Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000906553 | |
Entity Registrant Name | BOYD GAMING CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-12882 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0242733 | |
Entity Address, Address Line One | 3883 Howard Hughes Parkway, Ninth Floor | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89169 | |
City Area Code | 702 | |
Local Phone Number | 792-7200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | BYD | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 111,251,684 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 831,246 | $ 249,977 |
Restricted cash | 18,529 | 20,471 |
Accounts receivable, net | 37,568 | 54,864 |
Inventories | 22,235 | 22,101 |
Prepaid expenses and other current assets | 48,708 | 46,481 |
Income taxes receivable | 5,477 | 5,600 |
Total current assets | 963,763 | 399,494 |
Property and equipment, net | 2,657,929 | 2,672,553 |
Operating lease right-of-use assets | 928,026 | 936,170 |
Other assets, net | 92,900 | 91,750 |
Intangible assets, net | 1,402,957 | 1,466,891 |
Goodwill, net | 971,287 | 1,083,287 |
Total assets | 7,016,862 | 6,650,145 |
Current liabilities | ||
Accounts payable | 77,038 | 91,003 |
Current maturities of long-term debt | 27,000 | 26,994 |
Accrued liabilities | 397,001 | 438,896 |
Income tax payable | 119 | 0 |
Total current liabilities | 501,158 | 556,893 |
Long-term debt, net of current maturities and debt issuance costs | 4,368,097 | 3,738,937 |
Operating lease liabilities, net of current portion | 828,466 | 840,285 |
Deferred income taxes | 121,781 | 162,695 |
Other long-term tax liabilities | 3,888 | 3,840 |
Other liabilities | 81,702 | 82,253 |
Commitments and contingencies (Notes 6 and 8) | ||
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; 111,180,132 and 111,542,108 shares outstanding | 1,112 | 1,115 |
Additional paid-in capital | 876,678 | 883,715 |
Retained earnings | 233,383 | 380,942 |
Accumulated other comprehensive income (loss) | 597 | (530) |
Total stockholders' equity | 1,111,770 | 1,265,242 |
Total liabilities and stockholders' equity | $ 7,016,862 | $ 6,650,145 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares outstanding (in shares) | 111,180,132 | 111,542,108 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Total revenues | $ 680,525 | $ 827,288 |
Operating costs and expenses | ||
Selling, general and administrative | 113,430 | 115,411 |
Master lease rent expense | 24,665 | 23,962 |
Maintenance and utilities | 33,146 | 38,100 |
Depreciation and amortization | 66,965 | 67,253 |
Corporate expense | 24,958 | 31,177 |
Project development, preopening and writedowns | 3,508 | 4,031 |
Impairment of assets | 171,100 | 0 |
Other operating items, net | 7,543 | 199 |
Total operating costs and expenses | 818,286 | 709,662 |
Operating income (loss) | (137,761) | 117,626 |
Other expense (income) | ||
Interest income | (439) | (106) |
Interest expense, net of amounts capitalized | (51,845) | (61,330) |
Loss on early extinguishments and modifications of debt | 175 | 0 |
Other, net | (344) | 115 |
Total other expense, net | 51,237 | 61,339 |
Income (loss) before income taxes | (188,998) | 56,287 |
Income tax benefit (provision) | 41,439 | (10,836) |
Net income (loss) | $ (147,559) | $ 45,451 |
Basic net income (loss) per common share (in dollars per share) | $ (1.30) | $ 0.40 |
Weighted average basic shares outstanding (in shares) | 113,708 | 113,340 |
Diluted net income (loss) per common share (in dollars per share) | $ (1.30) | $ 0.40 |
Weighted average diluted shares outstanding (in shares) | 113,708 | 113,871 |
Casino [Member] | ||
Revenues | ||
Total revenues | $ 509,765 | $ 620,253 |
Operating costs and expenses | ||
Cost of Revenue | 238,700 | 276,616 |
Food and Beverage [Member] | ||
Revenues | ||
Total revenues | 89,884 | 111,090 |
Operating costs and expenses | ||
Cost of Revenue | 89,839 | 102,151 |
Occupancy [Member] | ||
Revenues | ||
Total revenues | 46,727 | 57,244 |
Operating costs and expenses | ||
Cost of Revenue | 22,985 | 26,882 |
Product and Service, Other [Member] | ||
Revenues | ||
Total revenues | 34,149 | 38,701 |
Operating costs and expenses | ||
Cost of Revenue | $ 21,447 | $ 23,880 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unauidted) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income (loss) | $ (147,559) | $ 45,451 |
Other comprehensive income, net of tax: | ||
Fair value adjustments to available-for-sale securities, net of tax | 1,127 | 465 |
Comprehensive income (loss) | $ (146,432) | $ 45,916 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balances (in shares) at Dec. 31, 2018 | 111,757,105 | |||||
Balances at Dec. 31, 2018 | $ 1,118 | $ 892,331 | $ 253,357 | $ (1,065) | $ 1,145,741 | |
Net income (loss) | 0 | 0 | 45,451 | 0 | 45,451 | |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 465 | 465 | |
Stock options exercised (in shares) | 137,063 | |||||
Stock options exercised | $ 1 | 1,261 | 0 | 0 | 1,262 | |
Release of restricted stock units, net of tax (in shares) | 46,958 | |||||
Release of restricted stock units, net of tax | $ 0 | (418) | 0 | 0 | (418) | |
Release of performance stock units, net of tax (in shares) | 270,960 | |||||
Release of performance stock units, net of tax | $ 3 | (3,768) | 0 | 0 | $ (3,765) | |
Shares repurchased and retired (in shares) | (830,100) | (830,000) | [1] | |||
Shares repurchased and retired | $ (8) | (21,645) | 0 | 0 | $ (21,653) | |
Share-based compensation costs | 0 | 9,709 | 0 | 0 | 9,709 | |
Dividends declared ($0.06 per share) | $ 0 | 0 | (6,683) | 0 | (6,683) | |
Balances (in shares) at Mar. 31, 2019 | 111,381,986 | |||||
Balances at Mar. 31, 2019 | $ 1,114 | 877,470 | 292,125 | (600) | $ 1,170,109 | |
Balances (in shares) at Dec. 31, 2019 | 111,542,108 | 111,542,108 | ||||
Balances at Dec. 31, 2019 | $ 1,115 | 883,715 | 380,942 | (530) | $ 1,265,242 | |
Net income (loss) | 0 | 0 | (147,559) | 0 | (147,559) | |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 1,127 | 1,127 | |
Stock options exercised (in shares) | 3,000 | |||||
Stock options exercised | $ 0 | 25 | 0 | 0 | 25 | |
Release of restricted stock units, net of tax (in shares) | 76,502 | |||||
Release of restricted stock units, net of tax | $ 1 | (767) | 0 | 0 | (766) | |
Release of performance stock units, net of tax (in shares) | 241,118 | |||||
Release of performance stock units, net of tax | $ 2 | (3,372) | 0 | 0 | $ (3,370) | |
Shares repurchased and retired (in shares) | (682,596) | (683,000) | [1] | |||
Shares repurchased and retired | $ (6) | (11,114) | 0 | 0 | $ (11,120) | |
Share-based compensation costs | $ 0 | 8,191 | 0 | 0 | $ 8,191 | |
Balances (in shares) at Mar. 31, 2020 | 111,180,132 | 111,180,132 | ||||
Balances at Mar. 31, 2020 | $ 1,112 | $ 876,678 | $ 233,383 | $ 597 | $ 1,111,770 | |
[1] | All shares repurchased have been retired and constitute authorized but unissued shares. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2019$ / shares | |
Dividends per share (in dollars per share) | $ 0.06 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ (147,559) | $ 45,451 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 66,965 | 67,253 |
Amortization of debt financing costs and discounts on debt | 2,171 | 2,346 |
Non-cash operating lease expense | 19,957 | 0 |
Share-based compensation expense | 8,191 | 9,709 |
Deferred income taxes | (40,914) | 9,931 |
Asset Impairment Charges, Total | 171,100 | 0 |
Loss on early extinguishments and modifications of debt | 175 | 0 |
Other operating activities | (8) | 171 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 17,296 | (4,195) |
Inventories | (134) | 1,718 |
Prepaid expenses and other current assets | (2,227) | (1,002) |
Income taxes (receivable) payable, net | 242 | 1,219 |
Other assets, net | (25) | (4,407) |
Accounts payable and accrued liabilities | 51,458 | (25,206) |
Operating lease liabilities | (19,957) | 0 |
Other long-term tax liabilities | 48 | 51 |
Other liabilities | (271) | 10,639 |
Net cash provided by operating activities | 23,592 | 164,090 |
Cash Flows from Investing Activities | ||
Capital expenditures | (48,046) | (89,322) |
Other investing activities | 0 | (11,918) |
Net cash used in investing activities | (48,046) | (101,240) |
Cash Flows from Financing Activities | ||
Borrowings under bank credit facility | 965,100 | 434,829 |
Payments under bank credit facility | (338,173) | (466,802) |
Debt financing costs, net | 0 | (53) |
Share-based compensation activities, net | (4,111) | (2,921) |
Shares repurchased and retired | (11,120) | (21,653) |
Dividends paid | (7,808) | (6,705) |
Other financing activities | (107) | (115) |
Net cash provided by (used in) financing activities | 603,781 | (63,420) |
Change in cash, cash equivalents and restricted cash | 579,327 | (570) |
Cash, cash equivalents and restricted cash, beginning of period | 270,448 | 273,202 |
Cash, cash equivalents and restricted cash, end of period | 849,775 | 272,632 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 36,175 | 44,687 |
Cash paid for (received from) income taxes | (388) | 187 |
Supplemental Schedule of Non-cash Investing and Financing Activities | ||
Payables incurred for capital expenditures | $ 1,628 | $ 3,022 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. 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 1975. 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. Going Concern Matters and Management's Assessment As a result of the COVID- 19 March 2020 19 19, In responding to these circumstances, the safety and well-being of our team members and customers is our utmost priority. We are developing a broad range of safety protocols to be implemented at our properties when we do re-open to ensure the health and safety of our team members and our customers. The ultimate impact of the COVID- 19 19 may 19 may may We have taken significant additional measures in response to the impact of the COVID- 19 • placing most of our team members on unpaid furlough, effective April 11, 2020; • enacting significant salary reductions among our executive leadership team and for all non-furloughed management team members; • suspending board of director compensation; • suspending all non-essential spending, including non-essential capital investment; and, • suspending our quarterly cash dividend and share repurchase programs. In addition, on March 16, 2020, Due to the adverse impacts of COVID- 19 12 first first 2020. not may Although we were in compliance with our debt covenants as of the end of first 19 may not one 2020. May 8, 2020, March 30, 2020 x June 30, 2021, 12, Subsequent Events 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 10 X not December 31, 2019, February 27, 2020. 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 The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its wholly owned subsidiaries. Investments in unconsolidated affiliates, which do not 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 not may 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 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) 2020 2019 2019 2018 Cash and cash equivalents $ 831,246 $ 249,977 $ 247,681 $ 249,417 Restricted cash 18,529 20,471 24,951 23,785 Total cash, cash equivalents and restricted cash $ 849,775 $ 270,448 $ 272,632 $ 273,202 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 may 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 Gaming wager contracts involve two not not no 4, Accrued Liabilities 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 4, Accrued Liabilities 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 4, Accrued Liabilities 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) 2020 2019 Food & beverage $ 44,180 $ 53,918 Rooms 19,086 23,274 Other 2,882 3,466 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 $110.0 million three March 31, 2020 2019 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 not not" 50%. not 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 not not not Tax positions failing to qualify for initial recognition are recognized in the first not" no not" 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, especially given that the full impact of COVID- 19 not Recently Adopted Accounting Pronouncement Accounting Standards Update 2018 13, 2018 13" In August 2018, 2018 13 820, Fair Value Measurement December 15, 2019. 2018 13 first 2020 not Recently Issued Accounting Pronouncements ASU ("ASU") 2020 04, 848 2020 04" In March 2020, 2020 04 2020 04 March 12, 2020 December 31, 2022. 2020 04 ASU 2020 01, 321, 323, 815 2020 01" In January 2020, 2020 01 321, 323, 815, 2020 01 December 15, 2020, 2020 01 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 |
