Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000906553 | |
Entity Registrant Name | BOYD GAMING CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-12882 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0242733 | |
Entity Address, Address Line One | 6465 South Rainbow Boulevard | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89118 | |
City Area Code | 702 | |
Local Phone Number | 792-7200 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | BYD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 94,877,204 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 283,545 | $ 304,271 |
Restricted cash | 4,493 | 3,659 |
Accounts receivable, net | 118,896 | 137,892 |
Inventories | 20,442 | 20,692 |
Prepaid expenses and other current assets | 53,053 | 59,293 |
Income taxes receivable | 0 | 3,508 |
Total current assets | 480,429 | 529,315 |
Property and equipment, net | 2,573,183 | 2,542,512 |
Operating lease right-of-use assets | 778,462 | 793,335 |
Other assets, net | 69,572 | 67,779 |
Intangible assets, net | 1,378,946 | 1,392,844 |
Goodwill, net | 947,300 | 947,341 |
Total assets | 6,227,892 | 6,273,126 |
Current liabilities | ||
Accounts payable | 106,408 | 124,668 |
Current maturities of long-term debt | 44,325 | 44,275 |
Accrued liabilities | 412,402 | 427,379 |
Income taxes payable | 37,258 | 0 |
Total current liabilities | 600,393 | 596,322 |
Long-term debt, net of current maturities and debt issuance costs | 2,823,739 | 2,871,223 |
Operating lease liabilities, net of current portion | 696,929 | 711,387 |
Deferred income taxes | 288,988 | 288,826 |
Other liabilities | 62,887 | 61,266 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value, 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 95,409,736 and 96,832,453 shares outstanding | 954 | 968 |
Additional paid-in capital | 0 | 0 |
Retained earnings | 1,755,168 | 1,744,232 |
Accumulated other comprehensive loss | (1,166) | (1,098) |
Total stockholders' equity | 1,754,956 | 1,744,102 |
Total liabilities and stockholders' equity | $ 6,227,892 | $ 6,273,126 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 95,409,736 | 96,832,453 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total revenues | $ 960,521 | $ 963,966 |
Operating costs and expenses | ||
Selling, general and administrative | 108,184 | 100,319 |
Master lease rent expense | 27,235 | 26,828 |
Maintenance and utilities | 34,744 | 36,026 |
Depreciation and amortization | 62,913 | 61,560 |
Corporate expense | 29,385 | 28,655 |
Project development, preopening and writedowns | 3,021 | (18,874) |
Non-cash impairment of assets | 10,500 | 4,537 |
Other operating items, net | 411 | 220 |
Total operating costs and expenses | 741,136 | 679,087 |
Operating income | 219,385 | 284,879 |
Other expense (income) | ||
Interest income | (446) | (18,145) |
Interest expense, net of amounts capitalized | 42,309 | 43,866 |
Other, net | 50 | 104 |
Total other expense, net | 41,913 | 25,825 |
Income before income taxes | 177,472 | 259,054 |
Income tax provision | (40,999) | (59,323) |
Net income | $ 136,473 | $ 199,731 |
Basic net income per common share (in dollars per share) | $ 1.4 | $ 1.93 |
Weighted average basic shares outstanding (in shares) | 97,434 | 103,620 |
Diluted net income per common share (in dollars per share) | $ 1.4 | $ 1.93 |
Weighted average diluted shares outstanding (in shares) | 97,479 | 103,672 |
Casino [Member] | ||
Total revenues | $ 634,131 | $ 664,308 |
Operating costs and expenses | ||
Cost of Revenue | 245,686 | 249,795 |
Food and Beverage [Member] | ||
Total revenues | 72,639 | 71,584 |
Operating costs and expenses | ||
Cost of Revenue | 61,957 | 59,329 |
Occupancy [Member] | ||
Total revenues | 48,947 | 50,065 |
Operating costs and expenses | ||
Cost of Revenue | 18,712 | 17,120 |
Online [Member] | ||
Total revenues | 146,170 | 122,863 |
Operating costs and expenses | ||
Cost of Revenue | 125,475 | 102,005 |
Management Service [Member] | ||
Total revenues | 22,245 | 20,030 |
Product and Service, Other [Member] | ||
Total revenues | 36,389 | 35,116 |
Operating costs and expenses | ||
Cost of Revenue | $ 12,913 | $ 11,567 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 136,473 | $ 199,731 |
Other comprehensive income (loss), net of tax: | ||
Fair value adjustments to available-for-sale securities | 250 | 474 |
Foreign currency translation adjustments | (318) | 4 |
Comprehensive income | $ 136,405 | $ 200,209 |
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, 2022 | 102,816,110 | |||||
Balances at Dec. 31, 2022 | $ 1,028 | $ 305,152 | $ 1,285,827 | $ (1,382) | $ 1,590,625 | |
Net income | 0 | 0 | 199,731 | 0 | 199,731 | |
Comprehensive income (loss), net of tax | 0 | 0 | 0 | 474 | 474 | |
Foreign currency translation adjustments | $ 0 | 0 | 0 | 4 | 4 | |
Release of restricted stock units, net of tax (in shares) | 45,942 | |||||
Release of restricted stock units, net of tax | $ 1 | (1,926) | 0 | 0 | (1,925) | |
Release of performance stock units, net of tax (in shares) | 318,878 | |||||
Release of performance stock units, net of tax | $ 3 | (12,777) | 0 | 0 | $ (12,774) | |
Shares repurchased and retired (in shares) | (1,726,308) | (1,726,000) | [1],[2] | |||
Shares repurchased and retired | $ (17) | (106,994) | 0 | 0 | $ (107,011) | |
Dividends declared | 0 | 0 | (16,289) | 0 | (16,289) | |
Share-based compensation costs | $ 0 | 7,819 | 0 | 0 | 7,819 | |
Stock options exercised (in shares) | 32,000 | |||||
Stock options exercised | $ 0 | 315 | 0 | 0 | 315 | |
Balances (in shares) at Mar. 31, 2023 | 101,486,622 | |||||
Balances at Mar. 31, 2023 | $ 1,015 | 191,589 | 1,469,269 | (904) | $ 1,660,969 | |
Balances (in shares) at Dec. 31, 2023 | 96,832,453 | 96,832,453 | ||||
Balances at Dec. 31, 2023 | $ 968 | 0 | 1,744,232 | (1,098) | $ 1,744,102 | |
Net income | 0 | 0 | 136,473 | 0 | 136,473 | |
Comprehensive income (loss), net of tax | 0 | 0 | 0 | 250 | 250 | |
Foreign currency translation adjustments | $ 0 | 0 | 0 | (318) | (318) | |
Release of restricted stock units, net of tax (in shares) | 85,597 | |||||
Release of restricted stock units, net of tax | $ 1 | (1,586) | (2,049) | 0 | (3,634) | |
Release of performance stock units, net of tax (in shares) | 150,063 | |||||
Release of performance stock units, net of tax | $ 2 | (119) | (6,091) | 0 | $ (6,208) | |
Shares repurchased and retired (in shares) | (1,658,377) | (1,658,000) | [1],[2] | |||
Shares repurchased and retired | $ (17) | (5,155) | (101,133) | 0 | $ (106,305) | |
Dividends declared | 0 | 0 | (16,264) | 0 | (16,264) | |
Share-based compensation costs | $ 0 | 6,860 | 0 | 0 | $ 6,860 | |
Balances (in shares) at Mar. 31, 2024 | 95,409,736 | 95,409,736 | ||||
Balances at Mar. 31, 2024 | $ 954 | $ 0 | $ 1,755,168 | $ (1,166) | $ 1,754,956 | |
[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, 2023, 2022 and 2021. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31 of each year. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividends per share (in dollars per share) | $ 0.17 | $ 0.16 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net income | $ 136,473 | $ 199,731 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 62,913 | 61,560 |
Amortization of debt financing costs and discounts on debt | 1,903 | 2,030 |
Non-cash operating lease expense | 22,604 | 19,544 |
Non-cash expected credit loss (income) on note receivable | 0 | (34,371) |
Share-based compensation expense | 6,860 | 7,819 |
Deferred income taxes | 179 | 17,531 |
Non-cash impairment of assets | 10,500 | 4,537 |
Other operating activities | 1,859 | (29) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 18,970 | 6,027 |
Inventories | 250 | 200 |
Prepaid expenses and other current assets | 6,704 | (5,148) |
Income taxes payable, net | 40,766 | 41,984 |
Other assets, net | (1,770) | (1,268) |
Accounts payable and accrued liabilities | (38,460) | (34,485) |
Operating lease liabilities | (22,604) | (19,544) |
Other liabilities | 3,582 | 16,057 |
Net cash provided by operating activities | 250,729 | 282,175 |
