Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 20, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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, par value of $0.01 per share | ||
Trading Symbol | BYD | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,800,000,000 | ||
Entity Common Stock, Shares Outstanding | 102,012,138 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Las Vegas, Nevada | ||
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 283,472 | $ 344,557 |
Restricted cash | 11,593 | 12,571 |
Accounts receivable, net | 109,053 | 89,483 |
Inventories | 22,173 | 20,090 |
Prepaid expenses and other current assets | 49,379 | 41,102 |
Income taxes receivable | 2,558 | 0 |
Total current assets | 478,228 | 507,803 |
Property and equipment, net | 2,394,236 | 2,394,184 |
Operating lease right-of-use assets | 830,345 | 884,241 |
Other assets, net | 147,439 | 98,234 |
Intangible assets, net | 1,427,135 | 1,368,420 |
Goodwill, net | 1,033,744 | 971,287 |
Total assets | 6,311,127 | 6,224,169 |
Current liabilities | ||
Accounts payable | 129,946 | 102,031 |
Current maturities of long-term debt | 44,275 | 41,673 |
Accrued liabilities | 411,913 | 412,945 |
Income tax payable | 0 | 393 |
Total current liabilities | 586,134 | 557,042 |
Long-term debt, net of current maturities and debt issuance costs | 3,005,134 | 2,989,921 |
Operating lease liabilities, net of current portion | 758,440 | 815,974 |
Deferred income taxes | 318,609 | 264,912 |
Other liabilities | 52,185 | 57,574 |
Commitments and contingencies (Notes 7 and 9) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value, 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 102,816,110 and 111,303,140 shares outstanding | 1,028 | 1,113 |
Additional paid-in capital | 305,152 | 827,725 |
Retained earnings | 1,285,827 | 710,088 |
Accumulated other comprehensive loss | (1,382) | (180) |
Total stockholders' equity | 1,590,625 | 1,538,746 |
Total liabilities and stockholders' equity | $ 6,311,127 | $ 6,224,169 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 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) | 102,816,110 | 111,303,140 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Total revenues | $ 3,555,377 | $ 3,369,810 | $ 2,178,490 |
Operating costs and expenses | |||
Selling, general and administrative | 373,964 | 366,156 | 350,358 |
Master lease rent expense | 106,616 | 104,702 | 101,907 |
Maintenance and utilities | 143,527 | 126,115 | 115,097 |
Depreciation and amortization | 258,179 | 267,787 | 281,031 |
Corporate expense | 117,007 | 117,675 | 76,143 |
Project development, preopening and writedowns | (18,936) | 31,815 | (661) |
Impairment of assets | 40,775 | 8,200 | 174,700 |
Other operating items, net | (12,183) | 14,776 | 28,564 |
Total operating costs and expenses | 2,574,153 | 2,469,706 | 2,164,227 |
Operating income | 981,224 | 900,104 | 14,263 |
Other expense (income) | |||
Interest income | (21,530) | (1,819) | (1,900) |
Interest expense, net of amounts capitalized | 151,249 | 199,442 | 230,484 |
Loss on early extinguishments and modifications of debt | 19,815 | 95,155 | 1,791 |
Other, net | 2,884 | 3,387 | (45,098) |
Total other expense, net | 152,418 | 296,165 | 185,277 |
Income (loss) before income taxes | 828,806 | 603,939 | (171,014) |
Income tax benefit (provision) | (189,429) | (140,093) | 36,314 |
Net income (loss) | $ 639,377 | $ 463,846 | $ (134,700) |
Basic net income (loss) per common share (in dollars per share) | $ 5.87 | $ 4.07 | $ (1.19) |
Weighted average basic shares outstanding (in shares) | 108,885 | 113,866 | 113,515 |
Diluted net income (loss) per common share (in dollars per share) | $ 5.87 | $ 4.07 | $ (1.19) |
Weighted average diluted shares outstanding (in shares) | 109,004 | 114,103 | 113,515 |
Casino [Member] | |||
Revenues | |||
Total revenues | $ 2,674,730 | $ 2,705,523 | $ 1,775,358 |
Operating costs and expenses | |||
Cost of Revenue | 1,005,830 | 999,528 | 734,254 |
Food and Beverage [Member] | |||
Revenues | |||
Total revenues | 275,979 | 230,045 | 178,878 |
Operating costs and expenses | |||
Cost of Revenue | 231,447 | 192,334 | 182,666 |
Occupancy [Member] | |||
Revenues | |||
Total revenues | 189,071 | 154,180 | 104,968 |
Operating costs and expenses | |||
Cost of Revenue | 68,383 | 57,627 | 53,208 |
Product and Service, Other [Member] | |||
Revenues | |||
Total revenues | 415,597 | 280,062 | 119,286 |
Operating costs and expenses | |||
Cost of Revenue | $ 259,544 | $ 182,991 | $ 66,960 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ 639,377 | $ 463,846 | $ (134,700) |
Other comprehensive income (loss), net of tax: | |||
Fair value adjustments to available-for-sale securities, net of tax | (1,258) | (330) | 680 |
Foreign currency translation adjustments | 56 | 0 | 0 |
Comprehensive income (loss) | $ 638,175 | $ 463,516 | $ (134,020) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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 | (134,700) | 0 | (134,700) | |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 680 | $ 680 | |
Stock options exercised (in shares) | 240,380 | 240,380 | ||||
Stock options exercised | $ 2 | 1,977 | 0 | 0 | $ 1,979 | |
Release of restricted stock units, net of tax (in shares) | 469,765 | |||||
Release of restricted stock units, net of tax | $ 5 | (3,975) | 0 | 0 | (3,970) | |
Release of performance stock units, net of tax (in shares) | 261,200 | |||||
Release of performance stock units, net of tax | $ 3 | (3,372) | 0 | 0 | $ (3,369) | |
Shares repurchased and retired (in shares) | (682,596) | (683,000) | [1],[2] | |||
Shares repurchased and retired | $ (7) | (11,114) | 0 | 0 | $ (11,121) | [2] |
Share-based compensation costs | $ 0 | 9,202 | 0 | 0 | 9,202 | |
Foreign currency translation adjustments | 0 | |||||
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 (loss) | 0 | 0 | 463,846 | 0 | 463,846 | |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (330) | $ (330) | |
Stock options exercised (in shares) | 371,016 | 371,016 | ||||
Stock options exercised | $ 4 | 4,405 | 0 | 0 | $ 4,409 | |
Release of restricted stock units, net of tax (in shares) | 349,231 | |||||
Release of restricted stock units, net of tax | $ 3 | (8,209) | 0 | 0 | (8,206) | |
Release of performance stock units, net of tax (in shares) | 61,983 | |||||
Release of performance stock units, net of tax | $ 1 | (1,908) | 0 | 0 | $ (1,907) | |
Shares repurchased and retired (in shares) | (1,309,947) | (1,310,000) | [1],[2] | |||
Shares repurchased and retired | $ (13) | (80,769) | 0 | 0 | $ (80,782) | [2] |
Share-based compensation costs | $ 0 | 37,773 | 0 | 0 | 37,773 | |
Foreign currency translation adjustments | $ 0 | |||||
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 (loss) | 0 | 0 | 639,377 | 0 | 639,377 | |
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (1,258) | $ (1,258) | |
Stock options exercised (in shares) | 165,951 | 165,951 | ||||
Stock options exercised | $ 1 | 3,088 | 0 | 0 | $ 3,089 | |
Release of restricted stock units, net of tax (in shares) | 476,292 | |||||
Release of restricted stock units, net of tax | $ 5 | (10,058) | 0 | 0 | (10,053) | |
Release of performance stock units, net of tax (in shares) | 294,651 | |||||
Release of performance stock units, net of tax | $ 3 | (8,121) | 0 | 0 | $ (8,118) | |
Shares repurchased and retired (in shares) | (9,423,924) | (9,424,000) | [1],[2] | |||
Shares repurchased and retired | $ (94) | (541,548) | 0 | 0 | $ (541,642) | [2] |
Share-based compensation costs | 0 | 34,066 | 0 | 0 | 34,066 | |
Foreign currency translation adjustments | 0 | 0 | 0 | 56 | 56 | |
Dividends declared | $ 0 | 0 | (63,638) | 0 | $ (63,638) | |
Balances (in shares) at Dec. 31, 2022 | 102,816,110 | 102,816,110 | ||||
Balances at Dec. 31, 2022 | $ 1,028 | $ 305,152 | $ 1,285,827 | $ (1,382) | $ 1,590,625 | |
[1]All shares repurchased have been retired and constitute authorized but unissued shares.[2]Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2022, 2021 and 2020. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31 of each year. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 639,377 | $ 463,846 | $ (134,700) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 258,179 | 267,787 | 281,031 |
Amortization of debt financing costs and discounts on debt | 8,551 | 11,172 | 12,095 |
Non-cash operating lease expense | 65,204 | 45,599 | 55,578 |
Non-cash expected credit loss (income) on note receivable | (35,100) | 0 | 0 |
Share-based compensation expense | 34,066 | 37,773 | 9,202 |
Deferred income taxes | 51,030 | 133,860 | (31,643) |
Impairment of assets | 40,775 | 8,200 | 174,700 |
Gain on sale of assets | (13,407) | 0 | (13,888) |
Loss on early extinguishments and modifications of debt | 19,815 | 95,155 | 1,791 |
Other operating activities | 9,517 | 10,356 | 4,183 |
Changes in operating assets and liabilities, excluding the impact of acquisitions: | |||
Accounts receivable, net | (16,761) | (36,027) | 1,339 |
Inventories | (2,083) | 2,526 | (515) |
Prepaid expenses and other current assets | (8,476) | (2,088) | 5,892 |
Income taxes (receivable) payable, net | (2,951) | 401 | 5,592 |
Other assets, net | (7,857) | (5,727) | (3,110) |
Accounts payable and accrued liabilities | (891) | (14,819) | 29,639 |
Operating lease liabilities | (65,204) | (45,599) | (55,578) |
Other long-term tax liabilities | 0 | 0 | (3,840) |
Other liabilities | 545 | 8,358 | 10,542 |
Net cash provided by operating activities | 976,111 | 1,010,411 | 289,032 |
Cash Flows from Investing Activities | |||
Capital expenditures | (269,155) | (199,452) | (175,030) |
Cash paid for acquisitions, net of cash received | (167,862) | 0 | (11,201) |
Insurance proceeds received from hurricane losses | 586 | 63,200 | 0 |
Proceeds received from disposition of assets | 21,953 | 0 | 15,050 |
Other investing activities | (7,834) | 6,672 | 0 |
Net cash used in investing activities | (422,312) | (129,580) | (171,181) |
Cash Flows from Financing Activities | |||
Borrowings under credit facilities | 2,122,100 | 0 | 965,100 |
Payments under credit facilities | (1,802,197) | (28,288) | (1,374,548) |
Proceeds from issuance of senior notes | 0 | 900,000 | 600,000 |
Retirements of senior notes | (300,000) | (1,750,000) | 0 |
Premium fees | (12,939) | (77,736) | 0 |
Debt financing costs | (16,682) | (14,457) | (17,390) |
Share-based compensation activities | (15,082) | (5,704) | (5,360) |
Shares repurchased and retired | (541,642) | (80,782) | (11,121) |
Dividends paid | (48,162) | 0 | (7,808) |
Other financing activities | (1,248) | (1,735) | (2,173) |
Net cash provided by (used in) financing activities | (615,852) | (1,058,702) | 146,700 |
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (10) | 0 | 0 |
Change in cash, cash equivalents and restricted cash | (62,063) | (177,871) | 264,551 |
Cash, cash equivalents and restricted cash, beginning of year | 357,128 | 534,999 | 270,448 |
Cash, cash equivalents and restricted cash, end of year | 295,065 | 357,128 | 534,999 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid for interest, net of amounts capitalized | 144,020 | 205,241 | 214,686 |
Cash paid for (received from) income taxes | 140,924 | 5,721 | (6,168) |
Supplemental Schedule of Non-cash Investing and Financing Activities | |||
Payables incurred for capital expenditures | 7,348 | 4,826 | 1,653 |
Mortgage settlement in exchange for real estate | 0 | 0 | 57,684 |
Dividends declared not yet paid | 15,476 | 0 | 0 |
Operating lease right-of-use asset and liability remeasurements | (11,224) | 3,349 | 0 |
Expected credit loss (income) on note receivable | $ (35,100) | $ 0 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "we" or "us") was incorporated in the state of Nevada in 1988 1975. As of December 31, 2022 28 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 March 18, 2020 ( 2 In addition to these properties, we own a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii. Our Midwest & South segment includes the results of the following non-reportable segments and business activities: (i) Lattner Entertainment Group Illinois, LLC ("Lattner"), our Illinois distributed gaming operator; (ii) online gaming operations, which includes: (a) the operations of Pala Interactive, LLC ("Pala Interactive") and Pala Interactive Canada Inc. ("Pala Canada"), the online gaming technology company we acquired on November 1, 2022; December 31, 2022, six nine Impact of the COVID- 19 In mid- March 2020, 19 December 31, 2022 2020 We currently anticipate funding our operations over the next 12 Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% not All intercompany accounts and transactions have been eliminated in consolidation. 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; (ii) amounts restricted by regulation for the value in players online casino gaming accounts; and (iii) 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 consolidated balance sheets to the total balance shown in the consolidated statements of cash flows. December 31, December 31, December 31, December 31, (In thousands) 2022 2021 2020 2019 Cash and cash equivalents $ 283,472 $ 344,557 $ 519,182 $ 249,977 Restricted cash 11,593 12,571 15,817 20,471 Total cash, cash equivalents and restricted cash $ 295,065 $ 357,128 $ 534,999 $ 270,448 Accounts Receivable, net Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. The activity comprising our allowance for doubtful accounts is as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Beginning balance, January 1, $ 3,338 $ 4,106 $ 4,474 Additions 1,557 171 440 Deductions (2,300 ) (939 ) (808 ) Ending balance, December 31, $ 2,595 $ 3,338 $ 4,106 Inventories Inventories consist primarily of food & beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. Property and Equipment, net Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 12 years Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, cost and income approaches. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not not no may Capitalized Interest Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no December 31, 2022 December 31, 2021 2020 Investment in Available for Sale Securities We have an investment in a single municipal bond issuance of $17.8 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 December 31, 2022 2021 December 31, 2022 2021 December 31, 2022 2021 Future maturities of the City Bonds, excluding the discount, for the years ending December 31 (In thousands) For the year ending December 31, 2023 $ 680 2024 730 2025 785 2026 845 2027 910 Thereafter 13,810 Total $ 17,760 Intangible Assets Intangible assets include customer relationships, host agreements, development agreements, developed technology, business-to-business ( "B2B" "B2C" Amortizing Intangible Assets Customer relationships represent the value of repeat business associated with our customer loyalty programs and are being amortized on an accelerated method over their approximate useful life. B2B B2C seven twelve two seven Indefinite-Lived Intangible Assets Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not Goodwill Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not not We evaluate goodwill using a weighted average allocation of both the income and market approach models or a qualitative assessment approach. In the valuation of an asset, the income approach focuses on the income-producing capability of the subject asset. The underlying premise of this approach is that the value of an asset can be measured by the present worth of the net economic benefit (cash receipts less cash outlays) to be received over the life of the subject asset. The steps followed in applying this approach include estimating the expected after-tax cash flows attributable to the asset over its life and converting these after-tax cash flows to present value through "discounting." The discounting process uses a rate of return which accounts for both the time value of money and investment risk factors. Finally, the present value of the after-tax cash flows over the life of the reporting unit is totaled to arrive at an indication of the fair value of the asset. The market approach is comprised of the guideline company method, which focuses on comparing the subject company to selected reasonably similar, or "guideline", publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of the subject company relative to the selected guideline companies; and (iii) applied to the operating data of the subject company to arrive at an indication of value. In the valuation of a reporting unit, the market approach measures value based on what typical purchasers in the market have paid for assets which can be considered reasonably similar to those being valued. When the market approach is utilized, data is collected on the prices paid for reasonably comparable assets. Adjustments are made to the similar assets to compensate for differences between reasonably similar assets and the asset being valued. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject asset. Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount net of unamortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we evaluate whether it is a debt extinguishment or debt modification under authoritative accounting guidance and for a debt extinguishment, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt. 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 ("IRS") 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" Self-Insurance Reserves We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not The activity comprising our self-insurance reserves is as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Beginning balance, January 1, $ 42,563 $ 45,436 $ 43,604 Additions Charged to costs and expenses 81,249 88,806 105,739 Payments made (86,320 ) (91,679 ) (103,907 ) Ending balance, December 31, $ 37,492 $ 42,563 $ 45,436 Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). Components of the Company's comprehensive income (loss) are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income (loss). The accumulated other comprehensive income (loss) at December 31, 2022 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 We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services. Gaming wager contracts involve two not not no 6, Accrued Liabilities The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 6, 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 6, 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 & beverages). 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: Year Ended December 31, (In thousands) 2022 2021 2020 Food & beverage $ 116,364 $ 104,309 $ 90,714 Rooms 65,485 60,536 46,841 Other 8,818 6,599 5,508 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 consolidated statements of operations. In addition, we are responsible for the payment of gaming taxes owed for online gaming activities conducted by third third December 31, 2022 , 2021 2020 December 31, 2022 , 2021 2020 Advertising Expense Direct advertising costs are expensed the first December 31, 2022 , 2021 2020 Corporate Expense Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not Project Development, Preopening and Writedowns Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, strategic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred in our ongoing efforts to develop gaming activities in new jurisdictions and expenses related to other new business development activities that do not Share-Based Compensation 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 requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not six Other, Net In 2020, Currency Tra nslation The Company translates the financial statements of its foreign subsidiary that are not Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. Collaborative Arrangements We hold a five one January 1, 2023, one Concentration of Credit Risk Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable. Our policy is to limit the amount of credit exposure to any one may Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("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") 2021 08, 805 2021 08" In October 2021, 2021 08 2021 08 606, Revenue Recognition 2021 08 December 15, 2022, 2021 08 third 2022, 2, Acquisitions and Divestitures ASU 2021 05, 842 2021 05" In July 2021, 2021 05 not 2021 05 December 15, 2021, 2021 05 first 2022, not ASU 2020 01, 321, Ventures, Topic 323, 815 ("Update 2020 01" In January 2020, 2020 01 321, 323, 815, 2020 01 December 15, 2020, 2020 01 first 2021 not ASU 2019 12, 740, ("Update 2019 12" In December 2019, 2019 12 740. 2019 12 December 15, 2020. 2019 12 January 1, 2021 not ASU 2020 09, 470 2020 09" In October 2020, 2020 09 470, 3 10 3 16 X, In March 2020, 3 10 3 16 X, January 4, 2021 three June 30, 2020. ASU 2020 04, 848 2020 04" In March 2020, 2020 04 2020 04 may December 31, 2022. 2020 04 not ASU 2018 13, 2018 13" In August 2018, 2018 13 820, Fair Value Measurement December 15, 2019. 2018 13 first 2020 not Recently Issued Accounting Pronouncements 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 - Acquisitions and Dives
