Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Entity Registrant Name | RED ROCK RESORTS, INC. | ||
Entity Central Index Key | 1,653,653 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,319,566,331 | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 69,740,561 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 46,884,413 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 114,607 | $ 231,465 |
Restricted cash | 3,651 | 3,279 |
Receivables, net | 51,291 | 48,730 |
Income tax receivable | 65 | 256 |
Inventories | 14,910 | 12,572 |
Prepaid gaming tax | 23,422 | 21,597 |
Prepaid expenses and other current assets | 34,417 | 19,373 |
Assets held for sale | 19,602 | 4,290 |
Total current assets | 261,965 | 341,562 |
Property and equipment, net | 3,012,405 | 2,542,111 |
Goodwill | 195,676 | 195,676 |
Intangible assets, net | 117,220 | 128,000 |
Land held for development | 193,686 | 177,182 |
Investments in joint ventures | 8,903 | 10,133 |
Native American development costs | 17,970 | 17,270 |
Deferred tax asset, net | 111,833 | 132,731 |
Other assets, net | 89,868 | 75,456 |
Total assets | 4,009,526 | 3,620,121 |
Current liabilities: | ||
Accounts payable | 25,896 | 21,626 |
Accrued interest payable | 7,418 | 10,611 |
Other accrued liabilities | 266,474 | 182,903 |
Current portion of payable pursuant to tax receivable agreement | 0 | 17 |
Current portion of long-term debt | 33,894 | 30,094 |
Total current liabilities | 333,682 | 245,251 |
Long-term debt, less current portion | 2,821,465 | 2,587,728 |
Deficit investment in joint venture | 2,212 | 2,235 |
Other long-term liabilities | 10,224 | 11,289 |
Payable pursuant to tax receivable agreement, net of current portion | 24,948 | 141,906 |
Total liabilities | 3,192,531 | 2,988,409 |
Commitments and contingencies (Note 20) | ||
Stockholders’ equity: | ||
Preferred Stock, Value, Issued | 0 | 0 |
Additional paid-in capital | 361,970 | 349,430 |
Retained earnings | 155,869 | 26,138 |
Accumulated other comprehensive income | 1,083 | 2,473 |
Total Red Rock Resorts, Inc. stockholders’ equity | 519,620 | 378,731 |
Noncontrolling interest | 297,375 | 252,981 |
Total stockholders’ equity | 816,995 | 631,712 |
Total liabilities and stockholders’ equity | 4,009,526 | 3,620,121 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | 697 | 689 |
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common Stock, Value, Issued | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Stockholders’ equity: | ||
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 69,662,590 | 68,897,563 |
Common Stock, Shares, Outstanding | 69,662,590 | 68,897,563 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 46,884,413 | 47,264,413 |
Common Stock, Shares, Outstanding | 46,884,413 | 47,264,413 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating revenues: | |||||||||||||
Casino | $ 940,483 | $ 886,206 | $ 814,218 | ||||||||||
Food and beverage | 381,197 | 365,448 | 330,488 | ||||||||||
Room | 170,824 | 179,041 | 145,810 | ||||||||||
Other | 100,912 | 92,967 | 73,724 | ||||||||||
Management fees | 87,614 | 118,477 | 111,520 | ||||||||||
Net revenues | $ 431,471 | $ 412,332 | $ 416,188 | $ 421,039 | $ 400,310 | $ 405,948 | $ 410,143 | $ 425,738 | 1,681,030 | 1,642,139 | 1,475,760 | ||
Operating costs and expenses: | |||||||||||||
Casino | 326,980 | 311,086 | 273,443 | ||||||||||
Food and beverage | 340,212 | 326,069 | 291,224 | ||||||||||
Room | 78,440 | 81,768 | 61,410 | ||||||||||
Other | 48,431 | 40,332 | 30,661 | ||||||||||
Selling, general and administrative | 390,492 | 380,930 | 327,313 | ||||||||||
Depreciation and amortization | 180,255 | 178,217 | 156,668 | ||||||||||
Write-downs and other charges, net | 34,650 | 29,584 | 24,591 | ||||||||||
Tax receivable agreement liability adjustment | 73,500 | (90,638) | (139,300) | 739 | |||||||||
Related party lease termination | 100,300 | 0 | 100,343 | 0 | |||||||||
Asset impairment | 0 | 1,829 | 0 | ||||||||||
Total operating costs and expenses | 1,308,822 | 1,310,858 | 1,166,049 | ||||||||||
Operating income | 71,958 | 54,618 | 137,791 | 107,841 | 212,851 | 56,557 | (30,820) | 92,693 | 372,208 | 331,281 | 309,711 | ||
Earnings from joint ventures | 2,185 | 1,632 | 1,913 | ||||||||||
Operating income and earnings from joint ventures | 374,393 | 332,913 | 311,624 | ||||||||||
Other (expense) income: | |||||||||||||
Interest expense, net | (143,099) | (131,442) | (140,189) | ||||||||||
Loss on extinguishment/modification of debt, net | 0 | (16,907) | (7,270) | ||||||||||
Change in fair value of derivative instruments | 12,415 | 14,112 | 87 | ||||||||||
Other | (354) | (357) | (45) | ||||||||||
Total other expense | (131,038) | (134,594) | (147,417) | ||||||||||
Income before income tax | 243,355 | 198,319 | 164,207 | ||||||||||
Provision for income tax | (23,875) | (134,786) | (8,243) | ||||||||||
Net income | 13,181 | 25,067 | 99,102 | 82,130 | 45,969 | 22,316 | (50,171) | 45,419 | $ 66,499 | $ 89,465 | 219,480 | 63,533 | 155,964 |
