Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Entity Information [Line Items] | ||
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Entity Registrant Name | BOYD GAMING CORP | |
Entity Central Index Key | 0000906553 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 111,383,877 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 247,681 | $ 249,417 |
Restricted cash | 24,951 | 23,785 |
Accounts receivable, net | 58,862 | 54,667 |
Inventories | 18,872 | 20,590 |
Prepaid expenses and other current assets | 46,817 | 45,815 |
Income taxes receivable | 5,477 | 5,477 |
Total current assets | 402,660 | 399,751 |
Property and equipment, net | 2,742,918 | 2,716,064 |
Operating Lease, Right-of-Use Asset | 919,583 | 0 |
Other assets, net | 115,476 | 106,277 |
Intangible assets, net | 1,440,999 | 1,466,670 |
Goodwill, net | 1,088,500 | 1,062,102 |
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 5,475 | 5,475 |
Total assets | 6,715,611 | 5,756,339 |
Current liabilities | ||
Accounts payable | 119,549 | 111,172 |
Long-term Debt, Current Maturities | 26,986 | 24,181 |
Accrued liabilities | 412,889 | 334,175 |
Deferred income taxes and income taxes payable, current | 1,392 | 173 |
Total current liabilities | 560,816 | 469,701 |
Long-term debt, net of current maturities and debt issuance costs | 3,922,519 | 3,955,119 |
Operating Lease, Liability, Noncurrent | 855,768 | 0 |
Deferred income taxes | 131,193 | 121,262 |
Other long-term tax liabilities | 3,687 | 3,636 |
Other liabilities | 71,519 | 60,880 |
Commitments and contingencies (Notes 3, 8 and 10) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value, 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 111,381,986 and 111,757,105 shares outstanding | 1,114 | 1,118 |
Additional paid-in capital | 877,470 | 892,331 |
Retained earnings | 292,125 | 253,357 |
Accumulated other comprehensive loss | (600) | (1,065) |
Total stockholders' equity | 1,170,109 | 1,145,741 |
Total liabilities and stockholders' equity | $ 6,715,611 | $ 5,756,339 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 111,381,986 | 111,757,105 |
Common stock, shares outstanding | 111,381,986 | 111,757,105 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Casino Revenues | $ 620,253 | $ 440,463 |
Food and Beverage Revenues | 111,090 | 85,399 |
Occupancy Revenues | 57,244 | 47,912 |
Other | 38,701 | 32,344 |
Revenues | 827,288 | 606,118 |
Operating costs and expenses | ||
Casino Expense | 276,616 | 189,035 |
Food & Beverage, Cost of Sales | 102,151 | 82,690 |
Occupancy Expense | 26,882 | 20,933 |
Other | 23,880 | 20,805 |
Selling, general and administrative | 115,411 | 87,583 |
Master Lease Rent Expense | 23,962 | 0 |
Maintenance and utilities | 38,100 | 27,926 |
Depreciation and amortization | 67,253 | 51,276 |
Corporate expense | 31,177 | 25,857 |
Project development, preopening and writedowns | 4,031 | 3,440 |
Other operating items, net | 199 | 1,799 |
Total operating costs and expenses | 709,662 | 511,344 |
Operating income | 117,626 | 94,774 |
Other expense (income) | ||
Interest income | (106) | (457) |
Interest expense, net of amounts capitalized | 61,330 | 44,259 |
Loss on early extinguishments and modifications of debt | 0 | 61 |
Other Nonoperating Income (Expense) | 115 | (380) |
Total other expense (income), net | 61,339 | 43,483 |
Income before income taxes | 56,287 | 51,291 |
Income tax provision | (10,836) | (9,892) |
Net income | $ 45,451 | $ 41,399 |
Basic net income per common share | $ 0.40 | $ 0.36 |
Weighted average basic shares outstanding | 113,340 | 114,375 |
Diluted net income per common share | $ 0.40 | $ 0.36 |
Weighted average diluted shares outstanding | 113,871 | 115,154 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 45,451 | $ 41,399 |
Other comprehensive income (loss), net of tax: | ||
Fair value adjustments to available-for-sale securities, net of tax | 465 | (964) |
Comprehensive income | $ 45,916 | $ 40,435 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net |
Common Stock, Dividends, Per Share, Declared | $ 0.05 | ||||
Balances at Dec. 31, 2017 | $ 1,097,227 | $ 1,126 | $ 931,858 | $ 164,425 | $ (182) |
Balance, shares at Dec. 31, 2017 | 112,634,418 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 41,399 | $ 0 | 0 | 41,399 | 0 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 0 | 0 | 0 | (312) | 312 |
Other Comprehensive Income (Loss), Net of Tax | (964) | $ 0 | 0 | 0 | (964) |
Stock options exercised | 221,400 | ||||
Stock options exercised | 2,045 | $ 2 | 2,043 | 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 |
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 |
Stock Repurchased and Retired During Period, Shares | (559,089) | ||||
Stock Repurchased and Retired During Period, Value | (19,803) | $ (6) | (19,797) | 0 | 0 |
Dividends, Cash | (5,635) | 0 | 0 | (5,635) | 0 |
Share-based compensation costs | 8,927 | 0 | 8,927 | 0 | 0 |
Balances at Mar. 31, 2018 | $ 1,117,562 | $ 1,126 | 917,393 | 199,877 | (834) |
Balance, shares at Mar. 31, 2018 | 112,651,223 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | ||||
Balances at Dec. 31, 2018 | $ 1,145,741 | $ 1,118 | 892,331 | 253,357 | (1,065) |
Balance, shares at Dec. 31, 2018 | 111,757,105 | 111,757,105 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 45,451 | $ 0 | 0 | 45,451 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 465 | $ 0 | 0 | 0 | 465 |
Stock options exercised | 137,063 | ||||
Stock options exercised | 1,262 | $ 1 | 1,261 | 0 | 0 |
Release of restricted stock units, net of tax | 46,958 | ||||
Release of restricted stock units, net of tax | (418) | $ 0 | (418) | 0 | 0 |
Release of performance stock units, net of tax | 270,960 | ||||
Stock Issued During Period, Value, Performance Stock Award, Net of Forfeitures | (3,765) | $ 3 | (3,768) | 0 | 0 |
Stock Repurchased and Retired During Period, Shares | (830,100) | ||||
Stock Repurchased and Retired During Period, Value | (21,653) | $ (8) | (21,645) | 0 | 0 |
Dividends, Cash | (6,683) | 0 | 0 | (6,683) | 0 |
Share-based compensation costs | 9,709 | 0 | 9,709 | 0 | 0 |
Balances at Mar. 31, 2019 | $ 1,170,109 | $ 1,114 | $ 877,470 | $ 292,125 | $ (600) |
Balance, shares at Mar. 31, 2019 | 111,381,986 | 111,381,986 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities | ||
Net income | $ 45,451 | $ 41,399 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 67,253 | 51,276 |
Amortization of debt financing costs and discounts on debt | 2,346 | 2,186 |
Share-based compensation expense | 9,709 | 8,927 |
Deferred income taxes | 9,931 | 8,094 |
Loss on early extinguishments and modifications of debt | 0 | 61 |
Other operating activities | 171 | 56 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (4,195) | 3,823 |
Inventories | 1,718 | 387 |
Prepaid expenses and other current assets | (1,002) | 1,047 |
Income taxes receivable | 1,219 | 1,821 |
Other assets, net | (4,407) | 169 |
Accounts payable and accrued liabilities | 25,206 | (2,795) |
Other long-term tax liabilities | 51 | 47 |
Other liabilities | 10,639 | 2,027 |
Net cash provided by operating activities | 164,090 | 118,525 |
Cash Flows from Investing Activities | ||
Capital expenditures | (89,322) | (25,918) |
Other investing activities | (11,918) | (500) |
Net cash used in investing activities | (101,240) | (26,418) |
Cash Flows from Financing Activities | ||
Borrowings under Boyd Gaming bank credit facility | 434,829 | 179,600 |
Payments under Boyd Gaming bank credit facility | (466,802) | (264,403) |
Debt financing costs, net | (53) | (9) |
Share-based compensation activities, net | (2,921) | (3,589) |
Stock Repurchased and Retired During Period, Value | (21,653) | (19,803) |
Payments of Ordinary Dividends, Common Stock | (6,705) | (5,632) |
Other financing activities | (115) | (50) |
Net cash provided by (used in) financing activities | (63,420) | (113,886) |
Cash Flows from Discontinued Operations | ||
Change in cash and cash equivalents | (570) | (21,779) |
Cash, cash equivalents and restricted cash, beginning period | 273,202 | 227,279 |
Cash, cash equivalents and restricted cash, end of period | 272,632 | 205,500 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 44,687 | 16,897 |
Cash paid (received) for income taxes, net of refunds | 187 | 65 |
Supplemental Schedule of Noncash Investing and Financing Activities | ||
Payables incurred for capital expenditures | $ 3,022 | $ 6,452 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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," "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 29 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. 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, 2018 , as filed with the U.S. Securities and Exchange Commission ("SEC") on March 1, 2019. 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. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS Ameristar Casino Hotel Kansas City; Ameristar Casino Resort Spa St. Charles; Belterra Casino Resort; Belterra Park On October 15, 2018, we completed the acquisition of Ameristar Casino Kansas City, LLC ("Ameristar Kansas City"), the owner and operator of Ameristar Casino Hotel Kansas City; Ameristar Casino St. Charles, LLC ("Ameristar St. Charles"), the owner and operator of Ameristar Casino Resort Spa St. Charles; Belterra Resort Indiana LLC ("Belterra Resort"), the owner and operator of Belterra Casino Resort located in Florence, Indiana; and PNK (Ohio) LLC ("Belterra Park"), the owner and operator of Belterra Park, located in Cincinnati, Ohio (collectively, the "Pinnacle Properties"), pursuant to a Membership Interest Purchase Agreement (as amended, the "Pinnacle Purchase Agreement"), dated as of December 17, 2017, as amended as of January 29, 2018 ("Amendment No. 1") and October 15, 2018 ("Amendment No. 2"), in each case by and among Boyd Gaming, Boyd TCIV, LLC, a wholly owned subsidiary of Boyd Gaming ("Boyd TCIV"), Penn National Gaming, Inc. ("Penn"), and, solely following the execution and delivery of a joinder to the Pinnacle Purchase Agreement, Pinnacle Entertainment, Inc. ("Pinnacle Entertainment") and its wholly owned subsidiary, Pinnacle MLS, LLC (collectively with Pinnacle Entertainment, "Pinnacle"). Pursuant to the Pinnacle Purchase Agreement, Boyd Gaming acquired from Pinnacle all of the issued and outstanding membership interests of the Acquired Companies as well as certain other assets (and assumed certain other liabilities) of Pinnacle related to the Acquired Companies (collectively, the "Pinnacle Acquisition"). Each of the Acquired Companies is now a wholly owned subsidiary of Boyd Gaming. The acquired companies are aggregated into our Midwest & South segment (See Note 12, Segment Information ) . The net purchase price was $568.3 million , subject to adjustments based on final working capital, cash and indebtedness of the combined properties at closing and transaction expenses. Pursuant to the Pinnacle Purchase Agreement, Boyd TCIV entered into a Master Lease, dated October 15, 2018 (the "Master Lease"), with Gold Merger Sub, LLC ("Gold Merger Sub"), as landlord, and Boyd TCIV, as tenant, pursuant to which the landlord agreed to lease to Boyd TCIV the real estate associated with Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Ogle Haus, LLC, a wholly owned subsidiary of Belterra Resort ("Ogle Haus"), commencing on October 15, 2018 and ending on April 30, 2026 as the initial term, with options for renewal. The Pinnacle Acquisition occurred substantially concurrently with the acquisition of Pinnacle Entertainment by Penn pursuant to the Merger Agreement, dated December 17, 2017, by and among Pinnacle Entertainment, Penn and Franchise Merger Sub, Inc., a wholly owned subsidiary of Penn. Concurrently with the Pinnacle Acquisition, Boyd (Ohio) PropCo, LLC, a wholly owned subsidiary of Boyd TCIV ("Boyd PropCo"), acquired the real estate associated with Belterra Park in Cincinnati, Ohio (the "Belterra Park Real Property Sale") utilizing mortgage financing from a subsidiary of Gaming and Leisure Properties, Inc. ("GLPI"), pursuant to a purchase agreement, dated December 17, 2017 ("Belterra Park Purchase Agreement"), by and among Penn, Gold Merger Sub, a wholly owned subsidiary of GLPI, Belterra Park and Pinnacle Entertainment, and a Novation and Amendment Agreement, dated October 15, 2018 (the "Novation Agreement"), by and among Penn, Gold Merger Sub, Boyd PropCo, Belterra Park and Pinnacle Entertainment. Pursuant to the Novation Agreement, Gold Merger Sub, the original purchaser under the Belterra Park Purchase Agreement, assigned, transferred and conveyed to Boyd PropCo and Boyd PropCo accepted Gold Merger Sub’s rights, title and interest in the Belterra Park Purchase Agreement. Consideration Transferred The fair value of the consideration transferred on the date of the Pinnacle Purchase Agreement included the purchase price of the net assets transferred. The total gross cash consideration was $607.3 million . Status of Purchase Price Allocation The Company is following the acquisition method of accounting per FASB Accounting Standards Codification Topic 805 ("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 with the assistance from third-party specialists. 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 has recognized the assets acquired and liabilities assumed in the acquisition based on fair value estimates as of the date of the Pinnacle Acquisition. 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 during third quarter 2019. The final fair value determinations may be significantly different than those reflected in the condensed consolidated financial statements at March 31, 2019 . The following table summarizes the preliminary allocation of the purchase price: Preliminary Purchase Price Allocation (In thousands) As of December 31, 2018 Adjustments As of March 31, 2019 Current assets $ 64,604 $ — $ 64,604 Property and equipment 167,000 (400 ) 166,600 Other assets (28 ) — (28 ) Intangible assets 415,400 (16,700 ) 398,700 Total acquired assets 646,976 (17,100 ) 629,876 Current liabilities 54,585 — 54,585 Other liabilities 57,832 — 57,832 Total liabilities assumed 112,417 — 112,417 Net identifiable assets acquired 534,559 (17,100 ) 517,459 Goodwill 72,740 17,100 89,840 Net assets acquired $ 607,299 $ — $ 607,299 The following table summarizes the preliminary values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Land $ 7,350 Buildings and improvements 15 - 40 years 89,150 Furniture and equipment 2 - 10 years 65,200 Construction in progress 4,900 Property and equipment acquired $ 166,600 The following table summarizes the acquired intangible assets and weighted average useful lives of definite-lived intangible assets. (In thousands) Useful Lives As Recorded Customer relationship 4 years $ 41,200 Trademark Indefinite 43,000 Gaming license right Indefinite 314,500 Total intangible assets acquired $ 398,700 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 $1.0 million and $0.5 million of acquisition related costs that were expensed for the three months ended March 31, 2019 and 2018, respectively. These costs are included in the consolidated statements of operations in the line item entitled "Project development, preopening and writedowns". Condensed Consolidated Statement of Operations for the three months ended March 31, 2019 The following supplemental information presents the financial results of the Pinnacle Properties included in the Company's condensed consolidated statement of operations for the for the three months ended March 31, 2019 : Three Months Ended (In thousands) March 31, 2019 Total revenues $ 160,558 Net income $ 12,656 Valley Forge Convention Center Partners On September 17, 2018, we completed the acquisition of Valley Forge Convention Center Partners, L.P., the owner and operator of Valley Forge Casino Resort ("Valley Forge"), pursuant to an Agreement and Plan of Merger (as amended, the "Valley Forge