (6,022) | (5,747) | (14,949) | (8,830) |
Project development, preopening and writedowns | 5,801 | 2,784 | 9,241 | 5,756 |
Asset Impairment Charges | 993 | 0 | 993 | 0 |
Other operating items, net | 132 | 463 | 1,931 | 949 |
Total other operating costs and expenses | 67,165 | 61,814 | 132,863 | 122,749 |
Operating income | 96,258 | 89,554 | 191,032 | 184,384 |
Food & beverage | 87,601 | 87,644 | 173,000 | 174,249 |
Room | 49,434 | 47,834 | 97,346 | 94,684 |
Other | 31,970 | 31,521 | 64,314 | 64,186 |
Gross Revenues | 616,793 | 604,124 | 1,222,911 | 1,214,189 |
Las Vegas Locals | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Gaming | 142,488 | 139,862 | 285,636 | 283,808 |
Adjusted EBITDA | 70,248 | 63,300 | 141,278 | 129,214 |
Food & beverage | 38,948 | 38,914 | 77,818 | 77,366 |
Room | 25,659 | 24,892 | 51,815 | 51,099 |
Other | 12,879 | 13,005 | 26,880 | 26,641 |
Gross Revenues | 219,974 | 216,673 | 442,149 | 438,914 |
Downtown Las Vegas | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Gaming | 32,822 | 32,224 | 65,261 | 66,116 |
Adjusted EBITDA | 13,543 | 12,545 | 26,761 | 26,246 |
Food & beverage | 13,741 | 13,372 | 27,328 | 26,829 |
Room | 6,606 | 6,108 | 13,417 | 11,882 |
Other | 8,033 | 7,928 | 15,664 | 15,752 |
Gross Revenues | 61,202 | 59,632 | 121,670 | 120,579 |
Midwest & South | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Gaming | 272,478 | 265,039 | 537,354 | 531,146 |
Adjusted EBITDA | 98,510 | 93,730 | 192,756 | 188,043 |
Food & beverage | 34,912 | 35,358 | 67,854 | 70,054 |
Room | 17,169 | 16,834 | 32,114 | 31,703 |
Other | 11,058 | 10,588 | 21,770 | 21,793 |
Gross Revenues | 335,617 | 327,819 | 659,092 | 654,696 |
Total Reportable Segment Adjusted EBITDA | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Adjusted EBITDA | 182,301 | 169,575 | ||
Corporate expense | ||||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||||
Adjusted EBITDA | 360,795 | 343,503 | ||
Corporate expense | $ (18,878) | $ (18,207) | $ (36,900) | $ (36,370) |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 5,175,666 | $ 4,685,930 |
Las Vegas Locals | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,752,150 | 1,792,119 |
Downtown Las Vegas | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 169,856 | 170,574 |
Midwest & South | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,565,077 | 2,496,957 |
Total Reportable Segment Adjusted EBITDA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,487,083 | 4,459,650 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 688,583 | $ 226,280 |
Condensed Consolidating Finan58
Condensed Consolidating Financial Information (Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 632,808 | $ 203,104 | $ 162,963 | $ 193,862 |
Restricted cash | 26,112 | 24,175 | 21,640 | 16,488 |
Other current assets | 92,660 | 101,384 | ||
Property and equipment, net | 2,507,383 | 2,539,786 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 96,928 | 86,311 | ||
Intangible assets, net | 843,757 | 842,946 | ||
Goodwill, net | 976,018 | 888,224 | ||
Total assets | 5,175,666 | 4,685,930 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 23,981 | 23,981 | ||
Other current liabilities | 345,758 | 361,490 | ||
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 | 3,487,613 | 3,051,899 | ||
Other long-term liabilities | 173,154 | 151,333 | ||
Total stockholders' equity (deficit) | 1,145,160 | 1,097,227 | $ 1,020,464 | $ 930,180 |
Total liabilities and stockholders' equity | 5,175,666 | 4,685,930 | ||
Subsidiary, BAC [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Other current assets | 233 | 234 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 374,065 | 373,718 | ||
