Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 26, 2021 | |
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 | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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 | 6465 South Rainbow Boulevard | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89118 | |
City Area Code | 702 | |
Local Phone Number | 792-7200 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | BYD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 112,223,991 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 334,537 | $ 519,182 |
Restricted cash | 21,312 | 15,817 |
Accounts receivable, net | 57,514 | 53,456 |
Inventories | 19,998 | 22,616 |
Prepaid expenses and other current assets | 39,463 | 39,198 |
Income taxes receivable | 0 | 8 |
Total current assets | 472,824 | 650,277 |
Property and equipment, net | 2,446,808 | 2,525,887 |
Operating lease right-of-use assets | 929,922 | 928,814 |
Other assets, net | 95,201 | 100,510 |
Intangible assets, net | 1,375,871 | 1,382,173 |
Goodwill, net | 971,287 | 971,287 |
Total assets | 6,291,913 | 6,558,948 |
Current liabilities | ||
Accounts payable | 81,471 | 96,863 |
Current maturities of long-term debt | 39,324 | 30,740 |
Accrued liabilities | 407,921 | 396,419 |
Income tax payable | 192 | 0 |
Total current liabilities | 528,908 | 524,022 |
Long-term debt, net of current maturities and debt issuance costs | 3,300,226 | 3,866,743 |
Operating lease liabilities, net of current portion | 846,551 | 848,825 |
Deferred income taxes | 191,916 | 131,052 |
Other liabilities | 66,045 | 64,363 |
Commitments and contingencies (Notes 5 and 6) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value, 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 112,223,991 and 111,830,857 shares outstanding | 1,122 | 1,118 |
Additional paid-in capital | 895,227 | 876,433 |
Retained earnings | 462,132 | 246,242 |
Accumulated other comprehensive income (loss) | (214) | 150 |
Total stockholders' equity | 1,358,267 | 1,123,943 |
Total liabilities and stockholders' equity | $ 6,291,913 | $ 6,558,948 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares outstanding (in shares) | 112,223,991 | 111,830,857 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Total revenues | $ 893,602 | $ 209,859 | $ 1,646,909 | $ 890,384 |
Operating costs and expenses | ||||
Selling, general and administrative | 90,473 | 60,268 | 180,480 | 173,698 |
Master lease rent expense | 26,175 | 25,413 | 52,090 | 50,078 |
Maintenance and utilities | 31,157 | 21,654 | 59,388 | 54,800 |
Depreciation and amortization | 67,279 | 69,213 | 131,746 | 136,178 |
Corporate expense | 34,716 | 13,963 | 58,031 | 38,921 |
Project development, preopening and writedowns | 1,454 | 3,825 | 2,869 | 7,333 |
Impairment of assets | 0 | 0 | 0 | 171,100 |
Other operating items, net | 11,115 | 1,099 | 12,272 | 8,642 |
Total operating costs and expenses | 627,260 | 296,207 | 1,186,832 | 1,114,493 |
Operating income (loss) | 266,342 | (86,348) | 460,077 | (224,109) |
Other expense (income) | ||||
Interest income | (455) | (569) | (964) | (1,008) |
Interest expense, net of amounts capitalized | 55,131 | 59,208 | 113,021 | 111,053 |
Loss on early extinguishments and modifications of debt | 65,475 | 412 | 65,475 | 587 |
Other, net | 237 | 115 | 2,169 | (229) |
Total other expense, net | 120,388 | 59,166 | 179,701 | 110,403 |
Income (loss) before income taxes | 145,954 | (145,514) | 280,376 | (334,512) |
Income tax benefit (provision) | (32,225) | 36,970 | (64,486) | 78,409 |
Net income (loss) | $ 113,729 | $ (108,544) | $ 215,890 | $ (256,103) |
Basic net income (loss) per common share (in dollars per share) | $ 1 | $ (0.96) | $ 1.90 | $ (2.26) |
Weighted average basic shares outstanding (in shares) | 113,779 | 113,257 | 113,703 | 113,482 |
Diluted net income (loss) per common share (in dollars per share) | $ 1 | $ (0.96) | $ 1.89 | $ (2.26) |
Weighted average diluted shares outstanding (in shares) | 114,040 | 113,257 | 114,005 | 113,482 |
Casino [Member] | ||||
Revenues | ||||
Total revenues | $ 727,462 | $ 185,111 | $ 1,345,388 | $ 694,876 |
Operating costs and expenses | ||||
Cost of Revenue | 259,378 | 76,761 | 491,491 | 315,461 |
Food and Beverage [Member] | ||||
Revenues | ||||
Total revenues | 57,428 | 10,661 | 101,540 | 100,545 |
Operating costs and expenses | ||||
Cost of Revenue | 46,819 | 16,745 | 85,732 | 106,584 |
Occupancy [Member] | ||||
Revenues | ||||
Total revenues | 39,077 | 6,918 | 65,067 | 53,645 |
Operating costs and expenses | ||||
Cost of Revenue | 14,207 | 5,097 | 26,339 | 28,082 |
Product and Service, Other [Member] | ||||
Revenues | ||||
Total revenues | 69,635 | 7,169 | 134,914 | 41,318 |
Operating costs and expenses | ||||
Cost of Revenue | $ 44,487 | $ 2,169 | $ 86,394 | $ 23,616 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ 113,729 | $ (108,544) | $ 215,890 | $ (256,103) |
Other comprehensive income (loss), net of tax: | ||||
Fair value adjustments to available-for-sale securities, net of tax | (43) | (445) | (364) | 682 |
Comprehensive income (loss) | $ 113,686 | $ (108,989) | $ 215,526 | $ (255,421) |
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, 2019 | 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) |
Share-based compensation costs | $ 0 | 8,191 | 0 | 0 | 8,191 |
Shares repurchased and retired (in shares) | (682,596) | ||||
Shares repurchased and retired | $ (6) | (11,114) | 0 | 0 | (11,120) |
Balances (in shares) at Mar. 31, 2020 | 111,180,132 | ||||
Balances at Mar. 31, 2020 | $ 1,112 | 876,678 | 233,383 | 597 | 1,111,770 |
Balances (in shares) at Dec. 31, 2019 | 111,542,108 | ||||
Balances at Dec. 31, 2019 | $ 1,115 | 883,715 | 380,942 | (530) | 1,265,242 |
Net income (loss) | $ (256,103) | ||||
Shares repurchased and retired (in shares) | (700,000) | ||||
Shares repurchased and retired | $ (11,100) | ||||
Balances (in shares) at Jun. 30, 2020 | 111,384,955 | ||||
Balances at Jun. 30, 2020 | $ 1,114 | 879,373 | 124,839 | 152 | 1,005,478 |
Balances (in shares) at Mar. 31, 2020 | 111,180,132 | ||||
Balances at Mar. 31, 2020 | $ 1,112 | 876,678 | 233,383 | 597 | 1,111,770 |
Net income (loss) | 0 | 0 | (108,544) | 0 | (108,544) |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (445) | (445) |
Stock options exercised (in shares) | 1,000 | ||||
Stock options exercised | $ 0 | 8 | 0 | 0 | 8 |
Release of restricted stock units, net of tax (in shares) | 183,741 | ||||
Release of restricted stock units, net of tax | $ 2 | (6) | 0 | 0 | (4) |
Release of performance stock units, net of tax (in shares) | 20,082 | ||||
Release of performance stock units, net of tax | $ 1 | 0 | 0 | 0 | 1 |
Share-based compensation costs | $ 0 | 2,693 | 0 | 0 | $ 2,693 |
Shares repurchased and retired (in shares) | 0 | 0 | |||
Shares repurchased and retired | $ (1) | 0 | 0 | 0 | $ (1) |
Balances (in shares) at Jun. 30, 2020 | 111,384,955 | ||||
Balances at Jun. 30, 2020 | $ 1,114 | 879,373 | 124,839 | 152 | $ 1,005,478 |
Balances (in shares) at Dec. 31, 2020 | 111,830,857 | 111,830,857 | |||
Balances at Dec. 31, 2020 | $ 1,118 | 876,433 | 246,242 | 150 | $ 1,123,943 |
Net income (loss) | 0 | 0 | 102,161 | 0 | 102,161 |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (321) | (321) |
Stock options exercised (in shares) | 158,568 | ||||
Stock options exercised | $ 2 | 1,743 | 0 | 0 | 1,745 |
Release of restricted stock units, net of tax (in shares) | 29,808 | ||||
Release of restricted stock units, net of tax | $ 0 | (609) | 0 | 0 | (609) |
Release of performance stock units, net of tax (in shares) | 61,654 | ||||
Release of performance stock units, net of tax | $ 1 | (1,901) | 0 | 0 | (1,900) |
Share-based compensation costs | $ 0 | 5,701 | 0 | 0 | 5,701 |
Balances (in shares) at Mar. 31, 2021 | 112,080,887 | ||||