Merger Agreement"), dated as of December 20, 2017, as amended as of September 17, 2018, in each case by and among Boyd, Boyd TCV, LP, a Pennsylvania limited partnership and a wholly owned subsidiary of Boyd (“Boyd TCV”), Valley Forge, and VFCCP SR LLC, a Pennsylvania limited liability company, solely in its capacity as the representative of Valley Forge’s limited partners. Pursuant to the Valley Forge Merger Agreement, Boyd TCV merged with and into Valley Forge (the "Valley Forge Merger"), with Valley Forge surviving the merger. Valley Forge is now a wholly owned subsidiary of Boyd. Valley Forge is a modern casino and hotel in King of Prussia, Pennsylvania that offers premium accommodations, gaming, dining, entertainment and retail services, and is aggregated into our Midwest & South segment (See Note 12, Segment Information ) . The net purchase price was $266.6 million . Consideration Transferred The fair value of the consideration transferred on the date of the Valley Forge Merger included the purchase price of the net assets transferred. The total gross consideration was $291.4 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 has recognized the assets acquired and liabilities assumed in the acquisition based on fair value estimates as of the date of the Valley Forge 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 during second quarter 2019. The final fair value determinations may be significantly different than those reflected in the condensed consolidated financial statements at March 31, 2019 . The following table summarizes the preliminary allocation of the purchase price: Preliminary Purchase Price Allocation (In thousands) As of December 31, 2018 Adjustments As of March 31, 2019 Current assets $ 29,909 $ — $ 29,909 Property and equipment 56,500 — 56,500 Other assets 483 2,702 3,185 Intangible assets 148,600 (12,000 ) 136,600 Total acquired assets 235,492 (9,298 ) 226,194 Current liabilities 12,968 — 12,968 Other liabilities 606 — 606 Total liabilities assumed 13,574 — 13,574 Net identifiable assets acquired 221,918 (9,298 ) 212,620 Goodwill 69,446 9,298 78,744 Net assets acquired $ 291,364 $ — $ 291,364 The following table summarizes the preliminary values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Land $ 15,200 Buildings and improvements 15 - 40 years 32,900 Furniture and equipment 2 - 6 years 7,971 Construction in progress 429 Property and equipment acquired $ 56,500 The following table summarizes the acquired intangible assets and weighted average useful lives of definite-lived intangible assets. (In thousands) Useful Lives As Recorded Customer relationship 5 years $ 16,100 Trademark Indefinite 12,500 Gaming license right Indefinite 108,000 Total intangible assets acquired $ 136,600 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 $0.3 million and $0.4 million of acquisition related costs that were expensed for the three months ended March 31, 2019 and 2018, respectively. 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 three months ended March 31, 2019 The following supplemental information presents the financial results of Valley Forge included in the Company's condensed consolidated statement of operations for the three months ended March 31, 2019 : Three Months Ended (In thousands) March 31, 2019 Total revenues $ 41,191 Net income $ 6,828 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 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 12, Segment Information ) . The net purchase price was $100.0 million . Consideration Transferred The fair value of the consideration transferred on the date of the Lattner Merger 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 has recognized 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 during second quarter 2019. The final fair value determinations may be significantly different than those reflected in the condensed consolidated financial statements at March 31, 2019 . The following table summarizes the preliminary allocation of the purchase price: Preliminary Purchase Price Allocation (In thousands) As of December 31, 2018 Adjustments As of March 31, 2019 Current assets $ 10,638 $ — $ 10,638 Property and equipment 9,307 — 9,307 Other assets 1,963 — 1,963 Intangible assets 58,000 — 58,000 Total acquired assets 79,908 — 79,908 Current liabilities 1,062 — 1,062 Total liabilities assumed 1,062 — 1,062 Net identifiable assets acquired 78,846 — 78,846 Goodwill 31,692 — 31,692 Net assets acquired $ 110,538 $ — $ 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 $ 66 Furniture and equipment 3 - 7 years 9,241 Property and equipment acquired $ 9,307 The following table summarizes the acquired intangible asset and weighted average useful lives of the definite-lived intangible asset. (In thousands) Useful Lives As Recorded Host agreements 15 years $ 58,000 Total intangible assets acquired $ 58,000 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 $0.2 million of acquisition related costs that were expensed for the three months ended March 31, 2019 . There were no acquisition related costs expensed for the three months ended March 31, 2018. These costs are included in the condensed consolidated statements of operations in the line item entitled "Project development, preopening and writedowns". We have not provided the amount of revenue and earnings included in our consolidated financial results from the Lattner acquisition for the period subsequent to its acquisition as such amounts are not material three months ended March 31, 2019 . Supplemental Unaudited Pro Forma Information The following table presents pro forma results of the Company, as though Lattner, Valley Forge and the Pinnacle Properties (the "Acquired Companies") had been acquired as of January 1, 2018. The pro forma results do not necessarily represent the results that may occur in the future. The pro forma amounts include the historical operating results of the Company, Lattner, Valley Forge and the Pinnacle Properties, prior to the acquisition, with adjustments directly attributable to the acquisitions. Three Months Ended March 31, 2018 (In thousands) Boyd Gaming Corporate (As Reported) Acquired Companies Boyd Gaming Corporate (Pro Forma) Total revenues $ 606,118 $ 209,716 $ 815,834 Net income from continuing operations, net of tax $ 41,399 $ 3,446 $ 44,845 Basic net income per share $ 0.36 $ 0.39 Diluted net income per share $ 0.36 $ 0.39 Pro Forma and Other Adjustments The unaudited pro forma results, as presented above, include adjustments to record: (i) rent expense under the Master Lease; (ii) the net incremental depreciation expense for the adjustment of property and equipment to fair value and the allocation of a portion of the purchase price to amortizing intangible assets; (iii) the increase in interest expense incurred on the incremental borrowings incurred by Boyd to fund the acquisition, including the Belterra Park Mortgage; (iv) the estimated tax effect of the pro forma adjustments and on the historical taxable income of the Acquired Companies; and (v) miscellaneous adjustments as a result of the preliminary purchase price allocation on the amortization of certain assets and liabilities. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: March 31, December 31, (In thousands) 2019 2018 Land $ 327,506 $ 316,590 Buildings and improvements 3,091,773 3,084,337 Furniture and equipment 1,519,582 1,480,917 Riverboats and barges 239,452 240,507 Construction in progress 97,660 66,752 Total property and equipment 5,275,973 5,189,103 Less accumulated depreciation 2,533,055 2,473,039 Property and equipment, net $ 2,742,918 $ 2,716,064 Depreciation expense is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Depreciation expense $ 60,045 $ 50,146 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS, NET Intangible assets, net consist of the following: March 31, 2019 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 4.0 years $ 66,700 $ (21,062 ) $ — $ 45,638 Favorable lease rates 36.8 years 11,730 (3,358 ) — 8,372 Development agreement — 21,373 — — 21,373 Host agreements 14.2 years 58,000 (3,222 ) — 54,778 157,803 (27,642 ) — 130,161 Indefinite lived intangible assets Trademarks Indefinite 207,387 — (4,300 ) 203,087 Gaming license rights Indefinite 1,321,685 (33,960 ) (179,974 ) 1,107,751 1,529,072 (33,960 ) (184,274 ) 1,310,838 Balance, March 31, 2019 $ 1,686,875 $ (61,602 ) $ (184,274 ) $ 1,440,999 December 31, 2018 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 7.3 years $ 65,400 $ (15,113 ) $ — $ 50,287 Favorable lease rates 37.0 years 11,730 (3,302 ) — 8,428 Development agreement — 21,373 — — 21,373 Host agreements 14.4 years 58,000 (2,256 ) — 55,744 156,503 (20,671 ) — 135,832 Indefinite lived intangible assets Trademarks Indefinite 207,387 — (4,300 ) 203,087 Gaming license rights Indefinite 1,341,685 (33,960 ) (179,974 ) 1,127,751 1,549,072 (33,960 ) (184,274 ) 1,330,838 Balance, December 31, 2018 $ 1,705,575 $ (54,631 ) $ (184,274 ) $ 1,466,670 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: March 31, December 31, (In thousands) 2019 2018 Payroll and related expenses $ 79,895 $ 85,532 Interest 50,031 35,734 Gaming liabilities 61,002 59,823 Player loyalty program liabilities 27,032 25,251 Advance deposits 26,032 21,687 Outstanding chip liabilities 5,641 7,449 Dividend payable 6,683 6,705 Operating lease liabilities 63,815 — Other accrued liabilities 92,758 91,994 Total accrued liabilities $ 412,889 $ 334,175 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt, net of current maturities and debt issuance costs, consists of the following: March 31, 2019 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) Mar. 31, 2019 Principal Discount Costs Debt, Net Bank credit facility 4.649 % $ 1,739,356 $ (1,218 ) $ (20,390 ) $ 1,717,748 6.875% senior notes due 2023 6.875 % 750,000 — (7,262 ) 742,738 6.375% senior notes due 2026 6.375 % 750,000 — (9,263 ) 740,737 6.000% senior notes due 2026 6.000 % 700,000 — (10,290 ) 689,710 Other 11.023 % 58,572 — — 58,572 Total long-term debt 3,997,928 (1,218 ) (47,205 ) 3,949,505 Less current maturities 26,986 — — 26,986 Long-term debt, net $ 3,970,942 $ (1,218 ) $ (47,205 ) $ 3,922,519 December 31, 2018 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) Dec. 31, 2018 Principal Discount Costs Debt, Net Bank credit facility 4.651 % $ 1,771,330 $ (1,286 ) $ (21,515 ) $ 1,748,529 6.875% senior notes due 2023 6.875 % 750,000 — (7,701 ) 742,299 6.375% senior notes due 2026 6.375 % 750,000 — (9,594 ) 740,406 6.000% senior notes due 2026 6.000 % 700,000 — (10,639 ) 689,361 Other 11.010 % 58,705 — — 58,705 Total long-term debt 4,030,035 (1,286 ) (49,449 ) 3,979,300 Less current maturities 24,181 — — 24,181 Long-term debt, net $ 4,005,854 $ (1,286 ) $ (49,449 ) $ 3,955,119 The outstanding principal amounts under our existing bank credit facility are comprised of the following: March 31, December 31, (In thousands) 2019 2018 Revolving Credit Facility $ 315,000 $ 320,000 Term A Loan 244,838 248,351 Refinancing Term B Loans 1,149,518 1,152,679 Swing Loan 30,000 50,300 Total outstanding principal amounts under the bank credit facility $ 1,739,356 $ 1,771,330 At March 31, 2019 , approximately $1.7 billion was outstanding under the bank credit facility. With a total revolving credit commitment of $945.5 million available under the bank credit facility, $315.0 million was borrowed on the Revolving Credit Facility, $30.0 million was borrowed on the Swing Loan and $12.7 million allocated to support various letters of credit, leaving a remaining contractual availability of $587.8 million as of March 31, 2019 . Covenant Compliance As of March 31, 2019 , we believe that we were in compliance with the financial and other covenants of our debt instruments. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments As of March 31, 2019 , 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, 2018 , as filed with the SEC on March 1, 2019 . 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. |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | NOTE 9. LEASES We have operating and finance leases primarily for three casino hotel properties, corporate offices, parking ramps, gaming and other equipment. Our leases have remaining lease terms of 1 year to 59 years, some of which include options to extend the leases for up to 67 years, and some of which include options to terminate the leases within 1 year. Certain of our lease agreements, including the Master lease, include provisions for variable lease payments, which represent lease payments that vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time. Such variable lease payments are expensed in the period in which the obligation for these payments is incurred. Variable lease expense recognized in the three months ended March 31, 2019 was not material. The components of lease expense were as follows: Three Months Ended (In thousands) March 31, 2019 Operating lease cost $ 29,635 Short-term lease cost 336 Supplemental cash flow information related to leases was as follows: Three Months Ended (In thousands) March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 29,720 Right-of-use assets obtained in exchange for lease obligations: Operating leases 3,710 Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) March 31, 2019 Operating Leases Operating lease right-of-use assets $ 919,583 Current lease liabilities (included in accrued liabilities) $ 63,815 Operating lease liabilities 855,768 Total operating lease liabilities $ 919,583 Weighted Average Remaining Lease Term Operating leases 20.2 years Weighted Average Discount Rate Operating leases 9.3 % Maturities of lease liabilities were as follows: (In thousands) Operating Leases For the period ending December 31, Last three quarters of 2019 $ 109,753 2020 138,789 2021 115,046 2022 112,981 2023 111,604 Thereafter 1,375,942 Total lease payments 1,964,115 Less imputed interest (980,717 ) Less current portion (included in accrued liabilities) (63,815 ) Long-term portion of operating lease liabilities $ 919,583 |
Stockholders' Equity and Stock
Stockholders' Equity and Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2019 | |