Note 2 - Property and Equipment
Note 2 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2. Property and equipment, net consists of the following: March 31, December 31, (In thousands) 2020 2019 Land $ 326,801 $ 324,501 Buildings and improvements 3,092,943 3,090,974 Furniture and equipment 1,624,841 1,596,395 Riverboats and barges 241,036 241,036 Construction in progress 68,725 56,069 Total property and equipment 5,354,346 5,308,975 Less accumulated depreciation 2,696,417 2,636,422 Property and equipment, net $ 2,657,929 $ 2,672,553 Depreciation expense is as follows: Three Months Ended March 31, (In thousands) 2020 2019 Depreciation expense $ 62,129 $ 60,045 |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 3. Intangible assets, net consist of the following: March 31, 2020 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 3.2 $ 68,100 $ (43,465 ) $ — $ 24,635 Host agreements 13.2 58,000 (7,089 ) — 50,911 Development agreement — 21,373 — — 21,373 147,473 (50,554 ) — 96,919 Indefinite lived intangible assets Trademarks Indefinite 206,687 — (21,200 ) 185,487 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,583,372 (33,960 ) (243,374 ) 1,306,038 Balances, March 31, 2020 $ 1,730,845 $ (84,514 ) $ (243,374 ) $ 1,402,957 December 31, 2019 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 3.5 $ 68,100 $ (39,598 ) $ — $ 28,502 Host agreements 13.4 58,000 (6,122 ) — 51,878 Development agreement — 21,373 — — 21,373 147,473 (45,720 ) — 101,753 Indefinite lived intangible assets Trademarks Indefinite 206,687 — (4,300 ) 202,387 Gaming license rights Indefinite 1,376,685 (33,960 ) (179,974 ) 1,162,751 1,583,372 (33,960 ) (184,274 ) 1,365,138 Balances, December 31, 2019 $ 1,730,845 $ (79,680 ) $ (184,274 ) $ 1,466,891 For the three March 31, 2020, not October 1, 2019, 19 first 2020 |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 4. Accrued liabilities consist of the following: March 31, December 31, (In thousands) 2020 2019 Payroll and related expenses $ 71,387 $ 99,602 Interest 45,738 32,239 Gaming liabilities 57,858 64,465 Player loyalty program liabilities 35,246 32,983 Advance deposits 18,740 22,854 Outstanding chip liabilities 5,029 7,394 Dividend payable — 7,808 Operating lease liabilities 91,417 87,686 Other accrued liabilities 71,586 83,865 Total accrued liabilities $ 397,001 $ 438,896 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 5. Long-term debt, net of current maturities and debt issuance costs, consists of the following: March 31, 2020 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) March 31, 2020 Principal Discount Costs Debt, Net Bank credit facility 2.765 % $ 1,932,560 $ (608 ) $ (13,145 ) $ 1,918,807 6.375% senior notes due 2026 6.375 % 750,000 — (7,940 ) 742,060 6.000% senior notes due 2026 6.000 % 700,000 — (8,895 ) 691,105 4.750% senior notes due 2027 4.750 % 1,000,000 — (15,097 ) 984,903 Other 11.148 % 58,222 — — 58,222 Total long-term debt 4,440,782 (608 ) (45,077 ) 4,395,097 Less current maturities 27,000 — — 27,000 Long-term debt, net $ 4,413,782 $ (608 ) $ (45,077 ) $ 4,368,097 December 31, 2019 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) December 31, 2019 Principal Discount Costs Debt, Net Bank credit facility 3.753 % $ 1,305,634 $ (671 ) $ (14,255 ) $ 1,290,708 6.375% senior notes due 2026 6.375 % 750,000 — (8,271 ) 741,729 6.000% senior notes due 2026 6.000 % 700,000 — (9,244 ) 690,756 4.750% senior notes due 2027 4.750 % 1,000,000 — (15,584 ) 984,416 Other 11.138 % 58,322 — — 58,322 Total long-term debt 3,813,956 (671 ) (47,354 ) 3,765,931 Less current maturities 26,994 — — 26,994 Long-term debt, net $ 3,786,962 $ (671 ) $ (47,354 ) $ 3,738,937 The outstanding principal amounts under our bank credit facility are comprised of the following: March 31, December 31, (In thousands) 2020 2019 Revolving Credit Facility $ 865,000 $ 235,000 Term A Loan 230,787 234,300 Refinancing Term B Loans 771,873 795,034 Swing Loan 64,900 41,300 Total outstanding principal amounts under the bank credit facility $ 1,932,560 $ 1,305,634 With a total revolving credit commitment of $945.5 million available under the bank credit facility, $865.0 million was borrowed on the Revolving Credit Facility, $64.9 million was borrowed on the Swing Loan and $12.6 million allocated to support various letters of credit, leaving a remaining contractual availability of $3.0 million as of March 31, 2020 19, March 16, 2020. See Note 12, Subsequent Events, Covenant Compliance As of March 31, 2020 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6. Commitments As of March 31, 2020 no 9, Commitments and Contingencies 10 December 31, 2019 February 27, 2020. 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 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7. We have operating and finance leases primarily for three one one October 15, 2018 ( three March 31, 2020 not not The components of lease expense were as follows: Three Months Ended Three Months Ended (In thousands) March 31, 2020 March 31, 2019 Operating lease cost $ 41,184 $ 29,635 Short-term lease cost 118 336 Supplemental cash flow information related to leases was as follows: Three Months Ended Three Months Ended (In thousands) March 31, 2020 March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 41,622 $ 29,720 Right-of-use assets obtained in exchange for lease obligations: Operating leases 11,683 3,710 Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) March 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets $ 928,026 $ 936,170 Current lease liabilities (included in accrued liabilities) $ 91,417 $ 87,686 Operating lease liabilities 828,466 840,285 Total operating lease liabilities $ 919,883 $ 927,971 Weighted Average Remaining Lease Term Operating leases (in years) 18.2 18.2 Weighted Average Discount Rate Operating leases 9.0 % 8.9 % Maturities of lease liabilities were as follows: (In thousands) Operating Leases For the period ending December 31, Last three quarters of 2020 $ 122,305 2021 148,397 2022 119,999 2023 112,274 2024 112,068 Thereafter 1,273,348 Total lease payments 1,888,391 Less imputed interest (968,508 ) Less current portion (included in accrued liabilities) (91,417 ) Long-term portion of operating lease liabilities $ 828,466 |
Note 8 - Stockholders' Equity a
Note 8 - Stockholders' Equity and Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 8. Share Repurchase Program On December 12, 2018, March 31, 2020 March 16, 2020, The following table provides information regarding share repurchases during the referenced periods. Three Months Ended March 31, (In thousands, except per share data) 2020 2019 Shares repurchased (1) 683 830 Total cost, including brokerage fees $ 11,120 $ 21,653 Average repurchase price per share (2) $ 16.29 $ 26.09 ( 1 ( 2 may not Dividends The dividends declared by the Board of Directors and reflected in the periods presented are: Declaration date Record date Payment date Amount per share December 7, 2018 December 28, 2018 January 15, 2019 $ 0.06 March 4, 2019 March 15, 2019 April 15, 2019 0.06 December 17, 2019 December 27, 2019 January 15, 2020 0.07 On March 25, 2020, 19 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) 2020 2019 Gaming $ 212 $ 194 Food & beverage 40 37 Room 19 18 Selling, general and administrative 1,076 988 Corporate expense 6,844 8,472 Total share-based compensation expense $ 8,191 $ 9,709 Performance Shares Our stock incentive plan provides for the issuance of Performance Share Unit ("PSU") grants which may The PSU grants awarded in fourth 2016 2015 first 2020 2019, three The PSU grant awarded in November 2016 first 2020, 364,810 2016 2019; not 2020 The PSU grant awarded in October 2015 first 2019, 395,964 2015 2018; not 2019 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. 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 Level 2 not Level 3 one 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 1 2 3 may Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: March 31, 2020 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 831,246 $ 831,246 $ — $ — Restricted cash 18,529 18,529 — — Investment available for sale 17,745 — — 17,745 Liabilities Contingent payments $ 1,520 $ — $ — $ 1,520 December 31, 2019 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 249,977 $ 249,977 $ — $ — Restricted cash 20,471 20,471 — — Investment available for sale 16,151 — — 16,151 Liabilities Contingent payments $ 1,712 $ — $ — $ 1,712 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, March 31, 2020 December 31, 2019 Investment Available for Sale We have an investment in a single municipal bond issuance of $19.5 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 June 1, 2037 no 3 March 31, 2020 December 31, 2019 not March 31, 2020 December 31, 2019 $0.6 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 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 December 20, 2011. March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 The following tables summarize the changes in fair value of the Company's Level 3 Three Months Ended March 31, 2020 March 31, 2019 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,151 $ (1,712 ) $ 15,772 $ (2,407 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 40 (26 ) 37 (39 ) Included in other comprehensive income (loss) 1,554 — 643 — Included in other items, net — (17 ) — (66 ) Purchases, sales, issuances and settlements: Settlements — 235 — 232 Balance at end of reporting period $ 17,745 $ (1,520 ) $ 16,452 $ (2,280 ) We are exposed to valuation risk on our Level 3 3 100 not 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, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 27,588 $ 22,931 $ 28,120 Level 3 December 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 28,118 $ 23,300 $ 28,780 Level 3 The following tables provide the fair value measurement information about our long-term debt: March 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,932,560 $ 1,918,807 $ 1,809,138 Level 2 6.375% senior notes due 2026 750,000 742,060 648,750 Level 1 6.000% senior notes due 2026 700,000 691,105 602,000 Level 1 4.750% senior notes due 2027 1,000,000 984,903 825,000 Level 1 Other 58,222 58,222 58,222 Level 3 Total debt $ 4,440,782 $ 4,395,097 $ 3,943,110 December 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,305,634 $ 1,290,708 $ 1,308,846 Level 2 6.375% senior notes due 2026 750,000 741,729 806,250 Level 1 6.000% senior notes due 2026 700,000 690,756 750,750 Level 1 4.750% senior notes due 2027 1,000,000 984,416 1,038,750 Level 1 Other 58,322 58,322 58,322 Level 3 Total debt $ 3,813,956 $ 3,765,931 $ 3,962,918 The estimated fair value of our bank credit facility is based on a relative value analysis performed on or about March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 2018; 2 2020 2026. not not There were no 1, 2 3 three March 31, 2020 2019 |
Note 10 - Segment Information