Cash Flows from Investing Activities | ||
Capital expenditures | (89,645) | (96,100) |
Payments received on note receivable | 208 | 17,315 |
Other investing activities | (893) | (1,142) |
Net cash used in investing activities | (90,330) | (79,927) |
Cash Flows from Financing Activities | ||
Borrowings under credit facility | 364,300 | 356,900 |
Payments under credit facility | (413,600) | (439,700) |
Share-based compensation activities | (9,842) | (14,384) |
Shares repurchased and retired | (105,500) | (106,327) |
Dividends paid | (15,510) | (15,475) |
Other financing activities | (37) | (51) |
Net cash used in financing activities | (180,189) | (219,037) |
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (102) | (3) |
Change in cash, cash equivalents and restricted cash | (19,892) | (16,792) |
Cash, cash equivalents and restricted cash, beginning of period | 307,930 | 295,065 |
Cash, cash equivalents and restricted cash, end of period | 288,038 | 278,273 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 40,830 | 41,075 |
Cash received for interest | 212 | 5,120 |
Cash received for income taxes | (340) | (32) |
Supplemental Schedule of Non-cash Investing and Financing Activities | ||
Payables incurred for capital expenditures | 23,172 | 2,356 |
Dividends declared not yet paid | 16,262 | 16,289 |
Expected credit loss (income) on note receivable | $ 0 | $ (34,371) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 1975. We are a geographically diversified operator of 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ( "B2B" "B2C" Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10 10 X not December 31, 2023 February 26, 2024. The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% not Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three not may Restricted Cash Restricted cash consists primarily of: (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) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. March 31, December 31, March 31, December 31, (In thousands) 2024 2023 2023 2022 Cash and cash equivalents $ 283,545 $ 304,271 $ 263,453 $ 283,472 Restricted cash 4,493 3,659 14,820 11,593 Total cash, cash equivalents and restricted cash $ 288,038 $ 307,930 $ 278,273 $ 295,065 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. Our lease terms may not Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C Collaborative Arrangements not two not not no 4, 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 4, Accrued Liabilities The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one 4, Accrued Liabilities The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows: Three Months Ended March 31, (In thousands) 2024 2023 Food & beverage $ 30,668 $ 28,259 Room 14,672 15,148 Other 2,025 1,876 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 in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $126.7 million three March 31, 2024 2023 Collaborative Arrangements million and $0.6 million three March 31, 2024 2023 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" Collaborative Arrangements We hold a five one third Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third million three March 31, 2024 2023 Our five 321, Accounting for Investments in Equity Securities not may not Currency Translation The Company translates the financial statements of its foreign subsidiary that are not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recently Issued Accounting Pronouncements A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not |
Note 2 - Property and Equipment
Note 2 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2. Property and equipment, net consists of the following: March 31, December 31, (In thousands) 2024 2023 Land $ 338,469 $ 338,469 Buildings and improvements 3,248,242 3,237,863 Furniture and equipment 1,779,469 1,742,666 Riverboats and barges 241,826 241,826 Construction in progress 225,019 182,710 Total property and equipment 5,833,025 5,743,534 Less accumulated depreciation (3,259,842 ) (3,201,022 ) Property and equipment, net $ 2,573,183 $ 2,542,512 Depreciation expense is as follows: Three Months Ended March 31, (In thousands) 2024 2023 Depreciation expense $ 58,823 $ 57,399 |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 3. Intangible assets, net consist of the following: March 31, 2024 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining Carrying Accumulated Impairment Currency Intangible (In thousands) (in years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.8 $ 3,925 $ (3,895 ) $ — $ — $ 30 Host agreements 9.2 58,000 (22,556 ) — — 35,444 Development agreement 5.4 21,373 (4,961 ) — — 16,412 Developed technology 8.2 40,872 (5,575 ) — 57 35,354 B2B relationships 5.8 28,000 (5,545 ) — 14 22,469 B2C relationships 10.6 13,000 (1,535 ) — — 11,465 165,170 (44,067 ) — 71 121,174 Indefinite lived intangible assets Trademarks Indefinite 199,900 — (32,275 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (253,974 ) — 1,090,147 1,577,981 (33,960 ) (286,249 ) — 1,257,772 Balances, March 31, 2024 $ 1,743,151 $ (78,027 ) $ (286,249 ) $ 71 $ 1,378,946 December 31, 2023 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining Carrying Accumulated Impairment Currency Intangible (In thousands) (in years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.1 $ 35,050 $ (35,010 ) $ — $ — $ 40 Host agreements 9.4 58,000 (21,589 ) — — 36,411 Development agreement 5.6 21,373 (4,198 ) — — 17,175 Developed technology 8.5 39,981 (4,482 ) — 225 35,724 B2B relationships 6.0 28,000 (4,566 ) — 52 23,486 B2C relationships 10.8 13,000 (1,264 ) — — 11,736 195,404 (71,109 ) — 277 124,572 Indefinite lived intangible assets Trademarks Indefinite 199,900 — (32,275 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (243,474 ) — 1,100,647 1,577,981 (33,960 ) (275,749 ) — 1,268,272 Balances, December 31, 2023 $ 1,773,385 $ (105,069 ) $ (275,749 ) $ 277 $ 1,392,844 The following table presents the future amortization expense for our amortizing intangible assets as of March 31, 2024 (In thousands) Customer Relationships Host Agreements Development Agreement Developed Technology B2B Relationships B2C Relationships Total For the year ending December 31, 2024 (excluding three months ended March 31, 2024) $ 30 $ 2,900 $ 2,290 $ 3,465 $ 2,949 $ 812 $ 12,446 2025 — 3,867 3,053 4,534 3,914 1,083 16,451 2026 — 3,867 3,053 4,526 3,914 1,083 16,443 2027 — 3,867 3,053 4,525 3,914 1,083 16,442 2028 — 3,867 3,053 4,265 3,914 1,083 16,182 Thereafter — 17,076 1,910 14,039 3,864 6,321 43,210 Total future amortization $ 30 $ 35,444 $ 16,412 $ 35,354 $ 22,469 $ 11,465 $ 121,174 During the three March 31, 2024, first 2024 Goodwill consists of the following: March 31, 2024 Effect of Gross Accumulated Foreign Carrying Accumulated Impairment Currency Goodwill, (In thousands) Value Amortization Losses Exchange Net Goodwill, net by Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ — $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — — 863 Midwest & South 636,269 — (107,470 ) — 528,799 Online 94,037 — (82,000 ) 113 12,150 Managed & Other 30,529 — (30,529 ) — — Balances, March 31, 2024 $ 1,361,399 $ (6,134 ) $ (408,078 ) $ 113 $ 947,300 December 31, 2023 Effect of Gross Accumulated Foreign Carrying Accumulated Impairment Currency Goodwill, (In thousands) Value Amortization Losses Exchange Net Goodwill, net by Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ — $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — — 863 Midwest & South 636,269 — (107,470 ) — 528,799 Online 94,037 — (82,000 ) 154 12,191 Managed & Other 30,529 — (30,529 ) — — Balances, December 31, 2023 $ 1,361,399 $ (6,134 ) $ (408,078 ) $ 154 $ 947,341 |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 4. Accrued liabilities consist of the following: March 31, December 31, (In thousands) 2024 2023 Payroll and related $ 62,919 $ 82,327 Interest 19,031 17,841 Gaming 68,247 68,749 Player loyalty program 23,666 23,850 Advance deposits 19,254 15,511 Outstanding chips 6,569 8,164 Dividends payable 16,262 15,508 Operating leases 99,271 