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 (the "2008 Plan"). On December 12, 2018, our Board of Directors authorized a new share repurchase program of $100 million which is in addition to the existing repurchase authorization (the "2018 Plan"). As of March 31, 2019 , the 2008 Plan was fully depleted and $78.9 million remained under the 2018 Plan. 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 March 31, (In thousands, except per share data) 2019 2018 Shares repurchased (2) 830 559 Total cost, including brokerage fees $ 21,653 $ 19,803 Average repurchase price per share (3) $ 26.09 $ 35.42 (1) Shares repurchased reflect repurchases settled during the three months ended March 31, 2019 and 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 December 7, 2018 December 28, 2018 January 15, 2019 0.06 March 4, 2019 March 15, 2019 April 15, 2019 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 March 31, (In thousands) 2019 2018 Gaming $ 194 $ 172 Food & beverage 37 33 Room 18 15 Selling, general and administrative 988 872 Corporate expense 8,472 7,835 Total share-based compensation expense $ 9,709 $ 8,927 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 2015 and 2014 vested during first quarter 2019 and 2018, 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 October 2015 resulted in a total of 395,964 shares being issued during first quarter 2019, representing approximately 1.67 shares per PSU. Of the 395,964 shares issued, a total of 125,004 were surrendered by the participants for payroll taxes, resulting in a net issuance of 270,960 shares due to the vesting of the 2015 grant. The actual achievement level under the award metrics equaled the estimated performance as of year-end 2018; therefore, the vesting of the PSUs did not impact compensation costs in our 2019 condensed consolidated statement of operations. 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 247,681 $ 247,681 $ — $ — Restricted cash 24,951 24,951 — — Investment available for sale 16,452 — — 16,452 Liabilities Contingent payments $ 2,280 $ — $ — $ 2,280 December 31, 2018 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 249,417 $ 249,417 $ — $ — Restricted cash 23,785 23,785 — — Investment available for sale 15,772 — — 15,772 Liabilities Contingent payments $ 2,407 $ — $ — $ 2,407 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 March 31, 2019 and December 31, 2018 . 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 March 31, 2019 and December 31, 2018 is a discount rate of 11.0% and 11.2% , 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 March 31, 2019 and December 31, 2018 , $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 March 31, 2019 and December 31, 2018 , $15.9 million and $15.3 million , respectively, is included in other assets on the condensed consolidated balance sheets. The discount associated with this investment of $2.8 million as of both March 31, 2019 and December 31, 2018 , 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 March 31, 2019 and December 31, 2018 , is a discount rate of 6.9% and 6.8% , respectively. At March 31, 2019 and December 31, 2018 , 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 March 31, 2019 and December 31, 2018 , of $1.4 million and $1.6 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 March 31, 2019 March 31, 2018 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 15,772 $ (2,407 ) $ 17,752 $ (2,887 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 37 (39 ) 36 (62 ) Included in other comprehensive income (loss) 643 — (1,334 ) — Included in other items, net — (66 ) — (82 ) Purchases, sales, issuances and settlements: Settlements — 232 — 218 Balance at end of reporting period $ 16,452 $ (2,280 ) $ 16,454 $ (2,813 ) 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: March 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 29,431 $ 24,128 $ 29,141 Level 3 December 31, 2018 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 29,943 $ 24,477 $ 29,591 Level 3 The following tables provide the fair value measurement information about our long-term debt: March 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,739,356 $ 1,717,748 $ 1,725,412 Level 2 6.875% senior notes due 2023 750,000 742,738 778,125 Level 1 6.375% senior notes due 2026 750,000 740,737 779,063 Level 1 6.000% senior notes due 2026 700,000 689,710 717,500 Level 1 Other 58,572 58,572 58,572 Level 3 Total debt $ 3,997,928 $ 3,949,505 $ 4,058,672 December 31, 2018 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,771,330 $ 1,748,529 $ 1,720,654 Level 2 6.875% senior notes due 2023 750,000 742,299 757,500 Level 1 6.375% senior notes due 2026 750,000 740,406 724,688 Level 1 6.000% senior notes due 2026 700,000 689,361 657,125 Level 1 Other 58,705 58,705 58,705 Level 3 Total debt $ 4,030,035 $ 3,979,300 $ 3,918,672 The estimated fair value of our bank credit facility is based on a relative value analysis performed on or about March 31, 2019 and December 31, 2018 . The estimated fair values of our Senior Notes are based on quoted market prices as of March 31, 2019 and December 31, 2018 . The other debt is fixed-rate debt consisting of the following: (i) Belterra Park Mortgage payable in 96 monthly installments, beginning in 2018; and (2) capital leases with various maturity dates from 2019 to 2026. The other debt 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 three months ended March 31, 2019 or 2018 . |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
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 Belterra Casino Resort Florence, Indiana 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 Ameristar Casino Hotel Kansas City Kansas City, Missouri Ameristar Casino Resort Spa St. Charles St. Charles, Missouri Belterra Park Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania Total Reportable Segment Departmental Revenues and Adjusted EBITDAR We evaluate each of our property's profitability based upon Property Adjusted EBITDAR, 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, gain or loss on early retirements of debt, and master lease rent expense, as applicable. Total Reportable Segment Adjusted EBITDAR is the aggregate sum of the Property Adjusted EBITDAR 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 March 31, 2019 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 143,643 $ 39,056 $ 26,204 $ 13,947 $ 222,850 Downtown Las Vegas 33,939 14,103 7,198 7,786 63,026 Midwest & South 442,671 57,931 23,842 16,968 541,412 Total Revenues $ 620,253 $ 111,090 $ 57,244 $ 38,701 $ 827,288 Three Months Ended March 31, 2018 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 143,148 $ 38,870 $ 26,156 $ 14,001 $ 222,175 Downtown Las Vegas 32,439 13,587 6,811 7,631 60,468 Midwest & South 264,876 32,942 14,945 10,712 323,475 Total Revenues $ 440,463 $ 85,399 $ 47,912 $ 32,344 $ 606,118 The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR to operating income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended March 31, (In thousands) 2019 2018 Adjusted EBITDAR Las Vegas Locals $ 74,234 $ 71,030 Downtown Las Vegas 15,025 13,218 Midwest & South 156,471 94,246 Total Reportable Segment Adjusted EBITDAR 245,730 178,494 Corporate expense (22,705 ) (18,022 ) Adjusted EBITDAR 223,025 160,472 Other operating costs and expenses Deferred rent 245 256 Master lease rent expense 23,962 — Depreciation and amortization 67,253 51,276 Share-based compensation expense 9,709 8,927 Project development, preopening and writedowns 4,031 3,440 Other operating items, net 199 1,799 Total other operating costs and expenses 105,399 65,698 Operating income $ 117,626 $ 94,774 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: March 31, December 31, (In thousands) 2019 2018 Assets Las Vegas Locals $ 1,856,666 $ 1,732,138 Downtown Las Vegas 214,844 169,495 Midwest & South 4,282,255 3,562,926 Total Reportable Segment Assets 6,353,765 5,464,559 Corporate 361,846 291,780 Total Assets $ 6,715,611 $ 5,756,339 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2019 | |
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 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. The 6.000% Notes, 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. On January 10, 2019, Ameristar Kansas City, Ameristar St. Charles, Belterra Resort, Belterra Park and Valley Forge became guarantors of the 6.875% Notes, the 6.375% Notes, the 6.000% Notes and the Credit Facility. The tables below present the condensed consolidating balance sheets as of March 31, 2019 and December 31, 2018 , the condensed consolidating statements of operations for the three months ended March 31, 2019 and 2018 , and the condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 . We have reclassified certain prior year amounts in the current year presentation to reflect the designation of the additional Restricted Subsidiaries listed above as subsidiary guarantors. Condensed Consolidating Balance Sheets March 31, 2019 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 $ 607 $ 232,397 $ — $ 14,677 $ — $ — $ 247,681 Restricted cash — 15,203 — 9,748 — — 24,951 Other current assets 13,953 112,997 — 3,078 — — 130,028 Property and equipment, net 155,029 2,485,423 — 102,466 — — 2,742,918 Investments in subsidiaries 6,515,113 6,967 — 1,068 — (6,523,148 ) — Intercompany receivable — 2,259,654 374,108 — — (2,633,762 ) — Operating leases right-of-use assets 20,771 892,928 — 5,884 — — 919,583 Other assets, net 42,227 30,443 — 48,281 — — 120,951 Intangible assets, net — 1,362,164 — 78,835 — — 1,440,999 Goodwill, net — 1,056,026 — 32,474 — — 1,088,500 Total assets $ 6,747,700 $ 8,454,202 $ 374,108 $ 296,511 $ — $ (9,156,910 ) $ 6,715,611 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 26,695 $ 291 $ — $ — $ — $ — $ 26,986 Other current liabilities 173,918 336,261 (191 ) 23,494 — 348 533,830 Intercompany payable 1,663,730 — — 970,104 — (2,633,834 ) — Long-term debt, net of current maturities and debt issuance costs 3,864,238 597 — 57,684 — — 3,922,519 Operating lease liabilities, net of current portion 17,706 833,663 — 4,399 — — 855,768 Other long-term liabilities (168,696 ) 391,822 900 (17,627 ) — — 206,399 Total stockholders' equity (deficit) 1,170,109 6,891,568 373,399 (741,543 ) — (6,523,424 ) 1,170,109 Total liabilities and stockholders' equity $ 6,747,700 $ 8,454,202 $ 374,108 $ 296,511 $ — $ (9,156,910 ) $ 6,715,611 * 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, 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 $ 8,697 $ 226,200 $ — $ 14,520 $ — $ — $ 249,417 Restricted cash — 13,703 — 10,082 — — 23,785 Other current assets 15,636 108,069 191 2,844 — (191 ) 126,549 Property and equipment, net 117,642 2,505,987 — 92,435 — — 2,716,064 Investments in subsidiaries 6,381,321 — — 3,861 — (6,385,182 ) — Intercompany receivable — 2,106,566 374,108 — — (2,480,674 ) — Other assets, net 33,513 30,002 — 48,237 — — 111,752 Intangible assets, net — 1,386,868 — 79,802 — — 1,466,670 Goodwill, net — 1,029,628 — 32,474 — — 1,062,102 Total assets $ 6,556,809 $ 7,407,023 $ 374,299 $ 284,255 $ — $ (8,866,047 ) $ 5,756,339 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 23,895 $ 286 $ — $ — $ — $ — $ 24,181 Other current liabilities 160,262 267,250 — 17,679 — 329 445,520 Accumulated losses of subsidiaries in excess of investment — 9,459 — — — (9,459 ) — Intercompany payable 1,509,857 — — 971,060 — (2,480,917 ) — Long-term debt, net of current maturities and debt issuance costs 3,896,699 736 — 57,684 — — 3,955,119 Other long-term liabilities (179,645 ) 382,148 900 (17,625 ) — — 185,778 Total stockholders' equity (deficit) 1,145,741 6,747,144 373,399 (744,543 ) — (6,376,000 ) 1,145,741 Total liabilities and stockholders' equity $ 6,556,809 $ 7,407,023 $ 374,299 $ 284,255 $ — $ (8,866,047 ) $ 5,756,339 * 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 March 31, 2019 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Total revenues $ 21,562 $ 810,548 $ — $ 21,319 $ — $ (26,141 ) $ 827,288 Operating costs and expenses Operating — 411,835 — 17,694 — — 429,529 Selling, general and administrative — 112,724 — 2,687 — — 115,411 Master lease rent expense — 23,962 — — — — 23,962 Maintenance and utilities — 37,834 — 266 — — 38,100 Depreciation and amortization 7,228 57,082 — 2,943 — — 67,253 Corporate expense 29,953 185 — 1,039 — — 31,177 Project development, preopening and writedowns 2,109 112 — 1,810 — — 4,031 Other operating items, net 24 175 — — — — 199 Intercompany expenses 51 26,090 — — — (26,141 ) — Total operating costs and expenses 39,365 669,999 — 26,439 — (26,141 ) 709,662 Equity in earnings (losses) of subsidiaries 109,868 (147 ) — — — (109,721 ) — Operating income (loss) 92,065 140,402 — (5,120 ) — (109,721 ) 117,626 Other expense (income) Interest expense, net 59,032 584 — 1,608 — — 61,224 Other, net 129 — — (14 ) — — 115 Total other expense (income), net 59,161 584 — 1,594 — — 61,339 Income (loss) from continuing operations before income taxes 32,904 139,818 — (6,714 ) — (109,721 ) 56,287 Income tax benefit (provision) 12,547 (24,440 ) — 1,057 — — (10,836 ) Net income (loss) $ 45,451 $ 115,378 $ — $ (5,657 ) $ — $ (109,721 ) $ 45,451 Comprehensive income (loss) $ 45,916 $ 115,843 $ — $ (5,657 ) $ — $ (110,186 ) $ 45,916 * 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 March 31, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Total revenues $ 20,841 $ 600,962 $ — $ 10,021 $ — $ (25,706 ) $ 606,118 Operating costs and expenses Operating — 303,833 — 9,630 — — 313,463 Selling, general and administrative 11 85,721 — 1,862 — (11 ) 87,583 Maintenance and utilities — 27,598 — 328 — — 27,926 Depreciation and amortization 3,836 46,530 — 910 — — 51,276 Corporate expense 25,248 3 — 606 — — 25,857 Project development, preopening and writedowns 1,503 173 — 1,764 — — 3,440 Other operating items, net — 1,799 — — — — 1,799 Intercompany expenses 301 25,394 — — — (25,695 ) — Total operating costs and expenses 30,899 491,051 — 15,100 — (25,706 ) 511,344 Equity in earnings (losses) of subsidiaries 81,644 (185 ) — — — (81,459 ) — Operating income (loss) 71,586 109,726 — (5,079 ) — (81,459 ) 94,774 Other expense (income) Interest expense, net 43,519 277 — 6 — — 43,802 Loss on early extinguishments and modifications of debt 61 — — — — — 61 Other, net — (364 ) — (16 ) — — (380 ) Total other expense (income), net 43,580 (87 ) — (10 ) — — 43,483 Income (loss) from continuing operations before income taxes 28,006 109,813 — (5,069 ) — (81,459 ) 51,291 Income tax benefit (provision) 13,393 (24,384 ) — 1,099 — — (9,892 ) Net income (loss) $ 41,399 $ 85,429 $ — $ (3,970 ) $ — $ (81,459 ) $ 41,399 Comprehensive income (loss) $ 40,435 $ 84,465 $ — $ (3,970 ) $ — $ (80,495 ) $ 40,435 * 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 Three Months Ended March 31, 2019 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 $ (30,882 ) $ 193,653 $ — $ 1,490 $ — $ (171 ) $ 164,090 Cash flows from investing activities Capital expenditures (63,156 ) (25,455 ) — (711 ) — — (89,322 ) Net activity with affiliates — (153,088 ) — — — 153,088 — Other investing activities (4,620 ) (7,298 ) — — — — (11,918 ) Net cash from investing activities (67,776 ) (185,841 ) — (711 ) — 153,088 (101,240 ) Cash flows from financing activities Borrowings under bank credit facility 434,829 — — — — — 434,829 Payments under bank credit facility (466,802 ) — — — — — (466,802 ) Debt financing costs, net (53 ) — — — — — (53 ) Net activity with affiliates 153,873 — — (956 ) — (152,917 ) — Share-based compensation activities, net (2,921 ) — — — — — (2,921 ) Shares repurchased and retired (21,653 ) — — — — — (21,653 ) Dividends paid (6,705 ) — — — — — (6,705 ) Other financing activities — (115 ) — — — — (115 ) Net cash from financing activities 90,568 (115 ) — (956 ) — (152,917 ) (63,420 ) Net change in cash, cash equivalents and restricted cash (8,090 ) 7,697 — (177 ) — — (570 ) Cash, cash equivalents and restricted cash, beginning of period 8,697 239,903 — 24,602 — — 273,202 Cash, cash equivalents and restricted cash, end of period $ 607 $ 247,600 $ — $ 24,425 $ — $ — $ 272,632 * 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 Three Months Ended March 31, 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 $ (19,900 ) $ 144,168 $ — $ (5,115 ) $ — $ (628 ) $ 118,525 Cash flows from investing activities Capital expenditures (13,097 ) (12,692 ) — (129 ) — — (25,918 ) Net activity with affiliates — (154,344 ) — — — 154,344 — Other investing activities (500 ) — — — — — (500 ) Net cash from investing activities (13,597 ) (167,036 ) — (129 ) — 154,344 (26,418 ) Cash flows from financing activities Borrowings under bank credit facility 179,600 — — — — — 179,600 Payments under bank credit facility (264,403 ) — — — — — (264,403 ) Debt financing costs, net (9 ) — — — — — (9 ) Net activity with affiliates 146,984 — — 6,732 — (153,716 ) — Share-based compensation activities, net (3,589 ) — — — — — (3,589 ) Shares repurchased and retired (19,803 ) — — — — — (19,803 ) Dividends paid (5,632 ) — — — — — (5,632 ) Other financing activities — (50 ) — — — — (50 ) Net cash from financing activities 33,148 (50 ) — 6,732 — (153,716 ) (113,886 ) Net change in cash, cash equivalents and restricted cash (349 ) (22,918 ) — 1,488 — — (21,779 ) 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 $ (2 ) $ 191,045 $ — $ 14,457 $ — $ — $ 205,500 * 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 | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS We have evaluated all events or transactions that occurred after March 31, 2019 . During this period, up to the filing date, we did not identify any additional subsequent events, other than the payment of the cash dividend disclosed in Note 10, 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) | 3 Months Ended |