Note 10 - Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 10. 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 Lattner, 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, 2020 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 116,318 $ 31,171 $ 21,981 $ 11,294 $ 180,764 Downtown Las Vegas 29,845 11,725 6,148 6,395 54,113 Midwest & South 363,602 46,988 18,598 16,460 445,648 Total Revenues $ 509,765 $ 89,884 $ 46,727 $ 34,149 $ 680,525 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 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) 2020 2019 Adjusted EBITDAR Las Vegas Locals $ 46,762 $ 74,234 Downtown Las Vegas 9,956 15,025 Midwest & South 105,829 156,471 Total Reportable Segment Adjusted EBITDAR 162,547 245,730 Corporate expense (18,114 ) (22,705 ) Adjusted EBITDAR 144,433 223,025 Other operating costs and expenses Deferred rent 222 245 Master lease rent expense 24,665 23,962 Depreciation and amortization 66,965 67,253 Share-based compensation expense 8,191 9,709 Project development, preopening and writedowns 3,508 4,031 Impairment of assets 171,100 — Other operating items, net 7,543 199 Total other operating costs and expenses 282,194 105,399 Operating income (loss) $ (137,761 ) $ 117,626 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 Total Reportable Segment Assets The Company's assets by Reportable Segment consisted of the following amounts: March 31, December 31, (In thousands) 2020 2019 Assets Las Vegas Locals $ 1,698,479 $ 1,804,476 Downtown Las Vegas 204,270 212,936 Midwest & South 3,927,635 4,229,174 Total Reportable Segment Assets 5,830,384 6,246,586 Corporate 1,186,478 403,559 Total Assets $ 7,016,862 $ 6,650,145 |
Note 11 - Condensed Consolidati
Note 11 - Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | NOTE 11. Separate condensed consolidating financial information for our subsidiary guarantors and non-guarantors of our 6.375% Notes, our 6.000% Notes and our 4.750% 6.375% The 6.000% 4.750% one 6.000% 4.750% 6.375% The tables below present the condensed consolidating balance sheets as of March 31, 2020 December 31, 2019 three March 31, 2020 2019 three March 31, 2020 2019 Condensed Consolidating Balance Sheets March 31, 2020 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries Owned)* Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 803,696 $ 19,752 $ — $ 7,798 $ — $ 831,246 Restricted cash — 15,980 — 2,549 — 18,529 Other current assets 22,817 89,923 9 1,239 — 113,988 Property and equipment, net 166,596 2,389,293 — 102,040 — 2,657,929 Investments in subsidiaries 3,643,760 — — — (3,643,760 ) — Intercompany receivable 757,019 163,027 59,162 — (979,208 ) — Operating leases right-of-use assets 22,126 884,702 — 21,198 — 928,026 Other long-term assets 20,173 24,282 — 48,445 — 92,900 Intangible assets, net — 1,327,986 — 74,971 — 1,402,957 Goodwill, net — 957,568 — 13,719 — 971,287 Total assets $ 5,436,187 $ 5,872,513 $ 59,171 $ 271,959 $ (4,622,968 ) $ 7,016,862 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 26,695 $ 305 $ — $ — $ — $ 27,000 Other current liabilities 140,587 298,550 — 36,534 (1,513 ) 474,158 Accumulated losses of subsidiaries in excess of investment — 4,397 — 41 (4,438 ) — Intercompany payable — — — 977,722 (977,722 ) — Long-term debt, net of current maturities and debt issuance costs 4,310,179 234 — 57,684 — 4,368,097 Operating lease liabilities, net of current portion 17,966 809,912 — 588 — 828,466 Other long-term liabilities (171,010 ) 379,635 900 (2,154 ) — 207,371 Total stockholders' equity (deficit) 1,111,770 4,379,480 58,271 (798,456 ) (3,639,295 ) 1,111,770 Total liabilities and stockholders' equity $ 5,436,187 $ 5,872,513 $ 59,171 $ 271,959 $ (4,622,968 ) $ 7,016,862 * 100% 6.375% 100% 6.000% Condensed Consolidating Balance Sheets - continued December 31, 2019 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries Owned)* Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 3,007 $ 231,866 $ — $ 15,104 $ — $ 249,977 Restricted cash — 12,668 — 7,803 — 20,471 Other current assets 24,164 100,219 55 4,608 — 129,046 Property and equipment, net 159,139 2,411,456 — 101,958 — 2,672,553 Investments in subsidiaries 3,718,900 47,759 — — (3,766,659 ) — Intercompany receivable 1,031,342 — 59,116 — (1,090,458 ) — Operating lease right-of-use assets 23,229 886,463 — 26,478 — 936,170 Other long-term assets 20,662 22,636 — 48,452 — 91,750 Intangible assets, net — 1,390,954 — 75,937 — 1,466,891 Goodwill, net — 1,051,968 — 31,319 — 1,083,287 Total assets $ 4,980,443 $ 6,155,989 $ 59,171 $ 311,659 $ (4,857,117 ) $ 6,650,145 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 26,695 $ 299 $ — $ — $ — $ 26,994 Other current liabilities 159,138 332,393 — 39,858 (1,490 ) 529,899 Accumulated losses of subsidiaries in excess of investment — — — 9,946 (9,946 ) — Intercompany payable — 104,697 — 984,298 (1,088,995 ) — Long-term debt, net of current maturities and debt issuance costs 3,680,912 341 — 57,684 — 3,738,937 Operating lease liabilities, net of current portion 19,189 814,779 — 6,317 — 840,285 Other long-term liabilities (170,733 ) 420,775 900 (2,154 ) — 248,788 Total stockholders' equity (deficit) 1,265,242 4,482,705 58,271 (784,290 ) (3,756,686 ) 1,265,242 Total liabilities and stockholders' equity $ 4,980,443 $ 6,155,989 $ 59,171 $ 311,659 $ (4,857,117 ) $ 6,650,145 * 100% Condensed Consolidating Statements of Operations Three Months Ended March 31, 2020 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries Owned)* Owned) Eliminations Consolidated Total revenues $ 15,784 $ 666,416 $ — $ 17,646 $ (19,321 ) $ 680,525 Operating costs and expenses Operating — 357,571 — 15,400 — 372,971 Selling, general and administrative — 110,919 — 2,511 — 113,430 Master lease rent expense — 24,665 — — — 24,665 Maintenance and utilities — 32,909 — 237 — 33,146 Depreciation and amortization 12,595 51,842 — 2,528 — 66,965 Corporate expense 23,920 97 — 941 — 24,958 Project development, preopening and writedowns 589 436 — 2,483 — 3,508 Impairment of assets — 153,500 — 17,600 — 171,100 Other operating items, net 255 7,239 — 49 — 7,543 Intercompany expenses 51 19,270 — — (19,321 ) — Total operating costs and expenses 37,410 758,448 — 41,749 (19,321 ) 818,286 Equity in earnings (losses) of subsidiaries (101,196 ) (277 ) — — 101,473 — Operating income (loss) (122,822 ) (92,309 ) — (24,103 ) 101,473 (137,761 ) Other expense (income) Interest expense, net 49,452 332 — 1,622 — 51,406 Loss on early extinguishments and modifications of debt 175 — — — — 175 Other, net 37 (331 ) — (50 ) — (344 ) Total other expense (income), net 49,664 1 — 1,572 — 51,237 Income (loss) before income taxes (172,486 ) (92,310 ) — (25,675 ) 101,473 (188,998 ) Income tax benefit 24,927 14,951 — 1,561 — 41,439 Net income (loss) $ (147,559 ) $ (77,359 ) $ — $ (24,114 ) $ 101,473 $ (147,559 ) Comprehensive income (loss) $ (146,432 ) $ (76,232 ) $ — $ (24,114 ) $ 100,346 $ (146,432 ) * 100% 6.375% 100% 6.000% 4.750% Condensed Consolidating Statements of Operations - continued Three Months Ended March 31, 2019 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries 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 Impairment of assets — — — — — — 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) 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 * 100% 6.375% 100% 6.000% 4.750% Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2020 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries Owned)* Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (46,369 ) $ 74,724 $ 46 $ (4,786 ) $ (23 ) $ 23,592 Cash flows from investing activities Capital expenditures (31,153 ) (15,695 ) — (1,198 ) — (48,046 ) Net activity with affiliates — (267,724 ) (46 ) — 267,770 — Net cash from investing activities (31,153 ) (283,419 ) (46 ) (1,198 ) 267,770 (48,046 ) Cash flows from financing activities Borrowings under bank credit facility 965,100 — — — — 965,100 Payments under bank credit facility (338,173 ) — — — — (338,173 ) Net activity with affiliates 274,323 — — (6,576 ) (267,747 ) — Share-based compensation activities, net (4,111 ) — — — — (4,111 ) Shares repurchased and retired (11,120 ) — — — — (11,120 ) Dividends paid (7,808 ) — — — — (7,808 ) Other financing activities — (107 ) — — — (107 ) Net cash from financing activities 878,211 (107 ) — (6,576 ) (267,747 ) 603,781 Change in cash, cash equivalents and restricted cash 800,689 (208,802 ) — (12,560 ) — 579,327 Cash, cash equivalents and restricted cash, beginning of period 3,007 244,534 — 22,907 — 270,448 Cash, cash equivalents and restricted cash, end of period $ 803,696 $ 35,732 $ — $ 10,347 $ — $ 849,775 * 100% 6.375% 100% 6.000% 4.750% Condensed Consolidating Statements of Cash Flows - continued Three Months Ended March 31, 2019 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries 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 ) 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 * 100% 6.375% 100% 6.000% 4.750% |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12. We have evaluated all events or transactions that occurred after March 31, 2020 Belterra Park Agreement On May 6, 2020 That agreement provided that Gold Merger Sub would acquire BP PropCo via a merger (the "Merger"), which would be treated for income tax purposes as a taxable asset acquisition consisting of the exchange of the Real Estate by us in satisfaction of the $57.7 million promissory note (the "Note") and mortgage executed in connection with GLP’s initial financing of our acquisition of the Real Estate in October 2018. Prior to the Merger, PNK (Ohio), LLC ("BP OpCo"), which owns the business operations of Belterra Park, leased the Real Estate from BP PropCo pursuant to a master lease that is the same in all material respects as the Master Lease between Boyd TCIV, LLC and Gold Merger Sub (the "BP Master Lease" and "GLP Master Lease," respectively). Rent paid under the BP Master Lease to BP PropCo by BP OpCo was then paid by BP PropCo to Gold Merger Sub as interest on the Note. As a result of the Merger, Gold Merger Sub has become the Landlord under the BP Master Lease and now receives rent payable under the BP Master Lease (equal to, and in lieu of, the interest payments on the Note received prior to consummation of the Merger). As an additional step in connection with the Merger, we expect to add BP OpCo as a subtenant to the GLP Master Lease (in connection with the termination of the BP Master Lease), resulting in a single Master Lease with GLP, subject to the prior receipt of all required governmental approvals. Credit Agreement Amendment The Company is party to a Third Amended and Restated Credit Agreement, dated as of August 14, 2013 ( The calculations used to determine the Company’s compliance with the respective Financial Covenants are dependent on its Consolidated EBITDA, as defined by the Boyd Credit Agreement. Due to the closure of the Company’s properties, the Company’s Consolidated EBITDA was significantly affected whereby it became reasonably possible that the Company may On May 8, 2020 ( No. 3 The Credit Agreement Amendment provides that during the period (the "Covenant Relief Period") beginning on March 30, 2020 x June 30, 2021, not no 1.00, not 19 Other During this period, up to the filing date, we did not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 10 X not December 31, 2019, February 27, 2020. 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 The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its wholly owned subsidiaries. Investments in unconsolidated affiliates, which do not |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | 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 not may |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | 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 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) 2020 2019 2019 2018 Cash and cash equivalents $ 831,246 $ 249,977 $ 247,681 $ 249,417 Restricted cash 18,529 20,471 24,951 23,785 Total cash, cash equivalents and restricted cash $ 849,775 $ 270,448 $ 272,632 $ 273,202 |