Less: net income attributable to noncontrolling interests | 61,939 | 28,110 | 64,012 | ||||||||||
Net income attributable to Red Rock Resorts, Inc. | $ 8,946 | $ 14,680 | $ 82,735 | $ 51,180 | $ 29,472 | $ 11,785 | $ (25,734) | $ 19,900 | $ 157,541 | $ 35,423 | $ 91,952 | ||
Earnings per common share (Note 19): | |||||||||||||
Earnings per share of Class A common stock, basic | $ 0.13 | $ 0.21 | $ 1.20 | $ 0.74 | $ 0.43 | $ 0.17 | $ (0.38) | $ 0.30 | $ 2.28 | $ 0.53 | $ 1.04 | ||
Earnings per share of Class A common stock, diluted | $ 0.11 | $ 0.20 | $ 0.82 | $ 0.65 | $ 0.35 | $ 0.16 | $ (0.38) | $ 0.30 | $ 1.77 | $ 0.42 | $ 1.03 | ||
Weighted-average common shares outstanding: | |||||||||||||
Basic | 69,115 | 67,397 | 34,141 | ||||||||||
Diluted | 116,859 | 115,930 | 34,285 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 219,480 | $ 63,533 | $ 155,964 |
(Loss) gain on interest rate swaps: | |||
Unrealized (loss) gain arising during period | 0 | (1,025) | 5,726 |
Reclassification into income | (2,442) | 658 | 4,973 |
(Loss) gain on interest rate swaps recognized in other comprehensive (loss) income | (2,442) | (367) | 10,699 |
(Loss) gain on available-for-sale securities: | |||
Unrealized gain arising during period | 0 | 8 | 135 |
Reclassification into income | 0 | (120) | 0 |
(Loss) gain on available-for-sale securities recognized in other comprehensive (loss) income | 0 | (112) | 135 |
Minimum pension liability adjustment, net | (310) | (165) | 5 |
Other comprehensive (loss) income, net of tax | (2,752) | (644) | 10,839 |
Comprehensive income | 216,728 | 62,889 | 166,803 |
Less: comprehensive income attributable to noncontrolling interests | 60,610 | 27,649 | 69,950 |
Comprehensive income attributable to Red Rock Resorts, Inc. | $ 156,118 | $ 35,240 | $ 96,853 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS'/MEMBERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Station Holdco [Member] | Controlling Members' Equity [Member]Station Holdco [Member] |
Balances (Scenario, Previously Reported [Member]) at Dec. 31, 2015 | $ 573,709 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 20,785 | $ 552,924 |
Balances at Dec. 31, 2015 | 566,874 | ||||||||
Balances (Adjustments for New Accounting Pronouncement [Member]) at Dec. 31, 2015 | (6,835) | (6,835) | |||||||
Shares, Outstanding (Scenario, Previously Reported [Member]) at Dec. 31, 2015 | 0 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | Scenario, Previously Reported [Member] | 155,775 | ||||||||
Net income | 155,964 | 61,005 | 3,007 | 63,492 | |||||
Net income | Adjustments for New Accounting Pronouncement [Member] | 189 | ||||||||
Other comprehensive income (loss), net of tax | 10,839 | 4,883 | 5,938 | 18 | |||||
Share-based compensation | 3,965 | 1,975 | 1,448 | 542 | |||||
Distributions | (87,450) | (3,567) | (83,883) | ||||||
Effects of the reorganization transactions | 0 | 531,543 | (5,285) | 20,225 | (20,225) | (526,258) | |||
Issuance of Class A or Class B common stock (shares) | 29,512 | 80,562 | |||||||
Issuance of Class A or Class B common stock | 531,950 | $ 295 | $ 1 | 531,654 | |||||
Purchase of LLC Units from Continuing Owners — deemed distribution (shares) | (6,136) | ||||||||
Purchase of LLC Units from Continuing Owners — deemed distribution | (112,474) | (112,474) | |||||||
Issuance of Class A common stock in exchange for units (shares) | 11,747 | ||||||||
Issuance of Class A common stock in exchange for units | 0 | $ 117 | (117) | ||||||
Purchase of Fertitta Entertainment — deemed distribution | (389,650) | (389,650) | |||||||
Recognition of tax receivable agreement liability | (44,475) | (44,475) | |||||||
Net deferred tax assets resulting from the reorganization transactions | 31,199 | 30,835 | 364 | ||||||
Allocation of equity to noncontrolling interests in Station Holdco | 0 | (361,812) | 3,411 | 358,401 | |||||
Net Income (Loss) Attributable to Parent | Scenario, Previously Reported [Member] | 91,967 | ||||||||
Net Income (Loss) Attributable to Parent | 91,952 | 28,460 | |||||||
Net Income (Loss) Attributable to Parent | Adjustments for New Accounting Pronouncement [Member] | (15) | ||||||||
Distributions | (38,052) | 38,052 | |||||||
Dividends | (10,688) | (10,688) | |||||||
Issuance of restricted stock awards, net of forfeitures (shares) | 171 | ||||||||
Issuance of restricted stock awards, net of forfeitures | 0 | $ 3 | (3) | ||||||
Repurchases of Class A common stock (shares) | (7) | ||||||||
Repurchases of Class A common stock | $ (157) | (157) | |||||||
Exchanges of noncontrolling interests for Class A common stock (shares) | 24,500 | 24,470 | (24,470) | ||||||
Exchanges of noncontrolling interests for Class A common stock | $ 0 | $ 244 | 126,698 | (126,942) | |||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | (213,247) | (213,247) | |||||||
Net deferred tax assets resulting from exchanges of noncontrolling interests | 223,000 | 223,000 | |||||||