Mar. 31, 2019 | |
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 customers 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 March 31, (In thousands) 2019 2018 Food & beverage $ 53,918 $ 42,638 Rooms 23,274 19,000 Other 3,466 2,580 |
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 $135.7 million and $78.1 million for the three months ended March 31, 2019 and 2018 , 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. Restricted Cash Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities. 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. March 31, December 31, March 31, December 31, (In thousands) 2019 2018 2018 2017 Cash and cash equivalents $ 247,681 $ 249,417 $ 179,706 $ 203,104 Restricted cash 24,951 23,785 25,794 24,175 Total cash, cash equivalents and restricted cash $ 272,632 $ 273,202 $ 205,500 $ 227,279 Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating right-of-use ("ROU") assets and finance lease assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease and non-lease components are accounted for separately. Operating leases are included in operating lease right-of-use assets, other current liabilities and operating lease liabilities on our condensed consolidated balance sheets. 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 customers 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 March 31, (In thousands) 2019 2018 Food & beverage $ 53,918 $ 42,638 Rooms 23,274 19,000 Other 3,466 2,580 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 $135.7 million and $78.1 million for the three months ended March 31, 2019 and 2018 , 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") 2018-02, 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 three months ended March 31, 2018. ASU 2016-02, Leases ("Update 2016-02"); ASU 2018-10, Targeted Improvements ("Update 2018-10"); ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ("Update ASU 2018-01"); ASU 2018-11, Codification Improvements to Topic 842, Leases ("Update 2018-11"); ASU 2019-01, Codification Improvements to Topic 842, Leases (collectively, the “Lease Standard”) The Lease Standard provides for transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the Lease Standard effective January 1, 2019, using the modified retrospective approach, which allows the initial application of the new guidance as of the adoption date without adjusting comparative periods presented. We elected the package of practical expedients for leases that commenced prior to the adoption date whereby we elected to not reassess (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. We also made an accounting policy election that leases with an initial term of 12 months or less are not recognized on our condensed consolidated balance sheet. Adoption of the Lease Standard resulted in the recognition of $926.7 million of ROU assets and $921.8 million of lease liabilities on our condensed consolidated balance sheet as of the date of adoption, primarily related to land, buildings and office space. The difference of $4.9 million represented deferred rent for leases that existed as of the date of adoption, which was an offset to the opening balance of right-of-use assets. The adoption of the Lease Standard did not have a material impact on our condensed consolidated statements of income, stockholders’ equity and cash flows. See Note 9, Leases , for further information regarding our leases. Recently Issued Accounting Pronouncements 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") 2018-02, 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 three months ended March 31, 2018. ASU 2016-02, Leases ("Update 2016-02"); ASU 2018-10, Targeted Improvements ("Update 2018-10"); ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ("Update ASU 2018-01"); ASU 2018-11, Codification Improvements to Topic 842, Leases ("Update 2018-11"); ASU 2019-01, Codification Improvements to Topic 842, Leases (collectively, the “Lease Standard”) The Lease Standard provides for transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the Lease Standard effective January 1, 2019, using the modified retrospective approach, which allows the initial application of the new guidance as of the adoption date without adjusting comparative periods presented. We elected the package of practical expedients for leases that commenced prior to the adoption date whereby we elected to not reassess (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. We also made an accounting policy election that leases with an initial term of 12 months or less are not recognized on our condensed consolidated balance sheet. Adoption of the Lease Standard resulted in the recognition of $926.7 million of ROU assets and $921.8 million of lease liabilities on our condensed consolidated balance sheet as of the date of adoption, primarily related to land, buildings and office space. The difference of $4.9 million represented deferred rent for leases that existed as of the date of adoption, which was an offset to the opening balance of right-of-use assets. The adoption of the Lease Standard did not have a material impact on our condensed consolidated statements of income, stockholders’ equity and cash flows. See Note 9, Leases , for further information regarding our leases. Recently Issued Accounting Pronouncements 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 Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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. March 31, December 31, March 31, December 31, (In thousands) 2019 2018 2018 2017 Cash and cash equivalents $ 247,681 $ 249,417 $ 179,706 $ 203,104 Restricted cash 24,951 23,785 25,794 24,175 Total cash, cash equivalents and restricted cash $ 272,632 $ 273,202 $ 205,500 $ 227,279 |
Schedule of Promotional Allowances [Table Text Block] | The estimated retail value related to goods and services provided to customers 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 March 31, (In thousands) 2019 2018 Food & beverage $ 53,918 $ 42,638 Rooms 23,274 19,000 Other 3,466 2,580 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | The pro forma amounts include the historical operating results of the Company, Lattner, Valley Forge and the Pinnacle Properties, prior to the acquisition, with adjustments directly attributable to the acquisitions. Three Months Ended March 31, 2018 (In thousands) Boyd Gaming Corporate (As Reported) Acquired Companies Boyd Gaming Corporate (Pro Forma) Total revenues $ 606,118 $ 209,716 $ 815,834 Net income from continuing operations, net of tax $ 41,399 $ 3,446 $ 44,845 Basic net income per share $ 0.36 $ 0.39 Diluted net income per share $ 0.36 $ 0.39 |
Penn National Gaming, Inc. [Domain] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following supplemental information presents the financial results of the Pinnacle Properties included in the Company's condensed consolidated statement of operations for the for the three months ended March 31, 2019 : Three Months Ended (In thousands) March 31, 2019 Total revenues $ 160,558 Net income $ 12,656 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the preliminary allocation of the purchase price: Preliminary Purchase Price Allocation (In thousands) As of December 31, 2018 Adjustments As of March 31, 2019 Current assets $ 64,604 $ — $ 64,604 Property and equipment 167,000 (400 ) 166,600 Other assets (28 ) — (28 ) Intangible assets 415,400 (16,700 ) 398,700 Total acquired assets 646,976 (17,100 ) 629,876 Current liabilities 54,585 — 54,585 Other liabilities 57,832 — 57,832 Total liabilities assumed 112,417 — 112,417 Net identifiable assets acquired 534,559 (17,100 ) 517,459 Goodwill 72,740 17,100 89,840 Net assets acquired $ 607,299 $ — $ 607,299 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the preliminary values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Land $ 7,350 Buildings and improvements 15 - 40 years 89,150 Furniture and equipment 2 - 10 years 65,200 Construction in progress 4,900 Property and equipment acquired $ 166,600 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired intangible assets and weighted average useful lives of definite-lived intangible assets. (In thousands) Useful Lives As Recorded Customer relationship 4 years $ 41,200 Trademark Indefinite 43,000 Gaming license right Indefinite 314,500 Total intangible assets acquired $ 398,700 |
Valley Forge Convention Center Partners, L.P. [Domain] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following supplemental information presents the financial results of Valley Forge included in the Company's condensed consolidated statement of operations for the three months ended March 31, 2019 : Three Months Ended (In thousands) March 31, 2019 Total revenues $ 41,191 Net income $ 6,828 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the preliminary allocation of the purchase price: Preliminary Purchase Price Allocation (In thousands) As of December 31, 2018 Adjustments As of March 31, 2019 Current assets $ 29,909 $ — $ 29,909 Property and equipment 56,500 — 56,500 Other assets 483 2,702 3,185 Intangible assets 148,600 (12,000 ) 136,600 Total acquired assets 235,492 (9,298 ) 226,194 Current liabilities 12,968 — 12,968 Other liabilities 606 — 606 Total liabilities assumed 13,574 — 13,574 Net identifiable assets acquired 221,918 (9,298 ) 212,620 Goodwill 69,446 9,298 78,744 Net assets acquired $ 291,364 $ — $ 291,364 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the preliminary values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives As Recorded Land $ 15,200 Buildings and improvements 15 - 40 years 32,900 Furniture and equipment 2 - 6 years 7,971 Construction in progress 429 Property and equipment acquired $ 56,500 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired intangible assets and weighted average useful lives of definite-lived intangible assets. (In thousands) Useful Lives As Recorded Customer relationship 5 years $ 16,100 Trademark Indefinite 12,500 Gaming license right Indefinite 108,000 Total intangible assets acquired $ 136,600 |
Lattner Entertainment Group Illinois, LLC [Domain] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the preliminary allocation of the purchase price: Preliminary Purchase Price Allocation (In thousands) As of December 31, 2018 Adjustments As of March 31, 2019 Current assets $ 10,638 $ — $ 10,638 Property and equipment 9,307 — 9,307 Other assets 1,963 — 1,963 Intangible assets 58,000 — 58,000 Total acquired assets 79,908 — 79,908 Current liabilities 1,062 — 1,062 Total liabilities assumed 1,062 — 1,062 Net identifiable assets acquired 78,846 — 78,846 Goodwill 31,692 — 31,692 Net assets acquired $ 110,538 $ — $ 110,538 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 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 $ 66 Furniture and equipment 3 - 7 years 9,241 Property and equipment acquired $ 9,307 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the acquired intangible asset and weighted average useful lives of the definite-lived intangible asset. (In thousands) Useful Lives As Recorded Host agreements 15 years $ 58,000 Total intangible assets acquired $ 58,000 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consists of the following: March 31, December 31, (In thousands) 2019 2018 Land $ 327,506 $ 316,590 Buildings and improvements 3,091,773 3,084,337 Furniture and equipment 1,519,582 1,480,917 Riverboats and barges 239,452 240,507 Construction in progress 97,660 66,752 Total property and equipment 5,275,973 5,189,103 Less accumulated depreciation 2,533,055 2,473,039 Property and equipment, net $ 2,742,918 $ 2,716,064 |
Depreciation Expense Table | Depreciation expense is as follows: Three Months Ended March 31, (In thousands) 2019 2018 Depreciation expense $ 60,045 $ 50,146 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consist of the following: March 31, 2019 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 4.0 years $ 66,700 $ (21,062 ) $ — $ 45,638 Favorable lease rates 36.8 years 11,730 (3,358 ) — 8,372 Development agreement — 21,373 — — 21,373 Host agreements 14.2 years 58,000 (3,222 ) — 54,778 157,803 (27,642 ) — 130,161 Indefinite lived intangible assets Trademarks Indefinite 207,387 — (4,300 ) 203,087 Gaming license rights Indefinite 1,321,685 (33,960 ) (179,974 ) 1,107,751 1,529,072 (33,960 ) (184,274 ) 1,310,838 Balance, March 31, 2019 $ 1,686,875 $ (61,602 ) $ (184,274 ) $ 1,440,999 December 31, 2018 Weighted Gross Cumulative Average Life Carrying Cumulative Impairment Intangible (In thousands) Remaining Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 7.3 years $ 65,400 $ (15,113 ) $ — $ 50,287 Favorable lease rates 37.0 years 11,730 (3,302 ) — 8,428 Development agreement — 21,373 — — 21,373 Host agreements 14.4 years 58,000 (2,256 ) — 55,744 156,503 (20,671 ) — 135,832 Indefinite lived intangible assets Trademarks Indefinite 207,387 — (4,300 ) 203,087 Gaming license rights Indefinite 1,341,685 (33,960 ) (179,974 ) 1,127,751 1,549,072 (33,960 ) (184,274 ) 1,330,838 Balance, December 31, 2018 $ 1,705,575 $ (54,631 ) $ (184,274 ) $ 1,466,670 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: March 31, December 31, (In thousands) 2019 2018 Payroll and related expenses $ 79,895 $ 85,532 Interest 50,031 35,734 Gaming liabilities 61,002 59,823 Player loyalty program liabilities 27,032 25,251 Advance deposits 26,032 21,687 Outstanding chip liabilities 5,641 7,449 Dividend payable 6,683 6,705 Operating lease liabilities 63,815 — Other accrued liabilities 92,758 91,994 Total accrued liabilities $ 412,889 $ 334,175 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) Mar. 31, 2019 Principal Discount Costs Debt, Net Bank credit facility 4.649 % $ 1,739,356 $ (1,218 ) $ (20,390 ) $ 1,717,748 6.875% senior notes due 2023 6.875 % 750,000 — (7,262 ) 742,738 6.375% senior notes due 2026 6.375 % 750,000 — (9,263 ) 740,737 6.000% senior notes due 2026 6.000 % 700,000 — (10,290 ) 689,710 Other 11.023 % 58,572 — — 58,572 Total long-term debt 3,997,928 (1,218 ) (47,205 ) 3,949,505 Less current maturities 26,986 — — 26,986 Long-term debt, net $ 3,970,942 $ (1,218 ) $ (47,205 ) $ 3,922,519 December 31, 2018 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) Dec. 31, 2018 Principal Discount Costs Debt, Net Bank credit facility 4.651 % $ 1,771,330 $ (1,286 ) $ (21,515 ) $ 1,748,529 6.875% senior notes due 2023 6.875 % 750,000 — (7,701 ) 742,299 6.375% senior notes due 2026 6.375 % 750,000 — (9,594 ) 740,406 6.000% senior notes due 2026 6.000 % 700,000 — (10,639 ) 689,361 Other 11.010 % 58,705 — — 58,705 Total long-term debt 4,030,035 (1,286 ) (49,449 ) 3,979,300 Less current maturities 24,181 — — 24,181 Long-term debt, net $ 4,005,854 $ (1,286 ) $ (49,449 ) $ 3,955,119 |
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: March 31, December 31, (In thousands) 2019 2018 Revolving Credit Facility $ 315,000 $ 320,000 Term A Loan 244,838 248,351 Refinancing Term B Loans 1,149,518 1,152,679 Swing Loan 30,000 50,300 Total outstanding principal amounts under the bank credit facility $ 1,739,356 $ 1,771,330 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three Months Ended (In thousands) March 31, 2019 Operating lease cost $ 29,635 Short-term lease cost 336 |
Supplemental Cash Flows - Leases [Table Text Block] | Supplemental cash flow information related to leases was as follows: Three Months Ended (In thousands) March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 29,720 Right-of-use assets obtained in exchange for lease obligations: Operating leases 3,710 |