Note 2 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 2. Pala Interactive On November 1, 2022, March 28, 2022, Pala Interactive is an innovative online gaming technology company that provides proprietary solutions on both a B2B B2C Midwest & South 14, Segment Information Consideration Transferred The fair value of the consideration transferred on the date of the Merger Agreement included the purchase price of the net assets transferred. The total gross cash consideration was $175.2 million (with $7.3 Status of Purchase Price Allocation The Company is following the acquisition method of accounting pursuant to FASB Accounting Standards Codification Topic 805 805" third not ing second 2023. may December 31, 2022. The following table summarizes the preliminary allocation of the purchase price: (In thousands) As Recorded Current assets $ 10,456 Property and equipment 445 Other assets 740 Intangible assets 77,000 Total acquired assets 88,641 Current liabilities 4,462 Other liabilities 3,007 Total liabilities assumed 7,469 Net identifiable assets acquired 81,172 Goodwill 94,037 Net assets acquired $ 175,209 The following table summarizes the values assigned to acquired property and equipment and estimated useful lives: Useful Lives (In thousands) (in years) As Recorded Buildings and improvements 5 $ 22 Furniture and equipment 2 - 5 423 Property and equipment acquired $ 445 The following table summarizes the preliminary values assigned to acquired intangible assets and preliminary weighted average useful lives of definite-lived intangible assets: Useful Lives (In thousands) (in years) As Recorded Developed technology 10 $ 36,000 B2B relationships 7 - 10 28,000 B2C relationships 12 13,000 Total intangible assets acquired $ 77,000 The goodwill recognized is the excess of the purchase price over the preliminary values assigned to the assets acquired and liabilities assumed. All of the goodwill was assigned to reporting units included in non-reportable segments currently aggregated in the Midwest & South The Company recognized $5.5 million of acquisition related costs that were expensed for the year ended December 31, 2022. The revenue and earnings from the Merger are not December 31, 2022. January 1, 2022, not December 31, 2022. Divestiture of Eldorado On December 10, 2020, |
Note 3 - Property and Equipment
Note 3 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3. Property and equipment, net consists of the following: December 31, (In thousands) 2022 2021 Land $ 334,368 $ 343,963 Buildings and improvements 3,172,676 3,146,697 Furniture and equipment 1,707,212 1,653,451 Riverboats and barges 241,898 241,447 Construction in progress 87,612 912 Total property and equipment 5,543,766 5,386,470 Less accumulated depreciation (3,149,530 ) (2,992,286 ) Property and equipment, net $ 2,394,236 $ 2,394,184 Construction in progress primarily relates to costs capitalized in conjunction with major improvements that have not not Depreciation expense for the years ended December 31, 2022 , 2021 2020 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 4. Intangible assets consist of the following: December 31, 2022 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining (in Carrying Accumulated Impairment Currency Intangible (In thousands) years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.6 $ 63,050 $ (62,070 ) $ — $ — $ 980 Host agreements 10.4 58,000 (17,722 ) — — 40,278 Development agreement 6.6 21,373 (1,145 ) — — 20,228 Developed technology 9.8 36,445 (600 ) — 53 35,898 B2B relationships 7.0 28,000 (652 ) — 12 27,360 B2C relationships 11.8 13,000 (181 ) — — 12,819 219,868 (82,370 ) — 65 137,563 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (36,375 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (222,174 ) — 1,121,947 1,582,081 (33,960 ) (258,549 ) — 1,289,572 Balances, December 31, 2022 $ 1,801,949 $ (116,330 ) $ (258,549 ) $ 65 $ 1,427,135 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 Amortizing Intangible Assets Customer Relationships Customer relationships represent the value of repeat business associated with our customer loyalty programs. The value of customer relationships is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these customers, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections of future cash flows, assumptions and estimates: revenue of our rated customers, based on expected level of play; promotional allowances provided to these existing customers; attrition rate related to these customers; operating expenses; general and administrative expenses; trademark expense; discount rate; and the present value of tax benefit. Host Agreements Host agreements represent the value associated with the host establishment relationships of our distributed gaming operator. The value of host agreements is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these establishments, discounted to present value at a risk-adjusted rate of return. Development Agreement Development agreement is an acquired contract with Wilton Rancheria under which the Company developed the Sky River Casino on the Wilton Rancheria's land. Amortization of this asset began on August 15, 2022, Developed Technology Developed technology represents the value associated with our online gaming platform. The value is determined using the relief from royalty method, which presumes that without ownership of such technology, we would have to make a stream of payments to a technology owner in return for the right to use their technology. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the technology. We used the following significant projections of future cash flows, assumptions and estimates to determine value under the relief from royalty method: revenue from online gaming activities; royalty rate; tax expense; obsolescence rate; discount rate; and present value of tax benefit. B2B B2C B2B B2C B2B B2C Indefinite Lived Intangible Assets Trademarks Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademark, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the trade name. We used the following significant projections of future cash flows, assumptions and estimates to determine value under the relief from royalty method: revenue from gaming and hotel activities; royalty rate; tax expense; terminal growth rate; discount rate; and the present value of tax benefit. Gaming License Rights Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. In the majority of cases, the value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to future gaming revenue, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections of future cash flows, assumptions and estimates: gaming revenues; gaming operating expenses; general and administrative expenses; tax expense; terminal value; and discount rate. In two Activity for the Years Ended December 31, 2022 2021 2020 The following table sets forth the changes in these intangible assets: (In thousands) Customer Relationships Host Agreements Development Agreement Developed Technology B2B Relationships B2C Relationships Trademarks Gaming License Rights Intangible Assets, Net Balance, January 1, 2020 $ 28,502 $ 51,878 $ 21,373 $ — $ — $ — $ 202,387 $ 1,162,751 $ 1,466,891 Impairments — — — — — — (20,500 ) (42,200 ) (62,700 ) Amortization (15,464 ) (3,867 ) — — — — — — (19,331 ) Other (1) — — — — — — (2,687 ) — (2,687 ) Balance, December 31, 2020 13,038 48,011 21,373 — — — 179,200 1,120,551 1,382,173 Additions — — — — — — — 1,250 1,250 Impairments — — — — — — (2,400 ) — (2,400 ) Amortization (8,736 ) (3,867 ) — — — — — — (12,603 ) Balance, December 31, 2021 4,302 44,144 21,373 — — — 176,800 1,121,801 1,368,420 Additions — — — 36,445 28,000 13,000 — 146 77,591 Impairments — — — — — — (9,175 ) — (9,175 ) Amortization (3,322 ) (3,866 ) (1,145 ) (600 ) (652 ) (181 ) — — (9,766 ) Effect of foreign currency exchange — — — 53 12 — — — 65 Balance, December 31, 2022 $ 980 $ 40,278 $ 20,228 $ 35,898 $ 27,360 $ 12,819 $ 167,625 $ 1,121,947 $ 1,427,135 ( 1 second 2020. Future Amortization Customer relationships are being amortized on an accelerated basis over a weighted average original useful life of five seven B2B B2C (In thousands) Customer Relationships Host Agreements Development Agreement Developed Technology B2B Relationships B2C Relationships Total For the year ending December 31, 2023 $ 940 $ 3,867 $ 3,053 $ 3,689 $ 3,914 $ 1,083 $ 16,546 2024 40 3,867 3,053 3,689 3,914 1,083 15,646 2025 — 3,867 3,053 3,689 3,914 1,083 15,606 2026 — 3,867 3,053 3,689 3,914 1,083 15,606 2027 — 3,867 3,053 3,689 3,914 1,083 15,606 Thereafter — 20,943 4,963 17,453 7,790 7,404 58,553 Total future amortization $ 980 $ 40,278 $ 20,228 $ 35,898 $ 27,360 $ 12,819 $ 137,563 Trademarks and gaming license rights are not Impairment Considerations As a result of our third 2022 2022 fourth 2022 of $3.6 million for trademarks related to our Midwest & South segment As a result of our annual 2021 As a result of the first 2020 2020 |
Note 5 - Goodwill
Note 5 - Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | NOTE 5. Goodwill consists of the following: (In thousands) Gross Carrying Value Accumulated Amortization Accumulated Impairment Losses Effect of Foreign Currency Exchange Goodwill, 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 760,835 — (133,462 ) 20 627,393 Balance, December 31, 2022 $ 1,361,399 $ (6,134 ) $ (321,541 ) $ 20 $ 1,033,744 Changes in Goodwill During the year ended December 31, 2022 December 31, 2021 no December 31, 2020 The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2022 , 2021 2020 (In thousands) Goodwill, Net Balance, January 1, 2020 $ 1,083,287 Impairments (112,000 ) Balance, December 31, 2020 971,287 Account activity — Balance, December 31, 2021 971,287 Additions 94,037 Effect of foreign currency exchange 20 Impairments (31,600 ) Balance, December 31, 2022 $ 1,033,744 |
Note 6 - Accrued Liabilities
Note 6 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6. Accrued liabilities consist of the following: December 31, December 31, (In thousands) 2022 2021 Payroll and related $ 73,619 $ 99,880 Interest 17,864 19,210 Gaming 77,638 78,552 Player loyalty program 25,852 28,430 Advance deposits 20,792 15,320 Outstanding chips 7,704 7,407 Dividends payable 15,476 — Operating leases 88,776 84,884 Other 84,192 79,262 Total accrued liabilities $ 411,913 $ 412,945 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 7. Long-term debt, net of current maturities and debt issuance costs, consists of the following: December 31, 2022 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2022 Principal Discount Costs Debt, Net Credit Facility 6.166 % $ 1,187,800 $ — $ (17,865 ) $ 1,169,935 4.750% senior notes due 2027 4.750 % 1,000,000 — (9,740 ) 990,260 4.750% senior notes due 2031 4.750 % 900,000 — (11,460 ) 888,540 Other 5.208 % 674 — — 674 Total long-term debt 3,088,474 — (39,065 ) 3,049,409 Less current maturities 44,275 — — 44,275 Long-term debt, net $ 3,044,199 $ — $ (39,065 ) $ 3,005,134 December 31, 2021 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2021 Principal Discount Costs Debt, Net Prior 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 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 Amounts Outstanding The outstanding principal amounts under the Credit Facility and Prior Credit Facility are comprised of the following: December 31, December 31, (In thousands) 2022 2021 Revolving Credit Facility $ 285,000 $ — Term A Loan 847,000 — Prior Term A Loan — 118,153 Prior Refinancing Term B Loan — 749,744 Swing Loan 55,800 — Total outstanding principal amounts $ 1,187,800 $ 867,897 The Revolving Credit Facility and the Term A Loan mature on March 2, 2027 ( With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $285.0 million and $55.8 million in borrowings outstanding on the Revolving Credit Facility and on the Swing Loan, respectively, and $13.8 million allocated to support various letters of credit, there is a remaining contractual availability under the Credit Facility of $1,095.4 million at December 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% and is 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, either: (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, 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 Agreement, 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 December 31, 2022 June 30, 2023 no 1.00 September 30, 2023 1.00. Current Maturities of Our Indebtedness We classified certain non-extending balances under our Credit Facility as a current maturity, as such amounts come due within the next twelve Senior Notes 4.750% June 2031 On June 8, 2021 June 2031 4.750% 2031 4.750% 2031 March 15 September 15 4.750% 2031 June 15, 2031 100% 4.750% 2031 6.375% April 2026 ( "6.375% 6.000% August 2026 ( "6.000% In conjunction with the issuance of the 4.750% 2031 2031 The 4.750% Senior Notes due 2031 4.750% 2031, 4.750% 2031 4.750% 2031 4.750% 2031 4.750% 2031, not 4.750% 2031 At any time prior to June 15, 2026, may 4.750% 2031 June 15, 2024, may 40% 4.750% 2031 104.750% 4.750% December 2027 On December 3, 2019 December 2027 4.750% 2027" 4.750% 2027 June 1 December 1 2027 December 1, 2027 4.750% 2027 6.875% 2023 In conjunction with the issuance of the 4.750% 2027, 4.750% 2027 The 4.750% 2027 4.750% 2027, 4.750% 2027 4.750% 2027 4.750% 2027 4.750% 2027, 4.750% 2027 not 4.750% 2027. At any time after December 1, 2022 may 4.750% 2027 2024 In connection with the private placement of the 4.750% 2027, 4.750% 2027. July 2020. August 20, 2020 Redemption of 8.625% Senior Notes due June 2025 On November 5, 2021, June 2025 ( "8.625% 8.625% 8.625% June 1, 2022, 8.625% Redemption of 6.000% August 2026 On June 9, 2021, 2026 "6.000% 4.750% 2031 Redemption of 6.375% April 2026 On June 9, 2021, 2026 "6.375% 4.750% 2031. Loss on Early Extinguishments and Modifications of Debt The components of the loss on early extinguishments and modifications of debt are as follows: Year Ended December 31, (In thousands) 2022 2021 2020 6.375% Senior Notes premium fees paid $ — $ 23,910 $ — 6.375% Senior Notes deferred finance charges written off — 6,370 — 6.000% Senior Notes premium fees paid — 27,953 — 6.000% Senior Notes deferred finance charges written off — 7,240 — 8.625% Senior Notes premium fees paid 12,939 25,873 — 8.625% Senior Notes deferred finance charges written off 3,570 3,732 — Prior Credit Facility deferred finance charges written off 3,306 — — Prior Credit Facility debt modification fees paid 77 1,791 Total loss on early extinguishments and modifications of debt $ 19,815 $ 95,155 $ 1,791 Covenant Compliance As of December 31, 2022 The indentures governing the notes issued by the Company contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the coverage ratio (as defined in the respective indentures, essentially a ratio of the Company's consolidated EBITDA to fixed charges, including interest) for the Company's trailing four 1.0. may December 31, 2022 Scheduled Maturities of Long-Term Debt The scheduled maturities of long-term debt are as follows: (In thousands) Total For the year ending December 31, 2023 $ 44,275 2024 44,399 2025 44,000 2026 44,000 2027 2,011,800 Thereafter 900,000 Total outstanding principal of long-term debt $ 3,088,474 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8. Deferred Income Tax Assets and Liabilities Deferred income tax assets and liabilities are provided to record the effects of temporary differences between the tax basis of an asset or liability and its amount as reported in our consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The components comprising our deferred income tax assets and liabilities are as follows: December 31, (In thousands) 2022 2021 Deferred income tax assets State net operating loss carryforwards $ 53,889 $ 73,884 Operating lease liability 178,014 189,180 Share-based compensation 13,119 13,811 Other 40,144 66,378 Gross deferred income tax assets 285,166 343,253 Valuation allowance (59,398 ) (67,525 ) Deferred income tax assets, net of valuation allowance 225,768 275,728 Deferred income tax liabilities Difference between book and tax basis of property and intangible assets 328,062 307,194 State tax liability 32,720 40,216 Right-of-use asset 174,373 185,691 Other 9,222 7,539 Gross deferred income tax liabilities 544,377 540,640 Deferred income tax liabilities, net $ 318,609 $ 264,912 At December 31, 2022 may 2023 2041 not may Valuation Allowance on Deferred Tax Assets Management assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In evaluating our ability to recover deferred tax assets, we consider whether it is more likely than not not We have maintained a valuation allowance against certain federal and state deferred tax assets as of December 31, 2022 December 31, 2022 Provision (Benefit) for Income Taxes A summary of the provision (benefit) for