98,867 Other 97,183 96,562 Total accrued liabilities $ 412,402 $ 427,379 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 5. Long-term debt, net of current maturities and debt issuance costs, consists of the following: March 31, 2024 Interest Unamortized Rates at Origination March 31, Outstanding Fees and Long-Term (In thousands) 2024 Principal Costs Debt, Net Credit facility 7.162 % $ 997,000 $ (12,324 ) $ 984,676 4.750% senior notes due 2027 4.750 % 1,000,000 (7,305 ) 992,695 4.750% senior notes due 2031 4.750 % 900,000 (9,774 ) 890,226 Other 5.208 % 467 — 467 Total long-term debt 2,897,467 (29,403 ) 2,868,064 Less current maturities 44,325 — 44,325 Long-term debt, net $ 2,853,142 $ (29,403 ) $ 2,823,739 December 31, 2023 Interest Unamortized Rates at Origination December 31, Outstanding Fees and Long-Term (In thousands) 2023 Principal Costs Debt, Net Credit facility 7.164 % $ 1,046,300 $ (13,403 ) $ 1,032,897 4.750% senior notes due 2027 4.750 % 1,000,000 (7,792 ) 992,208 4.750% senior notes due 2031 4.750 % 900,000 (10,111 ) 889,889 Other 5.208 % 504 — 504 Total long-term debt 2,946,804 (31,306 ) 2,915,498 Less current maturities 44,275 — 44,275 Long-term debt, net $ 2,902,529 $ (31,306 ) $ 2,871,223 The outstanding principal amounts under the Credit Facility are comprised of the following: March 31, December 31, (In thousands) 2024 2023 Revolving Credit Facility $ 145,000 $ 180,000 Term A Loan 792,000 803,000 Swing Loan 60,000 63,300 Total outstanding principal amounts $ 997,000 $ 1,046,300 With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $145.0 million and $60.0 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,231.6 million as of March 31, 2024 Covenant Compliance As of March 31, 2024 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6. Wilton Rancheria Agreements In 2012, third 10 August 15, 2022 fourth 2022. third March 2023 first 2023, first 2023, three March 31, 2023 mi three March 31, 2024 mi three March 31, 2023 March 31, 2024 seven $20.0 three March 31, 2024 2023 Commitments As of March 31, 2024 no 9, Commitments and Contingencies 10 December 31, 2023 February 26, 2024. Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not |
Note 7 - Stockholders' Equity a
Note 7 - Stockholders' Equity and Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 7. Share Repurchase Program On October 21, 2021, June 1, 2022, May 4, 2023. March 31, 2024 may may 10b5 1 not may The following table provides information regarding share repurchases during the referenced periods ( 1 Three Months Ended March 31, (In thousands, except per share data) 2024 2023 Shares repurchased (2) 1,658 1,726 Total cost, including brokerage fees (3) $ 105,500 $ 106,327 Average repurchase price per share (4) $ 63.62 $ 61.59 ( 1 three March 31, 2024 2023 not March 31, 2024 2023 ( 2 ( 3 1% ( 4 may not 1% Dividends The dividends declared by the Board of Directors and reflected in the periods presented are: Declaration date Record date Payment date Amount per share December 8, 2022 December 19, 2022 January 15, 2023 $ 0.15 February 14, 2023 March 15, 2023 April 15, 2023 0.16 December 7, 2023 December 22, 2023 January 15, 2024 0.16 February 28, 2024 March 15, 2024 April 15, 2024 0.17 Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. Three Months Ended March 31, (In thousands) 2024 2023 Gaming $ 235 $ 221 Food & beverage 45 42 Room 21 20 Selling, general and administrative 1,192 1,120 Corporate expense 5,367 6,416 Total share-based compensation expense $ 6,860 $ 7,819 Performance Shares Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may The PSU grants awarded in third 2021 fourth 2019 first 2024 2023, 2021 two July 2021 June 2023. 2019 three The PSU grant awarded in July 2021 first 2024, 2021 2023; 2024 The PSU grant awarded in December 2019 first 2023, 2019 2022; not 2023 Unamortized Stock Compensation Expense and Recognition Period As of March 31, 2024 March 31, 2024 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8. We have adopted the authoritative accounting guidance for fair value measurements, which does not These inputs create the following fair value hierarchy: Level 1 Level 2 not Level 3 one As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may 1 2 3 may Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: March 31, 2024 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 283,545 $ 283,545 $ — $ — Restricted cash 4,493 4,493 — — Investment available for sale 13,550 — — 13,550 December 31, 2023 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 304,271 $ 304,271 $ — $ — Restricted cash 3,659 3,659 — — Investment available for sale 13,327 — — 13,327 Cash and Cash Equivalents and Restricted Cash The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, March 31, 2024 December 31, 2023 Investment Available for Sale We have an investment in a single municipal bond issuance of $17.1 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 June 1, 2037. no 3 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 not March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 The following table summarizes the changes in fair value of the Company's Level 3 Three Months Ended March 31, (In thousands) 2024 2023 Balance at beginning of reporting period $ 13,327 $ 13,670 Total gains (realized or unrealized): Included in interest income 44 43 Included in other comprehensive income 179 635 Purchases, sales, issuances and settlements: Settlements — — Balance at end of reporting period $ 13,550 $ 14,348 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, Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under assessment agreements and note receivable. As of March 31, 2024, March 31, 2024 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 19,586 $ 17,267 $ 22,670 Level 3 December 31, 2023 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Asset Note receivable $ 419 $ 419 $ 419 Level 3 Liabilities Obligation under assessment arrangements 20,199 17,752 23,282 Level 3 The following tables provide the fair value measurement information about our long-term debt: March 31, 2024 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Credit facility $ 997,000 $ 984,676 $ 975,220 Level 2 4.750% senior notes due 2027 1,000,000 992,695 952,500 Level 1 4.750% senior notes due 2031 900,000 890,226 819,000 Level 1 Other 467 467 467 Level 3 Total debt $ 2,897,467 $ 2,868,064 $ 2,747,187 December 31, 2023 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Credit facility $ 1,046,300 $ 1,032,897 $ 1,021,206 Level 2 4.750% senior notes due 2027 1,000,000 992,208 957,500 Level 1 4.750% senior notes due 2031 900,000 889,889 819,000 Level 1 Other 504 504 504 Level 3 Total debt $ 2,946,804 $ 2,915,498 $ 2,798,210 The estimated fair value of our obligation under assessment arrangements is based on a discounted cash flows approach after giving consideration to the changes in market rates of interest, creditworthiness of both parties and credit spread. The fair value of our note receivable as of December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 2024 2025. not not There were no 1, 2 3 three March 31, 2024 2023 |
Note 9 - Segment Information