Supplemental Balance Sheet - Leases [Table Text Block] | Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) March 31, 2019 Operating Leases Operating lease right-of-use assets $ 919,583 Current lease liabilities (included in accrued liabilities) $ 63,815 Operating lease liabilities 855,768 Total operating lease liabilities $ 919,583 Weighted Average Remaining Lease Term Operating leases 20.2 years Weighted Average Discount Rate Operating leases 9.3 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities were as follows: (In thousands) Operating Leases For the period ending December 31, Last three quarters of 2019 $ 109,753 2020 138,789 2021 115,046 2022 112,981 2023 111,604 Thereafter 1,375,942 Total lease payments 1,964,115 Less imputed interest (980,717 ) Less current portion (included in accrued liabilities) (63,815 ) Long-term portion of operating lease liabilities $ 919,583 |
Stockholders' Equity and Stoc_2
Stockholders' Equity and Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, (In thousands, except per share data) 2019 2018 Shares repurchased (2) 830 559 Total cost, including brokerage fees $ 21,653 $ 19,803 Average repurchase price per share (3) $ 26.09 $ 35.42 (1) Shares repurchased reflect repurchases settled during the three months ended March 31, 2019 and 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 December 7, 2018 December 28, 2018 January 15, 2019 0.06 March 4, 2019 March 15, 2019 April 15, 2019 0.06 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 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 March 31, (In thousands) 2019 2018 Gaming $ 194 $ 172 Food & beverage 37 33 Room 18 15 Selling, general and administrative 988 872 Corporate expense 8,472 7,835 Total share-based compensation expense $ 9,709 $ 8,927 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 247,681 $ 247,681 $ — $ — Restricted cash 24,951 24,951 — — Investment available for sale 16,452 — — 16,452 Liabilities Contingent payments $ 2,280 $ — $ — $ 2,280 December 31, 2018 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 249,417 $ 249,417 $ — $ — Restricted cash 23,785 23,785 — — Investment available for sale 15,772 — — 15,772 Liabilities Contingent payments $ 2,407 $ — $ — $ 2,407 |
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 March 31, 2019 March 31, 2018 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 15,772 $ (2,407 ) $ 17,752 $ (2,887 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 37 (39 ) 36 (62 ) Included in other comprehensive income (loss) 643 — (1,334 ) — Included in other items, net — (66 ) — (82 ) Purchases, sales, issuances and settlements: Settlements — 232 — 218 Balance at end of reporting period $ 16,452 $ (2,280 ) $ 16,454 $ (2,813 ) 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 | The following tables provide the fair value measurement information about our long-term debt: March 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,739,356 $ 1,717,748 $ 1,725,412 Level 2 6.875% senior notes due 2023 750,000 742,738 778,125 Level 1 6.375% senior notes due 2026 750,000 740,737 779,063 Level 1 6.000% senior notes due 2026 700,000 689,710 717,500 Level 1 Other 58,572 58,572 58,572 Level 3 Total debt $ 3,997,928 $ 3,949,505 $ 4,058,672 December 31, 2018 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,771,330 $ 1,748,529 $ 1,720,654 Level 2 6.875% senior notes due 2023 750,000 742,299 757,500 Level 1 6.375% senior notes due 2026 750,000 740,406 724,688 Level 1 6.000% senior notes due 2026 700,000 689,361 657,125 Level 1 Other 58,705 58,705 58,705 Level 3 Total debt $ 4,030,035 $ 3,979,300 $ 3,918,672 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: March 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 29,431 $ 24,128 $ 29,141 Level 3 December 31, 2018 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 29,943 $ 24,477 $ 29,591 Level 3 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 Belterra Casino Resort Florence, Indiana 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 Ameristar Casino Hotel Kansas City Kansas City, Missouri Ameristar Casino Resort Spa St. Charles St. Charles, Missouri Belterra Park Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania |
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 March 31, 2019 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 143,643 $ 39,056 $ 26,204 $ 13,947 $ 222,850 Downtown Las Vegas 33,939 14,103 7,198 7,786 63,026 Midwest & South 442,671 57,931 23,842 16,968 541,412 Total Revenues $ 620,253 $ 111,090 $ 57,244 $ 38,701 $ 827,288 Three Months Ended March 31, 2018 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 143,148 $ 38,870 $ 26,156 $ 14,001 $ 222,175 Downtown Las Vegas 32,439 13,587 6,811 7,631 60,468 Midwest & South 264,876 32,942 14,945 10,712 323,475 Total Revenues $ 440,463 $ 85,399 $ 47,912 $ 32,344 $ 606,118 |
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated | The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR to operating income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended March 31, (In thousands) 2019 2018 Adjusted EBITDAR Las Vegas Locals $ 74,234 $ 71,030 Downtown Las Vegas 15,025 13,218 Midwest & South 156,471 94,246 Total Reportable Segment Adjusted EBITDAR 245,730 178,494 Corporate expense (22,705 ) (18,022 ) Adjusted EBITDAR 223,025 160,472 Other operating costs and expenses Deferred rent 245 256 Master lease rent expense 23,962 — Depreciation and amortization 67,253 51,276 Share-based compensation expense 9,709 8,927 Project development, preopening and writedowns 4,031 3,440 Other operating items, net 199 1,799 Total other operating costs and expenses 105,399 65,698 Operating income $ 117,626 $ 94,774 |
Reconciliation of Assets from Segment to Consolidated | The Company's assets by Reportable Segment consisted of the following amounts: March 31, December 31, (In thousands) 2019 2018 Assets Las Vegas Locals $ 1,856,666 $ 1,732,138 Downtown Las Vegas 214,844 169,495 Midwest & South 4,282,255 3,562,926 Total Reportable Segment Assets 6,353,765 5,464,559 Corporate 361,846 291,780 Total Assets $ 6,715,611 $ 5,756,339 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of adjustments [Line Items] | |
Schedule of Condensed Balance Sheet | Condensed Consolidating Balance Sheets March 31, 2019 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 $ 607 $ 232,397 $ — $ 14,677 $ — $ — $ 247,681 Restricted cash — 15,203 — 9,748 — — 24,951 Other current assets 13,953 112,997 — 3,078 — — 130,028 Property and equipment, net 155,029 2,485,423 — 102,466 — — 2,742,918 Investments in subsidiaries 6,515,113 6,967 — 1,068 — (6,523,148 ) — Intercompany receivable — 2,259,654 374,108 — — (2,633,762 ) — Operating leases right-of-use assets 20,771 892,928 — 5,884 — — 919,583 Other assets, net 42,227 30,443 — 48,281 — — 120,951 Intangible assets, net — 1,362,164 — 78,835 — — 1,440,999 Goodwill, net — 1,056,026 — 32,474 — — 1,088,500 Total assets $ 6,747,700 $ 8,454,202 $ 374,108 $ 296,511 $ — $ (9,156,910 ) $ 6,715,611 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 26,695 $ 291 $ — $ — $ — $ — $ 26,986 Other current liabilities 173,918 336,261 (191 ) 23,494 — 348 533,830 Intercompany payable 1,663,730 — — 970,104 — (2,633,834 ) — Long-term debt, net of current maturities and debt issuance costs 3,864,238 597 — 57,684 — — 3,922,519 Operating lease liabilities, net of current portion 17,706 833,663 — 4,399 — — 855,768 Other long-term liabilities (168,696 ) 391,822 900 (17,627 ) — — 206,399 Total stockholders' equity (deficit) 1,170,109 6,891,568 373,399 (741,543 ) — (6,523,424 ) 1,170,109 Total liabilities and stockholders' equity $ 6,747,700 $ 8,454,202 $ 374,108 $ 296,511 $ — $ (9,156,910 ) $ 6,715,611 * 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, 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 $ 8,697 $ 226,200 $ — $ 14,520 $ — $ — $ 249,417 Restricted cash — 13,703 — 10,082 — — 23,785 Other current assets 15,636 108,069 191 2,844 — (191 ) 126,549 Property and equipment, net 117,642 2,505,987 — 92,435 — — 2,716,064 Investments in subsidiaries 6,381,321 — — 3,861 — (6,385,182 ) — Intercompany receivable — 2,106,566 374,108 — — (2,480,674 ) — Other assets, net 33,513 30,002 — 48,237 — — 111,752 Intangible assets, net — 1,386,868 — 79,802 — — 1,466,670 Goodwill, net — 1,029,628 — 32,474 — — 1,062,102 Total assets $ 6,556,809 $ 7,407,023 $ 374,299 $ 284,255 $ — $ (8,866,047 ) $ 5,756,339 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 23,895 $ 286 $ — $ — $ — $ — $ 24,181 Other current liabilities 160,262 267,250 — 17,679 — 329 445,520 Accumulated losses of subsidiaries in excess of investment — 9,459 — — — (9,459 ) — Intercompany payable 1,509,857 — — 971,060 — (2,480,917 ) — Long-term debt, net of current maturities and debt issuance costs 3,896,699 736 — 57,684 — — 3,955,119 Other long-term liabilities (179,645 ) 382,148 900 (17,625 ) — — 185,778 Total stockholders' equity (deficit) 1,145,741 6,747,144 373,399 (744,543 ) — (6,376,000 ) 1,145,741 Total liabilities and stockholders' equity $ 6,556,809 $ 7,407,023 $ 374,299 $ 284,255 $ — $ (8,866,047 ) $ 5,756,339 |
Schedule of Condensed Income Statement | Condensed Consolidating Statements of Operations Three Months Ended March 31, 2019 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Total revenues $ 21,562 $ 810,548 $ — $ 21,319 $ — $ (26,141 ) $ 827,288 Operating costs and expenses Operating — 411,835 — 17,694 — — 429,529 Selling, general and administrative — 112,724 — 2,687 — — 115,411 Master lease rent expense — 23,962 — — — — 23,962 Maintenance and utilities — 37,834 — 266 — — 38,100 Depreciation and amortization 7,228 57,082 — 2,943 — — 67,253 Corporate expense 29,953 185 — 1,039 — — 31,177 Project development, preopening and writedowns 2,109 112 — 1,810 — — 4,031 Other operating items, net 24 175 — — — — 199 Intercompany expenses 51 26,090 — — — (26,141 ) — Total operating costs and expenses 39,365 669,999 — 26,439 — (26,141 ) 709,662 Equity in earnings (losses) of subsidiaries 109,868 (147 ) — — — (109,721 ) — Operating income (loss) 92,065 140,402 — (5,120 ) — (109,721 ) 117,626 Other expense (income) Interest expense, net 59,032 584 — 1,608 — — 61,224 Other, net 129 — — (14 ) — — 115 Total other expense (income), net 59,161 584 — 1,594 — — 61,339 Income (loss) from continuing operations before income taxes 32,904 139,818 — (6,714 ) — (109,721 ) 56,287 Income tax benefit (provision) 12,547 (24,440 ) — 1,057 — — (10,836 ) Net income (loss) $ 45,451 $ 115,378 $ — $ (5,657 ) $ — $ (109,721 ) $ 45,451 Comprehensive income (loss) $ 45,916 $ 115,843 $ — $ (5,657 ) $ — $ (110,186 ) $ 45,916 * 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 March 31, 2018 Non- Non- Guarantor Guarantor Subsidiary Subsidiaries Subsidiaries Guarantor (100% (100% (Not 100% (In thousands) Parent Subsidiaries Owned)* Owned) Owned) Eliminations Consolidated Total revenues $ 20,841 $ 600,962 $ — $ 10,021 $ — $ (25,706 ) $ 606,118 Operating costs and expenses Operating — 303,833 — 9,630 — — 313,463 Selling, general and administrative 11 85,721 — 1,862 — (11 ) 87,583 Maintenance and utilities — 27,598 — 328 — — 27,926 Depreciation and amortization 3,836 46,530 — 910 — — 51,276 Corporate expense 25,248 3 — 606 — — 25,857 Project development, preopening and writedowns 1,503 173 — 1,764 — — 3,440 Other operating items, net — 1,799 — — — — 1,799 Intercompany expenses 301 25,394 — — — (25,695 ) — Total operating costs and expenses 30,899 491,051 — 15,100 — (25,706 ) 511,344 Equity in earnings (losses) of subsidiaries 81,644 (185 ) — — — (81,459 ) — Operating income (loss) 71,586 109,726 — (5,079 ) — (81,459 ) 94,774 Other expense (income) Interest expense, net 43,519 277 — 6 — — 43,802 Loss on early extinguishments and modifications of debt 61 — — — — — 61 Other, net — (364 ) — (16 ) — — (380 ) Total other expense (income), net 43,580 (87 ) — (10 ) — — 43,483 Income (loss) from continuing operations before income taxes 28,006 109,813 — (5,069 ) — (81,459 ) 51,291 Income tax benefit (provision) 13,393 (24,384 ) — 1,099 — — (9,892 ) Net income (loss) $ 41,399 $ 85,429 $ — $ (3,970 ) $ — $ (81,459 ) $ 41,399 Comprehensive income (loss) $ 40,435 $ 84,465 $ — $ (3,970 ) $ — $ (80,495 ) $ 40,435 * 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 Three Months Ended March 31, 2019 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 $ (30,882 ) $ 193,653 $ — $ 1,490 $ — $ (171 ) $ 164,090 Cash flows from investing activities Capital expenditures (63,156 ) (25,455 ) — (711 ) — — (89,322 ) Net activity with affiliates — (153,088 ) — — — 153,088 — Other investing activities (4,620 ) (7,298 ) — — — — (11,918 ) Net cash from investing activities (67,776 ) (185,841 ) — (711 ) — 153,088 (101,240 ) Cash flows from financing activities Borrowings under bank credit facility 434,829 — — — — — 434,829 Payments under bank credit facility (466,802 ) — — — — — (466,802 ) Debt financing costs, net (53 ) — — — — — (53 ) Net activity with affiliates 153,873 — — (956 ) — (152,917 ) — Share-based compensation activities, net (2,921 ) — — — — — (2,921 ) Shares repurchased and retired (21,653 ) — — — — — (21,653 ) Dividends paid (6,705 ) — — — — — (6,705 ) Other financing activities — (115 ) — — — — (115 ) Net cash from financing activities 90,568 (115 ) — (956 ) — (152,917 ) (63,420 ) Net change in cash, cash equivalents and restricted cash (8,090 ) 7,697 — (177 ) — — (570 ) Cash, cash equivalents and restricted cash, beginning of period 8,697 239,903 — 24,602 — — 273,202 Cash, cash equivalents and restricted cash, end of period $ 607 $ 247,600 $ — $ 24,425 $ — $ — $ 272,632 * 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 Three Months Ended March 31, 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 $ (19,900 ) $ 144,168 $ — $ (5,115 ) $ — $ (628 ) $ 118,525 Cash flows from investing activities Capital expenditures (13,097 ) (12,692 ) — (129 ) — — (25,918 ) Net activity with affiliates — (154,344 ) — — — 154,344 — Other investing activities (500 ) — — — — — (500 ) Net cash from investing activities (13,597 ) (167,036 ) — (129 ) — 154,344 (26,418 ) Cash flows from financing activities Borrowings under bank credit facility 179,600 — — — — — 179,600 Payments under bank credit facility (264,403 ) — — — — — (264,403 ) Debt financing costs, net (9 ) — — — — — (9 ) Net activity with affiliates 146,984 — — 6,732 — (153,716 ) — Share-based compensation activities, net (3,589 ) — — — — — (3,589 ) Shares repurchased and retired (19,803 ) — — — — — (19,803 ) Dividends paid (5,632 ) — — — — — (5,632 ) Other financing activities — (50 ) — — — — (50 ) Net cash from financing activities 33,148 (50 ) — 6,732 — (153,716 ) (113,886 ) Net change in cash, cash equivalents and restricted cash (349 ) (22,918 ) — 1,488 — — (21,779 ) 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 $ (2 ) $ 191,045 $ — $ 14,457 $ — $ — $ 205,500 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2019property | |
Consolidated Entities [Line Items] | |
Number of gaming entertainment properties | 29 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Promotional Allowances) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Food and Beverage | ||
Allowances [Line Items] | ||
Promotional Allowances (Deprecated 2018-01-31) | $ 53,918 | $ 42,638 |
Rooms | ||
Allowances [Line Items] | ||
Promotional Allowances (Deprecated 2018-01-31) | 23,274 | 19,000 |
Other Products and Services | ||
Allowances [Line Items] | ||
Promotional Allowances (Deprecated 2018-01-31) | $ 3,466 | $ 2,580 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Gaming Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Gaming taxes | $ 135.7 | $ 78.1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Contingency [Line Items] | ||
Income Tax Expense (Benefit) | $ 10,836 | $ 9,892 |
Adjustments for Change in Accounting Principle [Member] | ||
Income Tax Contingency [Line Items] | ||
Income Tax Expense (Benefit) | $ 300 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 247,681 | $ 249,417 | $ 179,706 | $ 203,104 |
Restricted cash | 24,951 | 23,785 | 25,794 | 24,175 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 272,632 | $ 273,202 | $ 205,500 | $ 227,279 |
Acquisitions and Divestitures I