income taxes is as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Current Federal $ 129,424 $ — $ — State 10,843 6,100 (58 ) Total current taxes provision (benefit) 140,267 6,100 (58 ) Deferred Federal 44,115 122,796 (35,231 ) State 5,047 11,197 (1,025 ) Total deferred taxes provision (benefit) 49,162 133,993 (36,256 ) Provision (benefit) for income taxes $ 189,429 $ 140,093 $ (36,314 ) The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income (loss) before income taxes: Year Ended December 31, (In thousands) 2022 2021 2020 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 1.5 % 2.3 % 0.5 % Compensation-based credits (0.3 )% (0.1 )% 0.6 % Nondeductible expenses 0.2 % 0.1 % (0.4 )% Tax exempt interest — % (0.1 )% 0.2 % Company provided benefits 0.4 % (0.1 )% (1.3 )% Other, net 0.1 % 0.1 % 0.6 % Effective tax rate 22.9 % 23.2 % 21.2 % Our tax provision for the year ended December 31, 2022 Our tax provision for the year ended December 31, 2021 Our tax benefit for the year ended December 31, 2020 Status of Examinations We generated net operating losses on our federal income tax returns for years 2011 2013 2020 2021. As it relates to our material state tax returns, we are subject to examination for tax years ended on or after December 31, 2013. iod October 2023 November 2026. We believe that we have adequately reserved for any tax liability; however, the ultimate resolution of these examinations may not Other Long-Term Tax Liabilities The impact of an uncertain income tax position taken in our income tax return is recognized at the largest amount that is more-likely-than- not not 50% A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Unrecognized tax benefit, beginning of year $ — $ — $ 2,482 Additions: Tax positions related to current year — — — Reductions: Tax positions related to prior years — — (2,482 ) Unrecognized tax benefit, end of year $ — $ — $ — During the third 2020, 2001 2009. December 31, 2022 2021 We do not twelve |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9. Commitments Capital Spending and Development We continually perform on-going refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not Kansas Management Contract As part of Kansas Star's Contract to Serve as Lottery Gaming Facility Manager for the South Central Gaming Zone on behalf of the Kansas Lottery (the "Kansas Management Contract"), approved by the Kansas Racing and Gaming Commission on January 11, 2011, Mulvane Development Agreement On March 7, 2011, All infrastructure improvements to the Kansas Star site under the Mulvane Development Agreement are complete and the City of Mulvane issued $19.7 million in general obligation bonds related to these infrastructure improvements. At both December 31, 2022 2021 December 31, 2022 2021 2028. three Minimum Assessment Agreement In 2007, not Interest costs under the Minimum Assessment Agreement obligation are expensed as incurred. As of December 31, 2022 2021 2036. Public Parking Facility Agreement Diamond Jo Dubuque has an agreement with the City for use of the public parking facility adjacent to Diamond Jo Dubuque's casino and owned and operated by the City (the "Parking Facility Agreement"). The Parking Facility Agreement calls for: (i) the payment by the Company for the reasonable and necessary actual operating costs incurred by the City for the operation, security, repair and maintenance of the public parking facility; and (ii) the payment by the Company to the City of $80 per parking space in the public parking facility per year, subject to annual increases based on any increase in the Consumer Price Index, which funds will be deposited into a special sinking fund and used by the City for capital expenditures necessary to maintain the public parking facility. Operating costs of the parking facility incurred by Diamond Jo Dubuque are expensed as incurred. Deposits to the sinking fund are recorded as other assets. When the sinking fund is used for capital improvements, such amounts are capitalized and amortized over their remaining useful life. Iowa Qualified Sponsoring Organization Agreements Diamond Jo Dubuque and Diamond Jo Worth are required to pay their respective qualified sponsoring organization, who hold a joint gaming license with Diamond Jo Dubuque and Diamond Jo Worth, a certain percentage of the casino’s adjusted gross receipts on an ongoing basis. Diamond Jo Dubuque pays 4.50% on slot and table game revenues and 0.75% on sports wagering revenue. Diamond Jo Worth pays 5.76% on slot and table game revenues and 0.75% on sports wagering revenue. Diamond Jo Dubuque expensed $3.3 million, $3.5 million and $2.3 million, during the years ended December 31, 2022 2021 2020 December 31, 2022 2021 2020 December 31, 2030. March 31, 2025, ten Development Agreement In September 2011, In July 2012, 2022, January 2017, February 2017, third 10 The Agreements provide that the Company will receive future revenue for its services to Wilton Rancheria contingent upon successful development of the gaming facility and based on future revenues of the gaming facility. In September 2017, October 2018, August 15, 2022, 2022, one With the opening of Sky River Casino and cash flow from operations, the Company evaluated its expected losses on the note receivable and reduced its allowance by $35.1 million. The allowance on the note represented a reserve on both the development advances and interest on the note. As such, the allowance reduction is allocated accordingly and $20.4 million is recorded in project development, preopening and writedowns and $14.7 million in interest income, both reflected in the consolidated statement of operations for the year ended December 31, 2022 December 31, 2022 2021 Master Lease Agreements A Boyd subsidiary, Boyd TCIV, entered into the Master Lease pursuant to which the landlord agreed to lease to Boyd TCIV the facilities associated with Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Ogle Haus, LLC, commencing on October 15, 2018 April 30, 2026 may five five third On May 6, 2020 October 2018. Prior to the Merger, PNK (Ohio), LLC ("BP OpCo"), which owns the business operations of Belterra Park, leased the real estate from Boyd PropCo pursuant to a master lease that is the same in all material respects as the Master Lease between Boyd TCIV, LLC and Gold Merger Sub (the "BP Master Lease" and "GLPI Master Lease," respectively). Rent paid under the BP Master Lease to Boyd PropCo by BP OpCo was then paid by Boyd PropCo to Gold Merger Sub as interest on the mortgage. As a result of the Merger, Gold Merger Sub has become the Landlord under the BP Master Lease and now receives rent payable under the BP Master Lease (equal to, and in lieu of, the interest payments on the mortgage received prior to consummation of the Merger). Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. We believe that not Hurricane Laura Insurance Recovery On August 27, 2020, three third 2022, December 31, 2022, 2020 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 10. We have operating and finance leases primarily for four one one December 31, 2022 2021 $22.4 million As part of our annual 2021 The components of lease expense were as follows: Year Ended December 31, (In thousands) 2022 2021 Operating lease cost $ 153,961 $ 125,693 Short-term lease cost (685 ) (1,667 ) Supplemental cash flow information related to leases was as follows: Year Ended December 31, (In thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 155,085 $ 129,053 Right-of-use assets obtained in exchange for lease obligations: Operating leases 32,080 55,673 Supplemental balance sheet information related to leases was as follows: December 31, (In thousands, except lease term and discount rate) 2022 2021 Operating Leases Operating lease right-of-use assets, including favorable lease rates asset $ 830,345 $ 884,241 Current lease liabilities (included in accrued liabilities) $ 88,776 $ 84,884 Operating lease liabilities 758,440 815,974 Total operating lease liabilities $ 847,216 $ 900,858 Weighted Average Remaining Lease Term Operating leases (in years) 15.5 16.1 Weighted Average Discount Rate Operating leases 8.7 % 8.6 % Maturities of lease liabilities are as follows: (In thousands) Operating Leases For the period ending December 31, 2023 $ 152,487 2024 152,398 2025 120,710 2026 120,833 2027 119,928 Thereafter 910,315 Total lease payments 1,576,671 Less imputed interest (729,455 ) Less current portion (included in accrued liabilities) (88,776 ) Long-term portion of operating lease liabilities $ 758,440 Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties, is as follows: (In thousands) Minimum Rental Income For the Year Ended December 31, 2023 $ 3,260 2024 2,417 2025 1,018 2026 338 2027 245 Thereafter 930 Total $ 8,208 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity and Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 11. Share Repurchase Program We have in the past, and may may December 12, 2018, "2018 March 16, 2020, 2018 19 October 21, 2021, 2018 June 1, 2022, December 31, 2022 , 2021 2020 2018 2021. December 31, 2022 We are not may 10b5 1 may The following table provides information regarding share repurchases during the referenced periods. ( 1 For the Year Ended December 31, (In thousands, except per share data) 2022 2021 2020 Shares repurchased (2) 9,424 1,310 683 Total cost, including brokerage fees $ 541,642 $ 80,782 $ 11,121 Average repurchase price per share (3) $ 57.48 $ 61.67 $ 16.29 ( 1 twelve December 31, 2022 , 2021 2020 not December 31 ( 2 ( 3 may not Subject to applicable corporate securities laws, repurchases under our stock repurchase program may not Dividends Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding the payment of dividends, such as restricted payment limitations contained in our Credit Agreement and the indentures for our outstanding senior notes. On May 2, 2017, March 25, 2020, 19 February 3, 2022, December 31, 2022 Declaration date Record date Payment date Amount per share December 17, 2019 December 27, 2019 January 15, 2020 $ 0.07 February 3, 2022 March 15, 2022 April 15, 2022 0.15 June 1, 2022 June 30, 2022 July 15, 2022 0.15 September 15, 2022 September 30, 2022 October 15, 2022 0.15 December 8, 2022 December 19, 2022 January 15, 2023 0.15 Stock Incentive Plan In April 2020, 2020 "2020 2012 "2012 ten 2020 2012 2012 2012 2012 2012 2020 December 31, 2022 2020 December 31, 2022 Grants made under the 2020 Stock Options Options granted under the 2020 three 2012 2020 no ten not 2022 2021 2020 Summarized stock option plan activity is as follows: Weighted- Weighted- Average Average Remaining Aggregate Options Option Price Term Intrinsic Value (In years) (In thousands) Outstanding at January 1, 2020 887,728 $ 12.48 Granted — — Canceled (2,000 ) 8.34 Exercised (240,380 ) 8.23 Outstanding at December 31, 2020 645,348 14.07 Granted — — Canceled — — Exercised (371,016 ) 11.88 Outstanding at December 31, 2021 274,332 17.02 Granted — — Canceled — — Exercised (165,951 ) — Outstanding at December 31, 2022 108,381 $ 14.58 2.3 $ 4,329 Exercisable at December 31, 2021 274,332 $ 17.02 4.0 $ 13,318 Exercisable at December 31, 2022 108,381 $ 14.58 2.3 $ 4,329 Share-based compensation costs related to stock option awards are calculated based on the fair value of each option grant on the date of the grant using the Black-Scholes option pricing model. The following table summarizes the information about stock options outstanding and exercisable at December 31, 2022 Options Outstanding Options Exercisable Weighted- Average Remaining Weighted- Weighted- Number Contractual Average Number Average Range of Exercise Prices Outstanding Life (Years) Exercise Price Exercisable Exercise Price $9.86 32,000 0.9 $ 9.86 32,000 $ 9.86 11.57 23,431 1.9 11.57 23,431 11.57 17.75 28,708 3.9 17.75 28,708 17.75 19.98 24,242 2.8 19.98 24,242 19.98 $9.86-$19.98 108,381 2.3 14.58 108,381 14.58 The total intrinsic value of in-the-money options exercised during the years ended December 31, 2022 , 2021 2020 December 31, 2022 , 2021 2020 December 31, 2022 Restricted Stock Units Our 2020 may may not not 2020 We grant RSUs to certain members of management of the Company, which represents a contingent right to receive one third We also annually award RSUs to certain members of our Board of Directors. RSU grants issued in 2020 2021 Summarized RSU activity is as follows: Weighted- Restricted Average Grant Stock Units Date Fair Value Outstanding at January 1, 2020 1,768,757 Granted 45,150 $ 29.17 Canceled (54,752 ) Awarded (531,402 ) Outstanding at December 31, 2020 1,227,753 Granted 456,492 $ 52.59 Canceled (27,782 ) Awarded (466,633 ) Outstanding at December 31, 2021 1,189,830 Granted 259,030 $ 67.73 Canceled (29,273 ) Awarded (501,339 ) Outstanding at December 31, 2022 918,248 As of December 31, 2022 Performance Stock Units Our 2020 may may not not 2020 Each PSU represents a contingent right to receive a share of Boyd Gaming Corporation common stock; however, the actual number of common shares awarded is dependent upon the occurrence of: (i) a requisite service period; and (ii) an evaluation of specific performance conditions. The performance conditions are based on Company metrics such as net revenue growth, Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("EBITDAR") growth, EBITDAR margin growth and return on invested capital, all of which are determined over a period of time as defined in the grant agreement. Based upon actual and combined achievement, the number of shares awarded could range from zero, if no These PSUs will vest three Performance Shares Vesting The PSU grants awarded in fourth 2018, 2017 2016 first 2022 2021 2020 2018 three 2017 2016 three The PSU grant awarded in December 2018 first 2022 2018 2021 not 2022 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 Summarized PSU activity is as follows: Weighted- Performance Average Grant Stock Units Date Fair Value Outstanding at January 1, 2020 1,069,809 Granted — $ — Performance Adjustment 126,375 Canceled (11,328 ) Awarded (388,611 ) Outstanding at December 31, 2020 796,245 Granted 127,250 $ 55.25 Performance Adjustment (180,861 ) Canceled (2,071 ) Awarded (92,774 ) Outstanding at December 31, 2021 647,789 Granted 128,003 $ 68.41 Performance Adjustment 150,009 Canceled (2,466 ) Awarded (409,045 ) Outstanding at December 31, 2022 514,290 As of December 31, 2022 December 31, 2022 Career Shares Our Career Shares Program is a stock incentive award program for certain executive officers to provide for additional capital accumulation opportunities for retirement. The program incentivizes and rewards executives for their period of service. Our Career Shares Program was adopted in December 2006, October 2010, not not 2020 Summarized Career Shares activity is as follows: Weighted- Restricted Average Grant Stock Units Date Fair Value Outstanding at January 1, 2020 1,062,311 Granted 51,262 $ 30.05 Canceled (5,816 ) Awarded (70,437 ) Outstanding at December 31, 2020 1,037,320 Granted 36,123 $ 42.12 Canceled (1,295 ) Awarded (23,510 ) Outstanding at December 31, 2021 1,048,638 Granted 24,388 $ 64.93 Canceled (2,251 ) Awarded (138,954 ) Outstanding at December 31, 2022 931,821 As of December 31, 2022 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 summarizes our share-based compensation costs by award type: For the Year Ended December 31, (In thousands) 2022 2021 2020 Restricted Stock Units $ 16,210 $ 21,599 $ 11,131 Performance Stock Units 16,432 14,883 (3,166 ) Career Shares 1,424 1,291 1,237 Total share-based compensation costs $ 34,066 $ 37,773 $ 9,202 The PSU share based compensation credit for the year ended December 31, 2020 19 The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our consolidated statements of operations: For the Year Ended December 31, (In thousands) 2022 2021 2020 Gaming $ 909 $ 873 $ 539 Food & beverage 174 167 103 Room 82 79 49 Selling, general and administrative 4,618 4,437 2,738 Corporate expense 28,283 32,217 5,773 Total share-based compensation expense $ 34,066 $ 37,773 $ 9,202 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 12. 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: December 31, 2022 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 283,472 $ 283,472 $ — $ — Restricted cash 11,593 11,593 — — Investment available for sale 13,670 — — 13,670 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, December 31, 2022 2021 Investment Available for Sale We have an investment in a single municipal bond issuance of $17.8 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 June 1, 2037. no 3 December 31, 2022 2021 December 31, 2022 2021 not December 31, 2022 2021 December 31, 2022 2021 December 31, 2022 2021 Contingent Payments In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s EBITDA each month for a period of 10 December 20, 2021. no December 31, 2022 December 31, 2021 The following tables summarize the changes in fair value of the Company’s Level 3 December 31, 2022 Asset Liability (In thousands) Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 15,822 $ (62 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 167 — Included in other comprehensive income (loss) (1,684 ) — Included in other items, net — — Purchases, sales, issuances and settlements: Settlements (635 ) 62 Balance at end of reporting period $ 13,670 $ — December 31, 2021 Asset Liability (In thousands) Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,692 $ (924 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 161 (29 ) Included in other comprehensive income (loss) (441 ) — Included in other items, net — 52 Purchases, sales, issuances and settlements: Settlements (590 ) 839 Balance at end of reporting period $ 15,822 $ (62 ) We are exposed to valuation risk on our Level 3 3 100 not The fair value of indefinite-lived intangible assets, classified in the fair value hierarchy as Level 3, 4, Intangible Assets Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our note receivable, our obligation under minimum assessment agreements and other financial instruments: December 31, 2022 Outstanding Face Carrying Estimated Fair Value (In thousands) Amount Value Fair Value Hierarchy Asset Note receivable $ 118,162 $ 83,791 $ 82,338 Level 3 Liabilities Obligation under assessment arrangements 22,293 19,304 25,738 Level 3 December 31, 2021 Outstanding Face Carrying Estimated Fair Value (In thousands) Amount Value Fair Value Hierarchy Asset Note receivable $ 103,574 $ 31,766 $ 35,108 Level 3 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: December 31, 2022 Outstanding Face Carrying Estimated Fair Value (In thousands) Amount Value Fair Value Hierarchy Credit Facility $ 1,187,800 $ 1,169,935 $ 1,183,565 Level 2 4.750% senior notes due 2027 1,000,000 990,260 928,750 Level 1 4.750% senior notes due 2031 900,000 888,540 784,125 Level 1 Other 674 674 674 Level 3 Total debt $ 3,088,474 $ 3,049,409 $ 2,897,114 December 31, 2021 Outstanding Face Carrying Estimated Fair