Balances at Mar. 31, 2021 | $ 1,121 | 881,367 | 348,403 | (171) | $ 1,230,720 |
Balances (in shares) at Dec. 31, 2020 | 111,830,857 | 111,830,857 | |||
Balances at Dec. 31, 2020 | $ 1,118 | 876,433 | 246,242 | 150 | $ 1,123,943 |
Net income (loss) | $ 215,890 | ||||
Shares repurchased and retired (in shares) | 0 | ||||
Balances (in shares) at Jun. 30, 2021 | 112,223,991 | 112,223,991 | |||
Balances at Jun. 30, 2021 | $ 1,122 | 895,227 | 462,132 | (214) | $ 1,358,267 |
Balances (in shares) at Mar. 31, 2021 | 112,080,887 | ||||
Balances at Mar. 31, 2021 | $ 1,121 | 881,367 | 348,403 | (171) | 1,230,720 |
Net income (loss) | 0 | 0 | 113,729 | 0 | 113,729 |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (43) | (43) |
Stock options exercised (in shares) | 100,068 | ||||
Stock options exercised | $ 0 | 1,037 | 0 | 0 | 1,037 |
Release of restricted stock units, net of tax (in shares) | 43,036 | ||||
Release of restricted stock units, net of tax | $ 1 | 0 | 0 | 0 | 1 |
Share-based compensation costs | $ 0 | 12,823 | 0 | 0 | $ 12,823 |
Shares repurchased and retired (in shares) | 0 | ||||
Balances (in shares) at Jun. 30, 2021 | 112,223,991 | 112,223,991 | |||
Balances at Jun. 30, 2021 | $ 1,122 | $ 895,227 | $ 462,132 | $ (214) | $ 1,358,267 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 215,890 | $ (256,103) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 131,746 | 136,178 |
Amortization of debt financing costs and discounts on debt | 5,931 | 5,307 |
Non-cash operating lease expense | 30,329 | 34,225 |
Share-based compensation expense | 18,524 | 10,884 |
Deferred income taxes | 60,864 | (78,092) |
Non-cash impairment of assets | 0 | 171,100 |
Loss on early extinguishments and modifications of debt | 65,475 | 587 |
Other operating activities | 8,510 | 4,738 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (4,058) | 19,630 |
Inventories | 2,618 | (2,912) |
Prepaid expenses and other current assets | (647) | (19,275) |
Income taxes (receivable) payable, net | 200 | 1,541 |
Other assets, net | (2,715) | (1,113) |
Accounts payable and accrued liabilities | (8,315) | (54,763) |
Operating lease liabilities | (30,329) | (34,225) |
Other long-term tax liabilities | 0 | 95 |
Other liabilities | 5,319 | 9,393 |
Net cash provided by (used in) operating activities | 499,342 | (52,805) |
Cash Flows from Investing Activities | ||
Capital expenditures | (96,339) | (75,916) |
Insurance proceeds received for hurricane losses | 40,240 | 0 |
Other investing activities | 6,672 | 0 |
Net cash used in investing activities | (49,427) | (75,916) |
Cash Flows from Financing Activities | ||
Borrowings under bank credit facility | 0 | 965,100 |
Payments under bank credit facility | (11,536) | (344,848) |
Proceeds from issuance of senior notes | 900,000 | 600,000 |
Debt financing costs, net | (14,596) | (12,918) |
Retirements of senior notes | (1,450,000) | 0 |
Premium and consent fees | (51,863) | 0 |
Share-based compensation activities, net | 274 | (4,106) |
Shares repurchased and retired | 0 | (11,121) |
Dividends paid | 0 | (7,808) |
Other financing activities | (1,344) | (593) |
Net cash provided by (used in) financing activities | (629,065) | 1,183,706 |
Change in cash, cash equivalents and restricted cash | (179,150) | 1,054,985 |
Cash, cash equivalents and restricted cash, beginning of period | 534,999 | 270,448 |
Cash, cash equivalents and restricted cash, end of period | 355,849 | 1,325,433 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 131,778 | 112,220 |
Cash paid for (received from) income taxes | 3,298 | (1,448) |
Supplemental Schedule of Non-cash Investing and Financing Activities | ||
Payables incurred for capital expenditures | 3,072 | 12,250 |
Mortgage settlement in exchange for real estate | $ 0 | $ 57,684 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 28 Impact of the COVID 19 In mid- March 2020, 19 June 30, 2021, No The closures in 2020 19 19 19 may may We currently anticipate funding our operations over the next 12 first second no not may 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, 2020 March 1, 2021. 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. June 30, December 31, June 30, December 31, (In thousands) 2021 2020 2020 2019 Cash and cash equivalents $ 334,537 $ 519,182 $ 1,308,347 $ 249,977 Restricted cash 21,312 15,817 17,086 20,471 Total cash, cash equivalents and restricted cash $ 355,849 $ 534,999 $ 1,325,433 $ 270,448 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 Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Food & beverage $ 26,202 $ 5,235 $ 48,904 $ 49,415 Rooms 15,310 3,069 28,249 22,155 Other 1,489 172 2,565 3,054 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 $177.5 million three June 30, 2021 2020 six June 30, 2021 2020 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" Collaborative Arrangements We have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting and iGaming operator, to pursue sports betting and online gaming opportunities across the country. Subject to state law and regulatory approvals, we have established a presence in the online gaming and sports wagering industry by leveraging FanDuel's technology and related services to operate Boyd Gaming-branded mobile and online sports-betting and gaming services. In turn, FanDuel has established and operates mobile and online sports-betting and gaming services under the FanDuel brand in some of the states where we are licensed. We currently offer these services in Illinois, Indiana, Iowa, Mississippi and Pennsylvania. We have also entered into agreements with other companies for the operation of online gaming offerings under a market-access agreement with MGM Resorts. The activities related to these collaborative arrangements are recorded in other revenue and other expense on the condensed consolidated statements of operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recently Adopted Accounting Pronouncements Accounting Standards Update ("ASU") 2020 01, 321, 323, 815 2020 01" In January 2020, 2020 01 321, 323, 815, 2020 01 December 15, 2020, 2020 01 first 2021 not ASU 2019 12, 740, 2019 12" In December 2019, 2019 12 740. 2019 12 December 15, 2020. 2019 12 January 1, 2021 not Recently Issued Accounting Pronouncements A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not |
Note 2 - Property and Equipment
Note 2 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2. Property and equipment, net consists of the following: June 30, December 31, (In thousands) 2021 2020 Land $ 345,194 $ 346,485 Buildings and improvements 3,097,960 3,074,896 Furniture and equipment 1,625,281 1,609,637 Riverboats and barges 241,167 241,043 Construction in progress 36,667 43,883 Total property and equipment 5,346,269 5,315,944 Less accumulated depreciation (2,899,461 ) (2,790,057 ) Property and equipment, net $ 2,446,808 $ 2,525,887 Depreciation expense is as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Depreciation expense $ 64,122 $ 64,368 $ 125,432 $ 126,497 _____ |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 3. Intangible assets, net consist of the following: June 30, 2021 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 2.0 $ 68,100 $ (59,431 ) $ — $ 8,669 Host agreements 11.9 58,000 (11,922 ) — 46,078 Development agreement — 21,373 — — 21,373 147,473 (71,353 ) — 76,120 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (24,800 ) 179,200 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,580,685 (33,960 ) (246,974 ) 1,299,751 Balances, June 30, 2021 $ 1,728,158 $ (105,313 ) $ (246,974 ) $ 1,375,871 December 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 2.5 $ 68,100 $ (55,062 ) $ — $ 13,038 Host agreements 12.4 58,000 (9,989 ) — 48,011 Development agreement — 21,373 — — 21,373 147,473 (65,051 ) — 82,422 