Other assets, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 374,298 | 373,952 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Other long-term liabilities | 900 | 900 | ||
Total stockholders' equity (deficit) | 373,398 | 373,052 | ||
Total liabilities and stockholders' equity | 374,298 | 373,952 | ||
Parent | ||||
Assets | ||||
Cash and cash equivalents | 446,831 | 347 | ||
Restricted cash | 0 | 0 | ||
Other current assets | 74,193 | 78,226 | ||
Property and equipment, net | 91,714 | 88,464 | ||
Investments in subsidiaries | 5,210,840 | 4,913,592 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 29,011 | 14,725 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 5,852,589 | 5,095,354 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 23,895 | 23,895 | ||
Other current liabilities | 124,144 | 130,030 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 1,165,444 | 888,444 | ||
Long-term debt, net of current maturities and debt issuance costs | 3,487,244 | 3,051,481 | ||
Other long-term liabilities | (93,298) | (95,723) | ||
Total stockholders' equity (deficit) | 1,145,160 | 1,097,227 | ||
Total liabilities and stockholders' equity | 5,852,589 | 5,095,354 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 169,803 | 199,574 | ||
Restricted cash | 11,597 | 14,389 | ||
Other current assets | 17,859 | 20,687 | ||
Property and equipment, net | 2,380,288 | 2,424,361 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 1,850,202 | 1,560,841 | ||
Other assets, net | 29,687 | 33,369 | ||
Intangible assets, net | 817,628 | 818,887 | ||
Goodwill, net | 887,442 | 887,442 | ||
Total assets | 6,164,506 | 5,959,550 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 86 | 86 | ||
Other current liabilities | 200,921 | 212,146 | ||
Accumulated losses of subsidiaries in excess of investment | 5,656 | 73,130 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 369 | 418 | ||
Other long-term liabilities | 275,982 | 256,584 | ||
Total stockholders' equity (deficit) | 5,681,492 | 5,417,186 | ||
Total liabilities and stockholders' equity | 6,164,506 | 5,959,550 | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Assets | ||||
Cash and cash equivalents | 16,174 | 3,183 | ||
Restricted cash | 14,515 | 9,786 | ||
Other current assets | 2,724 | 2,782 | ||
Property and equipment, net | 35,381 | 26,961 | ||
Investments in subsidiaries | 2,140 | 18,097 | ||
Intercompany receivable | 0 | 0 | ||
Other assets, net | 38,230 | 38,217 | ||
Intangible assets, net | 26,129 | 24,059 | ||
Goodwill, net | 88,576 | 782 | ||
Total assets | 223,869 | 123,867 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 0 | 0 | ||
Other current liabilities | 22,887 | 19,578 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 1,058,701 | 1,046,114 | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Other long-term liabilities | (10,430) | (10,428) | ||
Total stockholders' equity (deficit) | (847,289) | (931,397) | ||
Total liabilities and stockholders' equity | 223,869 | 123,867 | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Assets | ||||
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 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 0 | 0 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total stockholders' equity (deficit) | 0 | 0 | ||
Total liabilities and stockholders' equity | 0 | 0 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Other current assets | (2,349) | (545) | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | (5,212,980) | (4,931,689) | ||
Intercompany receivable | (2,224,267) | (1,934,559) | ||
Other assets, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | (7,439,596) | (6,866,793) | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 0 | 0 | ||
Other current liabilities | (2,194) | (264) | ||
Accumulated losses of subsidiaries in excess of investment | (5,656) | (73,130) | ||