Value (In thousands) Amount Value Fair Value Hierarchy Prior 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 values of our note receivable and our obligation under assessment arrangements are based on a discounted cash flow approach after giving consideration to the changes in market rates of interest, creditworthiness of both parties and credit spreads. The estimated fair values of our Credit Facility and the Prior Credit Facility are based on a relative value analysis performed on or about December 31, 2022 2021 December 31, 2022 2021 2024 2025, July 2022. not not Other than the retirement of the 8.625% 1 June 2022, 2 no 1, 2 3 December 31, 2022 2021 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 13. We contribute to multiemployer pension defined benefit plans under terms of collective-bargaining agreements that cover our union-represented employees. Contributions, based on wages paid to covered employees, totaled approximately $1.2 million, $0.9 million and $1.0 million for the years ended December 31, 2022 2021 2020 not not not We have retirement savings plans under Section 401 100% 401 December 31, 2022 2021 2020 |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14. We view each gaming entertainment property as an operating segment and have aggregated these operating segments in order to present three 1, Summary of Significant Accounting Policies, 28 Results of Operations - Total Reportable Segment 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 extinguishments and modifications 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 gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest & South segments. We aggregate non-reportable segments and other business activities with our Reportable Segments. Results for our Downtown Las Vegas segment include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties cater to the Hawaiian market. Our Midwest & South segment includes the results of the following non-reportable segments and business activities: (i) Lattner, our Illinois distributed gaming operator, whose operations were suspended on March 16, 2020, July 1, 2020, November 20, 2020 January 16, 2021; ( November 1, 2022, December 31, 2022, six nine The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments: Year Ended December 31, 2022 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 700,230 $ 88,219 $ 87,726 $ 54,555 $ 930,730 Downtown Las Vegas 139,115 41,578 24,950 9,689 215,332 Midwest & South 1,835,385 146,182 76,395 351,353 2,409,315 Total Revenues $ 2,674,730 $ 275,979 $ 189,071 $ 415,597 $ 3,555,377 Year Ended December 31, 2021 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 695,635 $ 74,771 $ 71,586 $ 44,062 $ 886,054 Downtown Las Vegas 105,539 28,149 15,042 7,076 155,806 Midwest & South 1,904,349 127,125 67,552 228,924 2,327,950 Total Revenues $ 2,705,523 $ 230,045 $ 154,180 $ 280,062 $ 3,369,810 Year Ended December 31, 2020 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 430,303 $ 59,564 $ 45,446 $ 26,676 $ 561,989 Downtown Las Vegas 58,468 18,647 9,369 8,019 94,503 Midwest & South 1,286,587 100,667 50,153 84,591 1,521,998 Total Revenues $ 1,775,358 $ 178,878 $ 104,968 $ 119,286 $ 2,178,490 The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR to net income, as reported in our accompanying consolidated statements of operations: Year Ended December 31, (In thousands) 2022 2021 2020 Adjusted EBITDAR Las Vegas Locals $ 481,643 $ 473,187 $ 198,744 Downtown Las Vegas 86,049 51,300 1,075 Midwest & South 911,541 926,955 480,446 Corporate expense (88,724 ) (85,457 ) (70,371 ) Adjusted EBITDAR 1,390,509 1,365,985 609,894 Other operating costs and expenses Deferred rent 768 828 888 Master lease rent expense 106,616 104,702 101,907 Depreciation and amortization 258,179 267,787 281,031 Share-based compensation expense 34,066 37,773 9,202 Project development, preopening and writedowns (18,936 ) 31,815 (661 ) Impairment of assets 40,775 8,200 174,700 Other operating items, net (12,183 ) 14,776 28,564 Total other operating costs and expenses 409,285 465,881 595,631 Operating income 981,224 900,104 14,263 Other expense (income) Interest income (21,530 ) (1,819 ) (1,900 ) Interest expense, net of amounts capitalized 151,249 199,442 230,484 Loss on early extinguishments and modifications of debt 19,815 95,155 1,791 Other, net 2,884 3,387 (45,098 ) Total other expense, net 152,418 296,165 185,277 Income before income taxes 828,806 603,939 (171,014 ) Income tax provision (189,429 ) (140,093 ) 36,314 Net income $ 639,377 $ 463,846 $ (134,700 ) 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: December 31, December 31, (In thousands) 2022 2021 Assets Las Vegas Locals $ 1,613,553 $ 1,641,409 Downtown Las Vegas 265,876 228,161 Midwest & South 4,040,681 3,947,076 Total Reportable Segment Assets 5,920,110 5,816,646 Corporate 391,017 407,523 Total Assets $ 6,311,127 $ 6,224,169 Capital Expenditures The Company's capital expenditures by Reportable Segment consisted of the following: Year Ended December 31, (In thousands) 2022 2021 2020 Capital Expenditures Las Vegas Locals $ 37,339 $ 24,724 $ 23,936 Downtown Las Vegas 52,423 36,954 15,150 Midwest & South 114,041 90,994 68,933 Total Reportable Segment Capital Expenditures 203,803 152,672 108,019 Corporate 67,874 49,953 66,767 Total Capital Expenditures 271,677 202,625 174,786 Change in Accrued Capital Expenditure Additions (2,522 ) (3,173 ) 244 Cash-Based Capital Expenditures $ 269,155 $ 199,452 $ 175,030 The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries. |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 15. Boyd Percentage Ownership William S. Boyd, our Co-Executive Chair of the Board of Directors, together with his immediate family, beneficially owned approximately 27% of our outstanding shares of common stock as of December 31, 2022 December 31, 2022 2021 2020 no |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16. We have evaluated all events or transactions that occurred after December 31, 2022 11, Stockholders' Equity and Stock Incentive Plans February 14, 2023 April 15, 2023 March 15, 2023, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "we" or "us") was incorporated in the state of Nevada in 1988 1975. As of December 31, 2022 28 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 March 18, 2020 ( 2 In addition to these properties, we own a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii. Our Midwest & South segment includes the results of the following non-reportable segments and business activities: (i) Lattner Entertainment Group Illinois, LLC ("Lattner"), our Illinois distributed gaming operator; (ii) online gaming operations, which includes: (a) the operations of Pala Interactive, LLC ("Pala Interactive") and Pala Interactive Canada Inc. ("Pala Canada"), the online gaming technology company we acquired on November 1, 2022; December 31, 2022, six nine |
Unusual Event [Policy Text Block] | Impact of the COVID- 19 In mid- March 2020, 19 December 31, 2022 2020 We currently anticipate funding our operations over the next 12 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% not All intercompany accounts and transactions have been eliminated in consolidation. |
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; (ii) amounts restricted by regulation for the value in players online casino gaming accounts; and (iii) 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 consolidated balance sheets to the total balance shown in the consolidated statements of cash flows. December 31, December 31, December 31, December 31, (In thousands) 2022 2021 2020 2019 Cash and cash equivalents $ 283,472 $ 344,557 $ 519,182 $ 249,977 Restricted cash 11,593 12,571 15,817 20,471 Total cash, cash equivalents and restricted cash $ 295,065 $ 357,128 $ 534,999 $ 270,448 |
Accounts Receivable [Policy Text Block] | Accounts Receivable, net Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. The activity comprising our allowance for doubtful accounts is as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Beginning balance, January 1, $ 3,338 $ 4,106 $ 4,474 Additions 1,557 171 440 Deductions (2,300 ) (939 ) (808 ) Ending balance, December 31, $ 2,595 $ 3,338 $ 4,106 |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of food & beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 12 years Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, cost and income approaches. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not not no may |
Interest Capitalization, Policy [Policy Text Block] | Capitalized Interest Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no December 31, 2022 December 31, 2021 2020 |
Marketable Securities, Policy [Policy Text Block] | Investment in Available for Sale Securities We have an investment in a single municipal bond issuance of $17.8 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 December 31, 2022 2021 December 31, 2022 2021 December 31, 2022 2021 Future maturities of the City Bonds, excluding the discount, for the years ending December 31 (In thousands) For the year ending December 31, 2023 $ 680 2024 730 2025 785 2026 845 2027 910 Thereafter 13,810 Total $ 17,760 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets include customer relationships, host agreements, development agreements, developed technology, business-to-business ( "B2B" "B2C" Amortizing Intangible Assets Customer relationships represent the value of repeat business associated with our customer loyalty programs and are being amortized on an accelerated method over their approximate useful life. B2B B2C seven twelve two seven Indefinite-Lived Intangible Assets Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not not We evaluate goodwill using a weighted average allocation of both the income and market approach models or a qualitative assessment approach. In the valuation of an asset, the income approach focuses on the income-producing capability of the subject asset. The underlying premise of this approach is that the value of an asset can be measured by the present worth of the net economic benefit (cash receipts less cash outlays) to be received over the life of the subject asset. The steps followed in applying this approach include estimating the expected after-tax cash flows attributable to the asset over its life and converting these after-tax cash flows to present value through "discounting." The discounting process uses a rate of return which accounts for both the time value of money and investment risk factors. Finally, the present value of the after-tax cash flows over the life of the reporting unit is totaled to arrive at an indication of the fair value of the asset. The market approach is comprised of the guideline company method, which focuses on comparing the subject company to selected reasonably similar, or "guideline", publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of the subject company relative to the selected guideline companies; and (iii) applied to the operating data of the subject company to arrive at an indication of value. In the valuation of a reporting unit, the market approach measures value based on what typical purchasers in the market have paid for assets which can be considered reasonably similar to those being valued. When the market approach is utilized, data is collected on the prices paid for reasonably comparable assets. Adjustments are made to the similar assets to compensate for differences between reasonably similar assets and the asset being valued. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject asset. |
Debt, Policy [Policy Text Block] | Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount net of unamortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we evaluate whether it is a debt extinguishment or debt modification under authoritative accounting guidance and for a debt extinguishment, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt. |
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 ("IRS") 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" |
Self Insurance Reserves Policy [Policy Text Block] | Self-Insurance Reserves We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not The activity comprising our self-insurance reserves is as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Beginning balance, January 1, $ 42,563 $ 45,436 $ 43,604 Additions Charged to costs and expenses 81,249 88,806 105,739 Payments made (86,320 ) (91,679 ) (103,907 ) Ending balance, December 31, $ 37,492 $ 42,563 $ 45,436 |
Stockholders' Equity, Policy [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss). Components of the Company's comprehensive income (loss) are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income (loss). The accumulated other comprehensive income (loss) at December 31, 2022 |
Lessee, Leases [Policy Text Block] | Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. For our operating leases for which the rate implicit in the lease is not may |
Revenue [Policy Text Block] | Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers, hotel room sales, food & beverage offerings and other amenity transactions. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services. Gaming wager contracts involve two not not no 6, Accrued Liabilities The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 6, 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 6, 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 & beverages). 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: Year Ended December 31, (In thousands) 2022 2021 2020 Food & beverage $ 116,364 $ 104,309 $ 90,714 Rooms 65,485 60,536 46,841 Other 8,818 6,599 5,508 |
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 consolidated statements of operations. In addition, we are responsible for the payment of gaming taxes owed for online gaming activities conducted by third third December 31, 2022 , 2021 2020 December 31, 2022 , 2021 2020 |
Advertising Cost [Policy Text Block] | Advertising Expense Direct advertising costs are expensed the first December 31, 2022 , 2021 2020 |
Corporate Expense Policy [Policy Text Block] | Corporate Expense Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not |
Start-up Activities, Cost Policy [Policy Text Block] | Project Development, Preopening and Writedowns Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, strategic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred in our ongoing efforts to develop gaming activities in new jurisdictions and expenses related to other new business development activities that do not |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation 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 requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not six |
Other Income, Net [Policy Text Block] | Other, Net In 2020, |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Currency Tra nslation The Company translates the financial statements of its foreign subsidiary that are not |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Collaborative Arrangements We hold a five one January 1, 2023, one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable. Our policy is to limit the amount of credit exposure to any one may Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("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") 2021 08, 805 2021 08" In October 2021, 2021 08 2021 08 606, Revenue Recognition 2021 08 December 15, 2022, 2021 08 third 2022, 2, Acquisitions and Divestitures ASU 2021 05, 842 2021 05" In July 2021, 2021 05 not 2021 05 December 15, 2021, 2021 05 first 2022, not ASU 2020 01, 321, Ventures, Topic 323, 815 ("Update 2020 01" In January 2020, 2020 01 321, 323, 815, 2020 01 December 15, 2020, 2020 01 first 2021 not ASU 2019 12, 740, ("Update 2019 12" In December 2019, 2019 12 740. 2019 12 December 15, 2020. 2019 12 January 1, 2021 not ASU 2020 09, 470 2020 09" In October 2020, 2020 09 470, 3 10 3 16 X, In March 2020, 3 10 3 16 X, January 4, 2021 three June 30, 2020. ASU 2020 04, 848 2020 04" In March 2020, 2020 04 2020 04 may December 31, 2022. 2020 04 not ASU 2018 13, 2018 13" In August 2018, 2018 13 820, Fair Value Measurement December 15, 2019. 2018 13 first 2020 not Recently Issued Accounting Pronouncements 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) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | December 31, December 31, December 31, December 31, (In thousands) 2022 2021 2020 2019 Cash and cash equivalents $ 283,472 $ 344,557 $ 519,182 $ 249,977 Restricted cash 11,593 12,571 15,817 20,471 Total cash, cash equivalents and restricted cash $ 295,065 $ 357,128 $ 534,999 $ 270,448 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 Beginning balance, January 1, $ 3,338 $ 4,106 $ 4,474 Additions 1,557 171 440 Deductions (2,300 ) (939 ) (808 ) Ending balance, December 31, $ 2,595 $ 3,338 $ 4,106 |
Property, Plant and Equipment, Useful Life [Table Text Block] | Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 12 years |
Investments Classified by Contractual Maturity Date [Table Text Block] | (In thousands) For the year ending December 31, 2023 $ 680 2024 730 2025 785 2026 845 2027 910 Thereafter 13,810 Total $ 17,760 |
Schedule of Changes in Self Insurance Reserves [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 Beginning balance, January 1, $ 42,563 $ 45,436 $ 43,604 Additions Charged to costs and expenses 81,249 88,806 105,739 Payments made (86,320 ) (91,679 ) (103,907 ) Ending balance, December 31, $ 37,492 $ 42,563 $ 45,436 |
Schedule Of Promotional Allowances [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 Food & beverage $ 116,364 $ 104,309 $ 90,714 Rooms 65,485 60,536 46,841 Other 8,818 6,599 5,508 |
Note 2 - Acquisitions and Div_2
Note 2 - Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (In thousands) As Recorded Current assets $ 10,456 Property and equipment 445 Other assets 740 Intangible assets 77,000 Total acquired assets 88,641 Current liabilities 4,462 Other liabilities 3,007 Total liabilities assumed 7,469 Net identifiable assets acquired 81,172 Goodwill 94,037 Net assets acquired $ 175,209 |