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (24,800 ) 179,200 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,580,685 (33,960 ) (246,974 ) 1,299,751 Balances, December 31, 2020 $ 1,728,158 $ (99,011 ) $ (246,974 ) $ 1,382,173 Goodwill, net consists of the following: Gross Accumulated Carrying Accumulated Impairment Goodwill, (In thousands) Value Amortization Losses Net Goodwill, net by Reportable Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — 863 Midwest & South 666,798 — (101,862 ) 564,936 Balances, June 30, 2021 $ 1,267,362 $ (6,134 ) $ (289,941 ) $ 971,287 The following table sets forth the changes in our goodwill, net, during the six June 30, 2021 (In thousands) Goodwill, Net Balance, January 1, 2021 $ 971,287 Additions — Impairments — Balance, June 30, 2021 $ 971,287 |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 4. Accrued liabilities consist of the following: June 30, December 31, (In thousands) 2021 2020 Payroll and related expenses $ 87,024 $ 73,802 Interest 11,446 36,055 Gaming liabilities 73,926 72,655 Player loyalty program liabilities 28,800 27,935 Advance deposits 19,597 16,037 Outstanding chip liabilities 6,541 6,021 Operating lease liabilities 94,427 90,478 Other accrued liabilities 86,160 73,436 Total accrued liabilities $ 407,921 $ 396,419 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, 2021 Interest Unamortized Rates at Origination June 30, Outstanding Unamortized Fees and Long-Term (In thousands) 2021 Principal Discount Costs Debt, Net Bank credit facility 2.471 % $ 884,648 $ (382 ) $ (10,587 ) $ 873,679 4.750% senior notes due 2027 4.750 % 1,000,000 — (12,662 ) 987,338 8.625% senior notes due 2025 8.625 % 600,000 — (9,322 ) 590,678 4.750% senior notes due 2031 4.750 % 900,000 — (14,440 ) 885,560 Other 6.184 % 2,295 — — 2,295 Total long-term debt . 3,386,943 (382 ) (47,011 ) 3,339,550 Less current maturities 39,324 — — 39,324 Long-term debt, net $ 3,347,619 $ (382 ) $ (47,011 ) $ 3,300,226 December 31, 2020 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2020 Principal Discount Costs Debt, Net Bank credit facility 2.486 % $ 896,185 $ (472 ) $ (12,924 ) $ 882,789 6.375% senior notes due 2026 6.375 % 750,000 — (6,947 ) 743,053 6.000% senior notes due 2026 6.000 % 700,000 — (7,849 ) 692,151 4.750% senior notes due 2027 4.750 % 1,000,000 — (13,636 ) 986,364 8.625% senior notes due 2025 8.625 % 600,000 — (10,512 ) 589,488 Other 6.137 % 3,638 — — 3,638 Total long-term debt 3,949,823 (472 ) (51,868 ) 3,897,483 Less current maturities 30,740 — — 30,740 Long-term debt, net $ 3,919,083 $ (472 ) $ (51,868 ) $ 3,866,743 The outstanding principal amounts under our bank credit facility are comprised of the following: June 30, December 31, (In thousands) 2021 2020 Revolving Credit Facility $ — $ — Term A Loan 128,582 133,796 Refinancing Term B Loans 756,066 762,389 Swing Loan — — Total outstanding principal amounts under the bank credit facility $ 884,648 $ 896,185 With a total revolving credit commitment of $1,033.7 million available under the bank credit facility, no June 30, 2021 Bank Credit Agreement Amendment On May 25, 2021, No. 5 August 14, 2013, The Amendment modifies the Existing Credit Agreement to remove certain of the limitations imposed during the covenant relief period by a prior amendment on (i) the Company’s ability to refinance debt previously incurred under the ratio debt basket and (ii) the Company’s ability to repay junior secured or unsecured indebtedness, such that, during the covenant relief period, subject to certain limitations, including the achievement of a total net leverage ratio of 5.50 to 1.00 no no may 4.750% June 2031 On June 8, 2021, June 2031 ( "4.750% 2031" 4.750% 2031 March 15 September 15 September 15, 2021. 4.750% 2031 June 15, 2031 4.750% 2031 April 2026 ( "6.375% August 2026 ( "6.000% In conjunction with the issuance of the 4.750% 2031, 4.750% 2031 At any time prior to June 15, 2026 may 4.750% 2031, June 15, 2024 may 4.750% 2031 Redemption of 6.375% April 2026 On June 9, 2021, 4.750% 2031. Redemption of 6.000% August 2026 On June 9, 2021, 4.750% 2031 Covenant Compliance On May 8, 2020, March 30, 2020 x June 30, 2021, As of June 30, 2021 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6. Commitments As of June 30, 2021 no 9, Commitments and Contingencies 10 December 31, 2020 March 1, 2021. 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 - Stockholders' Equity a
Note 7 - Stockholders' Equity and Stock Incentive Plans | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 7. Share Repurchase Program On December 12, 2018, June 30, 2021 March 16, 2020, 19 six June 30, 2020, no three June 30, 2021 2020 six June 30, 2021. 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 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 Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Gaming $ 266 $ 141 $ 426 $ 353 Food & beverage 51 27 82 67 Room 25 13 39 32 Selling, general and administrative 1,353 720 2,168 1,796 Corporate expense 11,128 1,792 15,809 8,636 Total share-based compensation expense $ 12,823 $ 2,693 $ 18,524 $ 10,884 Performance Shares Our stock incentive plan provides for the issuance of Performance Stock Unit ("PSU") grants which may The PSU grants awarded in fourth 2017 2016 first 2021 2020, three The PSU grant awarded in November 2017 first 2021, 2017 2020; not 2021 The PSU grant awarded in November 2016 first 2020, 364,810 2016 2019; not 2020 Unamortized Stock Compensation Expense and Recognition Period As of June 30, 2021 June 30, 2021 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8. 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: June 30, 2021 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 334,537 $ 334,537 $ — $ — Restricted cash 21,312 21,312 — — Investment available for sale 15,696 — — 15,696 Liabilities Contingent payments $ 489 $ — $ — $ 489 December 31, 2020 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 519,182 $ 519,182 $ — $ — Restricted cash 15,817 15,817 — — Investment available for sale 16,692 — — 16,692 Liabilities Contingent payments $ 924 $ — $ — $ 924 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, June 30, 2021 December 31, 2020 Investment Available for Sale We have an investment in a single municipal bond issuance of $18.4 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 June 1, 2037 no 3 June 30, 2021 December 31, 2020 not June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 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, 2021. June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 The following tables summarize the changes in fair value of the Company's Level 3 Three Months Ended June 30, 2021 June 30, 2020 Asset Liability Asset Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,297 $ (769 ) $ 17,745 $ (1,520 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 41 (8 ) 39 (22 ) Included in other comprehensive income (loss) (52 ) — (367 ) — Included in other items, net — (23 ) — 238 Purchases, sales, issuances and settlements: Settlements (590 ) 311 (550 ) 29 Balance at end of reporting period $ 15,696 $ (489 ) $ 16,867 $ (1,275 ) Six Months Ended June 30, 2021 June 30, 2020 Asset Liability Asset Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,692 $ (924 ) $ 16,151 $ (1,712 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 82 (21 ) 78 (48 ) Included in other comprehensive income (loss) (488 ) — 1,188 — Included in other items, net — 3 — 221 Purchases, sales, issuances and settlements: Settlements (590 ) 453 (550 ) 264 Balance at end of reporting period $ 15,696 $ (489 ) $ 16,867 $ (1,275 ) 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 assessment agreements and other financial instruments: June 30, 2021 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 