Lessee, Leases [Policy Text Block] | 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 may |
Revenue [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 Gaming wager contracts involve two not not no 4, Accrued Liabilities 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 4, Accrued Liabilities 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 4, Accrued Liabilities 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) 2020 2019 Food & beverage $ 44,180 $ 53,918 Rooms 19,086 23,274 Other 2,882 3,466 |
Gaming Taxes [Policy Text Block] | 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 $110.0 million three March 31, 2020 2019 |
Income Tax, Policy [Policy Text Block] | 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 not not" 50%. not 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 not not not Tax positions failing to qualify for initial recognition are recognized in the first not" no not" |
Use of Estimates, Policy [Policy Text Block] | 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, especially given that the full impact of COVID- 19 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncement Accounting Standards Update 2018 13, 2018 13" In August 2018, 2018 13 820, Fair Value Measurement December 15, 2019. 2018 13 first 2020 not Recently Issued Accounting Pronouncements ASU ("ASU") 2020 04, 848 2020 04" In March 2020, 2020 04 2020 04 March 12, 2020 December 31, 2022. 2020 04 ASU 2020 01, 321, 323, 815 2020 01" In January 2020, 2020 01 321, 323, 815, 2020 01 December 15, 2020, 2020 01 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 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | March 31, December 31, March 31, December 31, (In thousands) 2020 2019 2019 2018 Cash and cash equivalents $ 831,246 $ 249,977 $ 247,681 $ 249,417 Restricted cash 18,529 20,471 24,951 23,785 Total cash, cash equivalents and restricted cash $ 849,775 $ 270,448 $ 272,632 $ 273,202 |
Schedule Of Promotional Allowances [Table Text Block] | Three Months Ended March 31, (In thousands) 2020 2019 Food & beverage $ 44,180 $ 53,918 Rooms 19,086 23,274 Other 2,882 3,466 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, (In thousands) 2020 2019 Land $ 326,801 $ 324,501 Buildings and improvements 3,092,943 3,090,974 Furniture and equipment 1,624,841 1,596,395 Riverboats and barges 241,036 241,036 Construction in progress 68,725 56,069 Total property and equipment 5,354,346 5,308,975 Less accumulated depreciation 2,696,417 2,636,422 Property and equipment, net $ 2,657,929 $ 2,672,553 |
Depreciation Expense [Table Text Block] | Three Months Ended March 31, (In thousands) 2020 2019 Depreciation expense $ 62,129 $ 60,045 |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2020 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 3.2 $ 68,100 $ (43,465 ) $ — $ 24,635 Host agreements 13.2 58,000 (7,089 ) — 50,911 Development agreement — 21,373 — — 21,373 147,473 (50,554 ) — 96,919 Indefinite lived intangible assets Trademarks Indefinite 206,687 — (21,200 ) 185,487 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,583,372 (33,960 ) (243,374 ) 1,306,038 Balances, March 31, 2020 $ 1,730,845 $ (84,514 ) $ (243,374 ) $ 1,402,957 December 31, 2019 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 3.5 $ 68,100 $ (39,598 ) $ — $ 28,502 Host agreements 13.4 58,000 (6,122 ) — 51,878 Development agreement — 21,373 — — 21,373 147,473 (45,720 ) — 101,753 Indefinite lived intangible assets Trademarks Indefinite 206,687 — (4,300 ) 202,387 Gaming license rights Indefinite 1,376,685 (33,960 ) (179,974 ) 1,162,751 1,583,372 (33,960 ) (184,274 ) 1,365,138 Balances, December 31, 2019 $ 1,730,845 $ (79,680 ) $ (184,274 ) $ 1,466,891 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, (In thousands) 2020 2019 Payroll and related expenses $ 71,387 $ 99,602 Interest 45,738 32,239 Gaming liabilities 57,858 64,465 Player loyalty program liabilities 35,246 32,983 Advance deposits 18,740 22,854 Outstanding chip liabilities 5,029 7,394 Dividend payable — 7,808 Operating lease liabilities 91,417 87,686 Other accrued liabilities 71,586 83,865 Total accrued liabilities $ 397,001 $ 438,896 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2020 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) March 31, 2020 Principal Discount Costs Debt, Net Bank credit facility 2.765 % $ 1,932,560 $ (608 ) $ (13,145 ) $ 1,918,807 6.375% senior notes due 2026 6.375 % 750,000 — (7,940 ) 742,060 6.000% senior notes due 2026 6.000 % 700,000 — (8,895 ) 691,105 4.750% senior notes due 2027 4.750 % 1,000,000 — (15,097 ) 984,903 Other 11.148 % 58,222 — — 58,222 Total long-term debt 4,440,782 (608 ) (45,077 ) 4,395,097 Less current maturities 27,000 — — 27,000 Long-term debt, net $ 4,413,782 $ (608 ) $ (45,077 ) $ 4,368,097 December 31, 2019 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) December 31, 2019 Principal Discount Costs Debt, Net Bank credit facility 3.753 % $ 1,305,634 $ (671 ) $ (14,255 ) $ 1,290,708 6.375% senior notes due 2026 6.375 % 750,000 — (8,271 ) 741,729 6.000% senior notes due 2026 6.000 % 700,000 — (9,244 ) 690,756 4.750% senior notes due 2027 4.750 % 1,000,000 — (15,584 ) 984,416 Other 11.138 % 58,322 — — 58,322 Total long-term debt 3,813,956 (671 ) (47,354 ) 3,765,931 Less current maturities 26,994 — — 26,994 Long-term debt, net $ 3,786,962 $ (671 ) $ (47,354 ) $ 3,738,937 |
Schedule of Line of Credit Facilities [Table Text Block] | March 31, December 31, (In thousands) 2020 2019 Revolving Credit Facility $ 865,000 $ 235,000 Term A Loan 230,787 234,300 Refinancing Term B Loans 771,873 795,034 Swing Loan 64,900 41,300 Total outstanding principal amounts under the bank credit facility $ 1,932,560 $ 1,305,634 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Three Months Ended (In thousands) March 31, 2020 March 31, 2019 Operating lease cost $ 41,184 $ 29,635 Short-term lease cost 118 336 |
Lessee, Leases, Supplemental Cash Flow Information [Table Text Block] | Three Months Ended Three Months Ended (In thousands) March 31, 2020 March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 41,622 $ 29,720 Right-of-use assets obtained in exchange for lease obligations: Operating leases 11,683 3,710 |
Lessee, Leases, Supplemental Balance Sheet Information [Table Text Block] | (In thousands, except lease term and discount rate) March 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets $ 928,026 $ 936,170 Current lease liabilities (included in accrued liabilities) $ 91,417 $ 87,686 Operating lease liabilities 828,466 840,285 Total operating lease liabilities $ 919,883 $ 927,971 Weighted Average Remaining Lease Term Operating leases (in years) 18.2 18.2 Weighted Average Discount Rate Operating leases 9.0 % 8.9 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Operating Leases For the period ending December 31, Last three quarters of 2020 $ 122,305 2021 148,397 2022 119,999 2023 112,274 2024 112,068 Thereafter 1,273,348 Total lease payments 1,888,391 Less imputed interest (968,508 ) Less current portion (included in accrued liabilities) (91,417 ) Long-term portion of operating lease liabilities $ 828,466 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity and Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share Repurchase Program [Table Text Block] | Three Months Ended March 31, (In thousands, except per share data) 2020 2019 Shares repurchased (1) 683 830 Total cost, including brokerage fees $ 11,120 $ 21,653 Average repurchase price per share (2) $ 16.29 $ 26.09 |
Dividends Declared [Table Text Block] | Declaration date Record date Payment date Amount per share December 7, 2018 December 28, 2018 January 15, 2019 $ 0.06 March 4, 2019 March 15, 2019 April 15, 2019 0.06 December 17, 2019 December 27, 2019 January 15, 2020 0.07 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, (In thousands) 2020 2019 Gaming $ 212 $ 194 Food & beverage 40 37 Room 19 18 Selling, general and administrative 1,076 988 Corporate expense 6,844 8,472 Total share-based compensation expense $ 8,191 $ 9,709 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 831,246 $ 831,246 $ — $ — Restricted cash 18,529 18,529 — — Investment available for sale 17,745 — — 17,745 Liabilities Contingent payments $ 1,520 $ — $ — $ 1,520 December 31, 2019 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 249,977 $ 249,977 $ — $ — Restricted cash 20,471 20,471 — — Investment available for sale 16,151 — — 16,151 Liabilities Contingent payments $ 1,712 $ — $ — $ 1,712 |
Fair Value Asset (Liability) Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2020 March 31, 2019 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,151 $ (1,712 ) $ 15,772 $ (2,407 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 40 (26 ) 37 (39 ) Included in other comprehensive income (loss) 1,554 — 643 — Included in other items, net — (17 ) — (66 ) Purchases, sales, issuances and settlements: Settlements — 235 — 232 Balance at end of reporting period $ 17,745 $ (1,520 ) $ 16,452 $ (2,280 ) |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | March 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 27,588 $ 22,931 $ 28,120 Level 3 December 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 28,118 $ 23,300 $ 28,780 Level 3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | March 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,932,560 $ 1,918,807 $ 1,809,138 Level 2 6.375% senior notes due 2026 750,000 742,060 648,750 Level 1 6.000% senior notes due 2026 700,000 691,105 602,000 Level 1 4.750% senior notes due 2027 1,000,000 984,903 825,000 Level 1 Other 58,222 58,222 58,222 Level 3 Total debt $ 4,440,782 $ 4,395,097 $ 3,943,110 December 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,305,634 $ 1,290,708 $ 1,308,846 Level 2 6.375% senior notes due 2026 750,000 741,729 806,250 Level 1 6.000% senior notes due 2026 700,000 690,756 750,750 Level 1 4.750% senior notes due 2027 1,000,000 984,416 1,038,750 Level 1 Other 58,322 58,322 58,322 Level 3 Total debt $ 3,813,956 $ 3,765,931 $ 3,962,918 |
Note 10 - Segment Information (
Note 10 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2020 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 116,318 $ 31,171 $ 21,981 $ 11,294 $ 180,764 Downtown Las Vegas 29,845 11,725 6,148 6,395 54,113 Midwest & South 363,602 46,988 18,598 16,460 445,648 Total Revenues $ 509,765 $ 89,884 $ 46,727 $ 34,149 $ 680,525 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 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, (In thousands) 2020 2019 Adjusted EBITDAR Las Vegas Locals $ 46,762 $ 74,234 Downtown Las Vegas 9,956 15,025 Midwest & South 105,829 156,471 Total Reportable Segment Adjusted EBITDAR 162,547 245,730 Corporate expense (18,114 ) (22,705 ) Adjusted EBITDAR 144,433 223,025 Other operating costs and expenses Deferred rent 222 245 Master lease rent expense 24,665 23,962 Depreciation and amortization 66,965 67,253 Share-based compensation expense 8,191 9,709 Project development, preopening and writedowns 3,508 4,031 Impairment of assets 171,100 — Other operating items, net 7,543 199 Total other operating costs and expenses 282,194 105,399 Operating income (loss) $ (137,761 ) $ 117,626 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, (In thousands) 2020 2019 Assets Las Vegas Locals $ 1,698,479 $ 1,804,476 Downtown Las Vegas 204,270 212,936 Midwest & South 3,927,635 4,229,174 Total Reportable Segment Assets 5,830,384 6,246,586 Corporate 1,186,478 403,559 Total Assets $ 7,016,862 $ 6,650,145 |
Note 11 - Condensed Consolida_2
