Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000906553 | |
Entity Registrant Name | BOYD GAMING CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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, $0.01 par value | |
Trading Symbol | BYD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 109,583,710 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 402,975 | $ 344,557 |
Restricted cash | 16,249 | 12,571 |
Accounts receivable, net | 97,096 | 89,483 |
Inventories | 20,550 | 20,090 |
Prepaid expenses and other current assets | 39,698 | 41,102 |
Total current assets | 576,568 | 507,803 |
Property and equipment, net | 2,377,450 | 2,394,184 |
Operating lease right-of-use assets | 860,972 | 884,241 |
Other assets, net | 97,520 | 98,234 |
Intangible assets, net | 1,366,623 | 1,368,420 |
Goodwill, net | 971,287 | 971,287 |
Total assets | 6,250,420 | 6,224,169 |
Current liabilities | ||
Accounts payable | 84,974 | 102,031 |
Current maturities of long-term debt | 44,316 | 41,673 |
Accrued liabilities | 414,312 | 412,945 |
Income tax payable | 38,534 | 393 |
Total current liabilities | 582,136 | 557,042 |
Long-term debt, net of current maturities and debt issuance costs | 2,989,861 | 2,989,921 |
Operating lease liabilities, net of current portion | 793,396 | 815,974 |
Deferred income taxes | 274,547 | 264,912 |
Other liabilities | 59,354 | 57,574 |
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; 109,616,510 and 111,303,140 shares outstanding | 1,096 | 1,113 |
Additional paid-in capital | 693,858 | 827,725 |
Retained earnings | 856,536 | 710,088 |
Accumulated other comprehensive income (loss) | (364) | (180) |
Total stockholders' equity | 1,551,126 | 1,538,746 |
Total liabilities and stockholders' equity | $ 6,250,420 | $ 6,224,169 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 109,616,510 | 111,303,140 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Total revenues | $ 860,743 | $ 753,307 |
Operating costs and expenses | ||
Selling, general and administrative | 92,047 | 90,007 |
Master lease rent expense | 26,306 | 25,915 |
Maintenance and utilities | 32,890 | 28,231 |
Depreciation and amortization | 62,478 | 64,467 |
Corporate expense | 29,004 | 23,315 |
Project development, preopening and writedowns | (10,029) | 1,415 |
Other operating items, net | 98 | 1,157 |
Total operating costs and expenses | 609,685 | 559,572 |
Operating income | 251,058 | 193,735 |
Other expense (income) | ||
Interest income | (420) | (509) |
Interest expense, net of amounts capitalized | 37,658 | 57,890 |
Loss on early extinguishments and modifications of debt | 3,300 | 0 |
Other, net | (253) | 1,932 |
Total other expense, net | 40,285 | 59,313 |
Income before income taxes | 210,773 | 134,422 |
Income tax provision | (47,845) | (32,261) |
Net income | $ 162,928 | $ 102,161 |
Basic net income per common share (in dollars per share) | $ 1.45 | $ 0.90 |
Weighted average basic shares outstanding (in shares) | 112,195 | 113,626 |
Diluted net income per common share (in dollars per share) | $ 1.45 | $ 0.90 |
Weighted average diluted shares outstanding (in shares) | 112,358 | 113,967 |
Casino [Member] | ||
Revenues | ||
Total revenues | $ 667,954 | $ 617,926 |
Operating costs and expenses | ||
Cost of Revenue | 250,042 | 232,113 |
Food and Beverage [Member] | ||
Revenues | ||
Total revenues | 63,743 | 44,112 |
Operating costs and expenses | ||
Cost of Revenue | 53,934 | 38,913 |
Occupancy [Member] | ||
Revenues | ||
Total revenues | 42,409 | 25,990 |
Operating costs and expenses | ||
Cost of Revenue | 15,990 | 12,132 |
Product and Service, Other [Member] | ||
Revenues | ||
Total revenues | 86,637 | 65,279 |
Operating costs and expenses | ||
Cost of Revenue | $ 56,925 | $ 41,907 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 162,928 | $ 102,161 |
Other comprehensive income (loss), net of tax: | ||
Fair value adjustments to available-for-sale securities | (184) | (321) |
Comprehensive income | $ 162,744 | $ 101,840 |
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, 2020 | 111,830,857 | ||||
Balances at Dec. 31, 2020 | $ 1,118 | $ 876,433 | $ 246,242 | $ 150 | $ 1,123,943 |
Net income | 0 | 0 | 102,161 | 0 | 102,161 |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (321) | (321) |
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) |
Shares repurchased and retired (in shares) | 0 | ||||
Share-based compensation costs | $ 0 | 5,701 | 0 | 0 | $ 5,701 |
Stock options exercised (in shares) | 158,568 | ||||
Stock options exercised | $ 2 | 1,743 | 0 | 0 | 1,745 |
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, 2021 | 111,303,140 | 111,303,140 | |||
Balances at Dec. 31, 2021 | $ 1,113 | 827,725 | 710,088 | (180) | $ 1,538,746 |
Net income | 0 | 0 | 162,928 | 0 | 162,928 |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (184) | (184) |
Release of restricted stock units, net of tax (in shares) | 115,686 | ||||
Release of restricted stock units, net of tax | $ 1 | (2,720) | 0 | 0 | (2,719) |
Release of performance stock units, net of tax (in shares) | 294,344 | ||||
Release of performance stock units, net of tax | $ 3 | (8,113) | 0 | 0 | (8,110) |
Shares repurchased and retired (in shares) | (2,096,660) | ||||
Shares repurchased and retired | $ (21) | (131,768) | 0 | 0 | (131,789) |
Dividends declared | 0 | 0 | (16,480) | 0 | (16,480) |
Share-based compensation costs | $ 0 | 8,734 | 0 | 0 | $ 8,734 |
Balances (in shares) at Mar. 31, 2022 | 109,616,510 | 109,616,510 | |||
Balances at Mar. 31, 2022 | $ 1,096 | $ 693,858 | $ 856,536 | $ (364) | $ 1,551,126 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes In Stockholders' Equity (unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Dividends per share (in dollars per share) | $ 0.15 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net income | $ 162,928 | $ 102,161 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 62,478 | 64,467 |
Amortization of debt financing costs and discounts on debt | 2,264 | 3,024 |
Non-cash operating lease expense | 10,013 | 16,043 |
Share-based compensation expense | 8,734 | 5,701 |
Deferred income taxes | 9,635 | 30,683 |
Gain on sale of assets | (12,725) | 0 |
Loss on early extinguishments and modifications of debt | 3,300 | 0 |
Other operating activities | 0 | 2,591 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (7,613) | (9,407) |
Inventories | (460) | 2,015 |
Prepaid expenses and other current assets | 1,467 | 3,107 |
Income taxes payable, net | 38,141 | 1,499 |
Other assets, net | 524 | (834) |
Accounts payable and accrued liabilities | (32,149) | 15,496 |
Operating lease liabilities | (10,013) | (16,043) |
Other liabilities | (2,815) | (3,817) |
Net cash provided by operating activities | 233,709 | 216,686 |
Cash Flows from Investing Activities | ||
Capital expenditures | (46,623) | (35,477) |
Insurance proceeds received from hurricane losses | 0 | 31,263 |
Proceeds received from disposition of assets | 20,115 | 0 |
Other investing activities | 0 | 6,672 |
Net cash (used in) provided by investing activities | (26,508) | 2,458 |
Cash Flows from Financing Activities | ||