25,289 $ 25,590 $ 27,042 Level 3 December 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 26,246 $ 22,062 $ 26,542 Level 3 The following tables provide the fair value measurement information about our long-term debt: June 30, 2021 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 884,648 $ 873,679 $ 882,436 Level 2 4.750% senior notes due 2027 1,000,000 987,338 1,032,500 Level 1 8.625% senior notes due 2025 600,000 590,678 660,750 Level 1 4.750% senior notes due 2031 900,000 885,560 933,750 Level 1 Other 2,295 2,295 2,295 Level 3 Total debt $ 3,386,943 $ 3,339,550 $ 3,511,731 December 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 896,185 $ 882,789 $ 888,511 Level 2 6.375% senior notes due 2026 750,000 743,053 778,125 Level 1 6.000% senior notes due 2026 700,000 692,151 728,000 Level 1 4.750% senior notes due 2027 1,000,000 986,364 1,038,750 Level 1 8.625% senior notes due 2025 600,000 589,488 667,500 Level 1 Other 3,638 3,638 3,638 Level 3 Total debt $ 3,949,823 $ 3,897,483 $ 4,104,524 The estimated fair value of our bank credit facility is based on a relative value analysis performed on or about June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 2021 2022; July 2022. not not There were no 1, 2 3 six June 30, 2021 2020 |
Note 9 - Segment Information
Note 9 - Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9. We aggregate certain of our gaming entertainment properties in order to present three 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 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, and for our online gaming initiatives are included in our Midwest & South segment. The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments: Three Months Ended June 30, 2021 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 187,511 $ 19,117 $ 18,481 $ 10,986 $ 236,095 Downtown Las Vegas 27,190 6,502 3,448 1,640 38,780 Midwest & South 512,761 31,809 17,148 57,009 618,727 Total Revenues $ 727,462 $ 57,428 $ 39,077 $ 69,635 $ 893,602 Three Months Ended June 30, 2020 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 40,846 $ 3,367 $ 2,383 $ 2,095 $ 48,691 Downtown Las Vegas 3,140 882 327 315 4,664 Midwest & South 141,125 6,412 4,208 4,759 156,504 Total Revenues $ 185,111 $ 10,661 $ 6,918 $ 7,169 $ 209,859 Six Months Ended June 30, 2021 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 336,733 $ 32,547 $ 29,168 $ 20,070 $ 418,518 Downtown Las Vegas 42,036 10,314 5,269 2,594 60,213 Midwest & South 966,619 58,679 30,630 112,250 1,168,178 Total Revenues $ 1,345,388 $ 101,540 $ 65,067 $ 134,914 $ 1,646,909 Six Months Ended June 30, 2020 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 157,164 $ 34,538 $ 24,364 $ 13,389 $ 229,455 Downtown Las Vegas 32,985 12,607 6,475 6,710 58,777 Midwest & South 504,727 53,400 22,806 21,219 602,152 Total Revenues $ 694,876 $ 100,545 $ 53,645 $ 41,318 $ 890,384 The following table reconciles, for the periods indicated, total Adjusted EBITDAR to operating income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Adjusted EBITDAR Las Vegas Locals $ 133,570 $ 2,858 $ 224,212 $ 49,620 Downtown Las Vegas 15,421 (7,220 ) 17,861 2,736 Midwest & South 259,992 32,655 478,141 138,484 Corporate expense (23,588 ) (12,171 ) (42,222 ) (30,285 ) Adjusted EBITDAR 385,395 16,122 677,992 160,555 Other operating costs and expenses Deferred rent 207 227 414 449 Master lease rent expense 26,175 25,413 52,090 50,078 Depreciation and amortization 67,279 69,213 131,746 136,178 Share-based compensation expense 12,823 2,693 18,524 10,884 Project development, preopening and writedowns 1,454 3,825 2,869 7,333 Impairment of assets — — — 171,100 Other operating items, net 11,115 1,099 12,272 8,642 Total other operating costs and expenses 119,053 102,470 217,915 384,664 Operating income (loss) $ 266,342 $ (86,348 ) $ 460,077 $ (224,109 ) 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: June 30, December 31, (In thousands) 2021 2020 Assets Las Vegas Locals $ 1,673,175 $ 1,690,511 Downtown Las Vegas 241,533 213,507 Midwest & South 3,930,588 3,984,063 Total Reportable Segment Assets 5,845,296 5,888,081 Corporate 446,617 670,867 Total Assets $ 6,291,913 $ 6,558,948 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 10. We have evaluated all events or transactions that occurred after June 30, 2021 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 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 28 |
Unusual Event [Policy Text Block] | Impact of the COVID 19 In mid- March 2020, 19 June 30, 2021, No The closures in 2020 19 19 19 may may We currently anticipate funding our operations over the next 12 first second no not may |
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, 2020 March 1, 2021. 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. June 30, December 31, June 30, December 31, (In thousands) 2021 2020 2020 2019 Cash and cash equivalents $ 334,537 $ 519,182 $ 1,308,347 $ 249,977 Restricted cash 21,312 15,817 17,086 20,471 Total cash, cash equivalents and restricted cash $ 355,849 $ 534,999 $ 1,325,433 $ 270,448 |
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 from Contract with Customer [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 Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Food & beverage $ 26,202 $ 5,235 $ 48,904 $ 49,415 Rooms 15,310 3,069 28,249 22,155 Other 1,489 172 2,565 3,054 |
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 $177.5 million three June 30, 2021 2020 six June 30, 2021 2020 |
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" |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Collaborative Arrangements We have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting and iGaming operator, to pursue sports betting and online gaming opportunities across the country. Subject to state law and regulatory approvals, we have established a presence in the online gaming and sports wagering industry by leveraging FanDuel's technology and related services to operate Boyd Gaming-branded mobile and online sports-betting and gaming services. In turn, FanDuel has established and operates mobile and online sports-betting and gaming services under the FanDuel brand in some of the states where we are licensed. We currently offer these services in Illinois, Indiana, Iowa, Mississippi and Pennsylvania. We have also entered into agreements with other companies for the operation of online gaming offerings under a market-access agreement with MGM Resorts. The activities related to these collaborative arrangements are recorded in other revenue and other expense on the condensed consolidated statements of operations. |
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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Accounting Standards Update ("ASU") 2020 01, 321, 323, 815 2020 01" In January 2020, 2020 01 321, 323, 815, 2020 01 December 15, 2020, 2020 01 first 2021 not ASU 2019 12, 740, 2019 12" In December 2019, 2019 12 740. 2019 12 December 15, 2020. 2019 12 January 1, 2021 not Recently Issued Accounting Pronouncements A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | June 30, December 31, June 30, December 31, (In thousands) 2021 2020 2020 2019 Cash and cash equivalents $ 334,537 $ 519,182 $ 1,308,347 $ 249,977 Restricted cash 21,312 15,817 17,086 20,471 Total cash, cash equivalents and restricted cash $ 355,849 $ 534,999 $ 1,325,433 $ 270,448 |
Schedule Of Promotional Allowances [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Food & beverage $ 26,202 $ 5,235 $ 48,904 $ 49,415 Rooms 15,310 3,069 28,249 22,155 Other 1,489 172 2,565 3,054 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, (In thousands) 2021 2020 Land $ 345,194 $ 346,485 Buildings and improvements 3,097,960 3,074,896 Furniture and equipment 1,625,281 1,609,637 Riverboats and barges 241,167 241,043 Construction in progress 36,667 43,883 Total property and equipment 5,346,269 5,315,944 Less accumulated depreciation (2,899,461 ) (2,790,057 ) Property and equipment, net $ 2,446,808 $ 2,525,887 |