Note 11 - Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | March 31, 2020 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries Owned)* Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 803,696 $ 19,752 $ — $ 7,798 $ — $ 831,246 Restricted cash — 15,980 — 2,549 — 18,529 Other current assets 22,817 89,923 9 1,239 — 113,988 Property and equipment, net 166,596 2,389,293 — 102,040 — 2,657,929 Investments in subsidiaries 3,643,760 — — — (3,643,760 ) — Intercompany receivable 757,019 163,027 59,162 — (979,208 ) — Operating leases right-of-use assets 22,126 884,702 — 21,198 — 928,026 Other long-term assets 20,173 24,282 — 48,445 — 92,900 Intangible assets, net — 1,327,986 — 74,971 — 1,402,957 Goodwill, net — 957,568 — 13,719 — 971,287 Total assets $ 5,436,187 $ 5,872,513 $ 59,171 $ 271,959 $ (4,622,968 ) $ 7,016,862 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 26,695 $ 305 $ — $ — $ — $ 27,000 Other current liabilities 140,587 298,550 — 36,534 (1,513 ) 474,158 Accumulated losses of subsidiaries in excess of investment — 4,397 — 41 (4,438 ) — Intercompany payable — — — 977,722 (977,722 ) — Long-term debt, net of current maturities and debt issuance costs 4,310,179 234 — 57,684 — 4,368,097 Operating lease liabilities, net of current portion 17,966 809,912 — 588 — 828,466 Other long-term liabilities (171,010 ) 379,635 900 (2,154 ) — 207,371 Total stockholders' equity (deficit) 1,111,770 4,379,480 58,271 (798,456 ) (3,639,295 ) 1,111,770 Total liabilities and stockholders' equity $ 5,436,187 $ 5,872,513 $ 59,171 $ 271,959 $ (4,622,968 ) $ 7,016,862 December 31, 2019 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries Owned)* Owned) Eliminations Consolidated Assets Cash and cash equivalents $ 3,007 $ 231,866 $ — $ 15,104 $ — $ 249,977 Restricted cash — 12,668 — 7,803 — 20,471 Other current assets 24,164 100,219 55 4,608 — 129,046 Property and equipment, net 159,139 2,411,456 — 101,958 — 2,672,553 Investments in subsidiaries 3,718,900 47,759 — — (3,766,659 ) — Intercompany receivable 1,031,342 — 59,116 — (1,090,458 ) — Operating lease right-of-use assets 23,229 886,463 — 26,478 — 936,170 Other long-term assets 20,662 22,636 — 48,452 — 91,750 Intangible assets, net — 1,390,954 — 75,937 — 1,466,891 Goodwill, net — 1,051,968 — 31,319 — 1,083,287 Total assets $ 4,980,443 $ 6,155,989 $ 59,171 $ 311,659 $ (4,857,117 ) $ 6,650,145 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 26,695 $ 299 $ — $ — $ — $ 26,994 Other current liabilities 159,138 332,393 — 39,858 (1,490 ) 529,899 Accumulated losses of subsidiaries in excess of investment — — — 9,946 (9,946 ) — Intercompany payable — 104,697 — 984,298 (1,088,995 ) — Long-term debt, net of current maturities and debt issuance costs 3,680,912 341 — 57,684 — 3,738,937 Operating lease liabilities, net of current portion 19,189 814,779 — 6,317 — 840,285 Other long-term liabilities (170,733 ) 420,775 900 (2,154 ) — 248,788 Total stockholders' equity (deficit) 1,265,242 4,482,705 58,271 (784,290 ) (3,756,686 ) 1,265,242 Total liabilities and stockholders' equity $ 4,980,443 $ 6,155,989 $ 59,171 $ 311,659 $ (4,857,117 ) $ 6,650,145 |
Condensed Income Statement [Table Text Block] | Three Months Ended March 31, 2020 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries Owned)* Owned) Eliminations Consolidated Total revenues $ 15,784 $ 666,416 $ — $ 17,646 $ (19,321 ) $ 680,525 Operating costs and expenses Operating — 357,571 — 15,400 — 372,971 Selling, general and administrative — 110,919 — 2,511 — 113,430 Master lease rent expense — 24,665 — — — 24,665 Maintenance and utilities — 32,909 — 237 — 33,146 Depreciation and amortization 12,595 51,842 — 2,528 — 66,965 Corporate expense 23,920 97 — 941 — 24,958 Project development, preopening and writedowns 589 436 — 2,483 — 3,508 Impairment of assets — 153,500 — 17,600 — 171,100 Other operating items, net 255 7,239 — 49 — 7,543 Intercompany expenses 51 19,270 — — (19,321 ) — Total operating costs and expenses 37,410 758,448 — 41,749 (19,321 ) 818,286 Equity in earnings (losses) of subsidiaries (101,196 ) (277 ) — — 101,473 — Operating income (loss) (122,822 ) (92,309 ) — (24,103 ) 101,473 (137,761 ) Other expense (income) Interest expense, net 49,452 332 — 1,622 — 51,406 Loss on early extinguishments and modifications of debt 175 — — — — 175 Other, net 37 (331 ) — (50 ) — (344 ) Total other expense (income), net 49,664 1 — 1,572 — 51,237 Income (loss) before income taxes (172,486 ) (92,310 ) — (25,675 ) 101,473 (188,998 ) Income tax benefit 24,927 14,951 — 1,561 — 41,439 Net income (loss) $ (147,559 ) $ (77,359 ) $ — $ (24,114 ) $ 101,473 $ (147,559 ) Comprehensive income (loss) $ (146,432 ) $ (76,232 ) $ — $ (24,114 ) $ 100,346 $ (146,432 ) Three Months Ended March 31, 2019 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries 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 Impairment of assets — — — — — — 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) 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 |
Condensed Cash Flow Statement [Table Text Block] | Three Months Ended March 31, 2020 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries Owned)* Owned) Eliminations Consolidated Cash flows from operating activities Net cash from operating activities $ (46,369 ) $ 74,724 $ 46 $ (4,786 ) $ (23 ) $ 23,592 Cash flows from investing activities Capital expenditures (31,153 ) (15,695 ) — (1,198 ) — (48,046 ) Net activity with affiliates — (267,724 ) (46 ) — 267,770 — Net cash from investing activities (31,153 ) (283,419 ) (46 ) (1,198 ) 267,770 (48,046 ) Cash flows from financing activities Borrowings under bank credit facility 965,100 — — — — 965,100 Payments under bank credit facility (338,173 ) — — — — (338,173 ) Net activity with affiliates 274,323 — — (6,576 ) (267,747 ) — Share-based compensation activities, net (4,111 ) — — — — (4,111 ) Shares repurchased and retired (11,120 ) — — — — (11,120 ) Dividends paid (7,808 ) — — — — (7,808 ) Other financing activities — (107 ) — — — (107 ) Net cash from financing activities 878,211 (107 ) — (6,576 ) (267,747 ) 603,781 Change in cash, cash equivalents and restricted cash 800,689 (208,802 ) — (12,560 ) — 579,327 Cash, cash equivalents and restricted cash, beginning of period 3,007 244,534 — 22,907 — 270,448 Cash, cash equivalents and restricted cash, end of period $ 803,696 $ 35,732 $ — $ 10,347 $ — $ 849,775 Three Months Ended March 31, 2019 Non- Guarantor Subsidiary Subsidiaries Guarantor (100% (100% (In thousands) Parent Subsidiaries 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 ) 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 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Mar. 16, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) |
Number of Gaming Entertainment Properties | 29 | ||
Proceeds from Lines of Credit, Total | $ 965,100 | $ 434,829 | |
Asset Impairment Charges, Total | 171,100 | 0 | |
Taxes, Other | 110,000 | $ 135,700 | |
COVID-19 Pandemic [Member] | |||
Asset Impairment Charges, Total | $ 171,100 | ||
Line of Credit [Member] | Swing Loan [Member] | |||
Proceeds from Issuance of Long-term Debt, Total | $ 10,000 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||
Proceeds from Lines of Credit, Total | $ 660,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 831,246 | $ 249,977 | $ 247,681 | $ 249,417 |
Restricted cash | 18,529 | 20,471 | 24,951 | 23,785 |
Total cash, cash equivalents and restricted cash | $ 849,775 | $ 270,448 | $ 272,632 | $ 273,202 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Food and Beverage [Member] | ||
Promotional allowance | $ 44,180 | $ 53,918 |
Occupancy [Member] | ||
Promotional allowance | 19,086 | 23,274 |
Product and Service, Other [Member] | ||
Promotional allowance | $ 2,882 | $ 3,466 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 5,354,346 | $ 5,308,975 |
Less accumulated depreciation | 2,696,417 | 2,636,422 |
Property and equipment, net | 2,657,929 | 2,672,553 |
Land [Member] | ||
Property and equipment, gross | 326,801 | 324,501 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,092,943 | 3,090,974 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,624,841 | 1,596,395 |
Riverboats And Barges [Member] | ||
Property and equipment, gross | 241,036 | 241,036 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 68,725 | $ 56,069 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation expense | $ 62,129 | $ 60,045 |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Asset Impairment Charges, Total | $ 171,100 | $ 0 |
COVID-19 Pandemic [Member] | ||
Asset Impairment Charges, Total | 171,100 | |
Goodwill, Impairment Loss | 112,000 | |
COVID-19 Pandemic [Member] | Gaming License Right [Member] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 42,200 | |
COVID-19 Pandemic [Member] | Trademarks [Member] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 16,900 |
Note 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Intangible assets, gross carrying value | $ 147,473 | $ 147,473 |
Intangible assets, cumulative amortization | (50,554) | (45,720) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | 96,919 | 101,753 |
Intangible assets, gross carrying value | 1,583,372 | 1,583,372 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (243,374) | (184,274) |
Intangible assets, net | 1,306,038 | 1,365,138 |
Intangible assets, gross carrying value | 1,730,845 | 1,730,845 |
Intangible assets, cumulative amortization | (84,514) | (79,680) |
Intangible assets, cumulative impairment losses | (243,374) | (184,274) |
Intangible assets, net | 1,402,957 | 1,466,891 |
Trademarks [Member] | ||
Intangible assets, gross carrying value | 206,687 | 206,687 |
Intangible assets, cumulative amortization | 0 | 0 |
Intangible assets, cumulative impairment losses | (21,200) | (4,300) |
Intangible assets, net | 185,487 | 202,387 |
Gaming License Right [Member] | ||
Intangible assets, gross carrying value | 1,376,685 | 1,376,685 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (222,174) | (179,974) |
Intangible assets, net | $ 1,120,551 | $ 1,162,751 |
Customer Relationships [Member] | ||
Intangible assets, weighted average life remaining (Year) | 3 years 2 months 12 days | 3 years 6 months |
Intangible assets, gross carrying value | $ 68,100 | $ 68,100 |
Intangible assets, cumulative amortization | (43,465) | (39,598) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 24,635 | $ 28,502 |
Host Agreements [Member] | ||
Intangible assets, weighted average life remaining (Year) | 13 years 2 months 12 days | 13 years 4 months 24 days |
Intangible assets, gross carrying value | $ 58,000 | $ 58,000 |
Intangible assets, cumulative amortization | (7,089) | (6,122) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | 50,911 | 51,878 |
Development Agreements [Member] | ||
Intangible assets, gross carrying value | 21,373 | 21,373 |
Intangible assets, cumulative amortization | 0 | 0 |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 21,373 | $ 21,373 |
Note 4 - Accrued Liabilities -
Note 4 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Payroll and related expenses | $ 71,387 | $ 99,602 |
Interest | 45,738 | 32,239 |
Gaming liabilities | 57,858 | 64,465 |
Player loyalty program liabilities | 35,246 | 32,983 |
Advance deposits | 18,740 | 22,854 |
Outstanding chip liabilities | 5,029 | 7,394 |
Dividend payable | 0 | 7,808 |
Other accrued liabilities | 71,586 | 83,865 |
Total accrued liabilities | 397,001 | 438,896 |
Accrued Liabilities [Member] | ||
Operating lease liabilities | $ 91,417 | $ 87,686 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Mar. 16, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term Line of Credit, Total | $ 1,932,560 | $ 1,305,634 | |
Line of Credit [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | ||
Line of Credit [Member] | Swing Loan [Member] | |||
Long-term Line of Credit, Total | 64,900 | 41,300 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 945,500 | ||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Long-term Line of Credit, Total | 865,000 | $ 235,000 | |