Intercompany payable | (2,224,145) | (1,934,558) | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total stockholders' equity (deficit) | (5,207,601) | (4,858,841) | ||
Total liabilities and stockholders' equity | $ (7,439,596) | $ (6,866,793) |
Condensed Consolidating Finan59
Condensed Consolidating Financial Information (Income Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue, Net | $ 616,793 | $ 604,124 | $ 1,222,911 | $ 1,214,189 | ||||
Costs and Expenses | ||||||||
Operating | 318,909 | 316,608 | 632,372 | 635,611 | ||||
Selling, general and administrative | 88,041 | 93,037 | 175,624 | 184,650 | ||||
Maintenance and utilities | 28,673 | 25,864 | 56,599 | 52,263 | ||||
Depreciation and amortization | 53,923 | 52,563 | 105,199 | 106,527 | ||||
Corporate expense | 24,063 | 23,251 | 49,920 | 44,049 | ||||
Project development, preopening and writedowns | 5,801 | 2,784 | 9,241 | 5,756 | ||||
Asset Impairment Charges | 993 | 0 | 993 | 0 | ||||
Other operating items, net | 132 | 463 | 1,931 | 949 | ||||
Intercompany Expense | 0 | 0 | 0 | 0 | ||||
Total operating costs and expenses | 520,535 | 514,570 | 1,031,879 | 1,029,805 | ||||
Equity in Earnings of Subsidiaries | 0 | 0 | 0 | 0 | ||||
Operating income | 96,258 | 89,554 | 191,032 | 184,384 | ||||
Other expense (income) | ||||||||
Interest expense, net | 44,437 | 42,273 | 88,239 | 85,487 | ||||
Loss on early extinguishments and modifications of debt | 0 | 378 | 61 | 534 | ||||
Other, net | (24) | 559 | (404) | 670 | ||||
Total other expense (income), net | 44,413 | 43,210 | 87,896 | 86,691 | ||||
Income from continuing operations before income taxes | 51,845 | 46,344 | 103,136 | 97,693 | ||||
Income tax provision | (13,247) | (18,652) | (23,139) | (34,925) | ||||
Income from continuing operations, net of tax | 38,598 | 27,692 | 79,997 | 62,768 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 347 | 21,017 | 347 | 21,392 | ||||
Net income | 38,945 | 48,709 | 80,344 | 84,160 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 38,639 | 49,244 | 79,074 | 85,266 | ||||
Subsidiary, BAC [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue, Net | 0 | 0 | 0 | 0 | ||||
Costs and Expenses | ||||||||
Operating | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative | 0 | 0 | 0 | 0 | ||||
Maintenance and utilities | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Corporate expense | 0 | 0 | 0 | 0 | ||||
Project development, preopening and writedowns | 0 | 116 | 0 | 154 | ||||
Asset Impairment Charges | 0 | 0 | 0 | |||||
Other operating items, net | 0 | 0 | 0 | 0 | ||||
Intercompany Expense | 0 | 0 | 0 | 0 | ||||
Total operating costs and expenses | 0 | 116 | 0 | 154 | ||||
Equity in Earnings of Subsidiaries | 0 | 0 | 0 | 0 | ||||
Operating income | 0 | (116) | 0 | (154) | ||||
Other expense (income) | ||||||||
Interest expense, net | 0 | 0 | ||||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | 0 | ||||
Other, net | 0 | 0 | 0 | 0 | ||||
Total other expense (income), net | 0 | 0 | 0 | 0 | ||||
Income from continuing operations before income taxes | 0 | (116) | 0 | (154) | ||||
Income tax provision | 0 | 0 | 0 | 0 | ||||
Income from continuing operations, net of tax | 0 | (116) | 0 | (154) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 347 | 21,017 | 347 | 21,392 | ||||
Net income | 347 | 20,901 | 347 | 21,238 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 347 | 20,901 | 347 | 21,238 | ||||
Parent | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue, Net | 21,286 | 18,490 | 42,127 | 37,200 | ||||
Costs and Expenses | ||||||||
Operating | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative | (3) | 17 | 8 | 23 | ||||
Maintenance and utilities | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 4,347 | 2,844 | 8,183 | 5,526 | ||||