Note 9 - Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9. The Company has the following four third 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 ( 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, 19 ( 2 Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR We evaluate profitability based on Adjusted EBITDAR, which represents earnings before interest expense, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedown 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 Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and Adjusted EBITDAR related to the online operations in our Online segment. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii. EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments and our Managed & Other category to reconcile to total revenues: Three Months Ended March 31, 2024 Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 161,456 $ 22,422 $ 25,756 $ — $ — $ 15,988 $ 225,622 Downtown Las Vegas 33,721 10,415 6,568 — — 2,827 53,531 Midwest & South 428,241 39,802 16,623 — — 16,100 500,766 Online — — — 146,170 — — 146,170 Managed & Other 10,713 — — — 22,245 1,474 34,432 Total Revenues $ 634,131 $ 72,639 $ 48,947 $ 146,170 $ 22,245 $ 36,389 $ 960,521 Three Months Ended March 31, 2023 Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 176,321 $ 22,763 $ 25,381 $ — $ — $ 15,805 $ 240,270 Downtown Las Vegas 36,417 10,497 6,849 — — 2,794 56,557 Midwest & South 440,085 38,324 17,835 — — 15,929 512,173 Online — — — 122,863 — — 122,863 Managed & Other 11,485 — — — 20,030 588 32,103 Total Revenues $ 664,308 $ 71,584 $ 50,065 $ 122,863 $ 20,030 $ 35,116 $ 963,966 The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended March 31, (In thousands) 2024 2023 Adjusted EBITDAR Las Vegas Locals $ 110,438 $ 126,160 Downtown Las Vegas 17,815 22,367 Midwest & South 180,994 198,684 Online 20,476 20,623 Managed & Other 24,781 21,551 Corporate expense (24,018 ) (22,239 ) Adjusted EBITDAR 330,486 367,146 Other operating costs and expenses Deferred rent 161 177 Master lease rent expense 27,235 26,828 Depreciation and amortization 62,913 61,560 Share-based compensation expense 6,860 7,819 Project development, preopening and writedowns 3,021 (18,874 ) Impairment of assets 10,500 4,537 Other operating items, net 411 220 Total other operating costs and expenses 111,101 82,267 Operating income 219,385 284,879 Other expense (income) Interest income (446 ) (18,145 ) Interest expense, net of amounts capitalized 42,309 43,866 Other, net 50 104 Total other expense, net 41,913 25,825 Income before income taxes 177,472 259,054 Income tax provision (40,999 ) (59,323 ) Net income $ 136,473 $ 199,731 For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not Total Reportable Segment Assets The Company's assets by Reportable Segment and Managed & Other category consisted of the following amounts: March 31, December 31, (In thousands) 2024 2023 Assets Las Vegas Locals $ 1,629,101 $ 1,634,732 Downtown Las Vegas 294,215 295,494 Midwest & South 3,786,375 3,805,301 Online 148,689 155,356 Managed & Other 121,610 124,161 Corporate 247,902 258,082 Total Assets $ 6,227,892 $ 6,273,126 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 10. We have evaluated all events or transactions that occurred after March 31, 2024 not |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information None 10b5 1 10b5 1 March 31, 2024 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 1975. We are a geographically diversified operator of 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ( "B2B" "B2C" |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10 10 X not December 31, 2023 February 26, 2024. The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% not |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three not may |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash consists primarily of: (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) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. March 31, December 31, March 31, December 31, (In thousands) 2024 2023 2023 2022 Cash and cash equivalents $ 283,545 $ 304,271 $ 263,453 $ 283,472 Restricted cash 4,493 3,659 14,820 11,593 Total cash, cash equivalents and restricted cash $ 288,038 $ 307,930 $ 278,273 $ 295,065 |
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. Our lease terms may not |
Revenue [Policy Text Block] | Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C Collaborative Arrangements not two not not no 4, 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 4, Accrued Liabilities The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one 4, Accrued Liabilities The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows: Three Months Ended March 31, (In thousands) 2024 2023 Food & beverage $ 30,668 $ 28,259 Room 14,672 15,148 Other 2,025 1,876 |
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 in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $126.7 million three March 31, 2024 2023 Collaborative Arrangements million and $0.6 million three March 31, 2024 2023 |
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" |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Collaborative Arrangements We hold a five one third Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third million three March 31, 2024 2023 Our five 321, Accounting for Investments in Equity Securities not may not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Currency Translation The Company translates the financial statements of its foreign subsidiary that are not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | March 31, December 31, March 31, December 31, (In thousands) 2024 2023 2023 2022 Cash and cash equivalents $ 283,545 $ 304,271 $ 263,453 $ 283,472 Restricted cash 4,493 3,659 14,820 11,593 Total cash, cash equivalents and restricted cash $ 288,038 $ 307,930 $ 278,273 $ 295,065 |
Schedule Of Promotional Allowances [Table Text Block] | Three Months Ended March 31, (In thousands) 2024 2023 Food & beverage $ 30,668 $ 28,259 Room 14,672 15,148 Other 2,025 1,876 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, (In thousands) 2024 2023 Land $ 338,469 $ 338,469 Buildings and improvements 3,248,242 3,237,863 Furniture and equipment 1,779,469 1,742,666 Riverboats and barges 241,826 241,826 Construction in progress 225,019 182,710 Total property and equipment 5,833,025 5,743,534 Less accumulated depreciation (3,259,842 ) (3,201,022 ) Property and equipment, net $ 2,573,183 $ 2,542,512 |
Depreciation Expense [Table Text Block] | Three Months Ended March 31, (In thousands) 2024 2023 Depreciation expense $ 58,823 $ 57,399 |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2024 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining Carrying Accumulated Impairment Currency Intangible (In thousands) (in years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.8 $ 3,925 $ (3,895 ) $ — $ — $ 30 Host agreements 9.2 58,000 (22,556 ) — — 35,444 Development agreement 5.4 21,373 (4,961 ) — — 16,412 Developed technology 8.2 40,872 (5,575 ) — 57 35,354 B2B relationships 5.8 28,000 (5,545 ) — 14 22,469 B2C relationships 10.6 13,000 (1,535 ) — — 11,465 165,170 (44,067 ) — 71 121,174 Indefinite lived intangible assets Trademarks Indefinite 199,900 — (32,275 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (253,974 ) — 1,090,147 1,577,981 (33,960 ) (286,249 ) — 1,257,772 Balances, March 31, 2024 $ 1,743,151 $ (78,027 ) $ (286,249 ) $ 71 $ 1,378,946 December 31, 2023 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining Carrying Accumulated Impairment Currency Intangible (In thousands) (in years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.1 $ 35,050 $ (35,010 ) $ — $ — $ 40 Host agreements 9.4 58,000 (21,589 ) — — 36,411 Development agreement 5.6 21,373 (4,198 ) — — 17,175 Developed technology 8.5 39,981 (4,482 ) — 225 35,724 B2B relationships 6.0 28,000 (4,566 ) — 52 23,486 B2C relationships 10.8 13,000 (1,264 ) — — 11,736 195,404 (71,109 ) — 277 124,572 Indefinite lived intangible assets Trademarks Indefinite 199,900 — (32,275 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (243,474 ) — 1,100,647 1,577,981 (33,960 ) (275,749 ) — 1,268,272 Balances, December 31, 2023 $ 1,773,385 $ (105,069 ) $ (275,749 ) $ 277 $ 1,392,844 |
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, 2024 (excluding three months ended March 31, 2024) $ 30 $ 2,900 $ 2,290 $ 3,465 $ 2,949 $ 812 $ 12,446 2025 — 3,867 3,053 4,534 3,914 1,083 16,451 2026 — 3,867 3,053 4,526 3,914 1,083 16,443 2027 — 3,867 3,053 4,525 3,914 1,083 16,442 2028 — 3,867 3,053 4,265 3,914 1,083 16,182 Thereafter — 17,076 1,910 14,039 3,864 6,321 43,210 Total future amortization $ 30 $ 35,444 $ 16,412 $ 35,354 $ 22,469 $ 11,465 $ 121,174 |