Proceeds from Long-term Lines of Credit | $ 670,000 | ||
Letter of Credit [Member] | Line of Credit [Member] | |||
Long-term Line of Credit, Total | $ 12,600 |
Note 5 - Long-term Debt - Sched
Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term debt, outstanding principal | $ 4,440,782 | $ 3,813,956 |
Long-term debt, unamortized discount | (608) | (671) |
Long-term debt, unamortized original fees and costs | (45,077) | (47,354) |
Long-term debt, net | 4,395,097 | 3,765,931 |
Long-term debt, outstanding principal, current | 27,000 | 26,994 |
Long-term debt, unamortized discount, current | 0 | 0 |
Long-term debt, unamortized original fees and costs, current | 0 | 0 |
Current maturities of long-term debt | 27,000 | 26,994 |
Long-term debt, outstanding principal, noncurrent | 4,413,782 | 3,786,962 |
Long-term debt, unamortized discount, noncurrent | (608) | (671) |
Long-term debt, unamortized original fees and costs, noncurrent | (45,077) | (47,354) |
Long-term debt, net of current maturities and debt issuance costs | $ 4,368,097 | $ 3,738,937 |
Line of Credit [Member] | Bank Credit Facility [Member] | ||
Long-term debt, interest rate | 2.765% | 3.753% |
Long-term debt, outstanding principal | $ 1,932,560 | $ 1,305,634 |
Long-term debt, unamortized discount | (608) | (671) |
Long-term debt, unamortized original fees and costs | (13,145) | (14,255) |
Long-term debt, net | $ 1,918,807 | $ 1,290,708 |
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | ||
Long-term debt, interest rate | 6.375% | 6.375% |
Long-term debt, outstanding principal | $ 750,000 | $ 750,000 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | (7,940) | (8,271) |
Long-term debt, net | $ 742,060 | $ 741,729 |
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | ||
Long-term debt, interest rate | 6.00% | 6.00% |
Long-term debt, outstanding principal | $ 700,000 | $ 700,000 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | (8,895) | (9,244) |
Long-term debt, net | $ 691,105 | $ 690,756 |
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | ||
Long-term debt, interest rate | 4.75% | 4.75% |
Long-term debt, outstanding principal | $ 1,000,000 | $ 1,000,000 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | (15,097) | (15,584) |
Long-term debt, net | $ 984,903 | $ 984,416 |
Other Long-Term Debt [Member] | ||
Long-term debt, interest rate | 11.148% | 11.138% |
Long-term debt, outstanding principal | $ 58,222 | $ 58,322 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | 0 | 0 |
Long-term debt, net | $ 58,222 | $ 58,322 |
Note 5 - Long-term Debt - Outst
Note 5 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Outstanding principal amounts | $ 1,932,560 | $ 1,305,634 |
Line of Credit [Member] | Term A Loan [Member] | ||
Outstanding principal amounts | 230,787 | 234,300 |
Line of Credit [Member] | Refinancing Term B Loan [Member] | ||
Outstanding principal amounts | 771,873 | 795,034 |
Line of Credit [Member] | Swing Loan [Member] | ||
Outstanding principal amounts | 64,900 | 41,300 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Outstanding principal amounts | $ 865,000 | $ 235,000 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | Mar. 31, 2020 |
Lessee, Operating Lease, Renewal Term (Year) | 66 years |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 57 years |
Note 7 - Leases - Lease Cost (D
Note 7 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating lease cost | $ 41,184 | $ 29,635 |
Short-term lease cost | $ 118 | $ 336 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating cash flows from operating leases | $ 41,622 | $ 29,720 |
Operating leases | $ 11,683 | $ 3,710 |
Note 7 - Leases - Supplementa_2
Note 7 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating lease right-of-use assets | $ 928,026 | $ 936,170 |
Operating lease liabilities | 828,466 | 840,285 |
Total operating lease liabilities | $ 919,883 | $ 927,971 |
Operating leases (in years) (Year) | 18 years 2 months 12 days | 18 years 2 months 12 days |
Operating leases | 9.00% | 8.90% |
Accrued Liabilities [Member] | ||
Current lease liabilities (included in accrued liabilities) | $ 91,417 | $ 87,686 |
Note 7 - Leases - Maturity of L
Note 7 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Last three quarters of 2020 | $ 122,305 | |
2021 | 148,397 | |
2022 | 119,999 | |
2023 | 112,274 | |
2024 | 112,068 | |
Thereafter | 1,273,348 | |
Total lease payments | 1,888,391 | |
Less imputed interest | (968,508) | |
Operating lease liabilities | 828,466 | $ 840,285 |
Accrued Liabilities [Member] | ||
Less current portion (included in accrued liabilities) | $ (91,417) | $ (87,686) |
Note 8 - Stockholders' Equity_3
Note 8 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 364,810 | 395,964 |
Shares Issued Per Unit (in shares) | 1.53 | 1.67 |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 126,465 | 125,004 |
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares) | 238,345 | 270,960 |
The 2018 Plan [Member] | ||
Stock Repurchase Program, Authorized Amount | $ 100 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 61.4 |
Note 8 - Stockholders' Equity_4
Note 8 - Stockholders' Equity and Stock Incentive Plans - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Shares repurchased (1) (in shares) | [1] | 683 | 830 |
Total cost, including brokerage fees | $ 11,120 | $ 21,653 | |
Average repurchase price per share (2) (in dollars per share) | [2] | $ 16.29 | $ 26.09 |
[1] | All shares repurchased have been retired and constitute authorized but unissued shares. | ||
[2] | Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. |
Note 8 - Stockholders' Equity_5
Note 8 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Dividend Declared May 2, 2017 [Member] | |
Dividends, record date | Dec. 28, 2018 |
Dividends, payment date | Jan. 15, 2019 |
Dividends, amount per share (in dollars per share) | $ 0.06 |
Dividend Declared Sept 6, 2017 [Member] | |
Dividends, record date | Mar. 15, 2019 |
Dividends, payment date | Apr. 15, 2019 |
Dividends, amount per share (in dollars per share) | $ 0.06 |
Dividend Declared Dec 7, 2017 [Member] | |
Dividends, record date | Dec. 27, 2019 |
Dividends, payment date | Jan. 15, 2020 |
Dividends, amount per share (in dollars per share) | $ 0.07 |
Note 8 - Stockholders' Equity_6
Note 8 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based compensation expense | $ 8,191 | $ 9,709 |
Gaming [Member] | ||
Share-based compensation expense | 212 | 194 |
Food & Beverage [Member] | ||
Share-based compensation expense | 40 | 37 |
Room [Member] | ||
Share-based compensation expense | 19 | 18 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | 1,076 | 988 |
Corporate Expense [Member] | ||
Share-based compensation expense | $ 6,844 | $ 8,472 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements (Details Textual) $ in Millions | Dec. 20, 2011 | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 15, 2018 |
Debt Securities, Available-for-sale, Total | $ 19.5 | |||
Debt Security Interest Rate Stated Percentage | 7.50% | |||
Debt Security, Available-For-Sale, Fair Value Discount Amount | $ 2.6 | $ 2.7 | ||
Business Combination Contingent Consideration Arrangements, Payment To Option Holder Percentage Of Ebitda | 1.00% | |||
Other Long-Term Debt [Member] | ||||
Long-term Debt, Term (Month) | 96 months | |||
Prepaid Expenses and Other Current Assets [Member] | ||||
Debt Securities, Available-for-sale, Current, Total | 0.6 | 0.6 | ||
Other Noncurrent Assets [Member] | ||||
Debt Securities, Available-for-sale, Noncurrent | 17.2 | 15.6 | ||
Accounts Payable and Accrued Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | 0.8 | 0.9 | ||
Other Noncurrent Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 0.7 | $ 0.8 | ||
Measurement Input, Discount Rate [Member] | ||||
Debt Securities, Available-for-sale, Measurement Input | 0.094 | 0.105 | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.061 | 0.062 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment available for sale | $ 19,500 | |
Fair Value, Recurring [Member] | ||
Cash and cash equivalents | 831,246 | $ 249,977 |
Restricted cash | 18,529 | 20,471 |
Investment available for sale | 17,745 | 16,151 |
Contingent payments | 1,520 | 1,712 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 831,246 | 249,977 |
Restricted cash | 18,529 | 20,471 |
Investment available for sale | 0 | 0 |
Contingent payments | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | 0 | 0 |
Contingent payments | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | 17,745 | 16,151 |
Contingent payments | $ 1,520 | $ 1,712 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Contingent Payments [Member] | ||
Balance at beginning of reporting period, liability | $ (1,712) | $ (2,407) |
Included in interest income (expense), liability | (26) | (39) |
Included in other comprehensive income (loss), liability | 0 | 0 |
Included in other items, net, liability | (17) | (66) |
Settlements, liability | 235 | 232 |
Balance at end of reporting period, liability | (1,520) | (2,280) |
Investment, Available-For-Sale [Member] | ||
Balance at beginning of reporting period, asset | 16,151 | 15,772 |
Included in interest income (expense), asset | 40 | 37 |
Included in other comprehensive income (loss), asset | 1,554 | 643 |
Included in other items, net, asset | 0 | 0 |
Settlements, asset | 0 | 0 |
Balance at end of reporting period, asset | $ 17,745 | $ 16,452 |
Note 9 - Fair Value Measureme_6
Note 9 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Obligation under assessment arrangements | $ 27,588 | $ 28,118 |
Reported Value Measurement [Member] | ||
Obligation under assessment arrangements | 22,931 | 23,300 |
Estimate of Fair Value Measurement [Member] | ||
Obligation under assessment arrangements | $ 28,120 | $ 28,780 |
Note 9 - Fair Value Measureme_7
Note 9 - Fair Value Measurements - Long-Term Debt (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term debt | $ 4,440,782 | $ 3,813,956 |
Reported Value Measurement [Member] | ||
Long-term debt | 4,395,097 | 3,765,931 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 3,943,110 | 3,962,918 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | ||
Long-term debt | 1,932,560 | 1,305,634 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 1,918,807 | 1,290,708 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 1,809,138 | 1,308,846 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.375% Due 2026 [Member] | Senior Notes [Member] | ||
Long-term debt | 750,000 | 750,000 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.375% Due 2026 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 742,060 | 741,729 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.375% Due 2026 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 648,750 | 806,250 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | ||
Long-term debt | 700,000 | 700,000 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 691,105 | 690,756 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 602,000 | 750,750 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | ||
Long-term debt | 1,000,000 | 1,000,000 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 984,903 | 984,416 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 825,000 | 1,038,750 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | ||
Long-term debt | 58,222 | 58,322 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 58,222 | 58,322 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 58,222 | $ 58,322 |
Note 10 - Segment Information_2
Note 10 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Reportable Segments | 3 |
Note 10 - Segment Information -
Note 10 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total Revenues | $ 680,525 | $ 827,288 |
Casino [Member] | ||
Total Revenues | 509,765 | 620,253 |