Business Combination, Assets Acquired, Property, Plant, and Equipment [Table Text Block] | Useful Lives (In thousands) (in years) As Recorded Buildings and improvements 5 $ 22 Furniture and equipment 2 - 5 423 Property and equipment acquired $ 445 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Useful Lives (In thousands) (in years) As Recorded Developed technology 10 $ 36,000 B2B relationships 7 - 10 28,000 B2C relationships 12 13,000 Total intangible assets acquired $ 77,000 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, (In thousands) 2022 2021 Land $ 334,368 $ 343,963 Buildings and improvements 3,172,676 3,146,697 Furniture and equipment 1,707,212 1,653,451 Riverboats and barges 241,898 241,447 Construction in progress 87,612 912 Total property and equipment 5,543,766 5,386,470 Less accumulated depreciation (3,149,530 ) (2,992,286 ) Property and equipment, net $ 2,394,236 $ 2,394,184 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2022 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining (in Carrying Accumulated Impairment Currency Intangible (In thousands) years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.6 $ 63,050 $ (62,070 ) $ — $ — $ 980 Host agreements 10.4 58,000 (17,722 ) — — 40,278 Development agreement 6.6 21,373 (1,145 ) — — 20,228 Developed technology 9.8 36,445 (600 ) — 53 35,898 B2B relationships 7.0 28,000 (652 ) — 12 27,360 B2C relationships 11.8 13,000 (181 ) — — 12,819 219,868 (82,370 ) — 65 137,563 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (36,375 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (222,174 ) — 1,121,947 1,582,081 (33,960 ) (258,549 ) — 1,289,572 Balances, December 31, 2022 $ 1,801,949 $ (116,330 ) $ (258,549 ) $ 65 $ 1,427,135 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 Changes in Intangible Assets [Table Text Block] | (In thousands) Customer Relationships Host Agreements Development Agreement Developed Technology B2B Relationships B2C Relationships Trademarks Gaming License Rights Intangible Assets, Net Balance, January 1, 2020 $ 28,502 $ 51,878 $ 21,373 $ — $ — $ — $ 202,387 $ 1,162,751 $ 1,466,891 Impairments — — — — — — (20,500 ) (42,200 ) (62,700 ) Amortization (15,464 ) (3,867 ) — — — — — — (19,331 ) Other (1) — — — — — — (2,687 ) — (2,687 ) Balance, December 31, 2020 13,038 48,011 21,373 — — — 179,200 1,120,551 1,382,173 Additions — — — — — — — 1,250 1,250 Impairments — — — — — — (2,400 ) — (2,400 ) Amortization (8,736 ) (3,867 ) — — — — — — (12,603 ) Balance, December 31, 2021 4,302 44,144 21,373 — — — 176,800 1,121,801 1,368,420 Additions — — — 36,445 28,000 13,000 — 146 77,591 Impairments — — — — — — (9,175 ) — (9,175 ) Amortization (3,322 ) (3,866 ) (1,145 ) (600 ) (652 ) (181 ) — — (9,766 ) Effect of foreign currency exchange — — — 53 12 — — — 65 Balance, December 31, 2022 $ 980 $ 40,278 $ 20,228 $ 35,898 $ 27,360 $ 12,819 $ 167,625 $ 1,121,947 $ 1,427,135 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) Customer Relationships Host Agreements Development Agreement Developed Technology B2B Relationships B2C Relationships Total For the year ending December 31, 2023 $ 940 $ 3,867 $ 3,053 $ 3,689 $ 3,914 $ 1,083 $ 16,546 2024 40 3,867 3,053 3,689 3,914 1,083 15,646 2025 — 3,867 3,053 3,689 3,914 1,083 15,606 2026 — 3,867 3,053 3,689 3,914 1,083 15,606 2027 — 3,867 3,053 3,689 3,914 1,083 15,606 Thereafter — 20,943 4,963 17,453 7,790 7,404 58,553 Total future amortization $ 980 $ 40,278 $ 20,228 $ 35,898 $ 27,360 $ 12,819 $ 137,563 |
Note 5 - Goodwill (Tables)
Note 5 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) Gross Carrying Value Accumulated Amortization Accumulated Impairment Losses Effect of Foreign Currency Exchange Goodwill, 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 760,835 — (133,462 ) 20 627,393 Balance, December 31, 2022 $ 1,361,399 $ (6,134 ) $ (321,541 ) $ 20 $ 1,033,744 |
Goodwill Rollforward [Table Text Block] | (In thousands) Goodwill, Net Balance, January 1, 2020 $ 1,083,287 Impairments (112,000 ) Balance, December 31, 2020 971,287 Account activity — Balance, December 31, 2021 971,287 Additions 94,037 Effect of foreign currency exchange 20 Impairments (31,600 ) Balance, December 31, 2022 $ 1,033,744 |
Note 6 - Accrued Liabilities (T
Note 6 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, December 31, (In thousands) 2022 2021 Payroll and related $ 73,619 $ 99,880 Interest 17,864 19,210 Gaming 77,638 78,552 Player loyalty program 25,852 28,430 Advance deposits 20,792 15,320 Outstanding chips 7,704 7,407 Dividends payable 15,476 — Operating leases 88,776 84,884 Other 84,192 79,262 Total accrued liabilities $ 411,913 $ 412,945 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2022 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2022 Principal Discount Costs Debt, Net Credit Facility 6.166 % $ 1,187,800 $ — $ (17,865 ) $ 1,169,935 4.750% senior notes due 2027 4.750 % 1,000,000 — (9,740 ) 990,260 4.750% senior notes due 2031 4.750 % 900,000 — (11,460 ) 888,540 Other 5.208 % 674 — — 674 Total long-term debt 3,088,474 — (39,065 ) 3,049,409 Less current maturities 44,275 — — 44,275 Long-term debt, net $ 3,044,199 $ — $ (39,065 ) $ 3,005,134 December 31, 2021 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2021 Principal Discount Costs Debt, Net Prior 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] | December 31, December 31, (In thousands) 2022 2021 Revolving Credit Facility $ 285,000 $ — Term A Loan 847,000 — Prior Term A Loan — 118,153 Prior Refinancing Term B Loan — 749,744 Swing Loan 55,800 — Total outstanding principal amounts $ 1,187,800 $ 867,897 |
Schedule of Extinguishment of Debt [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 6.375% Senior Notes premium fees paid $ — $ 23,910 $ — 6.375% Senior Notes deferred finance charges written off — 6,370 — 6.000% Senior Notes premium fees paid — 27,953 — 6.000% Senior Notes deferred finance charges written off — 7,240 — 8.625% Senior Notes premium fees paid 12,939 25,873 — 8.625% Senior Notes deferred finance charges written off 3,570 3,732 — Prior Credit Facility deferred finance charges written off 3,306 — — Prior Credit Facility debt modification fees paid 77 1,791 Total loss on early extinguishments and modifications of debt $ 19,815 $ 95,155 $ 1,791 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | (In thousands) Total For the year ending December 31, 2023 $ 44,275 2024 44,399 2025 44,000 2026 44,000 2027 2,011,800 Thereafter 900,000 Total outstanding principal of long-term debt $ 3,088,474 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (In thousands) 2022 2021 Deferred income tax assets State net operating loss carryforwards $ 53,889 $ 73,884 Operating lease liability 178,014 189,180 Share-based compensation 13,119 13,811 Other 40,144 66,378 Gross deferred income tax assets 285,166 343,253 Valuation allowance (59,398 ) (67,525 ) Deferred income tax assets, net of valuation allowance 225,768 275,728 Deferred income tax liabilities Difference between book and tax basis of property and intangible assets 328,062 307,194 State tax liability 32,720 40,216 Right-of-use asset 174,373 185,691 Other 9,222 7,539 Gross deferred income tax liabilities 544,377 540,640 Deferred income tax liabilities, net $ 318,609 $ 264,912 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 Current Federal $ 129,424 $ — $ — State 10,843 6,100 (58 ) Total current taxes provision (benefit) 140,267 6,100 (58 ) Deferred Federal 44,115 122,796 (35,231 ) State 5,047 11,197 (1,025 ) Total deferred taxes provision (benefit) 49,162 133,993 (36,256 ) Provision (benefit) for income taxes $ 189,429 $ 140,093 $ (36,314 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 1.5 % 2.3 % 0.5 % Compensation-based credits (0.3 )% (0.1 )% 0.6 % Nondeductible expenses 0.2 % 0.1 % (0.4 )% Tax exempt interest — % (0.1 )% 0.2 % Company provided benefits 0.4 % (0.1 )% (1.3 )% Other, net 0.1 % 0.1 % 0.6 % Effective tax rate 22.9 % 23.2 % 21.2 % |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 Unrecognized tax benefit, beginning of year $ — $ — $ 2,482 Additions: Tax positions related to current year — — — Reductions: Tax positions related to prior years — — (2,482 ) Unrecognized tax benefit, end of year $ — $ — $ — |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 Operating lease cost $ 153,961 $ 125,693 Short-term lease cost (685 ) (1,667 ) |
Lessee, Leases, Supplemental Cash Flow Information [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 155,085 $ 129,053 Right-of-use assets obtained in exchange for lease obligations: Operating leases 32,080 55,673 |
Lessee, Leases, Supplemental Balance Sheet Information [Table Text Block] | December 31, (In thousands, except lease term and discount rate) 2022 2021 Operating Leases Operating lease right-of-use assets, including favorable lease rates asset $ 830,345 $ 884,241 Current lease liabilities (included in accrued liabilities) $ 88,776 $ 84,884 Operating lease liabilities 758,440 815,974 Total operating lease liabilities $ 847,216 $ 900,858 Weighted Average Remaining Lease Term Operating leases (in years) 15.5 16.1 Weighted Average Discount Rate Operating leases 8.7 % 8.6 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Operating Leases For the period ending December 31, 2023 $ 152,487 2024 152,398 2025 120,710 2026 120,833 2027 119,928 Thereafter 910,315 Total lease payments 1,576,671 Less imputed interest (729,455 ) Less current portion (included in accrued liabilities) (88,776 ) Long-term portion of operating lease liabilities $ 758,440 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | (In thousands) Minimum Rental Income For the Year Ended December 31, 2023 $ 3,260 2024 2,417 2025 1,018 2026 338 2027 245 Thereafter 930 Total $ 8,208 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity and Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share Repurchase Program [Table Text Block] | For the Year Ended December 31, (In thousands, except per share data) 2022 2021 2020 Shares repurchased (2) 9,424 1,310 683 Total cost, including brokerage fees $ 541,642 $ 80,782 $ 11,121 Average repurchase price per share (3) $ 57.48 $ 61.67 $ 16.29 |
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 February 3, 2022 March 15, 2022 April 15, 2022 0.15 June 1, 2022 June 30, 2022 July 15, 2022 0.15 September 15, 2022 September 30, 2022 October 15, 2022 0.15 December 8, 2022 December 19, 2022 January 15, 2023 0.15 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Aggregate Options Option Price Term Intrinsic Value (In years) (In thousands) Outstanding at January 1, 2020 887,728 $ 12.48 Granted — — Canceled (2,000 ) 8.34 Exercised (240,380 ) 8.23 Outstanding at December 31, 2020 645,348 14.07 Granted — — Canceled — — Exercised (371,016 ) 11.88 Outstanding at December 31, 2021 274,332 17.02 Granted — — Canceled — — Exercised (165,951 ) — Outstanding at December 31, 2022 108,381 $ 14.58 2.3 $ 4,329 Exercisable at December 31, 2021 274,332 $ 17.02 4.0 $ 13,318 Exercisable at December 31, 2022 108,381 $ 14.58 2.3 $ 4,329 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted- Average Remaining Weighted- Weighted- Number Contractual Average Number Average Range of Exercise Prices Outstanding Life (Years) Exercise Price Exercisable Exercise Price $9.86 32,000 0.9 $ 9.86 32,000 $ 9.86 11.57 23,431 1.9 11.57 23,431 11.57 17.75 28,708 3.9 17.75 28,708 17.75 19.98 24,242 2.8 19.98 24,242 19.98 $9.86-$19.98 108,381 2.3 14.58 108,381 14.58 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted- Restricted Average Grant Stock Units Date Fair Value Outstanding at January 1, 2020 1,768,757 Granted 45,150 $ 29.17 Canceled (54,752 ) Awarded (531,402 ) Outstanding at December 31, 2020 1,227,753 Granted 456,492 $ 52.59 Canceled (27,782 ) Awarded (466,633 ) Outstanding at December 31, 2021 1,189,830 Granted 259,030 $ 67.73 Canceled (29,273 ) Awarded (501,339 ) Outstanding at December 31, 2022 918,248 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Weighted- Performance Average Grant Stock Units Date Fair Value Outstanding at January 1, 2020 1,069,809 Granted — $ — Performance Adjustment 126,375 Canceled (11,328 ) Awarded (388,611 ) Outstanding at December 31, 2020 796,245 Granted 127,250 $ 55.25 Performance Adjustment (180,861 ) Canceled (2,071 ) Awarded (92,774 ) Outstanding at December 31, 2021 647,789 Granted 128,003 $ 68.41 Performance Adjustment 150,009 Canceled (2,466 ) Awarded (409,045 ) Outstanding at December 31, 2022 514,290 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted- Restricted Average Grant Stock Units Date Fair Value Outstanding at January 1, 2020 1,062,311 Granted 51,262 $ 30.05 Canceled (5,816 ) Awarded (70,437 ) Outstanding at December 31, 2020 1,037,320 Granted 36,123 $ 42.12 Canceled (1,295 ) Awarded (23,510 ) Outstanding at December 31, 2021 1,048,638 Granted 24,388 $ 64.93 Canceled (2,251 ) Awarded (138,954 ) Outstanding at December 31, 2022 931,821 |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | For the Year Ended December 31, (In thousands) 2022 2021 2020 Restricted Stock Units $ 16,210 $ 21,599 $ 11,131 Performance Stock Units 16,432 14,883 (3,166 ) Career Shares 1,424 1,291 1,237 Total share-based compensation costs $ 34,066 $ 37,773 $ 9,202 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Year Ended December 31, (In thousands) 2022 2021 2020 Gaming $ 909 $ 873 $ 539 Food & beverage 174 167 103 Room 82 79 49 Selling, general and administrative 4,618 4,437 2,738 Corporate expense 28,283 32,217 5,773 Total share-based compensation expense $ 34,066 $ 37,773 $ 9,202 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2022 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 283,472 $ 283,472 $ — $ — Restricted cash 11,593 11,593 — — Investment available for sale 13,670 — — 13,670 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] | December 31, 2022 Asset Liability (In thousands) Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 15,822 $ (62 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 167 — Included in other comprehensive income (loss) (1,684 ) — Included in other items, net — — Purchases, sales, issuances and settlements: Settlements (635 ) 62 Balance at end of reporting period $ 13,670 $ — December 31, 2021 Asset Liability (In thousands) Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,692 $ (924 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 161 (29 ) Included in other comprehensive income (loss) (441 ) — Included in other items, net — 52 Purchases, sales, issuances and settlements: Settlements (590 ) 839 Balance at end of reporting period $ 15,822 $ (62 ) |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | December 31, 2022 Outstanding Face Carrying Estimated Fair Value (In thousands) Amount Value Fair Value Hierarchy Asset Note receivable $ 118,162 $ 83,791 $ 82,338 Level 3 Liabilities Obligation under assessment arrangements 22,293 19,304 25,738 Level 3 December 31, 2021 Outstanding Face Carrying Estimated Fair Value (In thousands) Amount Value Fair Value Hierarchy Asset Note receivable $ 103,574 $ 31,766 $ 35,108 Level 3 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] | December 31, 2022 Outstanding Face Carrying Estimated Fair Value (In thousands) Amount Value Fair Value Hierarchy Credit Facility $ 1,187,800 $ 1,169,935 $ 1,183,565 Level 2 4.750% senior notes due 2027 1,000,000 990,260 928,750 Level 1 4.750% senior notes due 2031 900,000 888,540 784,125 Level 1 Other 674 674 674 Level 3 Total debt $ 3,088,474 $ 3,049,409 $ 2,897,114 December 31, 2021 Outstanding Face Carrying Estimated Fair Value (In thousands) Amount Value Fair Value Hierarchy Prior 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 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2022 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 700,230 $ 88,219 $ 87,726 $ 54,555 $ 930,730 Downtown Las Vegas 139,115 41,578 24,950 9,689 215,332 Midwest & South 1,835,385 146,182 76,395 351,353 2,409,315 Total Revenues $ 2,674,730 $ 275,979 $ 189,071 $ 415,597 $ 3,555,377 Year Ended December 31, 2021 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 695,635 $ 74,771 $ 71,586 $ 44,062 $ 886,054 Downtown Las Vegas 105,539 28,149 15,042 7,076 155,806 Midwest & South 1,904,349 127,125 67,552 228,924 2,327,950 Total Revenues $ 2,705,523 $ 230,045 $ 154,180 $ 280,062 $ 3,369,810 Year Ended December 31, 2020 Food & Gaming Beverage Room Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 430,303 $ 59,564 $ 45,446 $ 26,676 $ 561,989 Downtown Las Vegas 58,468 18,647 9,369 8,019 94,503 Midwest & South 1,286,587 100,667 50,153 84,591 1,521,998 Total Revenues $ 1,775,358 $ 178,878 $ 104,968 $ 119,286 $ 2,178,490 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 Adjusted EBITDAR Las Vegas Locals $ 481,643 $ 473,187 $ 198,744 Downtown Las Vegas 86,049 51,300 1,075 Midwest & South 911,541 926,955 480,446 Corporate expense (88,724 ) (85,457 ) (70,371 ) Adjusted EBITDAR 1,390,509 1,365,985 609,894 Other operating costs and expenses Deferred rent 768 828 888 Master lease rent expense 106,616 104,702 101,907 Depreciation and amortization 258,179 267,787 281,031 Share-based compensation expense 34,066 37,773 9,202 Project development, preopening and writedowns (18,936 ) 31,815 (661 ) Impairment of assets 40,775 8,200 174,700 Other operating items, net (12,183 ) 14,776 28,564 Total other operating costs and expenses 409,285 465,881 595,631 Operating income 981,224 900,104 14,263 Other expense (income) Interest income (21,530 ) (1,819 ) (1,900 ) Interest expense, net of amounts capitalized 151,249 199,442 230,484 Loss on early extinguishments and modifications of debt 19,815 95,155 1,791 Other, net 2,884 3,387 (45,098 ) Total other expense, net 152,418 296,165 185,277 Income before income taxes 828,806 603,939 (171,014 ) Income tax provision (189,429 ) (140,093 ) 36,314 Net income $ 639,377 $ 463,846 $ (134,700 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, December 31, (In thousands) 2022 2021 Assets Las Vegas Locals $ 1,613,553 $ 1,641,409 Downtown Las Vegas 265,876 228,161 Midwest & South 4,040,681 3,947,076 Total Reportable Segment Assets 5,920,110 5,816,646 Corporate 391,017 407,523 Total Assets $ 6,311,127 $ 6,224,169 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Year Ended December 31, (In thousands) 2022 2021 2020 Capital Expenditures Las Vegas Locals $ 37,339 $ 24,724 $ 23,936 Downtown Las Vegas 52,423 36,954 15,150 Midwest & South 114,041 90,994 68,933 Total Reportable Segment Capital Expenditures 203,803 152,672 108,019 Corporate 67,874 49,953 66,767 Total Capital Expenditures 271,677 202,625 174,786 Change in Accrued Capital Expenditure Additions (2,522 ) (3,173 ) 244 Cash-Based Capital Expenditures $ 269,155 $ 199,452 $ 175,030 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Number of Reportable Segments | 3 | ||
Number of Gaming Entertainment Properties, Open and Operating | 27 | ||
Number of Gaming Entertainment Properties | 28 | ||
Interest Costs Capitalized | $ 0.1 | $ 0.1 | |
Debt Instrument, Face Amount | $ 17.8 | ||
Debt Security Interest Rate Stated Percentage | 7.50% | ||
Debt Securities, Available-for-Sale, Total | $ 13.7 | 15.8 | |
Debt Securities, Available-for-Sale, Current | 0.7 | 0.6 | |
Debt Securities, Available-for-Sale, Noncurrent | 13 | 15.2 | |
Taxes, Other | 718.8 | 676.8 | 388 |
Taxes Deposited Pursuant to the Online Collaborative Agreements | 195.6 | 140.5 | 61.8 |
Advertising Expense | $ 18.7 | $ 16.1 | 20.2 |
Nonrecurring Gain Related to Property Closures | $ 40 | ||
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | ||
Host Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||
Development Agreement [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
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 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 283,472 | $ 344,557 | $ 519,182 | $ 249,977 |