Schedule of Goodwill [Table Text Block] | March 31, 2024 Effect of Gross Accumulated Foreign Carrying Accumulated Impairment Currency Goodwill, (In thousands) Value Amortization Losses Exchange Net Goodwill, net by Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ — $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — — 863 Midwest & South 636,269 — (107,470 ) — 528,799 Online 94,037 — (82,000 ) 113 12,150 Managed & Other 30,529 — (30,529 ) — — Balances, March 31, 2024 $ 1,361,399 $ (6,134 ) $ (408,078 ) $ 113 $ 947,300 December 31, 2023 Effect of Gross Accumulated Foreign Carrying Accumulated Impairment Currency Goodwill, (In thousands) Value Amortization Losses Exchange Net Goodwill, net by Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ — $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — — 863 Midwest & South 636,269 — (107,470 ) — 528,799 Online 94,037 — (82,000 ) 154 12,191 Managed & Other 30,529 — (30,529 ) — — Balances, December 31, 2023 $ 1,361,399 $ (6,134 ) $ (408,078 ) $ 154 $ 947,341 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, (In thousands) 2024 2023 Payroll and related $ 62,919 $ 82,327 Interest 19,031 17,841 Gaming 68,247 68,749 Player loyalty program 23,666 23,850 Advance deposits 19,254 15,511 Outstanding chips 6,569 8,164 Dividends payable 16,262 15,508 Operating leases 99,271 98,867 Other 97,183 96,562 Total accrued liabilities $ 412,402 $ 427,379 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2024 Interest Unamortized Rates at Origination March 31, Outstanding Fees and Long-Term (In thousands) 2024 Principal Costs Debt, Net Credit facility 7.162 % $ 997,000 $ (12,324 ) $ 984,676 4.750% senior notes due 2027 4.750 % 1,000,000 (7,305 ) 992,695 4.750% senior notes due 2031 4.750 % 900,000 (9,774 ) 890,226 Other 5.208 % 467 — 467 Total long-term debt 2,897,467 (29,403 ) 2,868,064 Less current maturities 44,325 — 44,325 Long-term debt, net $ 2,853,142 $ (29,403 ) $ 2,823,739 December 31, 2023 Interest Unamortized Rates at Origination December 31, Outstanding Fees and Long-Term (In thousands) 2023 Principal Costs Debt, Net Credit facility 7.164 % $ 1,046,300 $ (13,403 ) $ 1,032,897 4.750% senior notes due 2027 4.750 % 1,000,000 (7,792 ) 992,208 4.750% senior notes due 2031 4.750 % 900,000 (10,111 ) 889,889 Other 5.208 % 504 — 504 Total long-term debt 2,946,804 (31,306 ) 2,915,498 Less current maturities 44,275 — 44,275 Long-term debt, net $ 2,902,529 $ (31,306 ) $ 2,871,223 |
Schedule of Line of Credit Facilities [Table Text Block] | March 31, December 31, (In thousands) 2024 2023 Revolving Credit Facility $ 145,000 $ 180,000 Term A Loan 792,000 803,000 Swing Loan 60,000 63,300 Total outstanding principal amounts $ 997,000 $ 1,046,300 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity and Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share Repurchase Program [Table Text Block] | Three Months Ended March 31, (In thousands, except per share data) 2024 2023 Shares repurchased (2) 1,658 1,726 Total cost, including brokerage fees (3) $ 105,500 $ 106,327 Average repurchase price per share (4) $ 63.62 $ 61.59 |
Dividends Declared [Table Text Block] | Declaration date Record date Payment date Amount per share December 8, 2022 December 19, 2022 January 15, 2023 $ 0.15 February 14, 2023 March 15, 2023 April 15, 2023 0.16 December 7, 2023 December 22, 2023 January 15, 2024 0.16 February 28, 2024 March 15, 2024 April 15, 2024 0.17 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, (In thousands) 2024 2023 Gaming $ 235 $ 221 Food & beverage 45 42 Room 21 20 Selling, general and administrative 1,192 1,120 Corporate expense 5,367 6,416 Total share-based compensation expense $ 6,860 $ 7,819 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2024 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 283,545 $ 283,545 $ — $ — Restricted cash 4,493 4,493 — — Investment available for sale 13,550 — — 13,550 December 31, 2023 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 304,271 $ 304,271 $ — $ — Restricted cash 3,659 3,659 — — Investment available for sale 13,327 — — 13,327 |
Fair Value Asset (Liability) Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, (In thousands) 2024 2023 Balance at beginning of reporting period $ 13,327 $ 13,670 Total gains (realized or unrealized): Included in interest income 44 43 Included in other comprehensive income 179 635 Purchases, sales, issuances and settlements: Settlements — — Balance at end of reporting period $ 13,550 $ 14,348 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | March 31, 2024 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 19,586 $ 17,267 $ 22,670 Level 3 December 31, 2023 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Asset Note receivable $ 419 $ 419 $ 419 Level 3 Liabilities Obligation under assessment arrangements 20,199 17,752 23,282 Level 3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | March 31, 2024 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Credit facility $ 997,000 $ 984,676 $ 975,220 Level 2 4.750% senior notes due 2027 1,000,000 992,695 952,500 Level 1 4.750% senior notes due 2031 900,000 890,226 819,000 Level 1 Other 467 467 467 Level 3 Total debt $ 2,897,467 $ 2,868,064 $ 2,747,187 December 31, 2023 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Credit facility $ 1,046,300 $ 1,032,897 $ 1,021,206 Level 2 4.750% senior notes due 2027 1,000,000 992,208 957,500 Level 1 4.750% senior notes due 2031 900,000 889,889 819,000 Level 1 Other 504 504 504 Level 3 Total debt $ 2,946,804 $ 2,915,498 $ 2,798,210 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2024 Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 161,456 $ 22,422 $ 25,756 $ — $ — $ 15,988 $ 225,622 Downtown Las Vegas 33,721 10,415 6,568 — — 2,827 53,531 Midwest & South 428,241 39,802 16,623 — — 16,100 500,766 Online — — — 146,170 — — 146,170 Managed & Other 10,713 — — — 22,245 1,474 34,432 Total Revenues $ 634,131 $ 72,639 $ 48,947 $ 146,170 $ 22,245 $ 36,389 $ 960,521 Three Months Ended March 31, 2023 Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 176,321 $ 22,763 $ 25,381 $ — $ — $ 15,805 $ 240,270 Downtown Las Vegas 36,417 10,497 6,849 — — 2,794 56,557 Midwest & South 440,085 38,324 17,835 — — 15,929 512,173 Online — — — 122,863 — — 122,863 Managed & Other 11,485 — — — 20,030 588 32,103 Total Revenues $ 664,308 $ 71,584 $ 50,065 $ 122,863 $ 20,030 $ 35,116 $ 963,966 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, (In thousands) 2024 2023 Adjusted EBITDAR Las Vegas Locals $ 110,438 $ 126,160 Downtown Las Vegas 17,815 22,367 Midwest & South 180,994 198,684 Online 20,476 20,623 Managed & Other 24,781 21,551 Corporate expense (24,018 ) (22,239 ) Adjusted EBITDAR 330,486 367,146 Other operating costs and expenses Deferred rent 161 177 Master lease rent expense 27,235 26,828 Depreciation and amortization 62,913 61,560 Share-based compensation expense 6,860 7,819 Project development, preopening and writedowns 3,021 (18,874 ) Impairment of assets 10,500 4,537 Other operating items, net 411 220 Total other operating costs and expenses 111,101 82,267 Operating income 219,385 284,879 Other expense (income) Interest income (446 ) (18,145 ) Interest expense, net of amounts capitalized 42,309 43,866 Other, net 50 104 Total other expense, net 41,913 25,825 Income before income taxes 177,472 259,054 Income tax provision (40,999 ) (59,323 ) Net income $ 136,473 $ 199,731 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, (In thousands) 2024 2023 Assets Las Vegas Locals $ 1,629,101 $ 1,634,732 Downtown Las Vegas 294,215 295,494 Midwest & South 3,786,375 3,805,301 Online 148,689 155,356 Managed & Other 121,610 124,161 Corporate 247,902 258,082 Total Assets $ 6,227,892 $ 6,273,126 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Number of Gaming Entertainment Properties | 28 | |
Taxes, Other | $ 126.7 | $ 130.1 |
Taxes Deposited Pursuant to the Online Collaborative Agreements | 2.5 | 0.6 |
Online [Member] | ||
Taxes Deposited Pursuant to the Online Collaborative Agreements | $ 116 | $ 96 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 283,545 | $ 304,271 | $ 263,453 | $ 283,472 |
Restricted cash | 4,493 | 3,659 | 14,820 | 11,593 |