Borrowings under bank credit facility | 880,000 | 0 |
Payments under bank credit facility | (867,897) | (4,899) |
Debt financing costs | (13,635) | 0 |
Share-based compensation activities | (10,829) | (764) |
Shares repurchased and retired | (131,789) | 0 |
Other financing activities | (955) | (204) |
Net cash used in financing activities | (145,105) | (5,867) |
Change in cash, cash equivalents and restricted cash | 62,096 | 213,277 |
Cash, cash equivalents and restricted cash, beginning of period | 357,128 | 534,999 |
Cash, cash equivalents and restricted cash, end of period | 419,224 | 748,276 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 26,413 | 28,279 |
Cash paid for (received from) income taxes | 0 | (34) |
Supplemental Schedule of Non-cash Investing and Financing Activities | ||
Payables incurred for capital expenditures | 4,720 | 1,806 |
Dividends declared not yet paid | 16,480 | 0 |
Operating lease right-of-use asset and liability remeasurements | $ (11,224) | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, The closures of our properties in 2020 19 may 19 19 may may We currently anticipate funding our operations over the next 12 first 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, 2021 February 28, 2022. 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 the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% 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) amounts restricted by regulation for gaming and racing purposes; and (ii) future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. March 31, December 31, March 31, December 31, (In thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 402,975 $ 344,557 $ 730,908 $ 519,182 Restricted cash 16,249 12,571 17,368 15,817 Total cash, cash equivalents and restricted cash $ 419,224 $ 357,128 $ 748,276 $ 534,999 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 player loyalty programs such as cash and the estimated retail value of goods and services (such as complimentary rooms and food & beverage). We reward customers, through the use of player loyalty programs, with points based on amounts wagered that can be redeemed for a specified period of time for complimentary slot play, food & beverage, and to a lesser extent for other goods or services, depending upon the property. The estimated retail value related to goods and services provided to customers without charge or upon redemption of points under our player loyalty programs, included in departmental revenues, and therefore reducing our gaming revenues, are as follows: Three Months Ended March 31, (In thousands) 2022 2021 Food & beverage $ 27,578 $ 22,702 Room 15,083 12,939 Other 2,013 1,076 Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the condensed consolidated statements of operations. In addition, we are responsible for the payment of gaming taxes owed for the online gaming activities conducted by third third million three March 31, 2022 2021 three March 31, 2022 2021 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 hold a five one one 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 ASU 2021 05, 842 2021 05" In July 2021, 2021 05 not 2021 05 December 15, 2021, 2021 05 first 2022 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 | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2. Property and equipment, net consists of the following: March 31, December 31, (In thousands) 2022 2021 Land $ 336,578 $ 343,963 Buildings and improvements 3,158,646 3,146,697 Furniture and equipment 1,686,559 1,653,451 Riverboats and barges 241,584 241,447 Construction in progress 7,044 912 Total property and equipment 5,430,411 5,386,470 Less accumulated depreciation (3,052,961 ) (2,992,286 ) Property and equipment, net $ 2,377,450 $ 2,394,184 Depreciation expense is as follows: Three Months Ended March 31, (In thousands) 2022 2021 Depreciation expense $ 60,675 $ 61,310 |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 3. Intangible assets, net consist of the following: March 31, 2022 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 1.2 $ 68,100 $ (64,629 ) $ — $ 3,471 Host agreements 11.2 58,000 (14,822 ) — 43,178 Development agreement — 21,373 — — 21,373 147,473 (79,451 ) — 68,022 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (27,200 ) 176,800 Gaming license rights Indefinite 1,377,935 (33,960 ) (222,174 ) 1,121,801 1,581,935 (33,960 ) (249,374 ) 1,298,601 Balances, March 31, 2022 $ 1,729,408 $ (113,411 ) $ (249,374 ) $ 1,366,623 December 31, 2021 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 1.5 $ 68,100 $ (63,798 ) $ — $ 4,302 Host agreements 11.4 58,000 (13,856 ) — 44,144 Development agreement — 21,373 — — 21,373 147,473 (77,654 ) — 69,819 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (27,200 ) 176,800 Gaming license rights Indefinite 1,377,935 (33,960 ) (222,174 ) 1,121,801 1,581,935 (33,960 ) (249,374 ) 1,298,601 Balances, December 31, 2021 $ 1,729,408 $ (111,614 ) $ (249,374 ) $ 1,368,420 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, March 31, 2022 $ 1,267,362 $ (6,134 ) $ (289,941 ) $ 971,287 The following table sets forth the changes in our goodwill, net, during the three March 31, 2022 (In thousands) Goodwill, Net Balance, January 1, 2022 $ 971,287 Additions — Impairments — Balance, March 31, 2022 $ 971,287 |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 4. Accrued liabilities consist of the following: March 31, December 31, (In thousands) 2022 2021 Payroll and related expenses $ 66,380 $ 99,880 Interest 28,202 19,210 Gaming 75,695 78,552 Player loyalty program 31,763 28,430 Advance deposits 19,879 15,320 Outstanding chip 7,251 7,407 Dividend payable 16,480 — Operating lease 84,536 84,884 Other accrued 84,126 79,262 Total accrued liabilities $ 414,312 $ 412,945 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 5. Long-term debt, net of current maturities and debt issuance costs, consists of the following: March 31, 2022 Interest Unamortized Rates at Origination March 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2022 Principal Discount Costs Debt, Net Bank credit facility 2.073 % $ 880,000 $ — $ (18,473 ) $ 861,527 4.750% senior notes due 2027 4.750 % 1,000,000 — (11,202 ) 988,798 8.625% senior notes due 2025 8.625 % 300,000 — (3,769 ) 296,231 4.750% senior notes due 2031 4.750 % 900,000 — (12,929 ) 887,071 Other 5.534 % 550 — — 550 Total long-term debt 3,080,550 — (46,373 ) 3,034,177 Less current maturities 44,316 — — 44,316 Long-term debt, net $ 3,036,234 $ — $ (46,373 ) $ 2,989,861 December 31, 2021 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2021 Principal Discount Costs Debt, Net Bank credit facility 2.286 % $ 867,897 $ (293 ) $ (8,498 ) $ 859,106 4.750% senior notes due 2027 4.750 % 1,000,000 — (11,688 ) 988,312 8.625% senior notes due 2025 8.625 % 300,000 — (4,066 ) 295,934 4.750% senior notes due 2031 4.750 % 900,000 — (13,254 ) 886,746 Other 5.932 % 1,496 — — 1,496 Total long-term debt 3,069,393 (293 ) (37,506 ) 3,031,594 Less current maturities 41,673 — — 41,673 Long-term debt, net $ 3,027,720 $ (293 ) $ (37,506 ) $ 2,989,921 Bank Credit Facility