Depreciation Expense [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Depreciation expense $ 64,122 $ 64,368 $ 125,432 $ 126,497 |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 2021 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 2.0 $ 68,100 $ (59,431 ) $ — $ 8,669 Host agreements 11.9 58,000 (11,922 ) — 46,078 Development agreement — 21,373 — — 21,373 147,473 (71,353 ) — 76,120 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (24,800 ) 179,200 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,580,685 (33,960 ) (246,974 ) 1,299,751 Balances, June 30, 2021 $ 1,728,158 $ (105,313 ) $ (246,974 ) $ 1,375,871 December 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 2.5 $ 68,100 $ (55,062 ) $ — $ 13,038 Host agreements 12.4 58,000 (9,989 ) — 48,011 Development agreement — 21,373 — — 21,373 147,473 (65,051 ) — 82,422 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (24,800 ) 179,200 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,580,685 (33,960 ) (246,974 ) 1,299,751 Balances, December 31, 2020 $ 1,728,158 $ (99,011 ) $ (246,974 ) $ 1,382,173 |
Schedule of Goodwill [Table Text Block] | Gross Accumulated Carrying Accumulated Impairment Goodwill, (In thousands) Value Amortization Losses Net Goodwill, net by Reportable Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — 863 Midwest & South 666,798 — (101,862 ) 564,936 Balances, June 30, 2021 $ 1,267,362 $ (6,134 ) $ (289,941 ) $ 971,287 |
Goodwill Rollforward [Table Text Block] | (In thousands) Goodwill, Net Balance, January 1, 2021 $ 971,287 Additions — Impairments — Balance, June 30, 2021 $ 971,287 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, (In thousands) 2021 2020 Payroll and related expenses $ 87,024 $ 73,802 Interest 11,446 36,055 Gaming liabilities 73,926 72,655 Player loyalty program liabilities 28,800 27,935 Advance deposits 19,597 16,037 Outstanding chip liabilities 6,541 6,021 Operating lease liabilities 94,427 90,478 Other accrued liabilities 86,160 73,436 Total accrued liabilities $ 407,921 $ 396,419 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2021 Interest Unamortized Rates at Origination June 30, Outstanding Unamortized Fees and Long-Term (In thousands) 2021 Principal Discount Costs Debt, Net Bank credit facility 2.471 % $ 884,648 $ (382 ) $ (10,587 ) $ 873,679 4.750% senior notes due 2027 4.750 % 1,000,000 — (12,662 ) 987,338 8.625% senior notes due 2025 8.625 % 600,000 — (9,322 ) 590,678 4.750% senior notes due 2031 4.750 % 900,000 — (14,440 ) 885,560 Other 6.184 % 2,295 — — 2,295 Total long-term debt . 3,386,943 (382 ) (47,011 ) 3,339,550 Less current maturities 39,324 — — 39,324 Long-term debt, net $ 3,347,619 $ (382 ) $ (47,011 ) $ 3,300,226 December 31, 2020 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2020 Principal Discount Costs Debt, Net Bank credit facility 2.486 % $ 896,185 $ (472 ) $ (12,924 ) $ 882,789 6.375% senior notes due 2026 6.375 % 750,000 — (6,947 ) 743,053 6.000% senior notes due 2026 6.000 % 700,000 — (7,849 ) 692,151 4.750% senior notes due 2027 4.750 % 1,000,000 — (13,636 ) 986,364 8.625% senior notes due 2025 8.625 % 600,000 — (10,512 ) 589,488 Other 6.137 % 3,638 — — 3,638 Total long-term debt 3,949,823 (472 ) (51,868 ) 3,897,483 Less current maturities 30,740 — — 30,740 Long-term debt, net $ 3,919,083 $ (472 ) $ (51,868 ) $ 3,866,743 |
Schedule of Line of Credit Facilities [Table Text Block] | June 30, December 31, (In thousands) 2021 2020 Revolving Credit Facility $ — $ — Term A Loan 128,582 133,796 Refinancing Term B Loans 756,066 762,389 Swing Loan — — Total outstanding principal amounts under the bank credit facility $ 884,648 $ 896,185 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity and Stock Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration date Record date Payment date Amount per share 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 Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Gaming $ 266 $ 141 $ 426 $ 353 Food & beverage 51 27 82 67 Room 25 13 39 32 Selling, general and administrative 1,353 720 2,168 1,796 Corporate expense 11,128 1,792 15,809 8,636 Total share-based compensation expense $ 12,823 $ 2,693 $ 18,524 $ 10,884 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2021 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 334,537 $ 334,537 $ — $ — Restricted cash 21,312 21,312 — — Investment available for sale 15,696 — — 15,696 Liabilities Contingent payments $ 489 $ — $ — $ 489 December 31, 2020 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 519,182 $ 519,182 $ — $ — Restricted cash 15,817 15,817 — — Investment available for sale 16,692 — — 16,692 Liabilities Contingent payments $ 924 $ — $ — $ 924 |
Fair Value Asset (Liability) Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | Three Months Ended June 30, 2021 June 30, 2020 Asset Liability Asset Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,297 $ (769 ) $ 17,745 $ (1,520 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 41 (8 ) 39 (22 ) Included in other comprehensive income (loss) (52 ) — (367 ) — Included in other items, net — (23 ) — 238 Purchases, sales, issuances and settlements: Settlements (590 ) 311 (550 ) 29 Balance at end of reporting period $ 15,696 $ (489 ) $ 16,867 $ (1,275 ) Six Months Ended June 30, 2021 June 30, 2020 Asset Liability Asset Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,692 $ (924 ) $ 16,151 $ (1,712 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 82 (21 ) 78 (48 ) Included in other comprehensive income (loss) (488 ) — 1,188 — Included in other items, net — 3 — 221 Purchases, sales, issuances and settlements: Settlements (590 ) 453 (550 ) 264 Balance at end of reporting period $ 15,696 $ (489 ) $ 16,867 $ (1,275 ) |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | June 30, 2021 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 25,289 $ 25,590 $ 27,042 Level 3 December 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 26,246 $ 22,062 $ 26,542 Level 3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2021 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 884,648 $ 873,679 $ 882,436 Level 2 4.750% senior notes due 2027 1,000,000 987,338 1,032,500 Level 1 8.625% senior notes due 2025 600,000 590,678 660,750 Level 1 4.750% senior notes due 2031 900,000 885,560 933,750 Level 1 Other 2,295 2,295 2,295 Level 3 Total debt $ 3,386,943 $ 3,339,550 $ 3,511,731 December 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 896,185 $ 882,789 $ 888,511 Level 2 6.375% senior notes due 2026 750,000 743,053 778,125 Level 1 6.000% senior notes due 2026 700,000 692,151 728,000 Level 1 4.750% senior notes due 2027 1,000,000 986,364 1,038,750 Level 1 8.625% senior notes due 2025 600,000 589,488 667,500 Level 1 Other 3,638 3,638 3,638 Level 3 Total debt $ 3,949,823 $ 3,897,483 $ 4,104,524 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended June 30, 2021 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 187,511 $ 19,117 $ 18,481 $ 10,986 $ 236,095 Downtown Las Vegas 27,190 6,502 3,448 1,640 38,780 Midwest & South 512,761 31,809 17,148 57,009 618,727 Total Revenues $ 727,462 $ 57,428 $ 39,077 $ 69,635 $ 893,602 Three Months Ended June 30, 2020 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 40,846 $ 3,367 $ 2,383 $ 2,095 $ 48,691 Downtown Las Vegas 3,140 882 327 315 4,664 Midwest & South 141,125 6,412 4,208 4,759 156,504 Total Revenues $ 185,111 $ 10,661 $ 6,918 $ 7,169 $ 209,859 Six Months Ended June 30, 2021 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 336,733 $ 32,547 $ 