Acquisition of subsidiary noncontrolling interests | 0 | 0 | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 2,192 | (915) | (1,277) | |||||
Balances (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | 633,352 | ||||||||
Balances at Dec. 31, 2016 | 627,598 | $ 659 | $ 1 | 325,962 | 17,772 | 2,458 | 280,746 | 0 | 0 |
Balances (Adjustments for New Accounting Pronouncement [Member]) at Dec. 31, 2016 | (5,754) | ||||||||
Shares, Outstanding at Dec. 31, 2016 | 65,893 | 49,956 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | Scenario, Previously Reported [Member] | 63,039 | ||||||||
Net income | 63,533 | 35,423 | 28,110 | ||||||
Net income | Adjustments for New Accounting Pronouncement [Member] | 494 | ||||||||
Other comprehensive income (loss), net of tax | (644) | (183) | (461) | ||||||
Share-based compensation | 8,000 | 8,000 | 0 | ||||||
Allocation of equity to noncontrolling interests in Station Holdco | 0 | ||||||||
Net Income (Loss) Attributable to Parent | Scenario, Previously Reported [Member] | 35,152 | ||||||||
Net Income (Loss) Attributable to Parent | 35,423 | ||||||||
Net Income (Loss) Attributable to Parent | Adjustments for New Accounting Pronouncement [Member] | 271 | ||||||||
Distributions | (38,290) | (38,290) | |||||||
Dividends | (27,057) | (27,057) | |||||||
Issuance of restricted stock awards, net of forfeitures (shares) | 188 | ||||||||
Issuance of restricted stock awards, net of forfeitures | 0 | $ 2 | (2) | ||||||
Repurchases of Class A common stock (shares) | (3) | ||||||||
Repurchases of Class A common stock | (93) | (93) | |||||||
Stock option exercises (shares) | 128 | ||||||||
Stock option exercises | $ 2,501 | $ 1 | 2,500 | ||||||
Exchanges of noncontrolling interests for Class A common stock (shares) | 2,700 | 2,692 | (2,692) | ||||||
Exchanges of noncontrolling interests for Class A common stock | $ 0 | $ 27 | 14,510 | 228 | (14,765) | ||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | (22,761) | (22,761) | |||||||
Net deferred tax assets resulting from exchanges of noncontrolling interests | 24,291 | 24,291 | |||||||
Tax effects resulting from stock option exercises | (882) | (882) | |||||||
Acquisition of subsidiary noncontrolling interests | (4,484) | 2,850 | (7,334) | ||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | (4,945) | (30) | 4,975 | |||||
Balances (Scenario, Previously Reported [Member]) at Dec. 31, 2017 | 637,291 | ||||||||
Balances at Dec. 31, 2017 | 631,712 | $ 689 | $ 1 | 349,430 | 26,138 | 2,473 | 252,981 | 0 | 0 |
Balances (Adjustments for New Accounting Pronouncement [Member]) at Dec. 31, 2017 | (5,579) | ||||||||
Shares, Outstanding at Dec. 31, 2017 | 68,898 | 47,264 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 219,480 | 157,541 | 61,939 | ||||||
Other comprehensive income (loss), net of tax | (2,752) | (1,423) | (1,329) | ||||||
Share-based compensation | 11,343 | 11,343 | 0 | ||||||
Allocation of equity to noncontrolling interests in Station Holdco | 0 | ||||||||
Net Income (Loss) Attributable to Parent | 157,541 | ||||||||
Distributions | (19,940) | (19,940) | |||||||
Dividends | (27,810) | (27,810) | |||||||
Issuance of restricted stock awards, net of forfeitures (shares) | 122 | ||||||||
Issuance of restricted stock awards, net of forfeitures | 0 | $ 1 | (1) | ||||||
Repurchases of Class A common stock (shares) | (10) | ||||||||
Repurchases of Class A common stock | (307) | (307) | |||||||
Stock option exercises (shares) | 273 | ||||||||
Stock option exercises | $ 5,381 | $ 3 | 5,378 | ||||||
Exchanges of noncontrolling interests for Class A common stock (shares) | 400 | 380 | (380) | ||||||
Exchanges of noncontrolling interests for Class A common stock | $ 0 | $ 4 | 2,149 | 21 | (2,174) | ||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | (2,528) | (2,528) | |||||||
Net deferred tax assets resulting from exchanges of noncontrolling interests | 2,675 | 2,675 | |||||||
Tax effects resulting from stock option exercises | (259) | (259) | |||||||
Acquisition of subsidiary noncontrolling interests | 0 | 0 | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | (5,910) | 12 | 5,898 | |||||
Balances at Dec. 31, 2018 | $ 816,995 | $ 697 | $ 1 | $ 361,970 | $ 155,869 | $ 1,083 | $ 297,375 | $ 0 | $ 0 |
Shares, Outstanding at Dec. 31, 2018 | 69,663 | 46,884 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 219,480 | $ 63,533 | $ 155,964 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 180,255 | 178,217 | 156,668 |
Change in fair value of derivative instruments | (12,415) | (14,112) | (87) |
Reclassification of unrealized (gain) loss on derivative instruments into income | (2,929) | 1,176 | 5,066 |
Write-downs and other charges, net | 3,519 | 19,783 | 6,156 |
Tax receivable agreement liability adjustment | (90,638) | (139,300) | 739 |
Asset impairment | 0 | 1,829 | 0 |
Amortization of debt discount and debt issuance costs | 16,149 | 17,206 | 17,492 |
Interest—paid in kind | 0 | 0 | 2,130 |
Share-based compensation | 11,289 | 7,922 | 6,893 |