Credit Agreement On March 2, 2022 August 14, 2013 ( The Credit Agreement provides for (i) a $1,450.0 million senior secured revolving credit facility (the "Revolving Credit Facility") and (ii) an $880.0 million senior secured term A loan (the "Term A Loan," collectively with the Revolving Credit Facility, the "Credit Facility"). The Revolving Credit Facility and the Term A Loan mature on the fifth The outstanding principal amounts under the Credit Facility and Prior Credit Agreement are comprised of the following: March 31, December 31, (In thousands) 2022 2021 Revolving Credit Facility $ — $ — Term A Loan 880,000 — Prior Term A Loan — 118,153 Prior Refinancing Term B Loan — 749,744 Swing Loan — — Total outstanding principal amounts under the bank credit facility $ 880,000 $ 867,897 With a total revolving credit commitment of $1,450.0 million available under the bank credit facility, no March 31, 2022 Interest and Fees The interest rate on the outstanding balance of the Revolving Credit Facility and the Term A Loan is based upon, at the Company’s option, either: (i) a rate based on the Secured Overnight Financing Rate ("SOFR") administered by the Federal Reserve Bank of New York or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with a specified pricing grid based on the Consolidated Total Net Leverage Ratio and ranges from 1.25% to 2.25% (if using SOFR) and from 0.25% to 1.25% (if using the base rate). A fee of a percentage per annum (which ranges from 0.20% to 0.35% determined in accordance with a specified pricing grid based on the Consolidated Total Net Leverage Ratio) will be payable on the unused portions of the Revolving Credit Facility. The rates based on SOFR will be determined based upon, at the Company’s option, (i) a forward-looking SOFR term rate administered by CME Group Benchmark Administration Limited or any successor administrator, and based on interest periods of one, three six twelve x one Optional and Mandatory Prepayments Pursuant to the terms of the Credit Agreement (i) the loans under the Term A Loan will amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing June 30, 2022, December 31, 2021, Amounts outstanding under the Credit Agreement may may Subject to certain exceptions, the Company may Guarantees and Collateral The Company’s obligations under the Credit Facility, subject to certain exceptions, are guaranteed by certain of the Company’s subsidiaries and are secured by the capital stock of certain subsidiaries. In addition, subject to certain exceptions, the Company and each of the guarantors granted the administrative agent first The Credit Agreement includes an accordion feature which permits the incurrence of one not 1.00 Financial and Other Covenants The Credit Agreement contains certain financial and other covenants, including, without limitation, various covenants (i) requiring the maintenance of a minimum consolidated interest coverage ratio on a quarterly basis of 2.50 to 1.00, The maximum permitted Consolidated Total Net Leverage Ratio is calculated as Consolidated Net Indebtedness to twelve June 30, 2022 June 30, 2023 no 1.00 September 30, 2023 1.00. Early Extinguishment and Modification of Debt In accordance with authoritative accounting guidance for debt extinguishments and debt modifications, we accounted for the retirement of the Prior Term A Loan and the Prior Refinancing Term B Loan as extinguishments of debt, resulting in the write-off of unamortized deferred finance charges totaling $2.8 million, which is included in loss on early extinguishments and modifications of debt for the three March 31, 2022. not three March 31, 2022. no three March 31, 2021. Covenant Compliance As of March 31, 2022 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6. Pending Acquisitions On March 28, 2022, B2B B2C first 2023, Commitments As of March 31, 2022 no 8, Commitments and Contingencies 10 December 31, 2021 February 28, 2022. 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 | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 7. Share Repurchase Programs On October 21, 2021, may not may 10b5 1 may During the three March 31, 2022 no three March 31, 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 February 3, 2022 March 15, 2022 April 15, 2022 $ 0.15 Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. Three Months Ended March 31, (In thousands) 2022 2021 Gaming $ 229 $ 160 Food & beverage 44 31 Room 21 14 Selling, general and administrative 1,165 815 Corporate expense 7,275 4,681 Total share-based compensation expense $ 8,734 $ 5,701 Performance Shares Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may The PSU grants awarded in fourth 2018 2017 first 2022 2021, three The PSU grant awarded in November 2018 first 2022, 2018 2021; not 2022 The PSU grant awarded in November 2017 first 2021, 2017 2020; not 2021 Unamortized Stock Compensation Expense and Recognition Period As of March 31, 2022 March 31, 2022 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8. We have adopted the authoritative accounting guidance for fair value measurements, which does not These inputs create the following fair value hierarchy: Level 1 Level 2 not Level 3 one As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may 1 2 3 may Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: March 31, 2022 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 402,975 $ 402,975 $ — $ — Restricted cash 16,249 16,249 — — Investment available for sale 15,612 — — 15,612 December 31, 2021 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 344,557 $ 344,557 $ — $ — Restricted cash 12,571 12,571 — — Investment available for sale 15,822 — — 15,822 Liability Contingent payments $ 62 $ — $ — $ 62 Cash and Cash Equivalents and Restricted Cash The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, March 31, 2022 December 31, 2021 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 March 31, 2022 December 31, 2021 not March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 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. no March 31, 2022 December 31, 2021 The following tables summarize the changes in fair value of the Company's Level 3 Three Months Ended March 31, 2022 March 31, 2021 Asset Liability Asset Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 15,822 $ (62 ) $ 16,692 $ (924 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 42 — 41 (13 ) Included in other comprehensive income (loss) (252 ) — (436 ) — Included in other items, net — — — 26 Purchases, sales, issuances and settlements: Settlements — 62 — 142 Balance at end of reporting period $ 15,612 $ — $ 16,297 $ (769 ) 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: March 31, 2022 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 23,738 $ 20,315 $ 26,581 Level 3 December 31, 2021 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 24,306 $ 20,734 $ 26,908 Level 3 The following tables provide the fair value measurement information about our long-term debt: March 31, 2022 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Bank credit facility $ 880,000 $ 861,527 $ 877,800 Level 2 4.750% senior notes due 2027 1,000,000 988,798 987,500 Level 1 8.625% senior notes due 2025 300,000 296,231 315,375 Level 1 4.750% senior notes due 2031 900,000 887,071 864,000 Level 1 Other 550 550 550 Level 3 Total debt $ 3,080,550 $ 3,034,177 $ 3,045,225 December 31, 2021 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Bank credit facility $ 867,897 $ 859,106 $ 866,812 Level 2 4.750% senior notes due 2027 1,000,000 988,312 1,023,750 Level 1 8.625% senior notes due 2025 300,000 295,934 320,250 Level 1 4.750% senior notes due 2031 900,000 886,746 915,750 Level 1 Other 1,496 1,496 1,496 Level 3 Total debt $ 3,069,393 $ 3,031,594 $ 3,128,058 The estimated fair value of our bank credit facility is based on a relative value analysis performed on or about March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 2022 2024; July 2022. not not There were no 1, 2 3 three March 31, 2022 2021 |