29,168 $ 20,070 $ 418,518 Downtown Las Vegas 42,036 10,314 5,269 2,594 60,213 Midwest & South 966,619 58,679 30,630 112,250 1,168,178 Total Revenues $ 1,345,388 $ 101,540 $ 65,067 $ 134,914 $ 1,646,909 Six Months Ended June 30, 2020 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 157,164 $ 34,538 $ 24,364 $ 13,389 $ 229,455 Downtown Las Vegas 32,985 12,607 6,475 6,710 58,777 Midwest & South 504,727 53,400 22,806 21,219 602,152 Total Revenues $ 694,876 $ 100,545 $ 53,645 $ 41,318 $ 890,384 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Adjusted EBITDAR Las Vegas Locals $ 133,570 $ 2,858 $ 224,212 $ 49,620 Downtown Las Vegas 15,421 (7,220 ) 17,861 2,736 Midwest & South 259,992 32,655 478,141 138,484 Corporate expense (23,588 ) (12,171 ) (42,222 ) (30,285 ) Adjusted EBITDAR 385,395 16,122 677,992 160,555 Other operating costs and expenses Deferred rent 207 227 414 449 Master lease rent expense 26,175 25,413 52,090 50,078 Depreciation and amortization 67,279 69,213 131,746 136,178 Share-based compensation expense 12,823 2,693 18,524 10,884 Project development, preopening and writedowns 1,454 3,825 2,869 7,333 Impairment of assets — — — 171,100 Other operating items, net 11,115 1,099 12,272 8,642 Total other operating costs and expenses 119,053 102,470 217,915 384,664 Operating income (loss) $ 266,342 $ (86,348 ) $ 460,077 $ (224,109 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, (In thousands) 2021 2020 Assets Las Vegas Locals $ 1,673,175 $ 1,690,511 Downtown Las Vegas 241,533 213,507 Midwest & South 3,930,588 3,984,063 Total Reportable Segment Assets 5,845,296 5,888,081 Corporate 446,617 670,867 Total Assets $ 6,291,913 $ 6,558,948 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Number of Gaming Entertainment Properties, Open and Operating | 26 | 26 | ||
Number of Gaming Entertainment Properties | 28 | 28 | ||
Taxes, Other | $ 177,500 | $ 34,800 | $ 336,300 | $ 144,800 |
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 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 334,537 | $ 519,182 | $ 1,308,347 | $ 249,977 |
Restricted cash | 21,312 | 15,817 | 17,086 | 20,471 |
Total cash, cash equivalents and restricted cash | $ 355,849 | $ 534,999 | $ 1,325,433 | $ 270,448 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Food and Beverage [Member] | ||||
Promotional allowance | $ 26,202 | $ 5,235 | $ 48,904 | $ 49,415 |
Occupancy [Member] | ||||
Promotional allowance | 15,310 | 3,069 | 28,249 | 22,155 |
Product and Service, Other [Member] | ||||
Promotional allowance | $ 1,489 | $ 172 | $ 2,565 | $ 3,054 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 5,346,269 | $ 5,315,944 |
Less accumulated depreciation | (2,899,461) | (2,790,057) |
Property and equipment, net | 2,446,808 | 2,525,887 |
Land [Member] | ||
Property and equipment, gross | 345,194 | 346,485 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,097,960 | 3,074,896 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,625,281 | 1,609,637 |
Riverboats And Barges [Member] | ||
Property and equipment, gross | 241,167 | 241,043 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 36,667 | $ 43,883 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation expense | $ 64,122 | $ 64,368 | $ 125,432 | $ 126,497 |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Intangible assets, gross carrying value | $ 147,473 | $ 147,473 |
Intangible assets, cumulative amortization | (71,353) | (65,051) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | 76,120 | 82,422 |
Intangible assets, gross carrying value | 1,580,685 | 1,580,685 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (246,974) | (246,974) |
Intangible assets, net | 1,299,751 | 1,299,751 |
Intangible assets, gross carrying value | 1,728,158 | 1,728,158 |
Intangible assets, cumulative amortization | (105,313) | (99,011) |
Intangible assets, cumulative impairment losses | (246,974) | (246,974) |
Intangible assets, net | 1,375,871 | 1,382,173 |
Trademarks [Member] | ||
Intangible assets, gross carrying value | 204,000 | 204,000 |
Intangible assets, cumulative amortization | 0 | 0 |
Intangible assets, cumulative impairment losses | (24,800) | (24,800) |
Intangible assets, net | 179,200 | 179,200 |
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) | (222,174) |
Intangible assets, net | $ 1,120,551 | $ 1,120,551 |
Customer Relationships [Member] | ||
Intangible assets, weighted average life remaining (Year) | 2 years | 2 years 6 months |
Intangible assets, gross carrying value | $ 68,100 | $ 68,100 |
Intangible assets, cumulative amortization | (59,431) | (55,062) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 8,669 | $ 13,038 |
Host Agreements [Member] | ||
Intangible assets, weighted average life remaining (Year) | 11 years 10 months 24 days | 12 years 4 months 24 days |
Intangible assets, gross carrying value | $ 58,000 | $ 58,000 |
Intangible assets, cumulative amortization | (11,922) | (9,989) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | 46,078 | 48,011 |
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 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill, gross | $ 1,267,362 | |
Goodwill, cumulative amortization | (6,134) | |
Goodwill, cumulative impairment losses | (289,941) | |
Goodwill, net | 971,287 | $ 971,287 |
Las Vegas Locals [Member] | ||
Goodwill, gross | 593,567 | |
Goodwill, cumulative amortization | 0 | |
Goodwill, cumulative impairment losses | (188,079) | |
Goodwill, net | 405,488 | |
Downtown Las Vegas [Member] | ||
Goodwill, gross | 6,997 | |
Goodwill, cumulative amortization | (6,134) | |
Goodwill, cumulative impairment losses | 0 | |
Goodwill, net | 863 | |
Midwest and South [Member] | ||
Goodwill, gross | 666,798 | |
Goodwill, cumulative amortization | 0 | |
Goodwill, cumulative impairment losses | (101,862) | |
Goodwill, net | $ 564,936 |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets, Net - Goodwill Activity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Balance, goodwill | $ 971,287 |
Additions, goodwill | 0 |
Impairments, goodwill | 0 |
Balance, goodwill | $ 971,287 |
Note 4 - Accrued Liabilities -
Note 4 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payroll and related expenses | $ 87,024 | $ 73,802 |
Interest | 11,446 | 36,055 |
Gaming liabilities | 73,926 | 72,655 |
Player loyalty program liabilities | 28,800 | 27,935 |
Advance deposits | 19,597 | 16,037 |
Outstanding chip liabilities | 6,541 | 6,021 |
Other accrued liabilities | 86,160 | 73,436 |
Total accrued liabilities | 407,921 | 396,419 |
Accrued Liabilities [Member] | ||
Operating lease liabilities | $ 94,427 | $ 90,478 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) $ in Thousands | Jun. 09, 2021 | Jun. 08, 2021USD ($) | May 25, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Long-term Line of Credit, Total | $ 884,648 | $ 896,185 | |||
Bank Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,033,700 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,021,800 | ||||
Debt Instrument, Covenant, Total Net Leverage Ratio Removed | 5.50 | ||||
Debt Instrument, Covenant, Requirement Removed, Maximum Proceeds of Borrowings Under Revolving Credit Facility to Be Used for Covenant Compliance | $ 200,000 | ||||
Bank Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Long-term Line of Credit, Total | 0 | ||||
Bank Credit Facility [Member] | Letter of Credit [Member] | |||||
Long-term Line of Credit, Total | $ 11,900 | ||||
Senior Notes [Member] | The 4.750% Senior Notes Due June 2031 [Member] | |||||
Debt Instrument, Face Amount | $ 900,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | |||
Percentage Ownership of Subsidiaries Guaranteeing Debt Instrument | 100.00% | ||||
Debt Issuance Costs, Gross | $ 14,500 | ||||