Corporate expense | 23,252 | 22,506 | 48,500 | 42,370 | ||||
Project development, preopening and writedowns | 2,640 | 1,472 | 4,143 | 2,727 | ||||
Asset Impairment Charges | 993 | 993 | 0 | |||||
Other operating items, net | 48 | 150 | 48 | 225 | ||||
Intercompany Expense | (199) | 301 | 102 | 602 | ||||
Total operating costs and expenses | 31,078 | 27,290 | 61,977 | 51,473 | ||||
Equity in Earnings of Subsidiaries | 82,365 | 85,416 | 164,009 | 151,977 | ||||
Operating income | 72,573 | 76,616 | 144,159 | 137,704 | ||||
Other expense (income) | ||||||||
Interest expense, net | 44,154 | 41,961 | 87,673 | 84,800 | ||||
Loss on early extinguishments and modifications of debt | 378 | 61 | 534 | |||||
Other, net | (5) | 520 | (5) | 520 | ||||
Total other expense (income), net | 44,149 | 42,859 | 87,729 | 85,854 | ||||
Income from continuing operations before income taxes | 28,424 | 33,757 | 56,430 | 51,850 | ||||
Income tax provision | 10,521 | 14,952 | 23,914 | 32,310 | ||||
Income from continuing operations, net of tax | 38,945 | 48,709 | 80,344 | 84,160 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 | ||||
Net income | 38,945 | 48,709 | 80,344 | 84,160 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 38,639 | 49,244 | 79,074 | 85,266 | ||||
Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue, Net | 607,569 | 598,194 | 1,208,531 | 1,202,307 | ||||
Costs and Expenses | ||||||||
Operating | 306,392 | 307,139 | 610,225 | 616,569 | ||||
Selling, general and administrative | 85,913 | 91,129 | 171,634 | 180,730 | ||||
Maintenance and utilities | 28,331 | 25,511 | 55,929 | 51,612 | ||||
Depreciation and amortization | 48,245 | 48,687 | 94,775 | 98,970 | ||||
Corporate expense | 213 | 375 | 216 | 739 | ||||
Project development, preopening and writedowns | 1,017 | 586 | 1,190 | 1,427 | ||||
Asset Impairment Charges | 0 | 0 | 0 | |||||
Other operating items, net | 84 | 313 | 1,883 | 724 | ||||
Intercompany Expense | 26,006 | 23,139 | 51,400 | 46,395 | ||||
Total operating costs and expenses | 496,201 | 496,879 | 987,252 | 997,166 | ||||
Equity in Earnings of Subsidiaries | (386) | (169) | (571) | (298) | ||||
Operating income | 110,982 | 101,146 | 220,708 | 204,843 | ||||
Other expense (income) | ||||||||
Interest expense, net | 277 | 306 | 554 | 675 | ||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | |||||
Other, net | (2) | 57 | (366) | 184 | ||||
Total other expense (income), net | 275 | 363 | 188 | 859 | ||||
Income from continuing operations before income taxes | 110,707 | 100,783 | 220,520 | 203,984 | ||||
Income tax provision | (24,785) | (34,512) | (49,169) | (69,300) | ||||
Income from continuing operations, net of tax | 85,922 | 66,271 | 171,351 | 134,684 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 | ||||
Net income | 85,922 | 66,271 | 171,351 | 134,684 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 85,616 | 66,806 | 170,081 | 135,790 | ||||
Non-Guarantor Subsidiaries (100% Owned) | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue, Net | 13,745 | 10,897 | 23,766 | 21,702 | ||||
Costs and Expenses | ||||||||
Operating | 12,517 | 9,469 | 22,147 | 19,042 | ||||
Selling, general and administrative | 2,131 | 1,908 | 3,993 | 3,920 | ||||
Maintenance and utilities | 342 | 353 | 670 | 651 | ||||
Depreciation and amortization | 1,331 | 1,032 | 2,241 | 2,031 | ||||
Corporate expense | 598 | 370 | 1,204 | 940 | ||||
Project development, preopening and writedowns | 2,144 | 610 | 3,908 | 1,448 | ||||
Asset Impairment Charges | 0 | 0 | 0 | |||||
Other operating items, net | 0 | 0 | 0 | 0 | ||||
Intercompany Expense | 0 | 0 | 0 | 0 | ||||
Total operating costs and expenses | 19,063 | 13,742 | 34,163 | 28,032 | ||||
Equity in Earnings of Subsidiaries | 0 | 0 | 0 | 0 | ||||