Total cash, cash equivalents and restricted cash | $ 288,038 | $ 307,930 | $ 278,273 | $ 295,065 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Food and Beverage [Member] | ||
Promotional allowance | $ 30,668 | $ 28,259 |
Room [Member] | ||
Promotional allowance | 14,672 | 15,148 |
Product and Service, Other [Member] | ||
Promotional allowance | $ 2,025 | $ 1,876 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property and equipment, gross | $ 5,833,025 | $ 5,743,534 |
Less accumulated depreciation | (3,259,842) | (3,201,022) |
Property and equipment, net | 2,573,183 | 2,542,512 |
Land [Member] | ||
Property and equipment, gross | 338,469 | 338,469 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,248,242 | 3,237,863 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,779,469 | 1,742,666 |
Riverboats And Barges [Member] | ||
Property and equipment, gross | 241,826 | 241,826 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 225,019 | $ 182,710 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Depreciation expense | $ 58,823 | $ 57,399 |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets, Net (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Gaming License Right [Member] | Midwest and South [Member] | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 10.5 |
Note 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Intangible assets, gross carrying value | $ 165,170 | $ 195,404 |
Intangible assets, cumulative amortization | (44,067) | (71,109) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 71 | 277 |
Intangible assets, net | 121,174 | 124,572 |
Intangible assets, gross carrying value | 1,577,981 | 1,577,981 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (286,249) | (275,749) |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | 1,257,772 | 1,268,272 |
Intangible assets, gross carrying value | 1,743,151 | 1,773,385 |
Intangible assets, cumulative amortization | (78,027) | (105,069) |
Intangible assets, cumulative impairment losses | (286,249) | (275,749) |
Effect of foreign currency exchange | 71 | 277 |
Intangible assets, net | 1,378,946 | 1,392,844 |
Trademarks [Member] | ||
Intangible assets, gross carrying value | 199,900 | 199,900 |
Intangible assets, cumulative amortization | 0 | 0 |
Intangible assets, cumulative impairment losses | (32,275) | (32,275) |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | 167,625 | 167,625 |
Gaming License Right [Member] | ||
Intangible assets, gross carrying value | 1,378,081 | 1,378,081 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (253,974) | (243,474) |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | 1,090,147 | 1,100,647 |
Customer Relationships [Member] | ||
Intangible assets, gross carrying value | 3,925 | 35,050 |
Intangible assets, cumulative amortization | (3,895) | (35,010) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | $ 30 | $ 40 |
Customer Relationships [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 9 months 18 days | 1 month 6 days |
Host Agreements [Member] | ||
Intangible assets, gross carrying value | $ 58,000 | $ 58,000 |
Intangible assets, cumulative amortization | (22,556) | (21,589) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | $ 35,444 | $ 36,411 |
Host Agreements [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 9 years 2 months 12 days | 9 years 4 months 24 days |
Development Agreements [Member] | ||
Intangible assets, gross carrying value | $ 21,373 | $ 21,373 |
Intangible assets, cumulative amortization | (4,961) | (4,198) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | $ 16,412 | $ 17,175 |
Development Agreements [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 5 years 4 months 24 days | 5 years 7 months 6 days |
Developed Technology Rights [Member] | ||
Intangible assets, gross carrying value | $ 40,872 | $ 39,981 |
Intangible assets, cumulative amortization | (5,575) | (4,482) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 57 | 225 |
Intangible assets, net | $ 35,354 | $ 35,724 |
Developed Technology Rights [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 8 years 2 months 12 days | 8 years 6 months |
Business to Business Relationships [Member] | ||
Intangible assets, gross carrying value | $ 28,000 | $ 28,000 |
Intangible assets, cumulative amortization | (5,545) | (4,566) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 14 | 52 |
Intangible assets, net | $ 22,469 | $ 23,486 |
Business to Business Relationships [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 5 years 9 months 18 days | 6 years |
Business to Consumer Relationship [Member] | ||
Intangible assets, gross carrying value | $ 13,000 | $ 13,000 |
Intangible assets, cumulative amortization | (1,535) | (1,264) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | $ 11,465 | $ 11,736 |
Business to Consumer Relationship [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 10 years 7 months 6 days | 10 years 9 months 18 days |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets, Net - Future Amortization (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 (excluding three months ended March 31, 2024) | $ 12,446 |
2025 | 16,451 |
2026 | 16,443 |
2027 | 16,442 |
2028 | 16,182 |
Thereafter | 43,210 |
Total future amortization | 121,174 |
Customer Relationships [Member] | |
2024 (excluding three months ended March 31, 2024) | 30 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total future amortization | 30 |
Host Agreements [Member] | |
2024 (excluding three months ended March 31, 2024) | 2,900 |
2025 | 3,867 |
2026 | 3,867 |
2027 | 3,867 |
2028 | 3,867 |
Thereafter | 17,076 |
Total future amortization | 35,444 |
Development Agreement [Member] | |
2024 (excluding three months ended March 31, 2024) | 2,290 |
2025 | 3,053 |
2026 | 3,053 |
2027 | 3,053 |
2028 | 3,053 |
Thereafter | 1,910 |
Total future amortization | 16,412 |
Developed Technology Rights [Member] | |
2024 (excluding three months ended March 31, 2024) | 3,465 |
2025 | 4,534 |
2026 | 4,526 |
2027 | 4,525 |
2028 | 4,265 |
Thereafter | 14,039 |
Total future amortization | 35,354 |
Business to Business Relationships [Member] | |
2024 (excluding three months ended March 31, 2024) | 2,949 |
2025 | 3,914 |
2026 | 3,914 |
2027 | 3,914 |
2028 | 3,914 |
Thereafter | 3,864 |
Total future amortization | 22,469 |
Business to Consumer Relationship [Member] | |
2024 (excluding three months ended March 31, 2024) | 812 |
2025 | 1,083 |
2026 | 1,083 |
2027 | 1,083 |
2028 | 1,083 |
Thereafter | 6,321 |
Total future amortization | $ 11,465 |
Note 3 - Goodwill and Intangi_6
Note 3 - Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill, gross | $ 1,361,399 | $ 1,361,399 |
Goodwill, cumulative amortization | (6,134) | (6,134) |
Goodwill, cumulative impairment losses | (408,078) | (408,078) |
Effect of Foreign Currency Exchange | 113 | 154 |
Goodwill, net | 947,300 | 947,341 |
Las Vegas Locals [Member] | ||
Goodwill, gross | 593,567 | 593,567 |
Goodwill, cumulative amortization | 0 | 0 |
Goodwill, cumulative impairment losses | (188,079) | (188,079) |
Effect of Foreign Currency Exchange | 0 | 0 |
Goodwill, net | 405,488 | 405,488 |
Downtown Las Vegas [Member] | ||
Goodwill, gross | 6,997 | 6,997 |
Goodwill, cumulative amortization | (6,134) | (6,134) |
Goodwill, cumulative impairment losses | 0 | 0 |
Effect of Foreign Currency Exchange | 0 | 0 |
Goodwill, net | 863 | 863 |
Midwest and South [Member] | ||
Goodwill, gross | 636,269 | 636,269 |
Goodwill, cumulative amortization | 0 | 0 |
Goodwill, cumulative impairment losses | (107,470) | (107,470) |
Effect of Foreign Currency Exchange | 0 | 0 |
Goodwill, net | 528,799 | 528,799 |
Online [Member] | ||
Goodwill, gross | 94,037 | 94,037 |
Goodwill, cumulative amortization | 0 | 0 |
Goodwill, cumulative impairment losses | (82,000) | (82,000) |
Effect of Foreign Currency Exchange | 113 | 154 |
Goodwill, net | 12,150 | 12,191 |
Managed and Other [Member] | ||
Goodwill, gross | 30,529 | 30,529 |
Goodwill, cumulative amortization | 0 | 0 |
Goodwill, cumulative impairment losses | (30,529) | (30,529) |
Effect of Foreign Currency Exchange | 0 | 0 |