Food and Beverage [Member] | ||
Total Revenues | 89,884 | 111,090 |
Occupancy [Member] | ||
Total Revenues | 46,727 | 57,244 |
Product and Service, Other [Member] | ||
Total Revenues | 34,149 | 38,701 |
Las Vegas Locals [Member] | ||
Total Revenues | 180,764 | 222,850 |
Las Vegas Locals [Member] | Casino [Member] | ||
Total Revenues | 116,318 | 143,643 |
Las Vegas Locals [Member] | Food and Beverage [Member] | ||
Total Revenues | 31,171 | 39,056 |
Las Vegas Locals [Member] | Occupancy [Member] | ||
Total Revenues | 21,981 | 26,204 |
Las Vegas Locals [Member] | Product and Service, Other [Member] | ||
Total Revenues | 11,294 | 13,947 |
Downtown Las Vegas [Member] | ||
Total Revenues | 54,113 | 63,026 |
Downtown Las Vegas [Member] | Casino [Member] | ||
Total Revenues | 29,845 | 33,939 |
Downtown Las Vegas [Member] | Food and Beverage [Member] | ||
Total Revenues | 11,725 | 14,103 |
Downtown Las Vegas [Member] | Occupancy [Member] | ||
Total Revenues | 6,148 | 7,198 |
Downtown Las Vegas [Member] | Product and Service, Other [Member] | ||
Total Revenues | 6,395 | 7,786 |
Midwest and South [Member] | ||
Total Revenues | 445,648 | 541,412 |
Midwest and South [Member] | Casino [Member] | ||
Total Revenues | 363,602 | 442,671 |
Midwest and South [Member] | Food and Beverage [Member] | ||
Total Revenues | 46,988 | 57,931 |
Midwest and South [Member] | Occupancy [Member] | ||
Total Revenues | 18,598 | 23,842 |
Midwest and South [Member] | Product and Service, Other [Member] | ||
Total Revenues | $ 16,460 | $ 16,968 |
Note 10 - Segment Information_3
Note 10 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total Reportable Segment Adjusted EBITDAR | $ 162,547 | $ 245,730 |
Corporate expense | 24,958 | 31,177 |
Adjusted EBITDAR | 144,433 | 223,025 |
Deferred rent | 222 | 245 |
Master lease rent expense | 24,665 | 23,962 |
Depreciation and amortization | 66,965 | 67,253 |
Share-based compensation expense | 8,191 | 9,709 |
Project development, preopening and writedowns | 3,508 | 4,031 |
Impairment of assets | 171,100 | 0 |
Other operating items, net | 7,543 | 199 |
Total other operating costs and expenses | 282,194 | 105,399 |
Operating income (loss) | (137,761) | 117,626 |
Las Vegas Locals [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 46,762 | 74,234 |
Downtown Las Vegas [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 9,956 | 15,025 |
Midwest and South [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 105,829 | 156,471 |
Corporate Segment [Member] | ||
Corporate expense | $ (18,114) | $ (22,705) |
Note 10 - Segment Information_4
Note 10 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | $ 7,016,862 | $ 6,650,145 |
Las Vegas Locals [Member] | ||
Assets | 1,698,479 | 1,804,476 |
Downtown Las Vegas [Member] | ||
Assets | 204,270 | 212,936 |
Midwest and South [Member] | ||
Assets | 3,927,635 | 4,229,174 |
Total Reportable Segment [Member] | ||
Assets | 5,830,384 | 6,246,586 |
Corporate Segment [Member] | ||
Assets | $ 1,186,478 | $ 403,559 |
Note 11 - Condensed Consolida_3
Note 11 - Condensed Consolidating Financial Information (Details Textual) | Mar. 31, 2020 | Dec. 31, 2019 |
Subsidiary [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% |
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% |
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% |
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% |
Note 11 - Condensed Consolida_4
Note 11 - Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents | $ 831,246 | $ 249,977 | $ 247,681 | $ 249,417 | |
Restricted cash | 18,529 | 20,471 | 24,951 | 23,785 | |
Other current assets | 113,988 | 129,046 | |||
Property and equipment, net | 2,657,929 | 2,672,553 | |||
Investments in subsidiaries | 0 | 0 | |||
Intercompany receivable | 0 | 0 | |||
Operating lease right-of-use assets | 928,026 | 936,170 | |||
Other long-term assets | 92,900 | 91,750 | |||
Intangible assets, net | 1,402,957 | 1,466,891 | |||
Goodwill, net | 971,287 | 1,083,287 | |||
Total assets | 7,016,862 | 6,650,145 | |||
Current maturities of long-term debt | 27,000 | 26,994 | |||
Other current liabilities | 474,158 | 529,899 | |||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | |||
Intercompany payable | 0 | 0 | |||
Long-term debt, net of current maturities and debt issuance costs | 4,368,097 | 3,738,937 | |||
Operating lease liabilities, net of current portion | 828,466 | 840,285 | |||
Other long-term liabilities | 207,371 | 248,788 | |||
Total stockholders' equity (deficit) | 1,111,770 | 1,265,242 | $ 1,170,109 | $ 1,145,741 | |
Total liabilities and stockholders' equity | 7,016,862 | 6,650,145 | |||
Consolidation, Eliminations [Member] | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Property and equipment, net | 0 | 0 | |||
Investments in subsidiaries | (3,643,760) | (3,766,659) | |||
Intercompany receivable | (979,208) | (1,090,458) | |||
Operating lease right-of-use assets | 0 | 0 | |||
Other long-term assets | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill, net | 0 | 0 | |||
Total assets | (4,622,968) | (4,857,117) | |||
Current maturities of long-term debt | 0 | 0 | |||
Other current liabilities | (1,513) | (1,490) | |||
Accumulated losses of subsidiaries in excess of investment | (4,438) | (9,946) | |||
Intercompany payable | (977,722) | (1,088,995) | |||
Long-term debt, net of current maturities and debt issuance costs | 0 | 0 | |||
Operating lease liabilities, net of current portion | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Total stockholders' equity (deficit) | (3,639,295) | (3,756,686) | |||
Total liabilities and stockholders' equity | (4,622,968) | (4,857,117) | |||
Parent Company [Member] | Reportable Legal Entities [Member] | |||||
Cash and cash equivalents | 803,696 | 3,007 | |||
Restricted cash | 0 | 0 | |||
Other current assets | 22,817 | 24,164 | |||
Property and equipment, net | 166,596 | 159,139 | |||
Investments in subsidiaries | 3,643,760 | 3,718,900 | |||
Intercompany receivable | 757,019 | 1,031,342 | |||
Operating lease right-of-use assets | 22,126 | 23,229 | |||
Other long-term assets | 20,173 | 20,662 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill, net | 0 | 0 | |||
Total assets | 5,436,187 | 4,980,443 | |||
Current maturities of long-term debt | 26,695 | 26,695 | |||
Other current liabilities | 140,587 | 159,138 | |||
Accumulated losses of subsidiaries in excess of investment | 0 | 0 | |||
Intercompany payable | 0 | 0 | |||
Long-term debt, net of current maturities and debt issuance costs | 4,310,179 | 3,680,912 | |||
Operating lease liabilities, net of current portion | 17,966 | 19,189 | |||
Other long-term liabilities | (171,010) | (170,733) | |||
Total stockholders' equity (deficit) | 1,111,770 | 1,265,242 | |||
Total liabilities and stockholders' equity | 5,436,187 | 4,980,443 | |||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||
Cash and cash equivalents | 19,752 | 231,866 | |||
Restricted cash | 15,980 | 12,668 | |||
Other current assets | 89,923 | 100,219 | |||
Property and equipment, net | 2,389,293 | 2,411,456 | |||
Investments in subsidiaries | 0 | 47,759 | |||
Intercompany receivable | 163,027 | 0 | |||
Operating lease right-of-use assets | 884,702 | 886,463 | |||
Other long-term assets | 24,282 | 22,636 | |||
Intangible assets, net | 1,327,986 | 1,390,954 | |||
Goodwill, net | 957,568 | 1,051,968 | |||
Total assets | 5,872,513 | 6,155,989 | |||
Current maturities of long-term debt | 305 | 299 | |||
Other current liabilities | 298,550 | 332,393 | |||
Accumulated losses of subsidiaries in excess of investment | 4,397 | 0 | |||
Intercompany payable | 0 | 104,697 | |||
Long-term debt, net of current maturities and debt issuance costs | 234 | 341 | |||
Operating lease liabilities, net of current portion | 809,912 | 814,779 | |||
Other long-term liabilities | 379,635 | 420,775 | |||
Total stockholders' equity (deficit) | 4,379,480 | 4,482,705 | |||
Total liabilities and stockholders' equity | 5,872,513 | 6,155,989 | |||
Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||
Cash and cash equivalents | [1] | 0 | 0 | ||
Restricted cash | [1] | 0 | 0 | ||
Other current assets | [1] | 9 | 55 | ||
Property and equipment, net | [1] | 0 | 0 | ||
Investments in subsidiaries | [1] | 0 | 0 | ||
Intercompany receivable | [1] | 59,162 | 59,116 | ||
Operating lease right-of-use assets | [1] | 0 | 0 | ||
Other long-term assets | [1] | 0 | 0 | ||
Intangible assets, net | [1] | 0 | 0 | ||
Goodwill, net | [1] | 0 | 0 | ||
Total assets | [1] | 59,171 | 59,171 | ||
Current maturities of long-term debt | [1] | 0 | 0 | ||
Other current liabilities | [1] | 0 | 0 | ||
Accumulated losses of subsidiaries in excess of investment | [1] | 0 | 0 | ||
Intercompany payable | [1] | 0 | 0 | ||
Long-term debt, net of current maturities and debt issuance costs | [1] | 0 | 0 | ||
Operating lease liabilities, net of current portion | [1] | 0 | 0 | ||
Other long-term liabilities | [1] | 900 | 900 | ||
Total stockholders' equity (deficit) | [1] | 58,271 | 58,271 | ||
Total liabilities and stockholders' equity | [1] | 59,171 | 59,171 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||
Cash and cash equivalents | 7,798 | 15,104 | |||
Restricted cash | 2,549 | 7,803 | |||
Other current assets | 1,239 | 4,608 | |||
Property and equipment, net | 102,040 | 101,958 | |||
Investments in subsidiaries | 0 | 0 | |||
Intercompany receivable | 0 | 0 | |||
Operating lease right-of-use assets | 21,198 | 26,478 | |||
Other long-term assets | 48,445 | 48,452 | |||
Intangible assets, net | 74,971 | 75,937 | |||
Goodwill, net | 13,719 | 31,319 | |||
Total assets | 271,959 | 311,659 | |||
Current maturities of long-term debt | 0 | 0 | |||
Other current liabilities | 36,534 | 39,858 | |||
Accumulated losses of subsidiaries in excess of investment | 41 | 9,946 | |||
Intercompany payable | 977,722 | 984,298 | |||
Long-term debt, net of current maturities and debt issuance costs | 57,684 | 57,684 | |||
Operating lease liabilities, net of current portion | 588 | 6,317 | |||
Other long-term liabilities | (2,154) | (2,154) | |||
Total stockholders' equity (deficit) | (798,456) | (784,290) | |||
Total liabilities and stockholders' equity | $ 271,959 | $ 311,659 | |||
[1] | Subsidiary is a 100% owned guarantor of the 6.375% Notes and is a 100% owned non-guarantor of the 6.000% Notes and 4.750% Notes. |
Note 11 - Condensed Consolida_5
Note 11 - Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Total revenues | $ 680,525 | $ 827,288 | ||
Operating | 372,971 | 429,529 | ||
Selling, general and administrative | 113,430 | 115,411 | ||
Master lease rent expense | 24,665 | 23,962 | ||
Maintenance and utilities | 33,146 | 38,100 | ||
Depreciation and amortization | 66,965 | 67,253 | ||
Corporate expense | 24,958 | 31,177 | ||
Project development, preopening and writedowns | 3,508 | 4,031 | ||
Impairment of assets | 171,100 | 0 | ||
Other operating items, net | 7,543 | 199 | ||
Intercompany expenses | 0 | 0 | ||
Total operating costs and expenses | 818,286 | 709,662 | ||
Equity in earnings (losses) of subsidiaries | 0 | 0 | ||
Operating income (loss) | (137,761) | 117,626 | ||
Interest expense, net | 51,406 | 61,224 | ||
Loss on early extinguishments and modifications of debt | 175 | 0 | ||
Other, net | (344) | 115 | ||
Total other expense (income), net | 51,237 | 61,339 | ||
Income (loss) before income taxes | (188,998) | 56,287 | ||
Income tax benefit (provision) | 41,439 | (10,836) | ||
Net income (loss) | (147,559) | 45,451 | ||
Comprehensive income (loss) | (146,432) | 45,916 | ||
Consolidation, Eliminations [Member] | ||||
Total revenues | (19,321) | (26,141) | ||
Operating | 0 | 0 | ||
Selling, general and administrative | 0 | 0 | ||
Master lease rent expense | 0 | 0 | ||
Maintenance and utilities | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Corporate expense | 0 | 0 | ||