Note 9 - Segment Information
Note 9 - Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9. We have aggregated our 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 (1) Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North Las Vegas, Nevada Jokers Wild Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel & Casino Las Vegas, Nevada Main Street Station Hotel and Casino Las Vegas, Nevada Midwest & South Par-A-Dice Casino East Peoria, Illinois Belterra Casino Resort (2) Florence, Indiana Blue Chip Casino Hotel Spa Michigan City, Indiana Diamond Jo Casino Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Hotel & Casino Vinton, Louisiana Evangeline Downs Racetrack & Casino Opelousas, Louisiana Sam's Town Shreveport Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica Tunica, Mississippi Ameristar Casino * Hotel Kansas City (2) Kansas City, Missouri Ameristar Casino * Resort * Spa St. Charles (2) St. Charles, Missouri Belterra Park (2) Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania ( 1 ( 2 Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR We evaluate each of our property's profitability based on 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, other items, net 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 March 31, 2022 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 173,590 $ 20,337 $ 19,657 $ 13,978 $ 227,562 Downtown Las Vegas 32,443 9,709 5,396 1,936 49,484 Midwest & South 461,921 33,697 17,356 70,723 583,697 Total Revenues $ 667,954 $ 63,743 $ 42,409 $ 86,637 $ 860,743 Three Months Ended March 31, 2021 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 149,222 $ 13,430 $ 10,687 $ 9,084 $ 182,423 Downtown Las Vegas 14,846 3,812 1,821 954 21,433 Midwest & South 453,858 26,870 13,482 55,241 549,451 Total Revenues $ 617,926 $ 44,112 $ 25,990 $ 65,279 $ 753,307 The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR to net income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended March 31, (In thousands) 2022 2021 Adjusted EBITDAR Las Vegas Locals $ 118,695 $ 90,642 Downtown Las Vegas 18,389 2,440 Midwest & South 223,481 218,149 Corporate expense (21,729 ) (18,634 ) Adjusted EBITDAR 338,836 292,597 Other operating costs and expenses Deferred rent 191 207 Master lease rent expense 26,306 25,915 Depreciation and amortization 62,478 64,467 Share-based compensation expense 8,734 5,701 Project development, preopening and writedowns (10,029 ) 1,415 Other operating items, net 98 1,157 Total other operating costs and expenses 87,778 98,862 Operating income 251,058 193,735 Other expense (income) Interest income (420 ) (509 ) Interest expense, net of amounts capitalized 37,658 57,890 Loss on early extinguishments and modifications of debt 3,300 — Other, net (253 ) 1,932 Total other expense, net 40,285 59,313 Income before income taxes 210,773 134,422 Income tax provision (47,845 ) (32,261 ) Net income $ 162,928 $ 102,161 For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not Total Reportable Segment Assets The Company's assets by Reportable Segment consisted of the following amounts: March 31, December 31, (In thousands) 2022 2021 Assets Las Vegas Locals $ 1,625,364 $ 1,641,409 Downtown Las Vegas 238,713 228,161 Midwest & South 3,914,299 3,947,076 Total Reportable Segment Assets 5,778,376 5,816,646 Corporate 472,044 407,523 Total Assets $ 6,250,420 $ 6,224,169 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 10. We have evaluated all events or transactions that occurred after March 31, 2022 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, The closures of our properties in 2020 19 may 19 19 may may We currently anticipate funding our operations over the next 12 first 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, 2021 February 28, 2022. 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 the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% 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) amounts restricted by regulation for gaming and racing purposes; and (ii) future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. March 31, December 31, March 31, December 31, (In thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 402,975 $ 344,557 $ 730,908 $ 519,182 Restricted cash 16,249 12,571 17,368 15,817 Total cash, cash equivalents and restricted cash $ 419,224 $ 357,128 $ 748,276 $ 534,999 |
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 player loyalty programs such as cash and the estimated retail value of goods and services (such as complimentary rooms and food & beverage). We reward customers, through the use of player loyalty programs, with points based on amounts wagered that can be redeemed for a specified period of time for complimentary slot play, food & beverage, and to a lesser extent for other goods or services, depending upon the property. The estimated retail value related to goods and services provided to customers without charge or upon redemption of points under our player loyalty programs, included in departmental revenues, and therefore reducing our gaming revenues, are as follows: Three Months Ended March 31, (In thousands) 2022 2021 Food & beverage $ 27,578 $ 22,702 Room 15,083 12,939 Other 2,013 1,076 |
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 assessed based on our gaming revenues and are recorded as a gaming expense in the condensed consolidated statements of operations. In addition, we are responsible for the payment of gaming taxes owed for the online gaming activities conducted by third third million three March 31, 2022 2021 three March 31, 2022 2021 |
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 hold a five one one |
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 ASU 2021 05, 842 2021 05" In July 2021, 2021 05 not 2021 05 December 15, 2021, 2021 05 first 2022 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) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | March 31, December 31, March 31, December 31, (In thousands) 2022 2021 2021 2020 Cash and cash equivalents $ 402,975 $ 344,557 $ 730,908 $ 519,182 Restricted cash 16,249 12,571 17,368 15,817 Total cash, cash equivalents and restricted cash $ 419,224 $ 357,128 $ 748,276 $ 534,999 |