Settlement of liability-classified equity awards | 0 | 0 | (18,739) |
Earnings from joint ventures | (2,185) | (1,632) | (1,913) |
Distributions from joint ventures | 2,033 | 961 | 1,334 |
Loss on extinguishment/modification of debt, net | 0 | 16,907 | 7,270 |
Deferred income tax | 23,860 | 136,156 | 6,993 |
Changes in assets and liabilities: | |||
Receivables, net | (2,054) | (4,610) | (3,492) |
Interest on related party notes receivable | 0 | 0 | (247) |
Inventories and prepaid expenses | (17,749) | (6,999) | (510) |
Accounts payable | 2,677 | (1,184) | 8,934 |
Accrued interest payable | (3,193) | (5,148) | 2,460 |
Income tax payable/receivable, net | 191 | 7,790 | (8,250) |
Other accrued liabilities | 13,619 | 6,644 | 100 |
Other, net | 4,098 | 4,821 | 1,472 |
Net cash provided by operating activities | 346,007 | 289,960 | 346,433 |
Cash flows from investing activities: | |||
Capital expenditures, net of related payables | (579,287) | (248,427) | (162,377) |
Acquisition of land held for development | (36,106) | 0 | 0 |
Acquisition of land from related party | 0 | (23,440) | 0 |
Business acquisition, net of cash received | 0 | 0 | (303,734) |
Proceeds from asset sales | 4,702 | 1,045 | 11,094 |
Proceeds from repayment of related party note receivable | 0 | 0 | 18,330 |
Distributions in excess of earnings from joint ventures | 1,359 | 1,038 | 1,015 |
Native American development costs | (702) | (2,469) | (2,704) |
Net settlement of derivative instruments | 9,842 | 585 | 0 |
Other, net | (6,490) | (9,985) | (3,568) |
Net cash used in investing activities | (606,682) | (281,653) | (441,944) |
Cash flows from financing activities: | |||
Borrowings under credit agreements with original maturity dates greater than three months | 440,000 | 805,592 | 1,872,500 |
Payments under credit agreements with original maturity dates greater than three months | (222,743) | (635,874) | (1,517,547) |
Payments under credit agreements with original maturity dates of three months or less, net | 0 | 0 | (53,900) |
Proceeds from issuance of 5.00% Senior Notes | 0 | 550,000 | 0 |
Redemption of 7.50% Senior Notes | 0 | (500,000) | 0 |
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | 0 | 0 | 531,949 |
Purchase of LLC Units from existing owners—deemed distribution | 0 | 0 | (112,474) |
Purchase of Fertitta Entertainment—deemed distribution | 0 | 0 | (389,149) |
Cash paid for early extinguishment of debt | 0 | (18,776) | 0 |
Proceeds from exercise of stock options | 5,381 | 2,501 | 0 |
Distributions to members and noncontrolling interests | (19,940) | (38,290) | (125,502) |
Dividends | (27,698) | (26,980) | (10,645) |
Payment of debt issuance costs | 0 | (31,419) | (39,815) |
Payments on derivative instruments with other-than-insignificant financing elements | 0 | 0 | (10,831) |
Payments on other debt | (823) | (5,180) | (22,288) |
Payments on tax receivable agreement liability | (28,865) | 0 | 0 |
Acquisition of subsidiary noncontrolling interests | 0 | (4,484) | 0 |
Other, net | (1,123) | (6,806) | (7,257) |
Net cash provided by financing activities | 144,189 | 90,284 | 115,041 |
(Decrease) increase in cash, cash equivalents and restricted cash | (116,486) | 98,591 | 19,530 |
Balance, beginning of year | 234,744 | 136,153 | 116,623 |
Balance, end of year | 118,258 | 234,744 | 136,153 |
Cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 114,607 | 231,465 | 133,776 |
Restricted cash | 3,651 | 3,279 | 2,377 |
Balance, end of year | 118,258 | 234,744 | 136,153 |
Supplemental cash flow disclosures: | |||
Cash paid for interest, net of $8,048, $1,110 and $0 capitalized, respectively | 124,419 | 118,519 | 116,314 |
Cash paid for income taxes, net of refunds received | (176) | (9,160) | 9,500 |
Non-cash investing and financing activities: | |||
Capital expenditures incurred but not yet paid | $ 112,668 | $ 39,673 | $ 21,375 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Costs Capitalized | $ 8,048 | $ 1,110 | $ 0 |
Organization and Background
Organization and Background | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Background Red Rock Resorts, Inc. (“Red Rock,” or the “Company”) was formed as a Delaware corporation in September 2015 to own an indirect equity interest in and manage Station Casinos LLC (“Station LLC”). Station LLC, a Nevada limited liability company, is a gaming, development and management company that owns and operates ten major gaming and entertainment facilities and ten smaller casino properties ( three of which are 50% owned) in the Las Vegas regional market. Station LLC also manages a casino in Sonoma County, California on behalf of a Native American tribe. Station LLC managed a casino in Allegan County, Michigan on behalf of another Native American tribe through February 2018. The Company owns all of the outstanding voting interests in Station LLC and has an indirect interest in Station LLC through its ownership interest in Station Holdco LLC (“Station Holdco”), which