Restricted cash | 11,593 | 12,571 | 15,817 | 20,471 |
Total cash, cash equivalents and restricted cash | $ 295,065 | $ 357,128 | $ 534,999 | $ 270,448 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance, January 1, | $ 3,338 | $ 4,106 | $ 4,474 |
Additions | 1,557 | 171 | 440 |
Deductions | (2,300) | (939) | (808) |
Ending balance, December 31, | $ 2,595 | $ 3,338 | $ 4,106 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment, Useful Life (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Minimum [Member] | Riverboats And Barges [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Minimum [Member] | Furniture and Equipment [Member] | |
Property, plant and equipment, useful life (Year) | 1 year |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Maximum [Member] | Riverboats And Barges [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Maximum [Member] | Furniture and Equipment [Member] | |
Property, plant and equipment, useful life (Year) | 12 years |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Investment Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Total | $ 17,800 |
The 7.5% City Bonds [Member] | |
2023 | 680 |
2024 | 730 |
2025 | 785 |
2026 | 845 |
2027 | 910 |
Thereafter | 13,810 |
Total | $ 17,760 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Self-insurance Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance, January 1, | $ 42,563 | $ 45,436 | $ 43,604 |
Charged to costs and expenses | 81,249 | 88,806 | 105,739 |
Payments made | (86,320) | (91,679) | (103,907) |
Ending balance, December 31, | $ 37,492 | $ 42,563 | $ 45,436 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Food and Beverage [Member] | |||
Promotional allowance | $ 116,364 | $ 104,309 | $ 90,714 |
Occupancy [Member] | |||
Promotional allowance | 65,485 | 60,536 | 46,841 |
Product and Service, Other [Member] | |||
Promotional allowance | $ 8,818 | $ 6,599 | $ 5,508 |
Note 2 - Acquisitions and Div_3
Note 2 - Acquisitions and Divestitures (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 167,862 | $ 0 | $ 11,201 | |
Pala Interactive LLC [Member] | ||||
Payments to Acquire Businesses, Gross | $ 175,200 | |||
Cash Acquired from Acquisition | 7,300 | |||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 167,900 | |||
Business Combination, Acquisition Related Costs | $ 5,500 | |||
Pala Interactive LLC [Member] | Pala Canada [Member] | ||||
Business Acquisition, Goodwill, Expected Tax Non-Deductible Amount | $ 2,900 |
Note 2 - Acquisitions and Div_4
Note 2 - Acquisitions and Divestitures - Schedule of Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Nov. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 1,033,744 | $ 971,287 | $ 971,287 | $ 1,083,287 | |
Pala Interactive LLC [Member] | |||||
Current assets | $ 10,456 | ||||
Property and equipment | 445 | ||||
Other assets | 740 | ||||
Intangible assets | 77,000 | ||||
Total acquired assets | 88,641 | ||||
Current liabilities | 4,462 | ||||
Other liabilities | 3,007 | ||||
Total liabilities assumed | 7,469 | ||||
Net identifiable assets acquired | 81,172 | ||||
Goodwill, Ending Balance | $ 94,000 | 94,037 | |||
Net assets acquired | $ 175,209 |
Note 2 - Acquisitions and Div_5
Note 2 - Acquisitions and Divestitures - Acquired Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 01, 2022 | Dec. 31, 2022 | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, pant, and equipment, useful life (Year) | 3 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, pant, and equipment, useful life (Year) | 40 years | |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property, pant, and equipment, useful life (Year) | 1 year | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, pant, and equipment, useful life (Year) | 12 years | |
Pala Interactive LLC [Member] | ||
Property and equipment acquired | $ 445 | |
Pala Interactive LLC [Member] | Building and Building Improvements [Member] | ||
Property, pant, and equipment, useful life (Year) | 5 years | |
Property and equipment acquired | $ 22 | |
Pala Interactive LLC [Member] | Furniture and Equipment [Member] | ||
Property and equipment acquired | $ 423 | |
Pala Interactive LLC [Member] | Furniture and Equipment [Member] | Minimum [Member] | ||
Property, pant, and equipment, useful life (Year) | 2 years | |
Pala Interactive LLC [Member] | Furniture and Equipment [Member] | Maximum [Member] | ||
Property, pant, and equipment, useful life (Year) | 5 years |
Note 2 - Acquisitions and Div_6
Note 2 - Acquisitions and Divestitures - Intangible Assets Acquired as Part of Business Combination (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Developed Technology Rights [Member] | |||
Additions, finite lived | $ 36,445 | $ 0 | |
Business to Business Relationships [Member] | |||
Additions, finite lived | 28,000 | 0 | |
Business to Consumer Relationship [Member] | |||
Additions, finite lived | $ 13,000 | $ 0 | |
Pala Interactive LLC [Member] | |||
Additions, finite lived | $ 77,000 | ||
Pala Interactive LLC [Member] | Developed Technology Rights [Member] | |||
Acquired intangible assets, useful life (Year) | 10 years | ||
Additions, finite lived | $ 36,000 | ||
Pala Interactive LLC [Member] | Business to Business Relationships [Member] | |||
Additions, finite lived | $ 28,000 | ||
Pala Interactive LLC [Member] | Business to Business Relationships [Member] | Minimum [Member] | |||
Acquired intangible assets, useful life (Year) | 7 years | ||
Pala Interactive LLC [Member] | Business to Business Relationships [Member] | Maximum [Member] | |||
Acquired intangible assets, useful life (Year) | 10 years | ||
Pala Interactive LLC [Member] | Business to Consumer Relationship [Member] | |||
Acquired intangible assets, useful life (Year) | 12 years | ||
Additions, finite lived | $ 13,000 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 248.4 | $ 255.2 | $ 261.7 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 5,543,766 | $ 5,386,470 |
Less accumulated depreciation | (3,149,530) | (2,992,286) |
Property and equipment, net | 2,394,236 | 2,394,184 |
Land [Member] | ||
Property and equipment, gross | 334,368 | 343,963 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,172,676 | 3,146,697 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,707,212 | 1,653,451 |
Riverboats And Barges [Member] | ||
Property and equipment, gross | 241,898 | 241,447 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 87,612 | $ 912 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Asset, Original Life (Year) | 5 years | |||||
Customer Relationships [Member] | Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |||||
Customer Relationships [Member] | Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | |||||
Host Relationships [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||
Development Agreement [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |||||
Developed Technology Rights [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Business to Business Relationships [Member] | Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |||||
Business to Business Relationships [Member] | Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Business to Consumer Relationship [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | |||||
Trademarks [Member] | ||||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 16.9 | $ 3.6 | ||||
Trademarks [Member] | Midwest and South [Member] | ||||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 3.6 | $ 5.6 | 8.9 | 1.1 | ||
Trademarks [Member] | Las Vegas Locals [Member] | ||||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 8 | $ 2.4 | $ 2.5 | |||
Licensing Agreements [Member] | ||||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 42.2 |
Note 4 - Intangible Assets - Sc
Note 4 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible assets, gross carrying value | $ 219,868 | $ 147,473 | ||
Intangible assets, cumulative amortization | (82,370) | (77,654) | ||
Intangible assets, cumulative impairment losses | 0 | 0 | ||
Effect of foreign currency exchange | 65 | |||
Intangible assets, net | 137,563 | 69,819 | ||
Intangible assets, gross carrying value | 1,582,081 | 1,581,935 | ||
Intangible assets, cumulative amortization | (33,960) | (33,960) | ||
Intangible assets, cumulative impairment losses | (258,549) | (249,374) | ||
effect of foreign currency exchange | 0 | |||
Intangible assets, net | 1,289,572 | 1,298,601 | ||
Intangible assets, gross carrying value | 1,801,949 | 1,729,408 | ||
Intangible assets, cumulative amortization | (116,330) | (111,614) | ||
Intangible assets, cumulative impairment losses | (258,549) | (249,374) | ||
effect of foreign currency exchange | 65 | |||
Intangible assets, net | 1,427,135 | 1,368,420 | $ 1,382,173 | $ 1,466,891 |
Trademarks [Member] | ||||
Intangible assets, gross carrying value | 204,000 | 204,000 | ||
Intangible assets, cumulative amortization | 0 | 0 | ||
Intangible assets, cumulative impairment losses | (36,375) | (27,200) | ||
effect of foreign currency exchange | 0 | |||
Intangible assets, net | 167,625 | 176,800 | ||
Intangible assets, net | 167,625 | 176,800 | 179,200 | 202,387 |
Gaming License Right [Member] | ||||
Intangible assets, gross carrying value | 1,378,081 | 1,377,935 | ||
Intangible assets, cumulative amortization | (33,960) | (33,960) | ||
Intangible assets, cumulative impairment losses | (222,174) | (222,174) | ||
effect of foreign currency exchange | 0 | |||
Intangible assets, net | 1,121,947 | 1,121,801 | ||
Intangible assets, net | 1,121,947 | 1,121,801 | 1,120,551 | 1,162,751 |
Customer Relationships [Member] | ||||
Intangible assets, gross carrying value | 63,050 | 68,100 | ||
Intangible assets, cumulative amortization | (62,070) | (63,798) | ||
Intangible assets, cumulative impairment losses | 0 | 0 | ||
Effect of foreign currency exchange | 0 | |||
Intangible assets, net | $ 980 | $ 4,302 | 13,038 | 28,502 |
Customer Relationships [Member] | Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 months 6 days | 1 year 6 months | ||
Host Agreements [Member] | ||||
Intangible assets, gross carrying value | $ 58,000 | $ 58,000 | ||
Intangible assets, cumulative amortization | (17,722) | (13,856) | ||
Intangible assets, cumulative impairment losses | 0 | 0 | ||
Effect of foreign currency exchange | 0 | |||
Intangible assets, net | $ 40,278 | $ 44,144 | ||
Host Agreements [Member] | Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years 4 months 24 days | 11 years 4 months 24 days | ||
Development Agreements [Member] | ||||
Intangible assets, gross carrying value | $ 21,373 | $ 21,373 | ||
Intangible assets, cumulative amortization | (1,145) | 0 | ||
Intangible assets, cumulative impairment losses | 0 | 0 | ||
Effect of foreign currency exchange | 0 | |||
Intangible assets, net | $ 20,228 | 21,373 | ||
Development Agreements [Member] | Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years 7 months 6 days | |||
Developed Technology Rights [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||
Intangible assets, gross carrying value | $ 36,445 | |||
Intangible assets, cumulative amortization | (600) | |||
Intangible assets, cumulative impairment losses | 0 | |||
Effect of foreign currency exchange | 53 | |||
Intangible assets, net | $ 35,898 | 0 | 0 | 0 |
Developed Technology Rights [Member] | Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 9 years 9 months 18 days | |||
Business to Business Relationships [Member] | ||||
Intangible assets, gross carrying value | $ 28,000 | |||
Intangible assets, cumulative amortization | (652) | |||
Intangible assets, cumulative impairment losses | 0 | |||
Effect of foreign currency exchange | 12 | |||
Intangible assets, net | $ 27,360 | 0 | 0 | 0 |
Business to Business Relationships [Member] | Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |||
Business to Consumer Relationship [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | |||
Intangible assets, gross carrying value | $ 13,000 | |||
Intangible assets, cumulative amortization | (181) | |||
Intangible assets, cumulative impairment losses | 0 | |||
Effect of foreign currency exchange | 0 | |||
Intangible assets, net | $ 12,819 | $ 0 | $ 0 | $ 0 |
Business to Consumer Relationship [Member] | Weighted Average [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years 9 months 18 days |
Note 4 - Intangible Assets - Ch
Note 4 - Intangible Assets - Changes in Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Balance, finite lived | $ 69,819 | |||
Balance, indefinite lived | 1,368,420 | $ 1,382,173 | $ 1,466,891 | |
Impairments, total | (9,175) | (2,400) | (62,700) | |
Amortization, finite lived | (9,766) | (12,603) | (19,331) | |
Other, total | [1] | (2,687) | ||
Additions, total | 77,591 | 1,250 | ||
Impairments | (31,600) | (112,000) | ||
Effect of foreign currency exchange, finite lived | 65 | |||
Effect of foreign currency exchange, indefinite lived | 0 | |||
Effect of foreign currency exchange, total | 65 | |||
Balance, finite lived | 137,563 | 69,819 | ||
Balance, indefinite lived | 1,427,135 | 1,368,420 | 1,382,173 | |
Trademarks [Member] | ||||
Balance, indefinite lived | 176,800 | 179,200 | 202,387 | |
Impairments, indefinite lived | (9,175) | (2,400) | (20,500) | |
Other, finite lived | [1] | (2,687) | ||
Additions, total | 0 | |||
Additions, indefinite lived | 0 | |||
Effect of foreign currency exchange, indefinite lived | 0 | |||
Balance, indefinite lived | 167,625 | 176,800 | 179,200 | |
Gaming License Right [Member] | ||||
Balance, indefinite lived | 1,121,801 | 1,120,551 | 1,162,751 | |
Impairments, indefinite lived | 0 | 0 | (42,200) | |
Other, finite lived | [1] | 0 | ||
Additions, total | 1,250 | |||
Additions, indefinite lived | 146 | |||
Effect of foreign currency exchange, indefinite lived | 0 | |||
Balance, indefinite lived | 1,121,947 | 1,121,801 | 1,120,551 | |
Customer Relationships [Member] | ||||
Balance, finite lived | 4,302 | 13,038 | 28,502 | |
Impairments, finite lived | 0 | |||
Amortization, finite lived | (3,322) | (8,736) | (15,464) | |
Other, finite lived | [1] | 0 | ||
Additions, finite lived | 0 | 0 | ||
Impairments | 0 | 0 | ||
Effect of foreign currency exchange, finite lived | 0 | |||
Balance, finite lived | 980 | 4,302 | 13,038 | |
Host Relationships [Member] | ||||
Balance, finite lived | 44,144 | 48,011 | 51,878 | |
Impairments, finite lived | 0 | |||
Amortization, finite lived | (3,866) | (3,867) | (3,867) | |
Other, finite lived | [1] | 0 | ||
Additions, finite lived | 0 | 0 | ||
Impairments | 0 | 0 | ||
Effect of foreign currency exchange, finite lived | 0 | |||
Balance, finite lived | 40,278 | 44,144 | 48,011 | |
Development Agreement [Member] | ||||
Balance, finite lived | 21,373 | 21,373 | 21,373 | |
Impairments, finite lived | 0 | |||
Amortization, finite lived | (1,145) | 0 | 0 | |
Other, finite lived | [1] | 0 | ||
Additions, finite lived | 0 | 0 | ||
Impairments | 0 | 0 | ||
Effect of foreign currency exchange, finite lived | 0 | |||
Balance, finite lived | 20,228 | 21,373 | 21,373 | |
Developed Technology Rights [Member] | ||||
Balance, finite lived | 0 | 0 | 0 | |
Impairments, finite lived | 0 | |||
Amortization, finite lived | (600) | 0 | 0 | |
Other, finite lived | [1] | 0 | ||
Additions, finite lived | 36,445 | 0 | ||
Impairments | 0 | 0 | ||
Effect of foreign currency exchange, finite lived | 53 | |||
Balance, finite lived | 35,898 | 0 | 0 | |
Business to Business Relationships [Member] | ||||
Balance, finite lived | 0 | 0 | 0 | |
Impairments, finite lived | 0 | |||
Amortization, finite lived | (652) | 0 | 0 | |
Other, finite lived | 0 | |||
Additions, finite lived | 28,000 | 0 | ||
Impairments | 0 | 0 | ||
Effect of foreign currency exchange, finite lived | 12 | |||
Balance, finite lived | 27,360 | 0 | 0 | |
Business to Consumer Relationship [Member] | ||||
Balance, finite lived | 0 | 0 | 0 | |
Impairments, finite lived | 0 | |||
Amortization, finite lived | (181) | 0 | 0 | |
Other, finite lived | 0 | |||
Additions, finite lived | 13,000 | 0 | ||
Impairments | 0 | 0 | ||
Effect of foreign currency exchange, finite lived | 0 | |||
Balance, finite lived | $ 12,819 | $ 0 | $ 0 | |
[1]A domain rights asset was written off in second quarter 2020. |
Note 4 - Intangible Assets - Fu
Note 4 - Intangible Assets - Future Amortization (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 16,546 |
2024 | 15,646 |
2025 | 15,606 |
2026 | 15,606 |
2027 | 15,606 |
Thereafter | 58,553 |
Total future amortization | 137,563 |
Customer Relationships [Member] | |
2023 | 940 |
2024 | 40 |
2027 | 0 |
Total future amortization | 980 |
Host Agreements [Member] | |
2023 | 3,867 |
2024 | 3,867 |
2025 | 3,867 |
2026 | 3,867 |
2027 | 3,867 |
Thereafter | 20,943 |
Total future amortization | 40,278 |
Development Agreement [Member] | |
2023 | 3,053 |
2024 | 3,053 |
2025 | 3,053 |
2026 | 3,053 |
2027 | 3,053 |
Thereafter | 4,963 |
Total future amortization | 20,228 |
Developed Technology Rights [Member] | |
2023 | 3,689 |
2024 | 3,689 |
2025 | 3,689 |
2026 | 3,689 |
2027 | 3,689 |
Thereafter | 17,453 |
Total future amortization | 35,898 |
Business to Business Relationships [Member] | |
2023 | 3,914 |
2024 | 3,914 |
2025 | 3,914 |
2026 | 3,914 |
2027 | 3,914 |
Thereafter | 7,790 |
Total future amortization | 27,360 |
Business to Consumer Relationship [Member] | |
2023 | 1,083 |
2024 | 1,083 |
2025 | 1,083 |
2026 | 1,083 |
2027 | 1,083 |
Thereafter | 7,404 |
Total future amortization | $ 12,819 |
Note 5 - Goodwill (Details Text
Note 5 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2020 | Nov. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Goodwill, Ending Balance | $ 1,033,744 | $ 971,287 | $ 971,287 | $ 1,083,287 | |
Goodwill, Impairment Loss | 31,600 | 112,000 | |||
Midwest and South [Member] | |||||
Goodwill, Ending Balance | 627,393 | ||||
Goodwill, Impairment Loss | 31,600 | 89,400 | |||
Las Vegas Locals [Member] | |||||
Goodwill, Ending Balance | 405,488 | ||||
Goodwill, Impairment Loss | $ 22,600 | ||||
Pala Interactive LLC [Member] | |||||
Goodwill, Ending Balance | $ 94,000 | $ 94,037 |
Note 5 - Goodwill - Goodwill (D
Note 5 - Goodwill - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, gross | $ 1,361,399 | |||
Goodwill, cumulative amortization | (6,134) | |||
Goodwill, cumulative impairment losses | (321,541) | |||
Effect of Foreign Currency Exchange | 20 | |||
Goodwill, net | 1,033,744 | $ 971,287 | $ 971,287 | $ 1,083,287 |
Las Vegas Locals [Member] | ||||
Goodwill, gross | 593,567 | |||
Goodwill, cumulative amortization | 0 | |||
Goodwill, cumulative impairment losses | (188,079) | |||
Effect of Foreign Currency Exchange | 0 | |||
Goodwill, net | 405,488 | |||
Downtown Las Vegas [Member] | ||||
Goodwill, gross | 6,997 | |||
Goodwill, cumulative amortization | (6,134) | |||
Goodwill, cumulative impairment losses | 0 | |||
Effect of Foreign Currency Exchange | 0 | |||
Goodwill, net | 863 | |||
Midwest and South [Member] | ||||
Goodwill, gross | 760,835 | |||