Project development, preopening and writedowns | 0 | 0 | ||
Impairment of assets | 0 | 0 | ||
Other operating items, net | 0 | 0 | ||
Intercompany expenses | (19,321) | (26,141) | ||
Total operating costs and expenses | (19,321) | (26,141) | ||
Equity in earnings (losses) of subsidiaries | 101,473 | (109,721) | ||
Operating income (loss) | 101,473 | (109,721) | ||
Interest expense, net | 0 | 0 | ||
Loss on early extinguishments and modifications of debt | 0 | |||
Other, net | 0 | 0 | ||
Total other expense (income), net | 0 | 0 | ||
Income (loss) before income taxes | 101,473 | (109,721) | ||
Income tax benefit (provision) | 0 | 0 | ||
Net income (loss) | 101,473 | (109,721) | ||
Comprehensive income (loss) | 100,346 | (110,186) | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
Total revenues | 15,784 | 21,562 | ||
Operating | 0 | 0 | ||
Selling, general and administrative | 0 | 0 | ||
Master lease rent expense | 0 | 0 | ||
Maintenance and utilities | 0 | 0 | ||
Depreciation and amortization | 12,595 | 7,228 | ||
Corporate expense | 23,920 | 29,953 | ||
Project development, preopening and writedowns | 589 | 2,109 | ||
Impairment of assets | 0 | 0 | ||
Other operating items, net | 255 | 24 | ||
Intercompany expenses | 51 | 51 | ||
Total operating costs and expenses | 37,410 | 39,365 | ||
Equity in earnings (losses) of subsidiaries | (101,196) | 109,868 | ||
Operating income (loss) | (122,822) | 92,065 | ||
Interest expense, net | 49,452 | 59,032 | ||
Loss on early extinguishments and modifications of debt | 175 | |||
Other, net | 37 | 129 | ||
Total other expense (income), net | 49,664 | 59,161 | ||
Income (loss) before income taxes | (172,486) | 32,904 | ||
Income tax benefit (provision) | 24,927 | 12,547 | ||
Net income (loss) | (147,559) | 45,451 | ||
Comprehensive income (loss) | (146,432) | 45,916 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Total revenues | 666,416 | 810,548 | ||
Operating | 357,571 | 411,835 | ||
Selling, general and administrative | 110,919 | 112,724 | ||
Master lease rent expense | 24,665 | 23,962 | ||
Maintenance and utilities | 32,909 | 37,834 | ||
Depreciation and amortization | 51,842 | 57,082 | ||
Corporate expense | 97 | 185 | ||
Project development, preopening and writedowns | 436 | 112 | ||
Impairment of assets | 153,500 | 0 | ||
Other operating items, net | 7,239 | 175 | ||
Intercompany expenses | 19,270 | 26,090 | ||
Total operating costs and expenses | 758,448 | 669,999 | ||
Equity in earnings (losses) of subsidiaries | (277) | (147) | ||
Operating income (loss) | (92,309) | 140,402 | ||
Interest expense, net | 332 | 584 | ||
Loss on early extinguishments and modifications of debt | 0 | |||
Other, net | (331) | 0 | ||
Total other expense (income), net | 1 | 584 | ||
Income (loss) before income taxes | (92,310) | 139,818 | ||
Income tax benefit (provision) | 14,951 | (24,440) | ||
Net income (loss) | (77,359) | 115,378 | ||
Comprehensive income (loss) | (76,232) | 115,843 | ||
Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Total revenues | [1] | 0 | 0 | |
Operating | [1] | 0 | 0 | |
Selling, general and administrative | [1] | 0 | 0 | |
Master lease rent expense | [1] | 0 | 0 | |
Maintenance and utilities | [1] | 0 | 0 | |
Depreciation and amortization | [1] | 0 | 0 | |
Corporate expense | [1] | 0 | 0 | |
Project development, preopening and writedowns | [1] | 0 | 0 | |
Impairment of assets | 0 | 0 | [1] | |
Other operating items, net | [1] | 0 | 0 | |
Intercompany expenses | [1] | 0 | 0 | |
Total operating costs and expenses | [1] | 0 | 0 | |
Equity in earnings (losses) of subsidiaries | [1] | 0 | 0 | |
Operating income (loss) | [1] | 0 | 0 | |
Interest expense, net | [1] | 0 | 0 | |
Loss on early extinguishments and modifications of debt | [1] | 0 | ||
Other, net | [1] | 0 | 0 | |
Total other expense (income), net | [1] | 0 | 0 | |
Income (loss) before income taxes | [1] | 0 | 0 | |
Income tax benefit (provision) | [1] | 0 | 0 | |
Net income (loss) | [1] | 0 | 0 | |
Comprehensive income (loss) | [1] | 0 | 0 | |
Non-Guarantor Subsidiaries, 100% Owned [Member] | Reportable Legal Entities [Member] | ||||
Total revenues | 17,646 | 21,319 | ||
Operating | 15,400 | 17,694 | ||
Selling, general and administrative | 2,511 | 2,687 | ||
Master lease rent expense | 0 | 0 | ||
Maintenance and utilities | 237 | 266 | ||
Depreciation and amortization | 2,528 | 2,943 | ||
Corporate expense | 941 | 1,039 | ||
Project development, preopening and writedowns | 2,483 | 1,810 | ||
Impairment of assets | 17,600 | 0 | ||
Other operating items, net | 49 | 0 | ||
Intercompany expenses | 0 | 0 | ||
Total operating costs and expenses | 41,749 | 26,439 | ||
Equity in earnings (losses) of subsidiaries | 0 | 0 | ||
Operating income (loss) | (24,103) | (5,120) | ||
Interest expense, net | 1,622 | 1,608 | ||
Loss on early extinguishments and modifications of debt | 0 | |||
Other, net | (50) | (14) | ||
Total other expense (income), net | 1,572 | 1,594 | ||
Income (loss) before income taxes | (25,675) | (6,714) | ||
Income tax benefit (provision) | 1,561 | 1,057 | ||
Net income (loss) | (24,114) | (5,657) | ||
Comprehensive income (loss) | $ (24,114) | $ (5,657) | ||
[1] | Subsidiary is a 100% owned guarantor of the 6.375% Notes and is a 100% owned non-guarantor of the 6.000% Notes and 4.750% Notes. |
Note 11 - Condensed Consolida_6
Note 11 - Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net cash from operating activities | $ 23,592 | $ 164,090 | |
Capital expenditures | (48,046) | (89,322) | |
Net activity with affiliates | 0 | 0 | |
Net cash from investing activities | (48,046) | (101,240) | |
Borrowings under bank credit facility | 965,100 | 434,829 | |
Payments under bank credit facility | (338,173) | (466,802) | |
Net activity with affiliates | 0 | 0 | |
Share-based compensation activities, net | (4,111) | (2,921) | |
Shares repurchased and retired | (11,120) | (21,653) | |
Dividends paid | (7,808) | (6,705) | |
Other financing activities | (107) | (115) | |
Net cash from financing activities | 603,781 | (63,420) | |
Change in cash, cash equivalents and restricted cash | 579,327 | (570) | |
Cash, cash equivalents and restricted cash, beginning of period | 270,448 | 273,202 | |
Cash, cash equivalents and restricted cash, end of period | 849,775 | 272,632 | |
Other investing activities | 0 | (11,918) | |
Debt financing costs, net | 0 | (53) | |
Consolidation, Eliminations [Member] | |||
Net cash from operating activities | (23) | (171) | |
Capital expenditures | 0 | 0 | |
Net activity with affiliates | 267,770 | 153,088 | |
Net cash from investing activities | 267,770 | 153,088 | |
Borrowings under bank credit facility | 0 | 0 | |
Payments under bank credit facility | 0 | 0 | |
Net activity with affiliates | (267,747) | (152,917) | |
Share-based compensation activities, net | 0 | 0 | |
Shares repurchased and retired | 0 | 0 | |
Dividends paid | 0 | 0 | |
Other financing activities | 0 | 0 | |
Net cash from financing activities | (267,747) | (152,917) | |
Change in cash, cash equivalents and restricted cash | 0 | 0 | |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 | |
Other investing activities | 0 | ||
Debt financing costs, net | 0 | ||
Parent Company [Member] | Reportable Legal Entities [Member] | |||
Net cash from operating activities | (46,369) | (30,882) | |
Capital expenditures | (31,153) | (63,156) | |
Net activity with affiliates | 0 | 0 | |
Net cash from investing activities | (31,153) | (67,776) | |
Borrowings under bank credit facility | 965,100 | 434,829 | |
Payments under bank credit facility | (338,173) | (466,802) | |
Net activity with affiliates | 274,323 | 153,873 | |
Share-based compensation activities, net | (4,111) | (2,921) | |
Shares repurchased and retired | (11,120) | (21,653) | |
Dividends paid | (7,808) | (6,705) | |
Other financing activities | 0 | 0 | |
Net cash from financing activities | 878,211 | 90,568 | |
Change in cash, cash equivalents and restricted cash | 800,689 | (8,090) | |
Cash, cash equivalents and restricted cash, beginning of period | 3,007 | 8,697 | |
Cash, cash equivalents and restricted cash, end of period | 803,696 | 607 | |
Other investing activities | (4,620) | ||
Debt financing costs, net | (53) | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||
Net cash from operating activities | 74,724 | 193,653 | |
Capital expenditures | (15,695) | (25,455) | |
Net activity with affiliates | (267,724) | (153,088) | |
Net cash from investing activities | (283,419) | (185,841) | |
Borrowings under bank credit facility | 0 | 0 | |
Payments under bank credit facility | 0 | 0 | |
Net activity with affiliates | 0 | 0 | |
Share-based compensation activities, net | 0 | 0 | |
Shares repurchased and retired | 0 | 0 | |
Dividends paid | 0 | 0 | |
Other financing activities | (107) | (115) | |
Net cash from financing activities | (107) | (115) | |
Change in cash, cash equivalents and restricted cash | (208,802) | 7,697 | |
Cash, cash equivalents and restricted cash, beginning of period | 244,534 | 239,903 | |
Cash, cash equivalents and restricted cash, end of period | 35,732 | 247,600 | |
Other investing activities | (7,298) | ||
Debt financing costs, net | 0 | ||
Subsidiaries [Member] | Reportable Legal Entities [Member] | |||
Net cash from operating activities | [1] | 46 | 0 |
Capital expenditures | [1] | 0 | 0 |
Net activity with affiliates | [1] | (46) | 0 |
Net cash from investing activities | [1] | (46) | 0 |
Borrowings under bank credit facility | [1] | 0 | 0 |
Payments under bank credit facility | [1] | 0 | 0 |
Net activity with affiliates | [1] | 0 | 0 |
Share-based compensation activities, net | [1] | 0 | 0 |
Shares repurchased and retired | [1] | 0 | 0 |
Dividends paid | [1] | 0 | 0 |
Other financing activities | [1] | 0 | 0 |
Net cash from financing activities | [1] | 0 | 0 |
Change in cash, cash equivalents and restricted cash | [1] | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | [1] | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | [1] | 0 | 0 |
Other investing activities | [1] | 0 | |
Debt financing costs, net | [1] | 0 | |
Non-Guarantor Subsidiaries, 100% Owned [Member] | Reportable Legal Entities [Member] | |||
Net cash from operating activities | (4,786) | 1,490 | |
Capital expenditures | (1,198) | (711) | |
Net activity with affiliates | 0 | 0 | |
Net cash from investing activities | (1,198) | (711) | |
Borrowings under bank credit facility | 0 | 0 | |
Payments under bank credit facility | 0 | 0 | |
Net activity with affiliates | (6,576) | (956) | |
Share-based compensation activities, net | 0 | 0 | |
Shares repurchased and retired | 0 | 0 | |
Dividends paid | 0 | 0 | |
Other financing activities | 0 | 0 | |
Net cash from financing activities | (6,576) | (956) | |
Change in cash, cash equivalents and restricted cash | (12,560) | (177) | |
Cash, cash equivalents and restricted cash, beginning of period | 22,907 | 24,602 | |
Cash, cash equivalents and restricted cash, end of period | $ 10,347 | 24,425 | |
Other investing activities | 0 | ||
Debt financing costs, net | $ 0 | ||
[1] | Subsidiary is a 100% owned guarantor of the 6.375% Notes and is a 100% owned non-guarantor of the 6.000% Notes and 4.750% Notes. |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | May 08, 2020USD ($) | May 06, 2020USD ($) |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Debt Instrument, Covenant, Minimum Level of Liquidity | $ 250 | |
Debt Instrument, Covenant, Total Net Leverage Ratio | 6 | |
Revolving Credit Facility and Term Loan A [Member] | Base Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Debt Instrument, Interest Rate Floor | 1.50% | |
Revolving Credit Facility and Term Loan A [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |
Debt Instrument, Interest Rate Floor | 0.50% | |
Gold Merger Sub [Member] | Promissory Note [Member] | ||
Notes Payable, Total | $ 57.7 |