owns all of the economic interests in Station LLC. In May 2016 , the Company completed its initial public offering (“IPO”) of approximately 29.5 million shares of Class A common stock, $0.01 par value per share, at an offering price to the public of $19.50 per share. The Company received proceeds from the IPO of approximately $541 million , net of underwriting discount, which was used to purchase newly issued limited liability company interests in Station Holdco (“LLC Units”) and outstanding LLC Units from existing members of Station Holdco. Station Holdco used the proceeds from the newly issued LLC Units to pay the majority of the purchase price of Fertitta Entertainment LLC (“Fertitta Entertainment”), a related party that managed Station LLC’s properties pursuant to management agreements. The reorganization transactions related to the IPO are referred to herein as the “Reorganization Transactions.” In connection with the IPO and the reorganization of its corporate structure, the Company: • Amended and restated its certificate of incorporation (as amended and restated, the “Certificate of Incorporation”) to provide for Class A common stock and Class B common stock, par value of $0.00001 per share; • Amended and restated the limited liability company agreements of both Station LLC and Station Holdco to, among other things, designate the Company as the sole managing member of Station LLC and Station Holdco; • Issued for nominal consideration one share of Class B common stock to LLC Unit holders for each LLC Unit held for an aggregate issuance of 80,562,666 shares of Class B common stock; • Issued 29,511,828 shares of Class A common stock and received proceeds of approximately $541 million , which is net of underwriting discount, and paid $4.9 million of offering costs; • Issued 10,137,209 shares of Class A common stock in connection with the merger of certain entities that own LLC Units (the “Merging Blockers”), of which 222,959 shares were withheld to pay withholding tax obligations of $4.1 million with respect to certain members of the Merging Blockers; • Issued, pursuant to the Red Rock Resorts, Inc. 2016 Equity Incentive Plan, 189,568 restricted shares of Class A common stock and options to purchase 1,687,205 shares of Class A common stock to certain of the Company’s executive officers, employees and members of its board of directors, and issued 1,832,884 restricted shares of Class A common stock to current and former employees of Station LLC in substitution for profit units issued by Station Holdco that were held by such current and former employees; • Purchased 6,136,072 LLC Units from certain LLC Unit holders using approximately $112.5 million of the net proceeds from the IPO at a price of $18.33 per unit, which was the price paid by the underwriters to the Company for Class A common stock in the IPO, and retired an equal number of shares of Class B common stock; • Acquired newly issued LLC Units using approximately $424.4 million of the net proceeds from the IPO; • Entered into an exchange agreement (the “Exchange Agreement”) with the LLC Unit holders pursuant to which they are entitled at any time to exchange LLC Units, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one -for- one basis or for cash, at the Company’s election; and • Entered into a tax receivable agreement (“TRA”) with the LLC Unit holders, as described in Note 2 , that requires the Company to pay 85% of the amount of benefits it realizes as a result of (i) increases in tax basis resulting from the Company’s purchase or exchange of LLC Units and (ii) certain other tax benefits related to the TRA, including tax benefits attributable to payments that the Company is required to make under the TRA itself. At December 31, 2018 , the Company held approximately 60% of the economic interests in Station Holdco as well as 100% of the voting interest in Station LLC and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and is designated as the sole managing member of both Station Holdco and Station LLC. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC, and conducts all of its operations through these entities. The Company is a subchapter C corporation subject to federal income taxes and state income taxes in California and Michigan. Acquisitions Fertitta Entertainment In May 2016, Station Holdco contributed $419.5 million of the proceeds from its newly issued LLC Units to Station LLC which used the proceeds, along with additional borrowings under its revolving credit facility, to acquire all of the outstanding membership interests of Fertitta Entertainment (the “Fertitta Entertainment Acquisition”) for $460 million , which included $51.0 million paid in satisfaction of Fertitta Entertainment’s term loan and revolving credit facility on the closing date, $18.7 million paid to settle Fertitta Entertainment’s liability-classified equity awards and $1.3 million in assumed liabilities. Prior to the Fertitta Entertainment