Goodwill, cumulative amortization | 0 | |||
Goodwill, cumulative impairment losses | (133,462) | |||
Effect of Foreign Currency Exchange | 20 | |||
Goodwill, net | $ 627,393 |
Note 5 - Goodwill - Goodwill Ac
Note 5 - Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, goodwill | $ 971,287 | $ 971,287 | $ 1,083,287 |
Impairments | (31,600) | (112,000) | |
Account activity | 0 | ||
Additions, goodwill | 94,037 | ||
Effect of foreign currency exchange, goodwill | 20 | ||
Balance, goodwill | $ 1,033,744 | $ 971,287 | $ 971,287 |
Note 6 - Accrued Liabilities -
Note 6 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payroll and related | $ 73,619 | $ 99,880 |
Interest | 17,864 | 19,210 |
Gaming | 77,638 | 78,552 |
Player loyalty program | 25,852 | 28,430 |
Advance deposits | 20,792 | 15,320 |
Outstanding chips | 7,704 | 7,407 |
Dividends payable | 15,476 | 0 |
Operating leases | 88,776 | 84,884 |
Other | 84,192 | 79,262 |
Total accrued liabilities | 411,913 | 412,945 |
Accrued Liabilities 1 [Member] | ||
Operating leases | $ 88,776 | $ 84,884 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) $ in Thousands | 12 Months Ended | ||||||||||
Jun. 01, 2022 USD ($) | Nov. 05, 2021 USD ($) | Jun. 09, 2021 USD ($) | Jun. 08, 2021 USD ($) | Dec. 03, 2019 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 02, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 28, 2016 | |
Debt Instrument, Face Amount | $ 17,800 | ||||||||||
Long-Term Line of Credit, Total | $ 1,187,800 | $ 867,897 | |||||||||
Term A Loan [Member] | |||||||||||
Debt Instrument, Face Amount | $ 880,000 | ||||||||||
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 | ||||||||||
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% | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||||||||
Refinancing Term B Loans [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||||||||||
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% | ||||||||||
Bank Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,450,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,095,400 | ||||||||||
Bank Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,450,000 | ||||||||||
Long-Term Line of Credit, Total | 285,000 | ||||||||||
Bank Credit Facility [Member] | Swing Loan [Member] | |||||||||||
Long-Term Line of Credit, Total | 55,800 | ||||||||||
Bank Credit Facility [Member] | Letter of Credit [Member] | |||||||||||
Long-Term Line of Credit, Total | 13,800 | ||||||||||
Bank Credit Facility [Member] | Line of Credit [Member] | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,095,400 | ||||||||||
Term A Loan [Member] | |||||||||||
Debt Instrument, Fixed Quarterly Amortization of Principal Percentage | 5% | ||||||||||
Senior Notes [Member] | Senior Note 4750 Due 2031 Member | |||||||||||
Debt Instrument, Face Amount | $ 900,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | 4.75% | ||||||||
Debt Issuance Costs, Gross | $ 13,500 | ||||||||||
Debt Instrument, Conditional Repurchase Price Percent of Principal | 101% | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||||||
Debt Issuance Costs, Gross | $ 15,700 | ||||||||||
Debt Instrument, Conditional Repurchase Price Percent of Principal | 101% | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | In 2022 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.375% | ||||||||||
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | In 2024 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | 8.625% | |||||||||
Debt Instrument, Redemption Price, Percentage | 104.313% | ||||||||||
Extinguishment of Debt, Amount | $ 300,000 | $ 300,000 | |||||||||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||||||||||
Debt Instrument, Redemption Price, Percentage | 103.993% | ||||||||||
Extinguishment of Debt, Amount | $ 700,000 | ||||||||||
Senior Notes [Member] | Senior Note 6.375% Due 2026 [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | ||||||||||
Extinguishment of Debt, Amount | $ 750,000 | ||||||||||
Senior Notes [Member] | Senior Note 6.375% Due 2026 [Member] | In 2021 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 103.188% | ||||||||||
Senior Secured Notes [Member] | |||||||||||
Debt Instrument Covenant Terms, Minimum Required Coverage Ratio | 2 |
Note 7 - Long-term Debt - Sched
Note 7 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 05, 2021 | Jun. 08, 2021 |
Long-term debt, outstanding principal | $ 3,088,474 | $ 3,069,393 | ||
Long-term debt, unamortized discount | 0 | (293) | ||
Long-term debt, unamortized original fees and costs | (39,065) | (37,506) | ||
Long-term debt, net | 3,049,409 | 3,031,594 | ||
Long-term debt, outstanding principal, current | 44,275 | 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 | 44,275 | 41,673 | ||
Long-term debt, outstanding principal, noncurrent | 3,044,199 | 3,027,720 | ||
Long-term debt, unamortized discount, noncurrent | 0 | (293) | ||
Long-term debt, unamortized original fees and costs, noncurrent | (39,065) | (37,506) | ||
Long-term debt, net of current maturities and debt issuance costs | $ 3,005,134 | $ 2,989,921 | ||
Line of Credit [Member] | Bank Credit Facility [Member] | ||||
Long-term debt, interest rate | 6.166% | 2.286% | ||
Long-term debt, outstanding principal | $ 1,187,800 | $ 867,897 | ||
Long-term debt, unamortized discount | 0 | (293) | ||
Long-term debt, unamortized original fees and costs | (17,865) | (8,498) | ||
Long-term debt, net | $ 1,169,935 | $ 859,106 | ||
Senior Notes [Member] | Senior Note 4.750% Due 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 | (9,740) | (11,688) | ||
Long-term debt, net | $ 990,260 | $ 988,312 | ||
Senior Notes [Member] | Senior Note 4750 Due 2031 Member | ||||
Long-term debt, interest rate | 4.75% | 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 | (11,460) | (13,254) | ||
Long-term debt, net | $ 888,540 | $ 886,746 | ||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | ||||
Long-term debt, interest rate | 8.625% | 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 | |||
Other Long-Term Debt [Member] | ||||
Long-term debt, interest rate | 5.208% | 5.932% | ||
Long-term debt, outstanding principal | $ 674 | $ 1,496 | ||
Long-term debt, unamortized discount | 0 | 0 | ||
Long-term debt, unamortized original fees and costs | 0 | 0 | ||
Long-term debt, net | $ 674 | $ 1,496 |
Note 7 - Long-term Debt - Outst
Note 7 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Outstanding principal amounts | $ 1,187,800 | $ 867,897 |
Line of Credit [Member] | Term A Loan [Member] | ||
Outstanding principal amounts | 847,000 | 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 | 55,800 | 0 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Outstanding principal amounts | $ 285,000 | $ 0 |
Note 7 - Long-term Debt - Early
Note 7 - Long-term Debt - Early Extinguishment of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss on early extinguishments and modifications of debt | $ 19,815 | $ 95,155 | $ 1,791 |
Senior Note 6.375% Due 2026 [Member] | Premium [Member] | |||
Loss on early extinguishments and modifications of debt | 0 | 23,910 | 0 |
Senior Note 6.375% Due 2026 [Member] | Deferred Finance Charges [Member] | |||
Loss on early extinguishments and modifications of debt | 0 | 6,370 | 0 |
Senior Notes 6.000% Due 2026 [Member] | Premium [Member] | |||
Loss on early extinguishments and modifications of debt | 0 | 27,953 | 0 |
Senior Notes 6.000% Due 2026 [Member] | Deferred Finance Charges [Member] | |||
Loss on early extinguishments and modifications of debt | 0 | 7,240 | 0 |
Senior Notes 8.625% Due 2025 [Member] | Premium [Member] | |||
Loss on early extinguishments and modifications of debt | 12,939 | 25,873 | 0 |
Senior Notes 8.625% Due 2025 [Member] | Deferred Finance Charges [Member] | |||
Loss on early extinguishments and modifications of debt | 3,570 | 3,732 | 0 |
Bank Credit Facility [Member] | |||
Loss on early extinguishments and modifications of debt | 3,306 | 0 | 0 |
Bank Credit Facility [Member] | Deferred Finance Charges [Member] | |||
Loss on early extinguishments and modifications of debt | $ 77 | $ 1,791 |
Note 7 - Long-term Debt - Matur
Note 7 - Long-term Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 44,275 | |
2024 | 44,399 | |
2025 | 44,000 | |
2026 | 44,000 | |
2027 | 2,011,800 | |
Thereafter | 900,000 | |
Total outstanding principal of long-term debt | $ 3,088,474 | $ 3,069,393 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | |
Deferred Tax Assets, Valuation Allowance | $ 59,398 | $ 67,525 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (8,100) | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 2,500 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards | $ 906,200 | ||
Open Tax Year | 2011 2012 2013 2020 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
State net operating loss carryforwards | $ 53,889 | $ 73,884 |
Operating lease liability | 178,014 | 189,180 |
Share-based compensation | 13,119 | 13,811 |
Other | 40,144 | 66,378 |
Gross deferred income tax assets | 285,166 | 343,253 |
Valuation allowance | (59,398) | (67,525) |
Deferred income tax assets, net of valuation allowance | 225,768 | 275,728 |
Difference between book and tax basis of property and intangible assets | 328,062 | 307,194 |
State tax liability | 32,720 | 40,216 |
Right-of-use asset | 174,373 | 185,691 |
Other | 9,222 | 7,539 |
Gross deferred income tax liabilities | 544,377 | 540,640 |
Deferred income tax liabilities, net | $ 318,609 | $ 264,912 |
Note 8 - Income Taxes - Provisi
Note 8 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Federal | $ 129,424 | $ 0 | $ 0 |
State | 10,843 | 6,100 | (58) |
Total current taxes provision (benefit) | 140,267 | 6,100 | (58) |
Deferred | |||
Federal | 44,115 | 122,796 | (35,231) |
State | 5,047 | 11,197 | (1,025) |
Total deferred taxes provision (benefit) | 49,162 | 133,993 | (36,256) |
Provision (benefit) for income taxes | $ 189,429 | $ 140,093 | $ (36,314) |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax at federal statutory rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 1.50% | 2.30% | 0.50% |
Compensation-based credits | (0.30%) | (0.10%) | 0.60% |
Nondeductible expenses | 0.20% | 0.10% | (0.40%) |
Tax exempt interest | 0% | (0.10%) | 0.20% |
Company provided benefits | 0.40% | (0.10%) | (1.30%) |
Other, net | 0.10% | 0.10% | 0.60% |
Effective tax rate | 22.90% | 23.20% | 21.20% |
Note 8 - Income Taxes - Unrecog
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized tax benefit, beginning of year | $ 0 | $ 0 | $ 2,482 |
Tax positions related to current year | 0 | 0 | 0 |
Tax positions related to prior years | 0 | 0 | (2,482) |
Unrecognized tax benefit, end of year | $ 0 | $ 0 | $ 0 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2011 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 06, 2020 | Oct. 15, 2018 | Jul. 31, 2012 | Jan. 11, 2011 | |
Accrued Liabilities, Current, Total | $ 411,913,000 | $ 412,945,000 | |||||||
Parking Fee Per Space | 80 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 3,555,377,000 | 3,369,810,000 | $ 2,178,490,000 | ||||||
Project Development, Preopening and Writedowns Expense | (18,936,000) | 31,815,000 | (661,000) | ||||||
Hurricane [Member] | |||||||||
Insurance Recoveries | $ 13,200,000 | ||||||||
Gain on Business Interruption Insurance Recovery | 12,600,000 | ||||||||
Gold Merger Sub [Member] | Promissory Note [Member] | |||||||||
Notes Payable, Total | $ 57,700,000 | ||||||||
Development Agreement [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 24,500,000 | ||||||||
Project Development Preopening and Writedowns | 700,000 | ||||||||
Payments for Construction in Process | $ 6,500,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 31,900,000 | ||||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | 35,100,000 | ||||||||
Project Development, Preopening and Writedowns Expense | 20,400,000 | ||||||||
Interest Income (Expense), Net, Total | 14,700,000 | ||||||||
Financing Receivable, after Allowance for Credit Loss, Total | 83,800,000 | 31,800,000 | |||||||
Development Agreement [Member] | One-time Development Fee [Member] | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 5,000,000 | ||||||||
Development Agreement [Member] | Minimum [Member] | |||||||||
Unrecorded Commitment to Fund Pre Development Costs, Annual Amount | $ 1,000,000 | ||||||||
Development Agreement [Member] | Maximum [Member] | |||||||||
Unrecorded Commitment to Fund Pre Development Costs, Annual Amount | $ 2,000,000 | ||||||||
Diamond Jo Dubuque [Member] | |||||||||
Sponsor Fee Percentage on Slot and Table Game Revenues | 4.50% | ||||||||
Sponsor Fee Percentage on Sports Wagering Revenue | 0.75% | ||||||||
Sponsor Fees | $ 3,300,000 | 3,500,000 | $ 2,300,000 | ||||||
Diamond Jo Worth [Member] | |||||||||
Other Commitment Time Period (Year) | 10 years | ||||||||
Sponsor Fee Percentage on Slot and Table Game Revenues | 5.76% | ||||||||
Sponsor Fee Percentage on Sports Wagering Revenue | 0.75% | ||||||||
Sponsor Fees | $ 5,900,000 | $ 6,000,000 | $ 3,800,000 | ||||||
Master Lease for Pinnacle Purchase Agreement [Member] | |||||||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||||||||
Annual Donations for Education in Operating Area [Member] | Kansas Star [Member] | |||||||||
Other Commitment, Total | $ 1,500,000 | ||||||||
Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star [Member] | |||||||||
Other Commitment Time Period (Year) | 15 years | ||||||||
Debt Issued By Counterparty | $ 19,700,000 | ||||||||
Special Tax Assessment | 1,600,000 | 1,600,000 | |||||||
Accrued Liabilities, Current, Total | 4,100,000 | 5,000,000 | |||||||
Mulvane Special Tax Assessment for Utilities, Discount [Member] | Kansas Star [Member] | |||||||||
Accrued Liabilities, Current, Total | 1,100,000 | 1,600,000 | |||||||
Additional Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star [Member] | |||||||||
Debt Issued By Counterparty | 5,000,000 | ||||||||
Special Tax Assessment | 1,600,000 | ||||||||
Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque [Member] | |||||||||
Property Taxes Minimum Agreed Taxable Value | 57,900,000 | ||||||||
Other Commitment, Minimum Annual Payments | 1,900,000 | 1,900,000 | |||||||
Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque [Member] | Other Liabilities [Member] | |||||||||
Other Commitment Obligation | 11,700,000 | 12,200,000 | |||||||
Other Commitment, Discount on Obligation | $ 1,800,000 | $ 2,000,000 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Lease, Cost | $ 22.4 | $ 20.1 |
Las Vegas Locals [Member] | ||
Operating Lease, Impairment Loss | $ 5.8 | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 54 years | |
Lessee, Operating Lease, Option To Extend Lease Term (Year) | 63 years |
Note 10 - Leases - Lease Cost (
Note 10 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost | $ 153,961 | $ 125,693 |
Short-term lease cost | $ (685) | $ (1,667) |
Note 10 - Leases - Supplemental
Note 10 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating cash flows from operating leases | $ 155,085 | $ 129,053 |
Operating leases | $ 32,080 | $ 55,673 |
Note 10 - Leases - Supplement_2
Note 10 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets, including favorable lease rates asset | $ 830,345 | $ 884,241 |
Current lease liabilities (included in accrued liabilities) | 88,776 | 84,884 |
Long-term portion of operating lease liabilities | $ 758,440 | $ 815,974 |
Operating leases (in years) (Year) | 15 years 6 months | 16 years 1 month 6 days |
Operating leases | 8.70% | 8.60% |
Accrued Liabilities [Member] | ||
Current lease liabilities (included in accrued liabilities) | $ 88,776 | |
Total operating lease liabilities | $ 847,216 | $ 900,858 |
Note 10 - Leases - Maturity of
Note 10 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 152,487 | |
2024 | 152,398 | |
2025 | 120,710 | |
2026 | 120,833 | |
2027 | 119,928 | |
Thereafter | 910,315 | |
Total lease payments | 1,576,671 | |
Less imputed interest | (729,455) | |
Less current portion (included in accrued liabilities) | (88,776) | $ (84,884) |
Long-term portion of operating lease liabilities | 758,440 | $ 815,974 |
Accrued Liabilities [Member] | ||
Less current portion (included in accrued liabilities) | $ (88,776) |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Rental Income (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 3,260 |
2024 | 2,417 |
2025 | 1,018 |
2026 | 338 |
2027 | 245 |
Thereafter | 930 |
Total | $ 8,208 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 01, 2022 | Oct. 21, 2021 | Mar. 16, 2020 | Dec. 12, 2018 | ||
Stock Repurchased and Retired During Period, Shares (in shares) | [1],[2] | 9,424,000 | 1,310,000 | 683,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 6,800 | $ 17,900 | $ 5,700 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | 0 | 0 | 0 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0 | $ 0 | $ 0 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6,800 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | |||||||||||
Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,400 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Awards if Only Threshhold Performance Met, Percentage | 50% | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Awards for Target Performance, Percentage | 100% | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Awards for Maximum Performance, Percentage | 200% | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 408,609 | 90,444 | 364,810 | |||||||||
Shares Issued Per Unit (in shares) | 1.58 | 0.33 | 1.53 | |||||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 114,265 | 30,129 | 126,465 | |||||||||
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares) | 294,344 | 60,315 | 238,345 | |||||||||
Shares to be Issued to Settle PSUs (in shares) | 0.9 | |||||||||||
Career Shares [Member] | ||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,400 | |||||||||||
Career Shares [Member] | Executive Officer [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Award Eligibility Minimum Age (Year) | 55 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 10 years | |||||||||||
Career Shares [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Service Period (Year) | 10 years | |||||||||||
Career Shares [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Service Period (Year) | 15 years | |||||||||||
Career Shares [Member] | Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Service Period (Year) | 20 years | |||||||||||
The 2020 Plan [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Expiration of Plan (Year) | 10 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,300,000 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 7,100,000 | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 9,500,000 | |||||||||||
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 | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 61,400 | |||||||||||