Schedule Of Promotional Allowances [Table Text Block] | Three Months Ended March 31, (In thousands) 2022 2021 Food & beverage $ 27,578 $ 22,702 Room 15,083 12,939 Other 2,013 1,076 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, (In thousands) 2022 2021 Land $ 336,578 $ 343,963 Buildings and improvements 3,158,646 3,146,697 Furniture and equipment 1,686,559 1,653,451 Riverboats and barges 241,584 241,447 Construction in progress 7,044 912 Total property and equipment 5,430,411 5,386,470 Less accumulated depreciation (3,052,961 ) (2,992,286 ) Property and equipment, net $ 2,377,450 $ 2,394,184 |
Depreciation Expense [Table Text Block] | Three Months Ended March 31, (In thousands) 2022 2021 Depreciation expense $ 60,675 $ 61,310 |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2022 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 1.2 $ 68,100 $ (64,629 ) $ — $ 3,471 Host agreements 11.2 58,000 (14,822 ) — 43,178 Development agreement — 21,373 — — 21,373 147,473 (79,451 ) — 68,022 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (27,200 ) 176,800 Gaming license rights Indefinite 1,377,935 (33,960 ) (222,174 ) 1,121,801 1,581,935 (33,960 ) (249,374 ) 1,298,601 Balances, March 31, 2022 $ 1,729,408 $ (113,411 ) $ (249,374 ) $ 1,366,623 December 31, 2021 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 1.5 $ 68,100 $ (63,798 ) $ — $ 4,302 Host agreements 11.4 58,000 (13,856 ) — 44,144 Development agreement — 21,373 — — 21,373 147,473 (77,654 ) — 69,819 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (27,200 ) 176,800 Gaming license rights Indefinite 1,377,935 (33,960 ) (222,174 ) 1,121,801 1,581,935 (33,960 ) (249,374 ) 1,298,601 Balances, December 31, 2021 $ 1,729,408 $ (111,614 ) $ (249,374 ) $ 1,368,420 |
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, March 31, 2022 $ 1,267,362 $ (6,134 ) $ (289,941 ) $ 971,287 |
Goodwill Rollforward [Table Text Block] | (In thousands) Goodwill, Net Balance, January 1, 2022 $ 971,287 Additions — Impairments — Balance, March 31, 2022 $ 971,287 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, (In thousands) 2022 2021 Payroll and related expenses $ 66,380 $ 99,880 Interest 28,202 19,210 Gaming 75,695 78,552 Player loyalty program 31,763 28,430 Advance deposits 19,879 15,320 Outstanding chip 7,251 7,407 Dividend payable 16,480 — Operating lease 84,536 84,884 Other accrued 84,126 79,262 Total accrued liabilities $ 414,312 $ 412,945 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2022 Interest Unamortized Rates at Origination March 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2022 Principal Discount Costs Debt, Net Bank credit facility 2.073 % $ 880,000 $ — $ (18,473 ) $ 861,527 4.750% senior notes due 2027 4.750 % 1,000,000 — (11,202 ) 988,798 8.625% senior notes due 2025 8.625 % 300,000 — (3,769 ) 296,231 4.750% senior notes due 2031 4.750 % 900,000 — (12,929 ) 887,071 Other 5.534 % 550 — — 550 Total long-term debt 3,080,550 — (46,373 ) 3,034,177 Less current maturities 44,316 — — 44,316 Long-term debt, net $ 3,036,234 $ — $ (46,373 ) $ 2,989,861 December 31, 2021 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2021 Principal Discount Costs Debt, Net Bank credit facility 2.286 % $ 867,897 $ (293 ) $ (8,498 ) $ 859,106 4.750% senior notes due 2027 4.750 % 1,000,000 — (11,688 ) 988,312 8.625% senior notes due 2025 8.625 % 300,000 — (4,066 ) 295,934 4.750% senior notes due 2031 4.750 % 900,000 — (13,254 ) 886,746 Other 5.932 % 1,496 — — 1,496 Total long-term debt 3,069,393 (293 ) (37,506 ) 3,031,594 Less current maturities 41,673 — — 41,673 Long-term debt, net $ 3,027,720 $ (293 ) $ (37,506 ) $ 2,989,921 |
Schedule of Line of Credit Facilities [Table Text Block] | March 31, December 31, (In thousands) 2022 2021 Revolving Credit Facility $ — $ — Term A Loan 880,000 — Prior Term A Loan — 118,153 Prior Refinancing Term B Loan — 749,744 Swing Loan — — Total outstanding principal amounts under the bank credit facility $ 880,000 $ 867,897 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity and Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration date Record date Payment date Amount per share February 3, 2022 March 15, 2022 April 15, 2022 $ 0.15 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, (In thousands) 2022 2021 Gaming $ 229 $ 160 Food & beverage 44 31 Room 21 14 Selling, general and administrative 1,165 815 Corporate expense 7,275 4,681 Total share-based compensation expense $ 8,734 $ 5,701 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2022 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 402,975 $ 402,975 $ — $ — Restricted cash 16,249 16,249 — — Investment available for sale 15,612 — — 15,612 December 31, 2021 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 344,557 $ 344,557 $ — $ — Restricted cash 12,571 12,571 — — Investment available for sale 15,822 — — 15,822 Liability Contingent payments $ 62 $ — $ — $ 62 |
Fair Value Asset (Liability) Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2022 March 31, 2021 Asset Liability Asset Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 15,822 $ (62 ) $ 16,692 $ (924 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 42 — 41 (13 ) Included in other comprehensive income (loss) (252 ) — (436 ) — Included in other items, net — — — 26 Purchases, sales, issuances and settlements: Settlements — 62 — 142 Balance at end of reporting period $ 15,612 $ — $ 16,297 $ (769 ) |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | March 31, 2022 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 23,738 $ 20,315 $ 26,581 Level 3 December 31, 2021 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 24,306 $ 20,734 $ 26,908 Level 3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | March 31, 2022 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Bank credit facility $ 880,000 $ 861,527 $ 877,800 Level 2 4.750% senior notes due 2027 1,000,000 988,798 987,500 Level 1 8.625% senior notes due 2025 300,000 296,231 315,375 Level 1 4.750% senior notes due 2031 900,000 887,071 864,000 Level 1 Other 550 550 550 Level 3 Total debt $ 3,080,550 $ 3,034,177 $ 3,045,225 December 31, 2021 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Bank credit facility $ 867,897 $ 859,106 $ 866,812 Level 2 4.750% senior notes due 2027 1,000,000 988,312 1,023,750 Level 1 8.625% senior notes due 2025 300,000 295,934 320,250 Level 1 4.750% senior notes due 2031 900,000 886,746 915,750 Level 1 Other 1,496 1,496 1,496 Level 3 Total debt $ 3,069,393 $ 3,031,594 $ 3,128,058 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2022 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 173,590 $ 20,337 $ 19,657 $ 13,978 $ 227,562 Downtown Las Vegas 32,443 9,709 5,396 1,936 49,484 Midwest & South 461,921 33,697 17,356 70,723 583,697 Total Revenues $ 667,954 $ 63,743 $ 42,409 $ 86,637 $ 860,743 Three Months Ended March 31, 2021 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 149,222 $ 13,430 $ 10,687 $ 9,084 $ 182,423 Downtown Las Vegas 14,846 3,812 1,821 954 21,433 Midwest & South 453,858 26,870 13,482 55,241 549,451 Total Revenues $ 617,926 $ 44,112 $ 25,990 $ 