Acquisitions and Divestitures Investment in and Divestiture of Business (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019USD ($)property | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2018USD ($) | Oct. 15, 2018USD ($) | Sep. 17, 2018USD ($) | Jun. 01, 2018USD ($) | |
Business Acquisition [Line Items] | ||||||
Revenues | $ 827,288 | $ 606,118 | ||||
Business Acquisition, Pro Forma Revenue | 815,834 | |||||
Number of Lattner Gaming Units | property | 1,000 | |||||
Number of Lattner Locations | property | 220 | |||||
Gross Revenues | $ 827,288 | 606,118 | ||||
Goodwill, net | 1,088,500 | $ 1,062,102 | ||||
Depreciation and amortization | 67,253 | 51,276 | ||||
Net income | 45,451 | 41,399 | ||||
Project development, preopening and writedowns | 4,031 | 3,440 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 44,845 | |||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.39 | |||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 0.39 | |||||
Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Revenues | 160,558 | |||||
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | $ 568,300 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 7,350 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 64,604 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 166,600 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 629,876 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 54,585 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 57,832 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 112,417 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 517,459 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 607,299 | |||||
Goodwill, net | 89,840 | |||||
Net income | 12,656 | |||||
Project development, preopening and writedowns | 1,000 | $ 500 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | (28) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 398,700 | |||||
Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Revenues | 41,191 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 29,909 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 56,500 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 226,194 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 12,968 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 606 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 13,574 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 212,620 | |||||
Business Combination, Net Purchase Price | 266,600 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 291,364 | |||||
Goodwill, net | 78,744 | |||||
Net income | 6,828 | |||||
Project development, preopening and writedowns | 300 | $ 400 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 3,185 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 136,600 | |||||
Lattner Entertainment Group Illinois, LLC [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 10,638 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,307 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 79,908 | |||||
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 | 78,846 | |||||
Business Combination, Net Purchase Price | 100,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 110,538 | |||||
Goodwill, net | 31,692 | |||||
Project development, preopening and writedowns | $ 200 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 1,963 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 58,000 | |||||
Project development, preopening and writedown | no | |||||
Land | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 15,200 | |||||
Buildings and improvements | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 89,150 | |||||
Buildings and improvements | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 32,900 | |||||
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 | 66 | |||||
Furniture and equipment | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 65,200 | |||||
Furniture and equipment | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,971 | |||||
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 | 9,241 | |||||
Construction in progress | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, CIP | 4,900 | |||||
Construction in progress | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, CIP | 429 | |||||
As Previously Reported [Member] | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 64,604 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 167,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 646,976 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 54,585 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 57,832 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 112,417 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 534,559 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 607,299 | |||||
Goodwill, net | 72,740 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | (28) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 415,400 | |||||
As Previously Reported [Member] | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 29,909 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 56,500 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 235,492 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 12,968 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 606 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 13,574 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 221,918 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 291,364 | |||||
Goodwill, net | 69,446 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 483 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 148,600 | |||||
As Previously Reported [Member] | Lattner Entertainment Group Illinois, LLC [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 10,638 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,307 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 79,908 | |||||
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 | 78,846 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 110,538 | |||||
Goodwill, net | 31,692 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 1,963 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 58,000 | |||||
Adjustments [Member] | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (400) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | (17,100) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (17,100) | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||||
Goodwill, net | 17,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (16,700) | |||||
Adjustments [Member] | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | (9,298) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | (9,298) | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||||
Goodwill, net | 9,298 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 2,702 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (12,000) | |||||
Adjustments [Member] | Lattner Entertainment Group Illinois, LLC [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 0 | |||||
Goodwill, net | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | |||||
Customer Relationships [Member] | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 41,200 | |||||
Customer Relationships [Member] | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 16,100 | |||||
Host Relationships [Domain] | Lattner Entertainment Group Illinois, LLC [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 58,000 | |||||
Trademarks | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 43,000 | |||||
Trademarks | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 12,500 | |||||
Gaming License Rights | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 314,500 | |||||
Gaming License Rights | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 108,000 | |||||
As Previously Reported [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Pro Forma Revenue | $ 606,118 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 41,399 | |||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.36 | |||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 0.36 | |||||
Adjustments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Pro Forma Revenue | $ 209,716 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 3,446 | |||||
Minimum [Member] | Buildings and improvements | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||
Minimum [Member] | Buildings and improvements | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||
Minimum [Member] | Buildings and improvements | Lattner Entertainment Group Illinois, LLC [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||
Minimum [Member] | Furniture and Equipment [Member] | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||
Minimum [Member] | Furniture and Equipment [Member] | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||
Minimum [Member] | Furniture and Equipment [Member] | Lattner Entertainment Group Illinois, LLC [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Maximum [Member] | Buildings and improvements | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||
Maximum [Member] | Buildings and improvements | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||
Maximum [Member] | Buildings and improvements | Lattner Entertainment Group Illinois, LLC [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 45 years | |||||
Maximum [Member] | Furniture and Equipment [Member] | Penn National Gaming, Inc. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Maximum [Member] | Furniture and Equipment [Member] | Valley Forge Convention Center Partners, L.P. [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 6 years | |||||
Maximum [Member] | Furniture and Equipment [Member] | Lattner Entertainment Group Illinois, LLC [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 7 years |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 5,275,973 | $ 5,189,103 | |
Less accumulated depreciation | 2,533,055 | 2,473,039 | |
Property and equipment, net | 2,742,918 | 2,716,064 | |
Depreciation expense | 60,045 | $ 50,146 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 327,506 | 316,590 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,091,773 | 3,084,337 | |
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,519,582 | 1,480,917 | |
Riverboats and barges | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 239,452 | 240,507 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 97,660 | $ 66,752 |
Intangible Assets (Summary of A
Intangible Assets (Summary of Amortizing and Indefinite-Lived Intangibles) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,686,875 | $ 1,705,575 |
Intangible assets, cumulative amortization | (61,602) | (54,631) |
Intangible assets, cumulative impairment | (184,274) | (184,274) |
Intangible assets, net | 1,440,999 | 1,466,670 |
Amortizing intangibles: | ||
Gross carrying value | 157,803 | 156,503 |
Cumulative amortization | (27,642) | (20,671) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 130,161 | 135,832 |
Indefinite lived intangible assets: | ||
Gross carrying value | 1,529,072 | 1,549,072 |
Cumulative amortization | (33,960) | (33,960) |
Cumulative impairment losses | (184,274) | (184,274) |
Intangible assets, net | $ 1,310,838 | $ 1,330,838 |
Customer Relationships [Member] | ||
Amortizing intangibles: | ||
Weighted average life | 4 years | 7 years 3 months 24 days |
Gross carrying value | $ 66,700 | $ 65,400 |
Cumulative amortization | (21,062) | (15,113) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 45,638 | $ 50,287 |
Off-Market Favorable Lease [Member] | ||
Amortizing intangibles: | ||
Weighted average life | 36 years 9 months | 37 years |
Gross carrying value | $ 11,730 | $ 11,730 |
Cumulative amortization | (3,358) | (3,302) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 8,372 | 8,428 |
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 | 14 years 2 months 24 days | 14 years 4 months 24 days |
Gross carrying value | $ 58,000 | $ 58,000 |
Cumulative amortization | (3,222) | (2,256) |
Cumulative impairment losses | 0 | 0 |
Intangible assets, net | 54,778 | 55,744 |
Trademarks | ||
Indefinite lived intangible assets: | ||
Gross carrying value | 207,387 | 207,387 |
Cumulative amortization | 0 | 0 |
Cumulative impairment losses | (4,300) | (4,300) |
Intangible assets, net | 203,087 | 203,087 |
Gaming License Rights | ||
Indefinite lived intangible assets: | ||
Gross carrying value | 1,321,685 | 1,341,685 |
Cumulative amortization | (33,960) | (33,960) |
Cumulative impairment losses | (179,974) | (179,974) |
Intangible assets, net | $ 1,107,751 | $ 1,127,751 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 79,895 | $ 85,532 |
Interest | 50,031 | 35,734 |
Gaming liabilities | 61,002 | 59,823 |
Player loyalty program liabilities | 27,032 | 25,251 |
Advance deposits | 26,032 | 21,687 |
Outstanding chip liabilities | 5,641 | 7,449 |
Dividends payable | 6,683 | 6,705 |
Operating Lease, Liability, Current | 63,815 | 0 |
Other accrued liabilities | 92,758 | 91,994 |
Total accrued liabilities | $ 412,889 | $ 334,175 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3,997,928 | $ 4,030,035 |
Unamortized discount | (1,218) | (1,286) |
Unamortized Debt Issuance Expense | (47,205) | (49,449) |
Long-term Debt, Current Maturities | 26,986 | 24,181 |
Long-term debt, gross, excluding current maturities | 3,970,942 | 4,005,854 |
Long-term debt, net of current maturities and debt issuance costs | 3,922,519 | 3,955,119 |
Parent | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 3,997,928 | 4,030,035 |
Unamortized discount | (1,218) | (1,286) |
Unamortized Debt Issuance Expense | (47,205) | (49,449) |
Long-term debt, net | 3,949,505 | 3,979,300 |
Long-term Debt, Current Maturities | 26,695 | 23,895 |
Long-term debt, net of current maturities and debt issuance costs | $ 3,864,238 | $ 3,896,699 |
Parent | Line of Credit | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 4.649% | 4.651% |
Unamortized discount | $ (1,218) | $ (1,286) |
Unamortized Debt Issuance Expense | (20,390) | (21,515) |
Parent | Senior Notes | 6.875 % Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0 | 0 |
Unamortized Debt Issuance Expense | $ (7,262) | $ (7,701) |
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 | $ (9,263) | $ (9,594) |
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 | $ 0 |
Unamortized Debt Issuance Expense | $ (10,290) | $ (10,639) |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 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 | 11.023% | 11.01% |
Fair Value, Measurements, Nonrecurring [Member] | Parent | Line of Credit | Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,739,356 | $ 1,771,330 |
Long-term debt, net | 1,717,748 | 1,748,529 |
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 | 742,738 | 742,299 |
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 | 740,737 | 740,406 |
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 | 700,000 |
Long-term debt, net | 689,710 | 689,361 |
Fair Value, Measurements, Nonrecurring [Member] | Parent | Other Debt Obligations [Member] | Other | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 58,572 | 58,705 |
Long-term debt, net | $ 58,572 | $ 58,705 |
Long-Term Debt (Schedule of Boy
Long-Term Debt (Schedule of Boyd Bank Credit Facility) (Details) - Line of Credit - Parent - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 1,739,356 | $ 1,771,330 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 315,000 | 320,000 |
Term Loan A [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 244,838 | 248,351 |
Refinancing Term B Loans [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 1,149,518 | 1,152,679 |
Swing Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 30,000 | $ 50,300 |
Long-Term Debt (Boyd Bank Credi
Long-Term Debt (Boyd Bank Credit Facility Narrative) (Details) - Parent - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 945,500 | |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 1,739,356 | $ 1,771,330 |