Operating income | (5,318) | (2,845) | (10,397) | (6,330) | ||||
Other expense (income) | ||||||||
Interest expense, net | 6 | 6 | 12 | 12 | ||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | |||||
Other, net | (17) | (18) | (33) | (34) | ||||
Total other expense (income), net | (11) | (12) | (21) | (22) | ||||
Income from continuing operations before income taxes | (5,307) | (2,833) | (10,376) | (6,308) | ||||
Income tax provision | 1,017 | 908 | 2,116 | 2,065 | ||||
Income from continuing operations, net of tax | (4,290) | (1,925) | (8,260) | (4,243) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 | ||||
Net income | (4,290) | (1,925) | (8,260) | (4,243) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (4,290) | (1,925) | (8,260) | (4,243) | ||||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue, Net | 0 | 0 | 0 | 0 | ||||
Costs and Expenses | ||||||||
Operating | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative | 0 | 0 | 0 | 0 | ||||
Maintenance and utilities | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Corporate expense | 0 | 0 | 0 | 0 | ||||
Project development, preopening and writedowns | 0 | 0 | 0 | 0 | ||||
Asset Impairment Charges | 0 | 0 | 0 | |||||
Other operating items, net | 0 | 0 | 0 | 0 | ||||
Intercompany Expense | 0 | 0 | 0 | 0 | ||||
Total operating costs and expenses | 0 | 0 | 0 | 0 | ||||
Equity in Earnings of Subsidiaries | 0 | 0 | 0 | 0 | ||||
Operating income | 0 | 0 | 0 | 0 | ||||
Other expense (income) | ||||||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | |||||
Other, net | 0 | 0 | 0 | 0 | ||||
Total other expense (income), net | 0 | 0 | 0 | 0 | ||||
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 | ||||
Income tax provision | 0 | 0 | 0 | 0 | ||||
Income from continuing operations, net of tax | 0 | 0 | 0 | 0 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 | ||||
Net income | 0 | 0 | 0 | 0 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||
Eliminations | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue, Net | (25,807) | (23,457) | (51,513) | (47,020) | ||||
Costs and Expenses | ||||||||
Operating | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative | 0 | (17) | (11) | (23) | ||||
Maintenance and utilities | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Corporate expense | 0 | 0 | 0 | 0 | ||||
Project development, preopening and writedowns | 0 | 0 | 0 | 0 | ||||
Other operating items, net | 0 | 0 | 0 | 0 | ||||
Intercompany Expense | (25,807) | (23,440) | (51,502) | (46,997) | ||||
Total operating costs and expenses | (25,807) | (23,457) | (51,513) | (47,020) | ||||
Equity in Earnings of Subsidiaries | (81,979) | (85,247) | (163,438) | (151,679) | ||||
Operating income | (81,979) | (85,247) | (163,438) | (151,679) | ||||
Other expense (income) | ||||||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | |||||
Other, net | 0 | 0 | 0 | 0 | ||||
Total other expense (income), net | 0 | 0 | 0 | 0 | ||||
Income from continuing operations before income taxes | (81,979) | (85,247) | (163,438) | (151,679) | ||||
Income tax provision | 0 | 0 | 0 | 0 | ||||
Income from continuing operations, net of tax | (81,979) | (85,247) | (163,438) | (151,679) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 | ||||
Net income | (81,979) | (85,247) | (163,438) | (151,679) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (81,673) | (85,782) | (162,168) | (152,785) | ||||
Corporate expense | ||||||||
Costs and Expenses | ||||||||
Corporate expense | (18,878) | (18,207) | (36,900) | (36,370) | ||||
Investments [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15,591 | $ 17,456 | 15,591 | 17,456 | $ 16,454 | $ 17,752 | $ 17,865 | $ 17,259 |
Consolidation, Eliminations [Member] | ||||||||