Goodwill, net | $ 0 | $ 0 |
Note 4 - Accrued Liabilities -
Note 4 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payroll and related | $ 62,919 | $ 82,327 |
Interest | 19,031 | 17,841 |
Gaming | 68,247 | 68,749 |
Player loyalty program | 23,666 | 23,850 |
Advance deposits | 19,254 | 15,511 |
Outstanding chips | 6,569 | 8,164 |
Dividends payable | 16,262 | 15,508 |
Operating leases | 99,271 | 98,867 |
Other | 97,183 | 96,562 |
Total accrued liabilities | $ 412,402 | $ 427,379 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Long-Term Line of Credit | $ 997 | $ 1,046.3 |
Bank Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,450 | |
Long-Term Line of Credit | 145 | |
Bank Credit Facility [Member] | Swing Loan [Member] | ||
Long-Term Line of Credit | 60 | |
Bank Credit Facility [Member] | Letter of Credit [Member] | ||
Long-Term Line of Credit | 13.4 | |
Bank Credit Facility [Member] | Line of Credit [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,231.6 |
Note 5 - Long-term Debt - Sched
Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long-term debt, outstanding principal | $ 2,897,467 | $ 2,946,804 |
Long-term debt, unamortized original fees and costs | (29,403) | (31,306) |
Long-term debt, net | 2,868,064 | 2,915,498 |
Long-term debt, outstanding principal, current | 44,325 | 44,275 |
Long-term debt, unamortized original fees and costs, current | 0 | 0 |
Current maturities of long-term debt | 44,325 | 44,275 |
Long-term debt, outstanding principal, noncurrent | 2,853,142 | 2,902,529 |
Long-term debt, unamortized original fees and costs, noncurrent | (29,403) | (31,306) |
Long-term debt, net of current maturities and debt issuance costs | $ 2,823,739 | $ 2,871,223 |
Line of Credit [Member] | Bank Credit Facility [Member] | ||
Long-term debt, interest rate | 7.162% | 7.164% |
Long-term debt, outstanding principal | $ 997,000 | $ 1,046,300 |
Long-term debt, unamortized original fees and costs | (12,324) | (13,403) |
Long-term debt, net | $ 984,676 | $ 1,032,897 |
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 original fees and costs | (7,305) | (7,792) |
Long-term debt, net | $ 992,695 | $ 992,208 |
Senior Notes [Member] | Senior Note 4750 Due 2031 Member | ||
Long-term debt, interest rate | 4.75% | 4.75% |
Long-term debt, outstanding principal | $ 900,000 | $ 900,000 |
Long-term debt, unamortized original fees and costs | (9,774) | (10,111) |
Long-term debt, net | $ 890,226 | $ 889,889 |
Other Long-Term Debt [Member] | ||
Long-term debt, interest rate | 5.208% | 5.208% |
Long-term debt, outstanding principal | $ 467 | $ 504 |
Long-term debt, unamortized original fees and costs | 0 | 0 |
Long-term debt, net | $ 467 | $ 504 |
Note 5 - Long-term Debt - Outst
Note 5 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Outstanding principal amounts | $ 997 | $ 1,046.3 |
Line of Credit [Member] | Term A Loan [Member] | ||
Outstanding principal amounts | 792 | 803 |
Line of Credit [Member] | Swing Loan [Member] | ||
Outstanding principal amounts | 60 | 63.3 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Outstanding principal amounts | $ 145 | $ 180 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | |
Project Development, Preopening and Writedowns Expense | $ 3,021 | $ (18,874) | |
Proceeds from Collection of Loans Receivable | 208 | 17,315 | |
Interest Payments Received | 212 | 5,120 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 960,521 | 963,966 | |
Management Service [Member] | |||
Management Agreement, Term (Year) | 7 years | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 22,245 | 20,030 | |
Development Agreement [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | ||
Project Development, Preopening and Writedowns Expense | 20,100 | ||
Interest Income (Expense), Net | 14,300 | ||
Proceeds from Collection of Loans Receivable | 200 | 17,300 | |
Interest Payments Received | $ 200 | $ 5,100 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | May 04, 2023 | Jun. 01, 2022 | Oct. 21, 2021 | |
Share-Based Payment Arrangement, Expense | $ 6,860 | $ 7,819 | |||
Performance Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 241,277 | 519,782 | |||
Shares Issued Per Unit (in shares) | 1.94 | 2 | |||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 94,862 | 200,904 | |||
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares) | 146,415 | 318,878 | |||
Share-Based Payment Arrangement, Expense | $ 800 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 9,300 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 21,300 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | ||||
Career Shares [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,800 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 6 months | ||||
The 2021 Share Repurchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | $ 300,000 | |||
Stock Repurchase Program, Increase in Authorized Amount | $ 500,000 | ||||
Share Repurchase Program, Remaining Authorized, Amount | $ 220,800 |
Note 7 - Stockholders' Equity_4
Note 7 - Stockholders' Equity and Stock Incentive Plans - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Shares repurchased (2) (in shares) | [1],[2] | 1,658 | 1,726 |
Total cost, including brokerage fees (3) | [2],[3] | $ 105,500 | $ 106,327 |
Average repurchase price per share (4) (in dollars per share) | [2],[4] | $ 63.62 | $ 61.59 |
[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, 2023, 2022 and 2021. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31 of each year.[3]Costs exclude 1% excise tax on corporate stock buybacks.[4]Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax. |
Note 7 - Stockholders' Equity_5
Note 7 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Dividends Declared December 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 |
Dividend Declared February 14, 2023 [Member] | |
Dividends, record date | Mar. 15, 2023 |
Dividends, payment date | Apr. 15, 2023 |
Dividends, amount per share (in dollars per share) | $ 0.16 |
Dividends Declared December 7, 2023 [Member] | |
Dividends, record date | Dec. 22, 2023 |
Dividends, payment date | Jan. 15, 2024 |
Dividends, amount per share (in dollars per share) | $ 0.16 |
Dividend Declared February 28, 2024 [Member] | |
Dividends, record date | Mar. 15, 2024 |
Dividends, payment date | Apr. 15, 2024 |
Dividends, amount per share (in dollars per share) | $ 0.17 |
Note 7 - Stockholders' Equity_6
Note 7 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based compensation expense | $ 6,860 | $ 7,819 |
Gaming [Member] | ||
Share-based compensation expense | 235 | 221 |
Food & Beverage [Member] | ||
Share-based compensation expense | 45 | 42 |
Room [Member] | ||
Share-based compensation expense | 21 | 20 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | 1,192 | 1,120 |
Corporate Expense [Member] | ||
Share-based compensation expense | $ 5,367 | $ 6,416 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) $ in Millions | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-Sale, Amortized Cost | $ 17.1 | |
Debt Security Interest Rate Stated Percentage | 7.50% | |
Debt Security, Available-For-Sale, Fair Value Discount Amount | $ 2 | $ 2 |
Prepaid Expenses and Other Current Assets [Member] | ||
Debt Securities, Available-for-Sale, Current | 0.7 | 0.7 |
Other Noncurrent Assets [Member] | ||
Debt Securities, Available-for-Sale, Noncurrent | $ 12.8 | $ 12.6 |
Measurement Input, Discount Rate [Member] | ||
Debt Securities, Available-for-Sale, Measurement Input | 0.127 | 0.124 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | $ 283,545 | $ 304,271 |
Restricted cash | 4,493 | 3,659 |
Investment available for sale | 13,550 | 13,327 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 283,545 | 304,271 |
Restricted cash | 4,493 | 3,659 |
Investment available for sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | $ 13,550 | $ 13,327 |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - Investment, Available-For-Sale [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance at beginning of reporting period, asset | $ 13,327 | $ 13,670 |