Line of Credit Facility, Remaining Borrowing Capacity | 587,800 | |
Line of Credit | Swing Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 30,000 | 50,300 |
Line of Credit | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 315,000 | 320,000 |
Line of Credit | Term Loan A [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 244,838 | 248,351 |
Line of Credit | Refinancing Term B Loans [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | 1,149,518 | $ 1,152,679 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
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 | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Extinguishment of Debt [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ (61) | |
Parent Company [Member] | |||
Extinguishment of Debt [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ (61) | ||
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% |
Long-Term Debt 6.000% Senior No
Long-Term Debt 6.000% Senior Notes due 2026 (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 28, 2016 |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,997,928 | $ 4,030,035 | |
Parent | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,997,928 | $ 4,030,035 | |
Subsidiaries, Ownership Percentage | 100.00% | ||
Parent | Senior Notes [Member] | 6.000% Senior Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |
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 | $ 700,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 29,635 | |
Short-term Lease, Cost | 336 | |
Operating Lease, Payments | 29,720 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 3,710 | |
Operating Lease, Right-of-Use Asset | 919,583 | $ 0 |
Operating Lease, Liability, Current | 63,815 | 0 |
Operating Lease, Liability, Noncurrent | 855,768 | $ 0 |
Operating Lease, Liability | $ 919,583 | |
Operating Lease, Weighted Average Remaining Lease Term | 20 years 2 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.30% |
Leases Maturities (Details)
Leases Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Maturities [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 109,753 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 138,789 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 115,046 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 112,981 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 111,604 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,375,942 | |
Lessee, Operating Lease, Liability, Payments, Due | 1,964,115 | |
Operating Lease, Imputed Interest | (980,717) | |
Operating Lease, Liability, Current | (63,815) | $ 0 |
Operating Lease, Liability | $ 919,583 |
Stockholders' Equity and Stoc_3
Stockholders' Equity and Stock Incentive Plans (Classification of Costs) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 9,709,000 | $ 8,927,000 | ||
Stock Repurchase Program, Authorized Amount | 100,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 78,900,000 | |||
Dividends, Share-based Compensation | 0.06 | $ 0.06 | 0.05 | $ 0.05 |
Stock Repurchased and Retired During Period, Value | $ 21,653,000 | $ 19,803,000 | ||
Average Repurchase Price per Share | $ 26.09 | $ 35.42 | ||
Common Stock | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock Repurchased and Retired During Period, Shares | 830,100 | 559,089 | ||
Release of performance stock units, net of tax | 270,960 | 337,537 | ||
Stock Repurchased and Retired During Period, Value | $ 8,000 | $ 6,000 | ||
Gaming Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 194,000 | 172,000 | ||
Food and Beverage Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 37,000 | 33,000 | ||
Room Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 18,000 | 15,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 988,000 | 872,000 | ||
Corporate Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 8,472,000 | $ 7,835,000 |
Stockholders' Equity and Stoc_4
Stockholders' Equity and Stock Incentive Plans Dividends (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Dividends, Share-based Payments [Abstract] | ||||
Dividends, Share-based Compensation | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.05 |
Stockholders' Equity and Stoc_5
Stockholders' Equity and Stock Incentive Plans RSU, PSU and Career Shares (Details) - Common Stock | 3 Months Ended |
Mar. 31, 2019shares | |
PSU - Dec 2014 [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Performance Stock Award, Gross | 395,964 |
Shares to be issued to settle PSUs | 1.67 |
Stock Issued During Period, Shares, Performance Stock Award, Taxes | 125,004 |
Stock Issued During Period, Shares, Performance Stock Award, Net | 270,960 |
PSU - Nov 2013 [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 |
Fair Value Measurements (Balanc
Fair Value Measurements (Balance Measured at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Current | $ 900 | $ 800 | ||
Available-for-sale Securities, Current | 500 | 500 | ||
Assets | ||||
Restricted cash | 24,951 | 23,785 | $ 25,794 | $ 24,175 |
Investment available for sale | 15,900 | 15,300 | ||
Liabilities | ||||
Fair Value, Discount Amount, Available for sales securities | 2,800 | 2,800 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets | ||||
Cash and cash equivalents | 247,681 | 249,417 | ||
Restricted cash | 24,951 | 23,785 | ||
Investment available for sale | 16,452 | 15,772 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | 2,280 | 2,407 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 | ||||
Assets | ||||
Cash and cash equivalents | 247,681 | 249,417 | ||
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 | 16,452 | 15,772 | ||
Liabilities | ||||
Business Combination, Contingent Consideration, Liability | $ 2,280 | $ 2,407 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative-Balances Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 20, 2011 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment available for sale | $ 15,900 | $ 15,300 | |
Available-for-sale Securities, Current | 500 | 500 | |
Fair Value, Discount Amount, Available for sales securities | 2,800 | 2,800 | |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Current | 900 | 800 | |
Business Combination, Contingent Consideration, Liability for Payments to Option Holder, Noncurrent | 1,400 | 1,600 | |
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 | $ 16,452 | 15,772 | |
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 | $ 16,452 | $ 15,772 | |
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 | 10.965% | 11.22% | |
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 | 6.90% | 6.80% | |
Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Term | 96 months |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Level 3 Assets and Liabilities) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Contingent Payments | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 2,407,000 | $ 2,887,000 |
Included in Earnings | 39,000 | 62,000 |
Included in Other Comprehensive Income (Loss) | 0 | 0 |
Transfers, Net | 66,000 | 82,000 |
Settlements | 232,000 | 218,000 |
Ending Balance | (2,280,000) | (2,813,000) |
Investment Available for Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 15,772,000 | 17,752,000 |
Included in Earnings | (37,000) | (36,000) |
Included in Other Comprehensive Income (Loss) | (643,000) | 1,334,000 |
Transfers, Net | 0 | 0 |
Ending Balance | 16,452,000 | 16,454,000 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | $ 3,949,505 | $ 3,979,300 |
Parent | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 3,949,505 | 3,979,300 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | 29,431 | 29,943 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | 24,128 | 24,477 |
Parent | Level 3 | Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commitments, Fair Value Disclosure | 29,141 | 29,591 |
Senior Notes [Member] | 6.000% Senior Notes Due 2026 [Member] | Parent | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | $ 689,710 | $ 689,361 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Balance Sheet Long-Term Debt Grouping) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | $ 3,997,928 | $ 4,030,035 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net | 3,949,505 | 3,979,300 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 4,058,672 | 3,918,672 |
Parent | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 3,997,928 | 4,030,035 |
Long-term debt, net | 3,949,505 | 3,979,300 |
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 | 1,739,356 | 1,771,330 |
Long-term debt, net | 1,717,748 | 1,748,529 |
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 | 742,738 | 742,299 |
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 | 740,737 | 740,406 |
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 | 700,000 |
Long-term debt, net | 689,710 | 689,361 |
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 | 742,299 | |
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 | 778,125 | 757,500 |
Level 1 | 6.375% Senior Notes Due 2026 | Fair Value, Measurements, Nonrecurring [Member] | Parent | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Gross | 750,000 | |
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 | 740,406 | |
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 | 779,063 | 724,688 |
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 | 717,500 | 657,125 |
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 | 1,771,330 | |
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 | 1,748,529 | |
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 | 1,725,412 | 1,720,654 |
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 | 58,705 | |
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 | 58,705 | |
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 | $ 58,572 | $ 58,705 |
Segment Information (Certain Se
Segment Information (Certain Segment Operating Data and Other) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Corporate expense | $ 31,177 | $ 25,857 |
Deferred rent | 245 | 256 |
Master Lease Rent Expense | 23,962 | 0 |
Depreciation and amortization | 67,253 | 51,276 |
Depreciation and amortization | (67,253) | (51,276) |
Share-based compensation expense | (9,709) | (8,927) |
Project development, preopening and writedowns | 4,031 | 3,440 |
Other operating items, net | 199 | 1,799 |
Total other operating costs and expenses | 105,399 | 65,698 |
Operating income | 117,626 | 94,774 |
Other | 38,701 | 32,344 |
Gross Revenues | 827,288 | 606,118 |
Casino Revenues | 620,253 | 440,463 |
Food and Beverage Revenues | 111,090 | 85,399 |
Occupancy Revenues | 57,244 | 47,912 |
Las Vegas Locals | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | 74,234 | 71,030 |
Other | 13,947 | 14,001 |
Gross Revenues | 222,850 | 222,175 |
Casino Revenues | 143,643 | 143,148 |
Food and Beverage Revenues | 39,056 | 38,870 |
Occupancy Revenues | 26,204 | 26,156 |
Downtown Las Vegas | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | 15,025 | 13,218 |
Other | 7,786 | 7,631 |
Gross Revenues | 63,026 | 60,468 |
Casino Revenues | 33,939 | 32,439 |
Food and Beverage Revenues | 14,103 | 13,587 |
Occupancy Revenues | 7,198 | 6,811 |
Midwest & South | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | 156,471 | 94,246 |
Other | 16,968 | 10,712 |
Gross Revenues | 541,412 | 323,475 |
Casino Revenues | 442,671 | 264,876 |
Food and Beverage Revenues | 57,931 | 32,942 |
Occupancy Revenues | 23,842 | 14,945 |
Corporate expense | ||
Segment Reporting, Certain Operating Data and Reconciling Item for Adjusted EBITDA from Segment to Consolidated [Line Items] | ||
Reportable Segment Adjusted EBITDA | 245,730 | 178,494 |
Corporate expense | (22,705) | (18,022) |
Adjusted EBITDAR | 223,025 | 160,472 |
Master Lease Rent Expense | $ 23,962 | $ 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 6,715,611 | $ 5,756,339 |
Las Vegas Locals | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,856,666 | 1,732,138 |
Downtown Las Vegas | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 214,844 | 169,495 |
Midwest & South | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,282,255 | 3,562,926 |
Total Reportable Segment Adjusted EBITDA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 6,353,765 | 5,464,559 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 361,846 | $ 291,780 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Balance Sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Cash and cash equivalents | $ 247,681 | $ 249,417 | $ 179,706 | $ 203,104 |
Restricted cash | 24,951 | 23,785 | 25,794 | 24,175 |
Other current assets | 130,028 | 126,549 | ||
Property and equipment, net | 2,742,918 | 2,716,064 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 919,583 | 0 | ||
Other assets, net | 120,951 | 111,752 | ||
Intangible assets, net | 1,440,999 | 1,466,670 | ||
Goodwill, net | 1,088,500 | 1,062,102 | ||
Total assets | 6,715,611 | 5,756,339 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 26,986 | 24,181 | ||
Other current liabilities | 533,830 | 445,520 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | |||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 3,922,519 | 3,955,119 | ||
Operating Lease, Liability, Noncurrent | 855,768 | 0 | ||
Other long-term liabilities | 206,399 | 185,778 | ||
Total stockholders' equity (deficit) | 1,170,109 | 1,145,741 | $ 1,117,562 | $ 1,097,227 |
Total liabilities and stockholders' equity | 6,715,611 | 5,756,339 | ||
Subsidiary, BAC [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Other current assets | 0 | 191 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany receivable | 374,108 | 374,108 | ||
Operating Lease, Right-of-Use Asset | 0 | |||
Other assets, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 374,108 | 374,299 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 0 | 0 | ||
Other current liabilities | (191) | 0 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | |||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Operating Lease, Liability, Noncurrent | 0 | |||
Other long-term liabilities | 900 | 900 | ||
Total stockholders' equity (deficit) | 373,399 | 373,399 | ||
Total liabilities and stockholders' equity | 374,108 | 374,299 | ||
Parent | ||||
Assets | ||||
Cash and cash equivalents | 607 | 8,697 | ||
Restricted cash | 0 | 0 | ||
Other current assets | 13,953 | 15,636 | ||
Property and equipment, net | 155,029 | 117,642 | ||
Investments in subsidiaries | 6,515,113 | 6,381,321 | ||
Intercompany receivable | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 20,771 | |||
Other assets, net | 42,227 | 33,513 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | 6,747,700 | 6,556,809 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 26,695 | 23,895 | ||
Other current liabilities | 173,918 | 160,262 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | |||
Intercompany payable | 1,663,730 | 1,509,857 | ||
Long-term debt, net of current maturities and debt issuance costs | 3,864,238 | 3,896,699 | ||
Operating Lease, Liability, Noncurrent | 17,706 | |||
Other long-term liabilities | (168,696) | (179,645) | ||
Total stockholders' equity (deficit) | 1,170,109 | 1,145,741 | ||
Total liabilities and stockholders' equity | 6,747,700 | 6,556,809 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 232,397 | 226,200 | ||
Restricted cash | 15,203 | 13,703 | ||
Other current assets | 112,997 | 108,069 | ||
Property and equipment, net | 2,485,423 | 2,505,987 | ||
Investments in subsidiaries | 6,967 | 0 | ||
Intercompany receivable | 2,259,654 | 2,106,566 | ||
Operating Lease, Right-of-Use Asset | 892,928 | |||
Other assets, net | 30,443 | 30,002 | ||
Intangible assets, net | 1,362,164 | 1,386,868 | ||
Goodwill, net | 1,056,026 | 1,029,628 | ||
Total assets | 8,454,202 | 7,407,023 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 291 | 286 | ||
Other current liabilities | 336,261 | 267,250 | ||
Accumulated losses of subsidiaries in excess of investment | 9,459 | |||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 597 | 736 | ||