65,279 $ 753,307 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, (In thousands) 2022 2021 Adjusted EBITDAR Las Vegas Locals $ 118,695 $ 90,642 Downtown Las Vegas 18,389 2,440 Midwest & South 223,481 218,149 Corporate expense (21,729 ) (18,634 ) Adjusted EBITDAR 338,836 292,597 Other operating costs and expenses Deferred rent 191 207 Master lease rent expense 26,306 25,915 Depreciation and amortization 62,478 64,467 Share-based compensation expense 8,734 5,701 Project development, preopening and writedowns (10,029 ) 1,415 Other operating items, net 98 1,157 Total other operating costs and expenses 87,778 98,862 Operating income 251,058 193,735 Other expense (income) Interest income (420 ) (509 ) Interest expense, net of amounts capitalized 37,658 57,890 Loss on early extinguishments and modifications of debt 3,300 — Other, net (253 ) 1,932 Total other expense, net 40,285 59,313 Income before income taxes 210,773 134,422 Income tax provision (47,845 ) (32,261 ) Net income $ 162,928 $ 102,161 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, (In thousands) 2022 2021 Assets Las Vegas Locals $ 1,625,364 $ 1,641,409 Downtown Las Vegas 238,713 228,161 Midwest & South 3,914,299 3,947,076 Total Reportable Segment Assets 5,778,376 5,816,646 Corporate 472,044 407,523 Total Assets $ 6,250,420 $ 6,224,169 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | |
Number of Gaming Entertainment Properties, Open and Operating | 27 | |
Number of Gaming Entertainment Properties | 28 | |
Taxes, Other | $ 171.5 | $ 158.8 |
Taxes Deposited Pursuant to the Online Collaborative Agreements | $ 39.8 | $ 34.6 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 402,975 | $ 344,557 | $ 730,908 | $ 519,182 |
Restricted cash | 16,249 | 12,571 | 17,368 | 15,817 |
Total cash, cash equivalents and restricted cash | $ 419,224 | $ 357,128 | $ 748,276 | $ 534,999 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Food and Beverage [Member] | ||
Promotional allowance | $ 27,578 | $ 22,702 |
Occupancy [Member] | ||
Promotional allowance | 15,083 | 12,939 |
Product and Service, Other [Member] | ||
Promotional allowance | $ 2,013 | $ 1,076 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 5,430,411 | $ 5,386,470 |
Less accumulated depreciation | (3,052,961) | (2,992,286) |
Property and equipment, net | 2,377,450 | 2,394,184 |
Land [Member] | ||
Property and equipment, gross | 336,578 | 343,963 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,158,646 | 3,146,697 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,686,559 | 1,653,451 |
Riverboats And Barges [Member] | ||
Property and equipment, gross | 241,584 | 241,447 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 7,044 | $ 912 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation expense | $ 60,675 | $ 61,310 |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Intangible assets, gross carrying value | $ 147,473 | $ 147,473 |
Intangible assets, cumulative amortization | (79,451) | (77,654) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | 68,022 | 69,819 |
Intangible assets, gross carrying value | 1,581,935 | 1,581,935 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (249,374) | (249,374) |
Intangible assets, net | 1,298,601 | 1,298,601 |
Intangible assets, gross carrying value | 1,729,408 | 1,729,408 |
Intangible assets, cumulative amortization | (113,411) | (111,614) |
Intangible assets, cumulative impairment losses | (249,374) | (249,374) |
Intangible assets, net | 1,366,623 | 1,368,420 |
Trademarks [Member] | ||
Intangible assets, gross carrying value | 204,000 | 204,000 |
Intangible assets, cumulative amortization | 0 | 0 |
Intangible assets, cumulative impairment losses | (27,200) | (27,200) |
Intangible assets, net | 176,800 | 176,800 |
Gaming License Right [Member] | ||
Intangible assets, gross carrying value | 1,377,935 | 1,377,935 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (222,174) | (222,174) |
Intangible assets, net | $ 1,121,801 | $ 1,121,801 |
Customer Relationships [Member] | ||
Intangible assets, weighted average life remaining (Year) | 1 year 2 months 12 days | 1 year 6 months |
Intangible assets, gross carrying value | $ 68,100 | $ 68,100 |
Intangible assets, cumulative amortization | (64,629) | (63,798) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 3,471 | $ 4,302 |
Host Agreements [Member] | ||
Intangible assets, weighted average life remaining (Year) | 11 years 2 months 12 days | 11 years 4 months 24 days |
Intangible assets, gross carrying value | $ 58,000 | $ 58,000 |
Intangible assets, cumulative amortization | (14,822) | (13,856) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | 43,178 | 44,144 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 3 Months Ended |
Mar. 31, 2022USD ($) | |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Payroll and related expenses | $ 66,380 | $ 99,880 |
Interest | 28,202 | 19,210 |
Gaming | 75,695 | 78,552 |
Player loyalty program | 31,763 | 28,430 |
Advance deposits | 19,879 | 15,320 |
Outstanding chip | 7,251 | 7,407 |
Dividend payable | 16,480 | 0 |
Operating lease | 84,536 | 84,884 |
Other accrued | 84,126 | 79,262 |
Total accrued liabilities | $ 414,312 | $ 412,945 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2023 | Jun. 30, 2022 | Mar. 02, 2022USD ($) | Dec. 31, 2021USD ($) | |
Long-term Line of Credit, Total | $ 880,000 | $ 867,897 | ||||
Debt Issuance Costs, Net, Total | 46,373 | $ 37,506 | ||||
Gain (Loss) on Extinguishment of Debt, Total | (3,300) | $ 0 | ||||
Term A Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 880,000 | |||||
Prior Term A and Prior Refinancing Term B Loans [Member] | Loss on Early Extinguishments and Modifications of Debt [Member] | ||||||
Write off of Deferred Debt Issuance Cost | $ 2,800 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility Covenant Terms, Maximum Secured Leverage Ratio Allowed | 3 | |||||
Line of Credit Facility Covenant Terms, Minimum Consolidated Interest Coverage Ratio Required | 2.50 | |||||
Revolving Credit Facility [Member] | Forecast [Member] | ||||||
Line of Credit Facility, Covenant Terms, Maximum Total Leverage Ratio Allowed | 4.50 | 5 | ||||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | ||||||
Line of Credit Facility, Additional Available Borrowing Capacity | $ 1,000,000 | |||||
Revolving Credit Facility [Member] | Prior Term A and Prior Refinancing Term B Loans [Member] | ||||||
Debt Issuance Costs, Net, Total | $ 4,300 | |||||
Refinancing Term B Loans [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Refinancing Term B Loans [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
Refinancing Term B Loans [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
Refinancing Term B Loans [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Bank Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Bank Credit Facility [Member] | Eurodollar [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Bank Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,450,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,435,800 | |||||