Acquisition, Station LLC had long-term management agreements with affiliates of Fertitta Entertainment to manage its properties. In connection with the Fertitta Entertainment Acquisition, the management agreements were terminated and Station LLC entered into new employment agreements with its executive officers and other individuals who were employed by Fertitta Entertainment prior to the completion of the Fertitta Entertainment Acquisition. Prior to the Fertitta Entertainment Acquisition, Station Holdco, Station LLC and Fertitta Entertainment were controlled by brothers Frank J. Fertitta III, the Company’s Chairman and Chief Executive Officer, and Lorenzo J. Fertitta, the Company’s Vice Chairman, who collectively held a majority of the voting and economic interests in these entities. The Fertitta Entertainment Acquisition constituted an acquisition of an entity under common control and was accounted for at historical cost in a manner similar to a pooling of interests. The Company recognized a deemed distribution of approximately $389.1 million to equity holders of Fertitta Entertainment, which represented the excess of the purchase price over the historical cost of the net assets acquired. Palms Casino Resort On October 1, 2016, the Company acquired Palms Casino Resort (“Palms”) in Las Vegas, which offers gaming, lodging accommodations, dining, and entertainment, for $316.4 million . The acquisition was recorded using the acquisition method of accounting and accordingly, results of its operations have been included in the Company’s consolidated financial statements for periods subsequent to the acquisition date. The cost of the acquisition was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, which were based on management estimates and a third-party appraisal. Transaction costs were expensed as incurred. Pro forma results of operations have not been provided as the acquisition was not material to the Company. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation Station Holdco and Station LLC are variable interest entities (“VIEs”), of which the Company is the primary beneficiary. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. Prior to the IPO, Red Rock had no operations or net assets. Red Rock’s predecessor for accounting purposes was Station Holdco, as combined with Fertitta Entertainment, and accordingly, the accompanying financial statements represent the combined financial statements of Station Holdco and Fertitta Entertainment for periods prior to the IPO. The amounts shown in the accompanying consolidated financial statements also include the accounts of MPM Enterprises, LLC (“MPM”), which is a 50% owned, consolidated VIE that managed a Native American casino in Allegan County, Michigan through February 2018. The financial position and results of operations attributable to third-party holdings of MPM are reported within noncontrolling interest in the consolidated financial statements. Investments in all other 50% or less owned affiliated companies are accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with the current year presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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 those estimates. Fair Value Measurements For assets and liabilities accounted for or disclosed at fair value, the Company utilizes the fair value hierarchy established by the accounting guidance for fair value measurements and disclosures to categorize the inputs to valuation techniques used to measure fair value into three levels. The three levels of inputs are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The accounting guidance for fair value measurements and disclosures also provides the option to measure certain financial assets and liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to measure any financial assets or liabilities at fair value that are not required to be measured at fair value. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable approximate fair value primarily because of the short maturities of these instruments. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments with an original maturity of 90 days or less. Restricted Cash Restricted cash consists of reserve funds for the Company’s condominium operations at Palms. Receivables, Net and Credit Risk The Company’s accounts receivable primarily represent receivables from contracts with customers and consist mainly of casino, hotel, ATM, cash advance, retail, management fees and other receivables, which are typically non-interest bearing. Receivables are initially recorded at cost and an allowance for doubtful accounts is maintained to reduce receivables to their carrying amount, which approximates fair value. The allowance is estimated based on a specific review of customer accounts, historical collection experience, the age of the receivable and other relevant factors. Accounts are written off when management deems the account to be uncollectible, and