Costs and Expenses | ||||||||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 |
Condensed Consolidating Finan60
Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
Cash flows from operating activities | ||||||
Net cash from operating activities | $ 217,991 | $ 200,386 | ||||
Cash flows from investing activities | ||||||
Capital expenditures | (63,245) | (118,751) | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (100,713) | $ 0 | ||||
Net activity with affiliates | 0 | 0 | ||||
Advances pursuant to development agreement | 0 | 35,108 | ||||
Other investing activities | (9,240) | 492 | ||||
Net cash used in investing activities | (173,198) | (153,367) | ||||
Cash flows from financing activities | ||||||
Borrowings under bank credit facility | 333,900 | 535,900 | ||||
Payments under bank credit facility | (591,476) | (628,037) | ||||
Proceeds from Issuance of Senior Long-term Debt | 700,000 | 0 | ||||
Debt issue costs | (11,028) | (2,381) | ||||
Net activity with affiliates | 0 | 0 | ||||
Share-based compensation activities, net | (3,381) | (2,796) | ||||
Stock Repurchased and Retired During Period, Value | $ (10,530) | $ (11,090) | (30,332) | (11,090) | ||
Payments of Ordinary Dividends, Common Stock | (11,267) | 0 | ||||
Proceeds from (Payments for) Combined Other Financing Activities | (95) | (50) | ||||
Net cash provided by (used in) financing activities | 386,366 | (108,499) | ||||
Cash flows from operating activities | 0 | (514) | ||||
Cash flows from investing activities | 482 | 36,247 | ||||
Cash flows from financing activities | 0 | 0 | ||||
Net cash provided by discontinued operations | 482 | 35,733 | ||||
Cash and cash equivalents, beginning of period | 658,920 | 184,603 | 658,920 | 184,603 | 210,350 | $ 227,279 |
Net change in cash, cash equivalents and restricted cash | 431,641 | (25,747) | ||||
Parent | ||||||
Cash flows from operating activities | ||||||
Net cash from operating activities | (70,065) | (32,014) | ||||
Cash flows from investing activities | ||||||
Capital expenditures | (36,914) | (68,685) | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (100,713) | |||||
Net activity with affiliates | 0 | 0 | ||||
Advances pursuant to development agreement | 0 | |||||
Other investing activities | (9,240) | 0 | ||||
Net cash used in investing activities | (146,867) | (68,685) | ||||
Cash flows from financing activities | ||||||
Borrowings under bank credit facility | 333,900 | 535,900 | ||||
Payments under bank credit facility | (591,476) | (628,037) | ||||
Proceeds from Issuance of Senior Long-term Debt | 700,000 | |||||
Debt issue costs | (11,028) | (2,381) | ||||
Net activity with affiliates | 277,000 | 207,941 | ||||
Share-based compensation activities, net | (3,381) | (2,796) | ||||
Stock Repurchased and Retired During Period, Value | (30,332) | |||||
Payments of Ordinary Dividends, Common Stock | 11,267 | |||||
Proceeds from (Payments for) Combined Other Financing Activities | (50) | 0 | ||||
Net cash provided by (used in) financing activities | 663,416 | 99,487 | ||||
Cash flows from operating activities | 0 | 0 | ||||
Cash flows from investing activities | 0 | 0 | ||||
Cash flows from financing activities | 0 | 0 | ||||
Net cash provided by discontinued operations | 0 | 0 | ||||
Cash and cash equivalents, beginning of period | 446,831 | 0 | 446,831 | 0 | 1,212 | 347 |
Net change in cash, cash equivalents and restricted cash | 446,484 | (1,212) | ||||
Guarantor Subsidiaries [Member] | ||||||
Cash flows from operating activities | ||||||
Net cash from operating activities | 282,907 | 239,394 | ||||
Cash flows from investing activities | ||||||
Capital expenditures | (26,059) | (49,966) | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Net activity with affiliates | (289,361) | (215,816) | ||||