Debt Issuance Costs, Net, Total | 14,500 | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ 500 | $ 0 | ||||
Bank Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||
Bank Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||
Bank Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,450,000 | |||||
Bank Credit Facility [Member] | Letter of Credit [Member] | ||||||
Long-term Line of Credit, Total | $ 14,200 | |||||
Term A Loan [Member] | ||||||
Debt Instrument, Fixed Quarterly Amortization of Principal Percentage | 5.00% |
Note 5 - Long-term Debt - Sched
Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Long-term debt, outstanding principal | $ 3,080,550 | $ 3,069,393 |
Long-term debt, unamortized discount | 0 | (293) |
Long-term debt, unamortized original fees and costs | (46,373) | (37,506) |
Long-term debt, net | 3,034,177 | 3,031,594 |
Long-term debt, outstanding principal, current | 44,316 | 41,673 |
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 | 44,316 | 41,673 |
Long-term debt, outstanding principal, noncurrent | 3,036,234 | 3,027,720 |
Long-term debt, unamortized discount, noncurrent | 0 | (293) |
Long-term debt, unamortized original fees and costs, noncurrent | (46,373) | (37,506) |
Long-term debt, net of current maturities and debt issuance costs | $ 2,989,861 | $ 2,989,921 |
Line of Credit [Member] | Bank Credit Facility [Member] | ||
Long-term debt, interest rate | 2.073% | 2.286% |
Long-term debt, outstanding principal | $ 880,000 | $ 867,897 |
Long-term debt, unamortized discount | 0 | (293) |
Long-term debt, unamortized original fees and costs | (18,473) | (8,498) |
Long-term debt, net | $ 861,527 | $ 859,106 |
Senior Notes [Member] | Senior Note 4750 Due 2031 Member | ||
Long-term debt, interest rate | 4.75% | |
Long-term debt, outstanding principal | $ 1,000,000 | |
Long-term debt, unamortized discount | 0 | |
Long-term debt, unamortized original fees and costs | (11,202) | |
Long-term debt, net | $ 988,798 | |
Senior Notes [Member] | Senior Note 6.375% Due 2026 [Member] | ||
Long-term debt, interest rate | 4.75% | |
Long-term debt, outstanding principal | $ 1,000,000 | |
Long-term debt, unamortized discount | 0 | |
Long-term debt, unamortized original fees and costs | (11,688) | |
Long-term debt, net | $ 988,312 | |
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | ||
Long-term debt, interest rate | 8.625% | |
Long-term debt, outstanding principal | $ 300,000 | |
Long-term debt, unamortized discount | 0 | |
Long-term debt, unamortized original fees and costs | (3,769) | |
Long-term debt, net | $ 296,231 | |
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | ||
Long-term debt, interest rate | 8.625% | |
Long-term debt, outstanding principal | $ 300,000 | |
Long-term debt, unamortized discount | 0 | |
Long-term debt, unamortized original fees and costs | (4,066) | |
Long-term debt, net | $ 295,934 | |
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 | $ 900,000 | $ 900,000 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | (12,929) | (13,254) |
Long-term debt, net | $ 887,071 | $ 886,746 |
Other Long-Term Debt [Member] | ||
Long-term debt, interest rate | 5.534% | 5.932% |
Long-term debt, outstanding principal | $ 550 | $ 1,496 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | 0 | 0 |
Long-term debt, net | $ 550 | $ 1,496 |
Note 5 - Long-term Debt - Outst
Note 5 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Outstanding principal amounts | $ 880,000 | $ 867,897 |
Line of Credit [Member] | Term A Loan [Member] | ||
Outstanding principal amounts | 880,000 | 0 |
Line of Credit [Member] | Prior Term A Loan [Member] | ||
Outstanding principal amounts | 0 | 118,153 |
Line of Credit [Member] | Prior Refinancing Term B Loan [Member] | ||
Outstanding principal amounts | 0 | 749,744 |
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 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 28, 2022USD ($) |
Pala Interactive LLC [Member] | |
Business Combination, Price of Acquisition, Expected | $ 170 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Oct. 21, 2021 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | ||
Stock Repurchased and Retired During Period, Value | $ 131,789 | ||
Performance Shares [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 408,609 | 90,444 | |
Shares Issued Per Unit (in shares) | 1.58 | 0.33 | |
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 114,265 | 30,129 | |
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares) | 294,344 | 60,315 | |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 9,100 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 19,500 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | ||
Career Shares [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,900 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 9 months 18 days | ||
The 2021 Program [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 300,000 | ||
Stock Repurchased and Retired During Period, Shares (in shares) | 2,100,000 | ||
Stock Repurchased and Retired During Period, Value | $ 131,800 | ||
Shares Repurchased, Average Price Per Share (in dollars per share) | $ 62.86 |
Note 7 - Stockholders' Equity_4
Note 7 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) - Dividend Declared February 03, 2022 [Member] | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Dividends, record date | Mar. 15, 2022 |
Dividends, payment date | Apr. 15, 2022 |
Dividends, amount per share (in dollars per share) | $ 0.15 |
Note 7 - Stockholders' Equity_5
Note 7 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based compensation expense | $ 8,734 | $ 5,701 |
Gaming [Member] | ||
Share-based compensation expense | 229 | 160 |
Food & Beverage [Member] | ||
Share-based compensation expense | 44 | 31 |
Room [Member] | ||
Share-based compensation expense | 21 | 14 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | 1,165 | 815 |
Corporate Expense [Member] | ||
Share-based compensation expense | $ 7,275 | $ 4,681 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) $ in Thousands | Dec. 20, 2011 | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Debt Securities, Available-for-sale, Amortized Cost, Total | $ 18,400 | ||
Debt Security Interest Rate Stated Percentage | 7.50% | ||
Debt Security, Available-For-Sale, Fair Value Discount Amount | $ 2,300 | $ 2,300 | |
Business Combination Contingent Consideration Arrangements, Payment To Option Holder Percentage Of Ebitda | 1.00% | ||
Business Combination, Contingent Consideration, Liability, Current | 100 | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Debt Securities, Available-for-Sale, Current | 600 | 600 | |
Other Noncurrent Assets [Member] | |||
Debt Securities, Available-for-Sale, Noncurrent | 15,000 | $ 15,200 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 0 | ||
Measurement Input, Discount Rate [Member] | |||
Debt Securities, Available-for-Sale, Measurement Input | 0.108 | 0.101 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 402,975 | $ 344,557 |
Restricted cash | 16,249 | 12,571 |
Investment available for sale | 15,612 | 15,822 |