Senior Notes [Member] | The 4.750% Senior Notes Due June 2031 [Member] | Debt Instrument, Redemption, Period One [Member] | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Debt Instrument, Redemption Period, End Date | Jun. 15, 2026 | ||||
Senior Notes [Member] | The 4.750% Senior Notes Due June 2031 [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||
Debt Instrument, Redemption Price, Percentage | 104.75% | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemable | 40.00% | ||||
Debt Instrument, Redemption Period, Start Date | Jun. 15, 2024 | ||||
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% | 6.375% | ||
Debt Instrument, Redemption Price, Percentage | 103.188% | ||||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | ||
Debt Instrument, Redemption Price, Percentage | 103.993% |
Note 5 - Long-term Debt - Sched
Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 09, 2021 | Jun. 08, 2021 | Dec. 31, 2020 |
Long-term debt, outstanding principal | $ 3,386,943 | $ 3,949,823 | ||
Long-term debt, unamortized discount | (382) | (472) | ||
Long-term debt, unamortized original fees and costs | (47,011) | (51,868) | ||
Long-term debt, net | 3,339,550 | 3,897,483 | ||
Long-term debt, outstanding principal, current | 39,324 | 30,740 | ||
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 | 39,324 | 30,740 | ||
Long-term debt, outstanding principal, noncurrent | 3,347,619 | 3,919,083 | ||
Long-term debt, unamortized discount, noncurrent | (382) | (472) | ||
Long-term debt, unamortized original fees and costs, noncurrent | (47,011) | (51,868) | ||
Long-term debt, net of current maturities and debt issuance costs | $ 3,300,226 | $ 3,866,743 | ||
Line of Credit [Member] | Bank Credit Facility [Member] | ||||
Long-term debt, interest rate | 2.471% | 2.486% | ||
Long-term debt, outstanding principal | $ 884,648 | $ 896,185 | ||
Long-term debt, unamortized discount | (382) | (472) | ||
Long-term debt, unamortized original fees and costs | (10,587) | (12,924) | ||
Long-term debt, net | $ 873,679 | $ 882,789 | ||
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 | (12,662) | (13,636) | ||
Long-term debt, net | $ 987,338 | $ 986,364 | ||
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | ||||
Long-term debt, interest rate | 6.375% | 6.375% | 6.375% | |
Long-term debt, outstanding principal | $ 750,000 | |||
Long-term debt, unamortized discount | 0 | |||
Long-term debt, unamortized original fees and costs | (6,947) | |||
Long-term debt, net | $ 743,053 | |||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | ||||
Long-term debt, interest rate | 8.625% | 8.625% | ||
Long-term debt, outstanding principal | $ 600,000 | $ 600,000 | ||
Long-term debt, unamortized discount | 0 | 0 | ||
Long-term debt, unamortized original fees and costs | (9,322) | (10,512) | ||
Long-term debt, net | $ 590,678 | $ 589,488 | ||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | ||||
Long-term debt, interest rate | 6.00% | 6.00% | 6.00% | |
Long-term debt, outstanding principal | $ 700,000 | |||
Long-term debt, unamortized discount | 0 | |||
Long-term debt, unamortized original fees and costs | (7,849) | |||
Long-term debt, net | $ 692,151 | |||
Senior Notes [Member] | The 4.750% Senior Notes Due June 2031 [Member] | ||||
Long-term debt, interest rate | 4.75% | 4.75% | ||
Long-term debt, outstanding principal | $ 900,000 | |||
Long-term debt, unamortized discount | 0 | |||
Long-term debt, unamortized original fees and costs | (14,440) | |||
Long-term debt, net | $ 885,560 | |||
Other Long-Term Debt [Member] | ||||
Long-term debt, interest rate | 6.184% | 6.137% | ||
Long-term debt, outstanding principal | $ 2,295 | $ 3,638 | ||
Long-term debt, unamortized discount | 0 | 0 | ||
Long-term debt, unamortized original fees and costs | 0 | 0 | ||
Long-term debt, net | $ 2,295 | $ 3,638 |
Note 5 - Long-term Debt - Outst
Note 5 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Outstanding principal amounts | $ 884,648 | $ 896,185 |
Line of Credit [Member] | Term A Loan [Member] | ||
Outstanding principal amounts | 128,582 | 133,796 |
Line of Credit [Member] | Refinancing Term B Loan [Member] | ||
Outstanding principal amounts | 756,066 | 762,389 |
Line of Credit [Member] | Swing Loan [Member] | ||
Outstanding principal amounts | 0 | 0 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Outstanding principal amounts | $ 0 | $ 0 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | 0 | 700,000 | ||
Stock Repurchased and Retired During Period, Value | $ 1 | $ 11,120 | $ 11,100 | |||
Shares Repurchased, Average Price Per Share (in dollars per share) | $ 16.29 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 90,444 | 364,810 | ||||
Shares Issued Per Unit (in shares) | 0.33 | 1.53 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 30,129 | 126,465 | ||||
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares) | 60,315 | 238,345 | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 900 | $ 900 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 days | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 14,500 | $ 14,500 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | |||||
Career Shares [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 1,600 | $ 1,600 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 2 months 12 days | |||||
The 2020 Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
The 2018 Plan [Member] | ||||||
Stock Repurchase Program, Authorized Amount | 100,000 | $ 100,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 61,400 | $ 61,400 |
Note 7 - Stockholders' Equity_4
Note 7 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) - Dividend Declared December 17, 2019 [Member] | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Dividends, record date | Dec. 27, 2019 |
Dividends, payment date | Jan. 15, 2020 |
Dividends, amount per share (in dollars per share) | $ 0.07 |
Note 7 - Stockholders' Equity_5
Note 7 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based compensation expense | $ 12,823 | $ 2,693 | $ 18,524 | $ 10,884 |
Gaming [Member] | ||||
Share-based compensation expense | 266 | 141 | 426 | 353 |
Food & Beverage [Member] | ||||
Share-based compensation expense | 51 | 27 | 82 | 67 |
Room [Member] | ||||
Share-based compensation expense | 25 | 13 | 39 | 32 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based compensation expense | 1,353 | 720 | 2,168 | 1,796 |
Corporate Expense [Member] | ||||
Share-based compensation expense | $ 11,128 | $ 1,792 | $ 15,809 | $ 8,636 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) $ in Millions | Dec. 20, 2011 | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale, Amortized Cost, Total | $ 18.4 | ||
Debt Security Interest Rate Stated Percentage | 7.50% | ||
Debt Security, Available-For-Sale, Fair Value Discount Amount | $ 2.4 | $ 2.5 | |
Business Combination Contingent Consideration Arrangements, Payment To Option Holder Percentage Of Ebitda | 1.00% | ||
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 | 15.1 | 16.1 | |
Accrued Liabilities [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 0.5 | $ 0.9 | |
Measurement Input, Discount Rate [Member] | |||
Debt Securities, Available-for-sale, Measurement Input | 0.102 | 0.096 | |
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.045 | 0.061 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 334,537 | $ 519,182 |
Restricted cash | 21,312 | 15,817 |
Investment available for sale | 15,696 | 16,692 |
Contingent payments | 489 | 924 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 334,537 | 519,182 |
Restricted cash | 21,312 | 15,817 |
Investment available for sale | 0 | 0 |
Contingent payments | 0 | 0 |
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, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | 15,696 | 16,692 |