Advances pursuant to development agreement | 0 | |||||
Other investing activities | 0 | 492 | ||||
Net cash used in investing activities | (315,420) | (265,290) | ||||
Cash flows from financing activities | ||||||
Borrowings under bank credit facility | 0 | 0 | ||||
Payments under bank credit facility | 0 | 0 | ||||
Proceeds from Issuance of Senior Long-term Debt | 0 | |||||
Debt issue costs | 0 | 0 | ||||
Net activity with affiliates | 0 | 0 | ||||
Share-based compensation activities, net | 0 | 0 | ||||
Stock Repurchased and Retired During Period, Value | 0 | |||||
Payments of Ordinary Dividends, Common Stock | 0 | |||||
Proceeds from (Payments for) Combined Other Financing Activities | (45) | (50) | ||||
Net cash provided by (used in) financing activities | (50) | (45) | ||||
Cash flows from operating activities | 0 | 0 | ||||
Cash flows from investing activities | 0 | 0 | ||||
Cash flows from financing activities | 0 | 0 | ||||
Net cash provided by discontinued operations | 0 | 0 | ||||
Cash and cash equivalents, beginning of period | 181,400 | 173,669 | 181,400 | 173,669 | 199,610 | 213,963 |
Net change in cash, cash equivalents and restricted cash | (32,563) | (25,941) | ||||
Subsidiary, BAC [Member] | ||||||
Cash flows from operating activities | ||||||
Net cash from operating activities | (135) | (663) | ||||
Cash flows from investing activities | ||||||
Capital expenditures | 0 | 0 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Net activity with affiliates | (347) | (35,070) | ||||
Advances pursuant to development agreement | 0 | |||||
Other investing activities | 0 | 0 | ||||
Net cash used in investing activities | (347) | (35,070) | ||||
Cash flows from financing activities | ||||||
Borrowings under bank credit facility | 0 | 0 | ||||
Payments under bank credit facility | 0 | 0 | ||||
Proceeds from Issuance of Senior Long-term Debt | 0 | |||||
Debt issue costs | 0 | 0 | ||||
Net activity with affiliates | 0 | 0 | ||||
Share-based compensation activities, net | 0 | 0 | ||||
Stock Repurchased and Retired During Period, Value | 0 | |||||
Payments of Ordinary Dividends, Common Stock | 0 | |||||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||||
Net cash provided by (used in) financing activities | 0 | 0 | ||||
Cash flows from operating activities | 0 | (514) | ||||
Cash flows from investing activities | 482 | 36,247 | ||||
Cash flows from financing activities | 0 | 0 | ||||
Net cash provided by discontinued operations | 482 | 35,733 | ||||
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 | 0 | 0 |
Net change in cash, cash equivalents and restricted cash | 0 | 0 | ||||
Non-Guarantor Subsidiaries (100% Owned) | ||||||
Cash flows from operating activities | ||||||
Net cash from operating activities | 5,405 | (7,708) | ||||
Cash flows from investing activities | ||||||
Capital expenditures | (272) | (100) | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Net activity with affiliates | 0 | 0 | ||||
Advances pursuant to development agreement | 35,108 | |||||
Other investing activities | 0 | 0 | ||||
Net cash used in investing activities | (272) | (35,208) | ||||
Cash flows from financing activities | ||||||
Borrowings under bank credit facility | 0 | 0 | ||||
Payments under bank credit facility | 0 | 0 | ||||
Proceeds from Issuance of Senior Long-term Debt | 0 | |||||
Debt issue costs | 0 | 0 | ||||
Net activity with affiliates | 12,587 | 44,322 | ||||
Share-based compensation activities, net | 0 | 0 | ||||
Stock Repurchased and Retired During Period, Value | 0 | |||||
Payments of Ordinary Dividends, Common Stock | 0 | |||||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||||
Net cash provided by (used in) financing activities | 12,587 | 44,322 | ||||
Cash flows from operating activities | 0 | 0 | ||||