Included in interest income (expense), asset | 44 | 43 |
Included in other comprehensive income (loss), asseta | 179 | 635 |
Settlements, asset | 0 | 0 |
Balance at end of reporting period, asset | $ 13,550 | $ 14,348 |
Note 8 - Fair Value Measureme_6
Note 8 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Obligation under assessment arrangements | $ 19,586 | $ 20,199 |
Note receivable | 419 | |
Reported Value Measurement [Member] | ||
Obligation under assessment arrangements | 17,267 | 17,752 |
Note receivable | 419 | |
Estimate of Fair Value Measurement [Member] | ||
Obligation under assessment arrangements | $ 22,670 | 23,282 |
Note receivable | $ 419 |
Note 8 - Fair Value Measureme_7
Note 8 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long-term debt | $ 2,897,467 | $ 2,946,804 |
Reported Value Measurement [Member] | ||
Long-term debt | 2,868,064 | 2,915,498 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 2,747,187 | 2,798,210 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | ||
Long-term debt | 997,000 | 1,046,300 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 984,676 | 1,032,897 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 975,220 | 1,021,206 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | ||
Long-term debt | 1,000,000 | 1,000,000 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 992,695 | 992,208 |
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 | 952,500 | 957,500 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | ||
Long-term debt | 900,000 | 900,000 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 890,226 | 889,889 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 819,000 | 819,000 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | ||
Long-term debt | 467 | 504 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 467 | 504 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 467 | $ 504 |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Reportable Segments | 4 |
Note 9 - Segment Information -
Note 9 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 960,521 | $ 963,966 |
Casino [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 634,131 | 664,308 |
Food and Beverage [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 72,639 | 71,584 |
Occupancy [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 48,947 | 50,065 |
Online [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 146,170 | 122,863 |
Management Fee [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 22,245 | 20,030 |
Product and Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 36,389 | 35,116 |
Las Vegas Locals [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 225,622 | 240,270 |
Las Vegas Locals [Member] | Casino [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 161,456 | 176,321 |
Las Vegas Locals [Member] | Food and Beverage [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 22,422 | 22,763 |
Las Vegas Locals [Member] | Occupancy [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 25,756 | 25,381 |
Las Vegas Locals [Member] | Online [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Las Vegas Locals [Member] | Management Fee [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Las Vegas Locals [Member] | Product and Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 15,988 | 15,805 |
Downtown Las Vegas [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 53,531 | 56,557 |
Downtown Las Vegas [Member] | Casino [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 33,721 | 36,417 |
Downtown Las Vegas [Member] | Food and Beverage [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 10,415 | 10,497 |
Downtown Las Vegas [Member] | Occupancy [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 6,568 | 6,849 |
Downtown Las Vegas [Member] | Online [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Downtown Las Vegas [Member] | Management Fee [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Downtown Las Vegas [Member] | Product and Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,827 | 2,794 |
Midwest and South [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 500,766 | 512,173 |
Midwest and South [Member] | Casino [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 428,241 | 440,085 |
Midwest and South [Member] | Food and Beverage [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 39,802 | 38,324 |
Midwest and South [Member] | Occupancy [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 16,623 | 17,835 |
Midwest and South [Member] | Online [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Midwest and South [Member] | Management Fee [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Midwest and South [Member] | Product and Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 16,100 | 15,929 |
Online [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 146,170 | 122,863 |
Online [Member] | Casino [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Online [Member] | Food and Beverage [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Online [Member] | Occupancy [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Online [Member] | Online [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 146,170 | 122,863 |
Online [Member] | Management Fee [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Online [Member] | Product and Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Managed and Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 34,432 | 32,103 |
Managed and Other [Member] | Casino [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 10,713 | 11,485 |
Managed and Other [Member] | Food and Beverage [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Managed and Other [Member] | Occupancy [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Managed and Other [Member] | Online [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Managed and Other [Member] | Management Fee [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 22,245 | 20,030 |
Managed and Other [Member] | Product and Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,474 | $ 588 |
Note 9 - Segment Information _2
Note 9 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Corporate expense | $ 29,385 | $ 28,655 |
Adjusted EBITDAR | 330,486 | 367,146 |
Deferred rent | 161 | 177 |
Master lease rent expense | 27,235 | 26,828 |
Depreciation and amortization | 62,913 | 61,560 |
Share-based compensation expense | 6,860 | 7,819 |
Project Development, Preopening and Writedowns Expense | 3,021 | (18,874) |
Non-cash impairment of assets | 10,500 | 4,537 |
Other operating items, net | 411 | 220 |
Total other operating costs and expenses | 111,101 | 82,267 |
Operating income | 219,385 | 284,879 |
Interest income | (446) | (18,145) |
Interest expense, net of amounts capitalized | 42,309 | 43,866 |
Other, net | 50 | 104 |
Total other expense, net | 41,913 | 25,825 |
Income before income taxes | 177,472 | 259,054 |
Income tax provision | (40,999) | (59,323) |
Net income | 136,473 | 199,731 |
Las Vegas Locals [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 110,438 | 126,160 |
Downtown Las Vegas [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 17,815 | 22,367 |
Midwest and South [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 180,994 | 198,684 |
Online [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 20,476 | 20,623 |
Managed and Other [Member] | ||
Total Reportable Segment Adjusted EBITDAR | 24,781 | 21,551 |
Corporate Segment [Member] | ||
Corporate expense | $ (24,018) | $ (22,239) |
Note 9 - Segment Information _3
Note 9 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | $ 6,227,892 | $ 6,273,126 |
Las Vegas Locals [Member] | ||
Assets | 1,629,101 | 1,634,732 |
Downtown Las Vegas [Member] | ||
Assets | 294,215 | 295,494 |
Midwest and South [Member] | ||
Assets | 3,786,375 | 3,805,301 |
Online [Member] | ||
Assets | 148,689 | 155,356 |
Managed and Other [Member] | ||
Assets | 121,610 | 124,161 |
Corporate Segment [Member] | ||
Assets | $ 247,902 | $ 258,082 |