Contingent payments | 62 | |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 402,975 | 344,557 |
Restricted cash | 16,249 | 12,571 |
Investment available for sale | 0 | 0 |
Contingent payments | 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 | |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | $ 15,612 | 15,822 |
Contingent payments | $ 62 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Contingent Payments [Member] | ||
Balance at beginning of reporting period, liability | $ (62) | $ (924) |
Included in interest income (expense), liability | 0 | (13) |
Included in other comprehensive income (loss), liability | 0 | 0 |
Included in other items, net, liability | 0 | 26 |
Settlements, liability | 62 | 142 |
Balance at end of reporting period, liability | 0 | (769) |
Investment, Available-For-Sale [Member] | ||
Balance at beginning of reporting period, asset | 15,822 | 16,692 |
Included in interest income (expense), asset | 42 | 41 |
Included in other comprehensive income (loss), asset | (252) | (436) |
Included in other items, net, asset | 0 | 0 |
Settlements, asset | 0 | 0 |
Balance at end of reporting period, asset | $ 15,612 | $ 16,297 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Obligation under assessment arrangements | $ 23,738 | $ 24,306 |
Reported Value Measurement [Member] | ||
Obligation under assessment arrangements | 20,315 | 20,734 |
Estimate of Fair Value Measurement [Member] | ||
Obligation under assessment arrangements | $ 26,581 | $ 26,908 |
Note 8 - Fair Value Measureme_7
Note 8 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Long-term debt | $ 3,080,550 | $ 3,069,393 |
Reported Value Measurement [Member] | ||
Long-term debt | 3,034,177 | 3,031,594 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 3,045,225 | 3,128,058 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | ||
Long-term debt | 880,000 | 867,897 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 861,527 | 859,106 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 877,800 | 866,812 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | ||
Long-term debt | 1,000,000 | 900,000 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 988,798 | 886,746 |
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 | 987,500 | 915,750 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 6.375% Due 2026 [Member] | Senior Notes [Member] | ||
Long-term debt | 1,000,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 6.375% Due 2026 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 988,312 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 6.375% Due 2026 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 1,023,750 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | ||
Long-term debt | 300,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 296,231 | |
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 | 315,375 | |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | ||
Long-term debt | 300,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 295,934 | |
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 | 320,250 | |
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, Inputs, Level 1 [Member] | The 4.750% Senior Notes Due June 2031 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 887,071 | |
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 | 864,000 | |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | ||
Long-term debt | 550 | 1,496 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 550 | 1,496 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 550 | $ 1,496 |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Reportable Segments | 3 |
Note 9 - Segment Information -
Note 9 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Total Revenues | $ 860,743 | $ 753,307 | $ 753,307 |
Casino [Member] | |||
Total Revenues | 667,954 | 617,926 | 617,926 |
Food and Beverage [Member] | |||
Total Revenues | 63,743 | 44,112 | 44,112 |
Occupancy [Member] | |||
Total Revenues | 42,409 | 25,990 | 25,990 |
Product and Service, Other [Member] | |||
Total Revenues | 86,637 | $ 65,279 | 65,279 |
Las Vegas Locals [Member] | |||
Total Revenues | 227,562 | 182,423 | |
Las Vegas Locals [Member] | Casino [Member] | |||
Total Revenues | 173,590 | 149,222 | |
Las Vegas Locals [Member] | Food and Beverage [Member] | |||
Total Revenues | 20,337 | 13,430 | |
Las Vegas Locals [Member] | Occupancy [Member] | |||
Total Revenues | 19,657 | 10,687 | |
Las Vegas Locals [Member] | Product and Service, Other [Member] | |||
Total Revenues | 13,978 | 9,084 | |
Downtown Las Vegas [Member] | |||
Total Revenues | 49,484 | 21,433 | |
Downtown Las Vegas [Member] | Casino [Member] | |||
Total Revenues | 32,443 | 14,846 | |
Downtown Las Vegas [Member] | Food and Beverage [Member] | |||
Total Revenues | 9,709 | 3,812 | |
Downtown Las Vegas [Member] | Occupancy [Member] | |||
Total Revenues | 5,396 | 1,821 | |
Downtown Las Vegas [Member] | Product and Service, Other [Member] | |||
Total Revenues | 1,936 | 954 | |
Midwest and South [Member] | |||
Total Revenues | 583,697 | 549,451 | |
Midwest and South [Member] | Casino [Member] | |||
Total Revenues | 461,921 | 453,858 | |
Midwest and South [Member] | Food and Beverage [Member] | |||
Total Revenues | 33,697 | 26,870 | |
Midwest and South [Member] | Occupancy [Member] | |||
Total Revenues | 17,356 | 13,482 | |
Midwest and South [Member] | Product and Service, Other [Member] | |||
Total Revenues | $ 70,723 | $ 55,241 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Corporate expense | $ 29,004 | $ 23,315 |
Adjusted EBITDAR | 338,836 | 292,597 |
Deferred rent | 191 | 207 |
Master lease rent expense | 26,306 | 25,915 |
Depreciation and amortization | 62,478 | 64,467 |
Share-based compensation expense | 8,734 | 5,701 |
Project development, preopening and writedowns | (10,029) | 1,415 |
Other operating items, net | 98 | 1,157 |
Total other operating costs and expenses | 87,778 | 98,862 |
Operating income | 251,058 | 193,735 |
Interest income | (420) | (509) |
Interest expense, net of amounts capitalized | 37,658 | 57,890 |
Loss on early extinguishments and modifications of debt | 3,300 | 0 |
Other, net | (253) | 1,932 |
Total other expense, net | 40,285 | 59,313 |
Income before income taxes | 210,773 | 134,422 |
Income tax provision | (47,845) | (32,261) |
Net income | 162,928 | 102,161 |
Las Vegas Locals [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 118,695 | 90,642 |
Downtown Las Vegas [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 18,389 | 2,440 |
Midwest and South [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 223,481 | 218,149 |
Corporate Segment [Member] | ||
Corporate expense | $ (21,729) | $ (18,634) |
Note 9 - Segment Information _3
Note 9 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | $ 6,250,420 | $ 6,224,169 |
Las Vegas Locals [Member] | ||
Assets | 1,625,364 | 1,641,409 |
Downtown Las Vegas [Member] | ||
Assets | 238,713 | 228,161 |
Midwest and South [Member] | ||
Assets | 3,914,299 | 3,947,076 |
Total Reportable Segment [Member] | ||
Assets | 5,778,376 | 5,816,646 |
Corporate Segment [Member] | ||
Assets | $ 472,044 | $ 407,523 |