Operating Lease, Liability, Noncurrent | 833,663 | |||
Other long-term liabilities | 391,822 | 382,148 | ||
Total stockholders' equity (deficit) | 6,891,568 | 6,747,144 | ||
Total liabilities and stockholders' equity | 8,454,202 | 7,407,023 | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Assets | ||||
Cash and cash equivalents | 14,677 | 14,520 | ||
Restricted cash | 9,748 | 10,082 | ||
Other current assets | 3,078 | 2,844 | ||
Property and equipment, net | 102,466 | 92,435 | ||
Investments in subsidiaries | 1,068 | 3,861 | ||
Intercompany receivable | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 5,884 | |||
Other assets, net | 48,281 | 48,237 | ||
Intangible assets, net | 78,835 | 79,802 | ||
Goodwill, net | 32,474 | 32,474 | ||
Total assets | 296,511 | 284,255 | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 0 | 0 | ||
Other current liabilities | 23,494 | 17,679 | ||
Accumulated losses of subsidiaries in excess of investment | 0 | |||
Intercompany payable | 970,104 | 971,060 | ||
Long-term debt, net of current maturities and debt issuance costs | 57,684 | 57,684 | ||
Operating Lease, Liability, Noncurrent | 4,399 | |||
Other long-term liabilities | (17,627) | (17,625) | ||
Total stockholders' equity (deficit) | (741,543) | (744,543) | ||
Total liabilities and stockholders' equity | 296,511 | 284,255 | ||
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 | ||
Operating Lease, Right-of-Use Asset | 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 | |||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Operating Lease, Liability, Noncurrent | 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 | 0 | (191) | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | (6,523,148) | (6,385,182) | ||
Intercompany receivable | (2,633,762) | (2,480,674) | ||
Operating Lease, Right-of-Use Asset | 0 | |||
Other assets, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Total assets | (9,156,910) | (8,866,047) | ||
Liabilities and Stockholders’ Equity | ||||
Long-term Debt, Current Maturities | 0 | 0 | ||
Other current liabilities | 348 | 329 | ||
Accumulated losses of subsidiaries in excess of investment | (9,459) | |||
Intercompany payable | (2,633,834) | (2,480,917) | ||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | ||
Operating Lease, Liability, Noncurrent | 0 | |||
Other long-term liabilities | 0 | 0 | ||
Total stockholders' equity (deficit) | (6,523,424) | (6,376,000) | ||
Total liabilities and stockholders' equity | $ (9,156,910) | $ (8,866,047) |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Income Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 827,288 | $ 606,118 | ||
Costs and Expenses | ||||
Operating | 429,529 | 313,463 | ||
Selling, general and administrative | 115,411 | 87,583 | ||
Master Lease Rent Expense | 23,962 | 0 | ||
Maintenance and utilities | 38,100 | 27,926 | ||
Depreciation and amortization | 67,253 | 51,276 | ||
Corporate expense | 31,177 | 25,857 | ||
Project development, preopening and writedowns | 4,031 | 3,440 | ||
Other operating items, net | 199 | 1,799 | ||
Intercompany Expense | 0 | 0 | ||
Total operating costs and expenses | 709,662 | 511,344 | ||
Equity in Earnings of Subsidiaries | 0 | 0 | ||
Operating income | 117,626 | 94,774 | ||
Other expense (income) | ||||
Interest expense, net | 61,224 | 43,802 | ||
Loss on early extinguishments and modifications of debt | 0 | 61 | ||
Other Nonoperating Income (Expense) | 115 | (380) | ||
Total other expense (income), net | 61,339 | 43,483 | ||
Income from continuing operations before income taxes | 56,287 | 51,291 | ||
Income tax provision | (10,836) | (9,892) | ||
Net income | 45,451 | 41,399 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 45,916 | 40,435 | ||
Subsidiary, BAC [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | ||
Costs and Expenses | ||||
Operating | 0 | 0 | ||
Selling, general and administrative | 0 | 0 | ||
Maintenance and utilities | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Corporate expense | 0 | 0 | ||
Project development, preopening and writedowns | 0 | 0 | ||
Other operating items, net | 0 | 0 | ||
Intercompany Expense | 0 | 0 | ||
Total operating costs and expenses | 0 | 0 | ||
Equity in Earnings of Subsidiaries | 0 | 0 | ||
Operating income | 0 | 0 | ||
Other expense (income) | ||||
Interest expense, net | 0 | |||
Loss on early extinguishments and modifications of debt | 0 | 0 | ||
Other Nonoperating Income (Expense) | 0 | 0 | ||
Total other expense (income), net | 0 | 0 | ||
Income from continuing operations before income taxes | 0 | 0 | ||
Income tax provision | 0 | 0 | ||
Net income | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | ||
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 21,562 | 20,841 | ||
Costs and Expenses | ||||
Operating | 0 | 0 | ||
Selling, general and administrative | 0 | 11 | ||
Master Lease Rent Expense | 0 | |||
Maintenance and utilities | 0 | 0 | ||
Depreciation and amortization | 7,228 | 3,836 | ||
Corporate expense | 29,953 | 25,248 | ||
Project development, preopening and writedowns | 2,109 | 1,503 | ||
Other operating items, net | 24 | 0 | ||
Intercompany Expense | 51 | 301 | ||
Total operating costs and expenses | 39,365 | 30,899 | ||
Equity in Earnings of Subsidiaries | 109,868 | 81,644 | ||
Operating income | 92,065 | 71,586 | ||
Other expense (income) | ||||
Interest expense, net | 59,032 | 43,519 | ||
Loss on early extinguishments and modifications of debt | 61 | |||
Other Nonoperating Income (Expense) | 129 | 0 | ||
Total other expense (income), net | 59,161 | 43,580 | ||
Income from continuing operations before income taxes | 32,904 | 28,006 | ||
Income tax provision | 12,547 | 13,393 | ||
Net income | 45,451 | 41,399 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 45,916 | 40,435 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 810,548 | 600,962 | ||
Costs and Expenses | ||||
Operating | 411,835 | 303,833 | ||
Selling, general and administrative | 112,724 | 85,721 | ||
Master Lease Rent Expense | 23,962 | |||
Maintenance and utilities | 37,834 | 27,598 | ||
Depreciation and amortization | 57,082 | 46,530 | ||
Corporate expense | 185 | 3 | ||
Project development, preopening and writedowns | 112 | 173 | ||
Other operating items, net | 175 | 1,799 | ||
Intercompany Expense | 26,090 | 25,394 | ||
Total operating costs and expenses | 669,999 | 491,051 | ||
Equity in Earnings of Subsidiaries | (147) | (185) | ||
Operating income | 140,402 | 109,726 | ||
Other expense (income) | ||||
Interest expense, net | 584 | 277 | ||
Loss on early extinguishments and modifications of debt | 0 | |||
Other Nonoperating Income (Expense) | 0 | (364) | ||
Total other expense (income), net | 584 | (87) | ||
Income from continuing operations before income taxes | 139,818 | 109,813 | ||
Income tax provision | (24,440) | (24,384) | ||
Net income | 115,378 | 85,429 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 115,843 | 84,465 | ||
Non-Guarantor Subsidiaries (100% Owned) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 21,319 | 10,021 | ||
Costs and Expenses | ||||
Operating | 17,694 | 9,630 | ||
Selling, general and administrative | 2,687 | 1,862 | ||
Master Lease Rent Expense | 0 | |||
Maintenance and utilities | 266 | 328 | ||
Depreciation and amortization | 2,943 | 910 | ||
Corporate expense | 1,039 | 606 | ||
Project development, preopening and writedowns | 1,810 | 1,764 | ||
Other operating items, net | 0 | 0 | ||
Intercompany Expense | 0 | 0 | ||
Total operating costs and expenses | 26,439 | 15,100 | ||
Equity in Earnings of Subsidiaries | 0 | 0 | ||
Operating income | (5,120) | (5,079) | ||
Other expense (income) | ||||
Interest expense, net | 1,608 | 6 | ||
Loss on early extinguishments and modifications of debt | 0 | |||
Other Nonoperating Income (Expense) | (14) | (16) | ||
Total other expense (income), net | 1,594 | (10) | ||
Income from continuing operations before income taxes | (6,714) | (5,069) | ||
Income tax provision | 1,057 | 1,099 | ||
Net income | (5,657) | (3,970) | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (5,657) | (3,970) | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | ||
Costs and Expenses | ||||
Operating | 0 | 0 | ||
Selling, general and administrative | 0 | 0 | ||
Master Lease Rent Expense | 0 | |||
Maintenance and utilities | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Corporate expense | 0 | 0 | ||
Project development, preopening and writedowns | 0 | 0 | ||
Other operating items, net | 0 | 0 | ||
Intercompany Expense | 0 | 0 | ||
Total operating costs and expenses | 0 | 0 | ||
Equity in Earnings of Subsidiaries | 0 | 0 | ||
Operating income | 0 | 0 | ||
Other expense (income) | ||||
Interest expense, net | 0 | 0 | ||
Loss on early extinguishments and modifications of debt | 0 | |||
Other Nonoperating Income (Expense) | 0 | 0 | ||
Total other expense (income), net | 0 | 0 | ||
Income from continuing operations before income taxes | 0 | 0 | ||
Income tax provision | 0 | 0 | ||
Net income | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | (26,141) | (25,706) | ||
Costs and Expenses | ||||
Operating | 0 | 0 | ||
Selling, general and administrative | 0 | (11) | ||
Master Lease Rent Expense | 0 | |||
Maintenance and utilities | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Corporate expense | 0 | 0 | ||
Project development, preopening and writedowns | 0 | 0 | ||
Other operating items, net | 0 | 0 | ||
Intercompany Expense | (26,141) | (25,695) | ||
Total operating costs and expenses | (26,141) | (25,706) | ||
Equity in Earnings of Subsidiaries | (109,721) | (81,459) | ||
Operating income | (109,721) | (81,459) | ||
Other expense (income) | ||||
Interest expense, net | 0 | 0 | ||
Loss on early extinguishments and modifications of debt | 0 | |||
Other Nonoperating Income (Expense) | 0 | 0 | ||
Total other expense (income), net | 0 | 0 | ||
Income from continuing operations before income taxes | (109,721) | (81,459) | ||
Income tax provision | 0 | 0 | ||
Net income | (109,721) | (81,459) | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (110,186) | (80,495) | ||
Subsidiary, BAC [Member] | ||||
Costs and Expenses | ||||
Master Lease Rent Expense | 0 | |||
Corporate expense | ||||
Costs and Expenses | ||||
Master Lease Rent Expense | 23,962 | 0 | ||
Corporate expense | (22,705) | (18,022) | ||
Investments [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 16,452 | $ 16,454 | $ 15,772 | $ 17,752 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||||
Net cash from operating activities | $ 164,090 | $ 118,525 | ||
Cash flows from investing activities | ||||
Capital expenditures | (89,322) | (25,918) | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | (11,918) | (500) | ||
Net cash used in investing activities | (101,240) | (26,418) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 434,829 | 179,600 | ||
Payments under bank credit facility | (466,802) | (264,403) | ||
Debt issue costs | (53) | (9) | ||
Net activity with affiliates | 0 | 0 | ||
Share-based compensation activities, net | (2,921) | (3,589) | ||
Stock Repurchased and Retired During Period, Value | (21,653) | (19,803) | ||
Payments of Ordinary Dividends, Common Stock | (6,705) | (5,632) | ||
Proceeds from (Payments for) Combined Other Financing Activities | (115) | (50) | ||
Net cash provided by (used in) financing activities | (63,420) | (113,886) | ||
Cash and cash equivalents, beginning of period | 272,632 | 205,500 | $ 273,202 | $ 227,279 |
Net change in cash, cash equivalents and restricted cash | (570) | (21,779) | ||
Parent | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | (30,882) | (19,900) | ||
Cash flows from investing activities | ||||
Capital expenditures | (63,156) | (13,097) | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | (4,620) | (500) | ||
Net cash used in investing activities | (67,776) | (13,597) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 434,829 | 179,600 | ||
Payments under bank credit facility | (466,802) | (264,403) | ||
Debt issue costs | (53) | (9) | ||
Net activity with affiliates | 153,873 | 146,984 | ||
Share-based compensation activities, net | (2,921) | (3,589) | ||
Stock Repurchased and Retired During Period, Value | (21,653) | (19,803) | ||
Payments of Ordinary Dividends, Common Stock | 6,705 | 5,632 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||
Net cash provided by (used in) financing activities | 90,568 | 33,148 | ||
Cash and cash equivalents, beginning of period | 607 | (2) | 8,697 | 347 |
Net change in cash, cash equivalents and restricted cash | (8,090) | (349) | ||
Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 193,653 | 144,168 | ||
Cash flows from investing activities | ||||
Capital expenditures | (25,455) | (12,692) | ||
Net activity with affiliates | (153,088) | (154,344) | ||
Other investing activities | (7,298) | 0 | ||
Net cash used in investing activities | (185,841) | (167,036) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 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 | 0 | ||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | (115) | (50) | ||
Net cash provided by (used in) financing activities | (115) | (50) | ||
Cash and cash equivalents, beginning of period | 247,600 | 191,045 | 239,903 | 213,963 |
Net change in cash, cash equivalents and restricted cash | 7,697 | (22,918) | ||
Subsidiary, BAC [Member] | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 0 | 0 | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
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 | 0 | ||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 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 | 1,490 | (5,115) | ||
Cash flows from investing activities | ||||
Capital expenditures | (711) | (129) | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | (711) | (129) | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | (956) | 6,732 | ||
Share-based compensation activities, net | 0 | 0 | ||
Stock Repurchased and Retired During Period, Value | 0 | 0 | ||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||
Net cash provided by (used in) financing activities | (956) | 6,732 | ||
Cash and cash equivalents, beginning of period | 24,425 | 14,457 | 24,602 | 12,969 |
Net change in cash, cash equivalents and restricted cash | (177) | 1,488 | ||
Non-Guarantor Subsidiaries (Not 100% Owned) | ||||
Cash flows from operating activities | ||||
Net cash from operating activities | 0 | 0 | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Net activity with affiliates | 0 | 0 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
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 | 0 | ||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 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 | (171) | (628) | ||
Cash flows from investing activities | ||||
Capital expenditures | 0 | 0 | ||
Net activity with affiliates | 153,088 | 154,344 | ||
Other investing activities | 0 | 0 | ||
Net cash used in investing activities | 153,088 | 154,344 | ||
Cash flows from financing activities | ||||
Borrowings under bank credit facility | 0 | 0 | ||
Payments under bank credit facility | 0 | 0 | ||
Debt issue costs | 0 | 0 | ||
Net activity with affiliates | (152,917) | (153,716) | ||
Share-based compensation activities, net | 0 | 0 | ||
Stock Repurchased and Retired During Period, Value | 0 | 0 | ||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | ||
Proceeds from (Payments for) Combined Other Financing Activities | 0 | 0 | ||
Net cash provided by (used in) financing activities | (152,917) | (153,716) | ||
Cash and cash equivalents, beginning of period | 0 | 0 | $ 0 | $ 0 |
Net change in cash, cash equivalents and restricted cash | $ 0 | $ 0 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information (Narrative) (Details) - Parent | Mar. 31, 2019 | Dec. 31, 2018 | 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% | 6.00% |