The 2021 Program [Member] | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | $ 300,000 | ||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 239,000 | |||||||||||
[1]All shares repurchased have been retired and constitute authorized but unissued shares.[2]Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2022, 2021 and 2020. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31 of each year. |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity and Stock Incentive Plans - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Shares repurchased (2) (in shares) | [1],[2] | 9,424 | 1,310 | 683 |
Total cost, including brokerage fees | [2] | $ 541,642 | $ 80,782 | $ 11,121 |
Average repurchase price per share (3) (in dollars per share) | [2],[3] | $ 57.48 | $ 61.67 | $ 16.29 |
[1]All shares repurchased have been retired and constitute authorized but unissued shares.[2]Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2022, 2021 and 2020. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31 of each year.[3]Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) - $ / shares | Dec. 08, 2022 | Sep. 15, 2022 | Jun. 01, 2022 | Feb. 03, 2022 | Dec. 17, 2019 |
Dividend Declared December 17, 2019 [Member] | |||||
Dividends, record date | Dec. 27, 2019 | ||||
Dividends, payment date | Jan. 15, 2020 | ||||
Dividends, amount per share (in dollars per share) | $ 0.07 | ||||
Dividend Declared February 03, 2022 [Member] | |||||
Dividends, record date | Mar. 15, 2022 | ||||
Dividends, payment date | Apr. 15, 2022 | ||||
Dividends, amount per share (in dollars per share) | $ 0.15 | ||||
Dividend Declared June 01, 2022 [Member] | |||||
Dividends, record date | Jun. 30, 2022 | ||||
Dividends, payment date | Jul. 15, 2022 | ||||
Dividends, amount per share (in dollars per share) | $ 0.15 | ||||
Dividend Declared September 15, 2022 [Member] | |||||
Dividends, record date | Sep. 30, 2022 | ||||
Dividends, payment date | Oct. 15, 2022 | ||||
Dividends, amount per share (in dollars per share) | $ 0.15 | ||||
Dividend Declared Dec. 8 2022 [Member] | |||||
Dividends, record date | Dec. 19, 2022 | ||||
Dividends, payment date | Jan. 15, 2023 | ||||
Dividends, amount per share (in dollars per share) | $ 0.15 |
Note 11 - Stockholders' Equit_6
Note 11 - Stockholders' Equity and Stock Incentive Plans - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, options (in shares) | 274,332 | 645,348 | 887,728 |
Outstanding, weighted average option price (in dollars per share) | $ 17.02 | $ 14.07 | $ 12.48 |
Canceled, options (in shares) | 0 | (2,000) | |
Canceled, weighted average option price (in dollars per share) | $ 0 | $ 0 | $ 8.34 |
Exercised, options (in shares) | (165,951) | (371,016) | (240,380) |
Exercised, weighted average option price (in dollars per share) | $ 0 | $ 11.88 | $ 8.23 |
Granted, weighted average option price (in dollars per share) | $ 0 | $ 0 | |
Outstanding, options (in shares) | 108,381 | 274,332 | 645,348 |
Outstanding, weighted average option price (in dollars per share) | $ 14.58 | $ 17.02 | $ 14.07 |
Outstanding, weighted average remaining term (Year) | 2 years 3 months 18 days | ||
Outstanding, aggregate intrinsic value | $ 4,329 | ||
Exercisable, options (in shares) | 108,381 | 274,332 | |
Exercisable, weighted average option price (in dollars per share) | $ 14.58 | $ 17.02 | |
Exercisable, weighted average remaining term (Year) | 2 years 3 months 18 days | 4 years | |
Exercisable, aggregate intrinsic value | $ 4,329 | $ 13,318 |
Note 11 - Stockholders' Equit_7
Note 11 - Stockholders' Equity and Stock Incentive Plans - Stock Options Outstanding Exercisable (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Options outstanding, number outstanding (in shares) | shares | 108,381 |
Options outstanding, weighted average remaining contractual life (Year) | 2 years 3 months 18 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 14.58 |
Options exercisable, number exercisable (in shares) | shares | 108,381 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 14.58 |
Range Four [Member] | |
Options outstanding, number outstanding (in shares) | shares | 32,000 |
Options outstanding, weighted average remaining contractual life (Year) | 10 months 24 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.86 |
Options exercisable, number exercisable (in shares) | shares | 32,000 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 9.86 |
Range Five [Member] | |
Options outstanding, number outstanding (in shares) | shares | 23,431 |
Options outstanding, weighted average remaining contractual life (Year) | 1 year 10 months 24 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 11.57 |
Options exercisable, number exercisable (in shares) | shares | 23,431 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 11.57 |
Range Six [Member] | |
Options outstanding, number outstanding (in shares) | shares | 28,708 |
Options outstanding, weighted average remaining contractual life (Year) | 3 years 10 months 24 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 17.75 |
Options exercisable, number exercisable (in shares) | shares | 28,708 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 17.75 |
Range 7 [Member] | |
Options outstanding, number outstanding (in shares) | shares | 24,242 |
Options outstanding, weighted average remaining contractual life (Year) | 2 years 9 months 18 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 19.98 |
Options exercisable, number exercisable (in shares) | shares | 24,242 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 19.98 |
Note 11 - Stockholders' Equit_8
Note 11 - Stockholders' Equity and Stock Incentive Plans - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, units (in shares) | 1,189,830 | 1,227,753 | 1,768,757 |
Granted, units (in shares) | 259,030 | 456,492 | 45,150 |
Granted, weighted average grant date fair value, units (in dollars per share) | $ 67.73 | $ 52.59 | $ 29.17 |
Canceled, units (in shares) | (29,273) | (27,782) | (54,752) |
Awarded, units (in shares) | (501,339) | (466,633) | (531,402) |
Outstanding, units (in shares) | 918,248 | 1,189,830 | 1,227,753 |
Note 11 - Stockholders' Equit_9
Note 11 - Stockholders' Equity and Stock Incentive Plans - PSU Activity (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, units (in shares) | 647,789 | 796,245 | 1,069,809 |
Granted, units (in shares) | 128,003 | 127,250 | 0 |
Granted, weighted average grant date fair value, units (in dollars per share) | $ 68.41 | $ 55.25 | $ 0 |
Performance Adjustment, units (in shares) | 150,009 | (180,861) | 126,375 |
Canceled, units (in shares) | (2,466) | (2,071) | (11,328) |
Awarded, units (in shares) | (409,045) | (92,774) | (388,611) |
Outstanding, units (in shares) | 514,290 | 647,789 | 796,245 |
Note 11 - Stockholders' Equi_10
Note 11 - Stockholders' Equity and Stock Incentive Plans - Career Share Activity (Details) - Career Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, units (in shares) | 1,048,638 | 1,037,320 | 1,062,311 |
Granted, units (in shares) | 24,388 | 36,123 | 51,262 |
Granted, weighted average grant date fair value, units (in dollars per share) | $ 64.93 | $ 42.12 | $ 30.05 |
Canceled, units (in shares) | (2,251) | (1,295) | (5,816) |
Awarded, units (in shares) | (138,954) | (23,510) | (70,437) |
Outstanding, units (in shares) | 931,821 | 1,048,638 | 1,037,320 |
Note 11 - Stockholders' Equi_11
Note 11 - Stockholders' Equity and Stock Incentive Plans - Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation expense | $ 34,066 | $ 37,773 | $ 9,202 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based compensation expense | 16,210 | 21,599 | 11,131 |
Performance Shares [Member] | |||
Share-based compensation expense | 16,432 | 14,883 | (3,166) |
Career Shares [Member] | |||
Share-based compensation expense | $ 1,424 | $ 1,291 | $ 1,237 |
Note 11 - Stockholders' Equi_12
Note 11 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation expense | $ 34,066 | $ 37,773 | $ 9,202 |
Gaming [Member] | |||
Share-based compensation expense | 909 | 873 | 539 |
Food & Beverage [Member] | |||
Share-based compensation expense | 174 | 167 | 103 |
Room [Member] | |||
Share-based compensation expense | 82 | 79 | 49 |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation expense | 4,618 | 4,437 | 2,738 |
Corporate Expense [Member] | |||
Share-based compensation expense | $ 28,283 | $ 32,217 | $ 5,773 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) $ in Millions | Dec. 20, 2011 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Securities, Available-for-Sale, Amortized Cost, Total | $ 17.8 | ||
Debt Security Interest Rate Stated Percentage | 7.50% | ||
Debt Securities, Available-for-Sale, Current | $ 0.7 | $ 0.6 | |
Debt Securities, Available-for-Sale, Noncurrent | 13 | 15.2 | |
Debt Security, Available-For-Sale, Fair Value Discount Amount | 2.2 | 2.3 | |
Business Combination Contingent Consideration Arrangements, Payment To Option Holder Percentage Of Ebitda | 1% | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Debt Securities, Available-for-Sale, Current | 0.7 | 0.6 | |
Other Noncurrent Assets [Member] | |||
Debt Securities, Available-for-Sale, Noncurrent | $ 13 | 15.2 | |
Accrued Liabilities 1 [Member] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 0.1 | ||
Measurement Input, Discount Rate [Member] | |||
Debt Securities, Available-for-Sale, Measurement Input | 0.124 | 0.101 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment available for sale | $ 13,700 | $ 15,800 |
Fair Value, Recurring [Member] | ||
Cash and cash equivalents | 283,472 | 344,557 |
Restricted cash | 11,593 | 12,571 |
Investment available for sale | 13,670 | 15,822 |
Contingent payments | 62 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 283,472 | 344,557 |
Restricted cash | 11,593 | 12,571 |
Investment available for sale | 0 | 0 |
Contingent payments | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | 0 | 0 |
Contingent payments | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | $ 13,670 | 15,822 |
Contingent payments | $ 62 |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contingent Payments [Member] | ||
Balance at beginning of reporting period, liability | $ (62) | $ (924) |
Included in interest income (expense), liability | 0 | (29) |
Included in other comprehensive income (loss), liability | 0 | 0 |
Included in other items, net, liability | 0 | 52 |
Settlements, liability | 62 | 839 |
Balance at end of reporting period, liability | 0 | (62) |
Investment, Available-For-Sale [Member] | ||
Balance at beginning of reporting period, asset | 15,822 | 16,692 |
Included in interest income (expense), asset | 167 | 161 |
Included in other comprehensive income (loss), asset | (1,684) | (441) |
Included in other items, net, asset | 0 | 0 |
Settlements, asset | (635) | (590) |
Balance at end of reporting period, asset | $ 13,670 | $ 15,822 |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Nonrecurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Note receivable | $ 118,162 | $ 103,574 |
Obligation under assessment arrangements | 22,293 | 24,306 |
Reported Value Measurement [Member] | ||
Note receivable | 83,791 | 31,766 |
Obligation under assessment arrangements | 19,304 | 20,734 |
Estimate of Fair Value Measurement [Member] | ||
Note receivable | 82,338 | 35,108 |
Obligation under assessment arrangements | $ 25,738 | $ 26,908 |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Nonrecurring [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term debt | $ 3,088,474,000 | $ 3,069,393,000 |
Reported Value Measurement [Member] | ||
Long-term debt | 3,049,409,000 | 3,031,594,000 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 2,897,114,000 | 3,128,058,000 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | ||
Long-term debt | 1,187,800,000 | 867,897 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 1,169,935,000 | 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 | 1,183,565,000 | 866,812 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | ||
Long-term debt | 1,000,000,000 | |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 990,260,000 | |
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 | 928,750,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4.750% Due 2027 [Member] | Senior Notes [Member] | ||
Long-term debt | 1,000,000,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4.750% Due 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 988,312,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4.750% Due 2027 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 1,023,750,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | ||
Long-term debt | 900,000,000 | 900,000,000 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 888,540,000 | 886,746,000 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 784,125,000 | 915,750,000 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | ||
Long-term debt | 300,000,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 295,934,000 | |
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 | 320,250,000 | |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | ||
Long-term debt | 674,000 | 1,496,000 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 674,000 | 1,496,000 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 674,000 | $ 1,496,000 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1.2 | $ 0.9 | $ 1 |
Defined Contribution Plan, Cost | $ 5.1 | $ 3.4 | $ 4 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Reportable Segments | 3 |
Note 14 - Segment Information -
Note 14 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,555,377 | $ 3,369,810 | $ 2,178,490 |
Casino [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 2,674,730 | 2,705,523 | 1,775,358 |
Food and Beverage [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 275,979 | 230,045 | 178,878 |
Occupancy [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 189,071 | 154,180 | 104,968 |
Product and Service, Other [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 415,597 | 280,062 | 119,286 |
Las Vegas Locals [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 930,730 | 886,054 | 561,989 |
Las Vegas Locals [Member] | Casino [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 700,230 | 695,635 | 430,303 |
Las Vegas Locals [Member] | Food and Beverage [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 88,219 | 74,771 | 59,564 |
Las Vegas Locals [Member] | Occupancy [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 87,726 | 71,586 | 45,446 |
Las Vegas Locals [Member] | Product and Service, Other [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 54,555 | 44,062 | 26,676 |
Downtown Las Vegas [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 215,332 | 155,806 | 94,503 |
Downtown Las Vegas [Member] | Casino [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 139,115 | 105,539 | 58,468 |
Downtown Las Vegas [Member] | Food and Beverage [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 41,578 | 28,149 | 18,647 |
Downtown Las Vegas [Member] | Occupancy [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 24,950 | 15,042 | 9,369 |
Downtown Las Vegas [Member] | Product and Service, Other [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 9,689 | 7,076 | 8,019 |
Midwest and South [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 2,409,315 | 2,327,950 | 1,521,998 |
Midwest and South [Member] | Casino [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 1,835,385 | 1,904,349 | 1,286,587 |
Midwest and South [Member] | Food and Beverage [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 146,182 | 127,125 | 100,667 |
Midwest and South [Member] | Occupancy [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 76,395 | 67,552 | 50,153 |
Midwest and South [Member] | Product and Service, Other [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 351,353 | $ 228,924 | $ 84,591 |
Note 14 - Segment Information_3
Note 14 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate expense | $ 117,007 | $ 117,675 | $ 76,143 |
Adjusted EBITDAR | 1,390,509 | 1,365,985 | 609,894 |
Deferred rent | 768 | 828 | 888 |
Master lease rent expense | 106,616 | 104,702 | 101,907 |
Depreciation and amortization | 258,179 | 267,787 | 281,031 |
Share-based compensation expense | 34,066 | 37,773 | 9,202 |
Project Development, Preopening and Writedowns Expense | (18,936) | 31,815 | (661) |
Impairment of assets | 40,775 | 8,200 | 174,700 |
Other operating items, net | (12,183) | 14,776 | 28,564 |
Total other operating costs and expenses | 409,285 | 465,881 | 595,631 |
Operating income | 981,224 | 900,104 | 14,263 |
Interest income | (21,530) | (1,819) | (1,900) |
Interest expense, net of amounts capitalized | 151,249 | 199,442 | 230,484 |
Loss on early extinguishments and modifications of debt | 19,815 | 95,155 | 1,791 |
Other, net | 2,884 | 3,387 | (45,098) |
Total other expense, net | 152,418 | 296,165 | 185,277 |
Income before income taxes | 828,806 | 603,939 | (171,014) |
Income tax benefit (provision) | (189,429) | (140,093) | 36,314 |
Net income | 639,377 | 463,846 | (134,700) |
Las Vegas Locals [Member] | |||
Total Reportable Segment Adjusted EBITDAR | 481,643 | 473,187 | 198,744 |
Downtown Las Vegas [Member] | |||
Total Reportable Segment Adjusted EBITDAR | 86,049 | 51,300 | 1,075 |
Midwest and South [Member] | |||
Total Reportable Segment Adjusted EBITDAR | 911,541 | 926,955 | 480,446 |
Corporate Segment [Member] | |||
Corporate expense | $ (88,724) | $ (85,457) | $ (70,371) |
Note 14 - Segment Information_4
Note 14 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | $ 6,311,127 | $ 6,224,169 |
Las Vegas Locals [Member] | ||
Assets | 1,613,553 | 1,641,409 |
Downtown Las Vegas [Member] | ||
Assets | 265,876 | 228,161 |
Midwest and South [Member] | ||
Assets | 4,040,681 | 3,947,076 |
Total Reportable Segment [Member] | ||
Assets | 5,920,110 | 5,816,646 |
Corporate Segment [Member] | ||
Assets | $ 391,017 | $ 407,523 |
Note 14 - Segment Information_5
Note 14 - Segment Information - Reconciliation of Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital expenditures | $ 271,677 | $ 202,625 | $ 174,786 |
Change in Accrued Capital Expenditure Additions | (2,522) | (3,173) | 244 |
Cash-Based Capital Expenditures | 269,155 | 199,452 | 175,030 |
Las Vegas Locals [Member] | |||
Capital expenditures | 37,339 | 24,724 | 23,936 |
Downtown Las Vegas [Member] | |||
Capital expenditures | 52,423 | 36,954 | 15,150 |
Midwest and South [Member] | |||
Capital expenditures | 114,041 | 90,994 | 68,933 |
Total Reportable Segment [Member] | |||
Capital expenditures | 203,803 | 152,672 | 108,019 |
Corporate Segment [Member] | |||
Capital expenditures | $ 67,874 | $ 49,953 | $ 66,767 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Details Textual) | Dec. 31, 2022 |
William S. Boyd and His Immediate Family [Member] | |
Ownership Percentage | 27% |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) | Feb. 14, 2023 $ / shares |
Subsequent Event [Member] | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.16 |