Contingent payments | $ 489 | $ 924 |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Contingent Payments [Member] | ||||
Balance at beginning of reporting period, liability | $ (769) | $ (1,520) | $ (924) | $ (1,712) |
Included in interest income (expense), liability | (8) | (22) | (21) | (48) |
Included in other comprehensive income (loss), liability | 0 | 0 | 0 | 0 |
Included in other items, net, liability | (23) | 238 | 3 | 221 |
Settlements, liability | 311 | 29 | 453 | 264 |
Balance at end of reporting period, liability | (489) | (1,275) | (489) | (1,275) |
Investment, Available-For-Sale [Member] | ||||
Balance at beginning of reporting period, asset | 16,297 | 17,745 | 16,692 | 16,151 |
Included in interest income (expense), asset | 41 | 39 | 82 | 78 |
Included in other comprehensive income (loss), asset | (52) | (367) | (488) | 1,188 |
Included in other items, net, asset | 0 | 0 | 0 | 0 |
Settlements, asset | (590) | (550) | (590) | (550) |
Balance at end of reporting period, asset | $ 15,696 | $ 16,867 | $ 15,696 | $ 16,867 |
Note 8 - Fair Value Measureme_6
Note 8 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Obligation under assessment arrangements | $ 25,289 | $ 26,246 |
Reported Value Measurement [Member] | ||
Obligation under assessment arrangements | 25,590 | 22,062 |
Estimate of Fair Value Measurement [Member] | ||
Obligation under assessment arrangements | $ 27,042 | $ 26,542 |
Note 8 - Fair Value Measureme_7
Note 8 - Fair Value Measurements - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | ||
Long-term debt | $ 600,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 589,488 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 667,500 | |
Fair Value, Nonrecurring [Member] | ||
Long-term debt | $ 3,386,943 | 3,949,823 |
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 3,339,550 | 3,897,483 |
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 3,511,731 | 4,104,524 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | ||
Long-term debt | 884,648 | 896,185 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 873,679 | 882,789 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 882,436 | 888,511 |
Fair Value, Nonrecurring [Member] | 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, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 987,338 | 986,364 |
Fair Value, Nonrecurring [Member] | 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 | 1,032,500 | 1,038,750 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.375% Due 2026 [Member] | Senior Notes [Member] | ||
Long-term debt | 750,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.375% Due 2026 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 743,053 | |
Fair Value, Nonrecurring [Member] | 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 | 778,125 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | ||
Long-term debt | 600,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 590,678 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 660,750 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | ||
Long-term debt | 700,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 692,151 | |
Fair Value, Nonrecurring [Member] | 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 | 728,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior Notes Due June 2031 [Member] | Senior Notes [Member] | ||
Long-term debt | 900,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior Notes Due June 2031 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 885,560 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior Notes Due June 2031 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 933,750 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | ||
Long-term debt | 2,295 | 3,638 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 2,295 | 3,638 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 2,295 | $ 3,638 |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Number of Reportable Segments | 3 |
Note 9 - Segment Information -
Note 9 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total Revenues | $ 893,602 | $ 209,859 | $ 1,646,909 | $ 890,384 |
Casino [Member] | ||||
Total Revenues | 727,462 | 185,111 | 1,345,388 | 694,876 |
Food and Beverage [Member] | ||||
Total Revenues | 57,428 | 10,661 | 101,540 | 100,545 |
Occupancy [Member] | ||||
Total Revenues | 39,077 | 6,918 | 65,067 | 53,645 |
Product and Service, Other [Member] | ||||
Total Revenues | 69,635 | 7,169 | 134,914 | 41,318 |
Las Vegas Locals [Member] | ||||
Total Revenues | 236,095 | 48,691 | 418,518 | 229,455 |
Las Vegas Locals [Member] | Casino [Member] | ||||
Total Revenues | 187,511 | 40,846 | 336,733 | 157,164 |
Las Vegas Locals [Member] | Food and Beverage [Member] | ||||
Total Revenues | 19,117 | 3,367 | 32,547 | 34,538 |
Las Vegas Locals [Member] | Occupancy [Member] | ||||
Total Revenues | 18,481 | 2,383 | 29,168 | 24,364 |
Las Vegas Locals [Member] | Product and Service, Other [Member] | ||||
Total Revenues | 10,986 | 2,095 | 20,070 | 13,389 |
Downtown Las Vegas [Member] | ||||
Total Revenues | 38,780 | 4,664 | 60,213 | 58,777 |
Downtown Las Vegas [Member] | Casino [Member] | ||||
Total Revenues | 27,190 | 3,140 | 42,036 | 32,985 |
Downtown Las Vegas [Member] | Food and Beverage [Member] | ||||
Total Revenues | 6,502 | 882 | 10,314 | 12,607 |
Downtown Las Vegas [Member] | Occupancy [Member] | ||||
Total Revenues | 3,448 | 327 | 5,269 | 6,475 |
Downtown Las Vegas [Member] | Product and Service, Other [Member] | ||||
Total Revenues | 1,640 | 315 | 2,594 | 6,710 |
Midwest and South [Member] | ||||
Total Revenues | 618,727 | 156,504 | 1,168,178 | 602,152 |
Midwest and South [Member] | Casino [Member] | ||||
Total Revenues | 512,761 | 141,125 | 966,619 | 504,727 |
Midwest and South [Member] | Food and Beverage [Member] | ||||
Total Revenues | 31,809 | 6,412 | 58,679 | 53,400 |
Midwest and South [Member] | Occupancy [Member] | ||||
Total Revenues | 17,148 | 4,208 | 30,630 | 22,806 |
Midwest and South [Member] | Product and Service, Other [Member] | ||||
Total Revenues | $ 57,009 | $ 4,759 | $ 112,250 | $ 21,219 |
Note 9 - Segment Information _2
Note 9 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Corporate expense | $ 34,716 | $ 13,963 | $ 58,031 | $ 38,921 |
Adjusted EBITDAR | 385,395 | 16,122 | 677,992 | 160,555 |
Deferred rent | 207 | 227 | 414 | 449 |
Master lease rent expense | 26,175 | 25,413 | 52,090 | 50,078 |
Depreciation and amortization | 67,279 | 69,213 | 131,746 | 136,178 |
Share-based compensation expense | 12,823 | 2,693 | 18,524 | 10,884 |
Project development, preopening and writedowns | 1,454 | 3,825 | 2,869 | 7,333 |
Impairment of assets | 0 | 0 | 0 | 171,100 |
Other operating items, net | 11,115 | 1,099 | 12,272 | 8,642 |
Total other operating costs and expenses | 119,053 | 102,470 | 217,915 | 384,664 |
Operating income (loss) | 266,342 | (86,348) | 460,077 | (224,109) |
Las Vegas Locals [Member] | ||||
Total Reportable Segment Adjusted EBITDAR | 133,570 | 2,858 | 224,212 | 49,620 |
Downtown Las Vegas [Member] | ||||
Total Reportable Segment Adjusted EBITDAR | 15,421 | (7,220) | 17,861 | 2,736 |
Midwest and South [Member] | ||||
Total Reportable Segment Adjusted EBITDAR | 259,992 | 32,655 | 478,141 | 138,484 |
Corporate Segment [Member] | ||||
Corporate expense | $ (23,588) | $ (12,171) | $ (42,222) | $ (30,285) |
Note 9 - Segment Information _3
Note 9 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | $ 6,291,913 | $ 6,558,948 |
Las Vegas Locals [Member] | ||
Assets | 1,673,175 | 1,690,511 |
Downtown Las Vegas [Member] | ||
Assets | 241,533 | 213,507 |
Midwest and South [Member] | ||
Assets | 3,930,588 | 3,984,063 |
Total Reportable Segment [Member] | ||
Assets | 5,845,296 | 5,888,081 |
Corporate Segment [Member] | ||
Assets | $ 446,617 | $ 670,867 |