Cash flows from investing activities | 0 | 0 | ||||
Cash flows from financing activities | 0 | 0 | ||||
Net cash provided by discontinued operations | 0 | 0 | ||||
Cash and cash equivalents, beginning of period | 30,689 | 10,934 | 30,689 | 10,934 | 9,528 | 12,969 |
Net change in cash, cash equivalents and restricted cash | 17,720 | 1,406 | ||||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||||
Cash flows from operating activities | ||||||
Net cash from operating activities | 0 | 254 | ||||
Cash flows from investing activities | ||||||
Capital expenditures | 0 | 0 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Net activity with affiliates | 0 | 0 | ||||
Advances pursuant to development agreement | 0 | |||||
Other investing activities | 0 | 0 | ||||
Net cash used in investing activities | 0 | 0 | ||||
Cash flows from financing activities | ||||||
Borrowings under bank credit facility | 0 | 0 | ||||
Payments under bank credit facility | 0 | 0 | ||||
Proceeds from Issuance of Senior Long-term Debt | 0 | |||||
Debt issue costs | 0 | 0 | ||||
Net activity with affiliates | 0 | (254) | ||||
Share-based compensation activities, net | 0 | 0 | ||||
Stock Repurchased and Retired During Period, Value | 0 | |||||
Payments of Ordinary Dividends, Common Stock | 0 | |||||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||||
Net cash provided by (used in) financing activities | 0 | (254) | ||||
Cash flows from operating activities | 0 | 0 | ||||
Cash flows from investing activities | 0 | 0 | ||||
Cash flows from financing activities | 0 | 0 | ||||
Net cash provided by discontinued operations | 0 | 0 | ||||
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 | 0 | 0 |
Net change in cash, cash equivalents and restricted cash | 0 | 0 | ||||
Eliminations | ||||||
Cash flows from operating activities | ||||||
Net cash from operating activities | (121) | 1,123 | ||||
Cash flows from investing activities | ||||||
Capital expenditures | 0 | 0 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||||
Net activity with affiliates | 289,708 | 250,886 | ||||
Advances pursuant to development agreement | 0 | |||||
Other investing activities | 0 | 0 | ||||
Net cash used in investing activities | 289,708 | 250,886 | ||||
Cash flows from financing activities | ||||||
Borrowings under bank credit facility | 0 | 0 | ||||
Payments under bank credit facility | 0 | 0 | ||||
Proceeds from Issuance of Senior Long-term Debt | 0 | |||||
Debt issue costs | 0 | 0 | ||||
Net activity with affiliates | (289,587) | (252,009) | ||||
Share-based compensation activities, net | 0 | 0 | ||||
Stock Repurchased and Retired During Period, Value | 0 | |||||
Payments of Ordinary Dividends, Common Stock | 0 | |||||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||||
Net cash provided by (used in) financing activities | (289,587) | (252,009) | ||||
Cash flows from operating activities | 0 | 0 | ||||
Cash flows from investing activities | 0 | 0 | ||||
Cash flows from financing activities | 0 | 0 | ||||
Net cash provided by discontinued operations | 0 | 0 | ||||
Cash and cash equivalents, beginning of period | $ 0 | $ 0 | 0 | 0 | $ 0 | $ 0 |
Net change in cash, cash equivalents and restricted cash | $ 0 | $ 0 |
Condensed Consolidating Finan61
Condensed Consolidating Financial Information (Narrative) (Details) - Parent | Jun. 30, 2018 | Dec. 31, 2017 | Mar. 28, 2016 |
Debt Instrument [Line Items] | |||
Subsidiaries, Ownership Percentage | 100.00% | ||
Senior Notes | 6.875 % Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | |
Senior Notes | 6.375% Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% | |
Senior Notes | 6.000% Senior Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Subsidiaries, Ownership Percentage | 100.00% |