recoveries of accounts previously written off are recorded when received. At December 31, 2018 and 2017 , the allowance for doubtful accounts was $2.3 million and $1.2 million , respectively. Management believes there are no significant concentrations of credit risk. Inventories Inventories primarily represent food and beverage items and retail merchandise which are stated at the lower of cost or net realizable value. Cost is determined on a weighted-average basis. Assets Held for Sale The Company classifies assets as held for sale when an asset or asset group meets all of the held for sale criteria in the accounting guidance for impairment and disposal of long-lived assets. Assets held for sale are initially measured at the lower of their carrying amount or fair value less cost to sell. At December 31, 2018 and 2017 , assets held for sale represented certain undeveloped land in Las Vegas. Property and Equipment Property and equipment is initially recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the estimated useful life of the asset or the lease term, as follows: Buildings and improvements 10 to 45 years Furniture, fixtures and equipment 3 to 10 years Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Construction in progress is related to the construction or development of property and equipment that has not yet been placed in service for its intended use. Depreciation and amortization of property and equipment commences when the asset is placed in service. When an asset is retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and the gain or loss on disposal is recognized within Write-downs and other charges, net. Assets recorded under capital leases are included in property and equipment and amortization of assets recorded under capital leases is included in depreciation expense and accumulated depreciation. The Company makes estimates and assumptions when accounting for capital expenditures. The Company’s depreciation expense is highly dependent on the assumptions made for the estimated useful lives of its assets. Useful lives are estimated by the Company based on its experience with similar assets and estimates of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an asset, the Company accounts for the change prospectively. Native American Development Costs The Company incurs certain costs associated with development and management agreements with Native American tribes which are reimbursable by the tribes. Such costs are capitalized as long-term assets as incurred, and primarily include costs associated with the acquisition and related development of land and the casino facilities. The Company capitalizes interest on Native American development projects when activities are in progress to prepare the asset for its intended use. The assets are typically transferred to the tribe when the tribe secures third-party financing or the gaming facility is completed. Upon transfer of the assets to the tribe, any remaining carrying amount that has not yet been recovered from the tribe is reclassified to a long-term receivable. The Company earns a return on the costs incurred for the acquisition and development of Native American development projects. Repayment of the advances and the return typically is funded from the tribe’s third-party financing, from the cash flows of the gaming facility, or both. Due to the uncertainty surrounding the timing and amount of the stated return, the Company recognizes the return on a cash basis. The Company evaluates its Native American development costs for impairment whenever events or changes in circumstances indicate that the carrying amount of a project might not be recoverable, taking into consideration all available information. Among other things, the Company considers the status of the project, any contingencies, the achievement of milestones, any existing or potential litigation, and regulatory matters when evaluating its Native American projects for impairment. If an indicator of impairment exists, the Company compares the estimated future cash flows of the project, on an undiscounted basis, to its carrying amount. If the undiscounted expected future cash flows do not exceed the carrying amount, the asset is written down to its estimated fair value, which typically is estimated based on a discounted future cash flow model or market comparables, when available. The Company estimates the undiscounted future cash flows of a Native American development project based on consideration of all positive and negative evidence about the future cash flow potential of the project including, but not limited to, the likelihood that the project will be successfully completed, the status of required approvals, and the status and timing of the construction of the project, as well as current and projected economic, political, regulatory and competitive conditions that may adversely impact the project’s operating results. Goodwill The Company tests its goodwill for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s operating properties is considered a separate reporting unit. When performing the annual goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit. When performing the quantitative test, the Company estimates the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on current valuation multiples of the Company and comparable publicly traded companies. The estimation of fair value involves significant judgment by management. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from such estimates. Cash flow estimates are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, competition, events affecting various forms of travel and access to the Company’s properties, and other factors. If the Company’s estimates of future cash flows are not met, it may have to record impairment charges in the future. Indefinite-Lived Intangible Assets The Company’s indefinite-lived intangible assets primarily represent brands. The fair value of the Company’s brands is estimated using a derivation of the income approach to valuation, based on estimated royalties avoided through ownership of the assets, utilizing market indications of fair value. The Company tests its indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that an asset is impaired. Indefinite-lived intangible assets are not amortized unless it is determined that an asset’s useful life is no longer indefinite. The Company periodically reviews its indefinite-lived assets to determine whether events and circumstances continue to support an indefinite useful life. If an indefinite-lived intangible asset no longer has an indefinite life, the asset is tested for impairment and is subsequently accounted for as a finite-lived intangible asset. Finite-Lived Intangible Assets The Company’s finite-lived intangible assets primarily represent assets related to its management contracts and customer relationships, which are amortized over their estimated useful lives using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company’s management contract intangible assets represent the value associated with agreements under which the Company provides management services to various casino properties, primarily Native American casinos which it has developed. The fair values of management contract intangible assets were determined using discounted cash flow techniques based on future cash flows expected to be received in exchange for providing management services. The Company amortizes its management contract intangible assets over their expected useful lives beginning when the property commences operations and management fees are being earned. Should events or changes in circumstances cause the carrying amount of a management contract intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. The Company’s customer relationship intangible assets primarily represent the value associated with its rated casino guests. The initial fair values of customer relationship intangible assets were estimated based on a variation of the cost approach. The recoverability of the Company’s customer relationship intangible assets could be affected by, among other things, increased competition within the gaming industry, a downturn in the economy, declines in customer spending which would impact the expected future cash flows associated with the rated casino guests, declines in the number of customer visits which could impact the expected attrition rate of the rated casino guests, and erosion of operating margins associated with rated casino guests. Should events or changes in circumstances cause the carrying amount of a customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. Impairment of Long-Lived Assets The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is evaluated by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying amount. If the undiscounted estimated future cash flows exceed the carrying amount, no impairment is indicated. If the undiscounted estimated future cash flows do not exceed the carrying amount, impairment is measured based on the difference between the asset’s estimated fair value and its carrying amount. To estimate fair values, the Company typically uses market comparables, when available, or a discounted cash flow model. Assets to be disposed of are carried at the lower of their carrying amount or fair value less costs of disposal. The fair value of assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. The Company’s long-lived asset impairment tests are performed at the reporting unit level. Debt Discounts and Debt Issuance Costs Debt discounts and costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense using the effective interest method over the expected term of the related debt agreements. Costs incurred in connection with the issuance of revolving lines of credit are presented in Other assets, net on the Consolidated Balance Sheets. All other capitalized costs incurred in connection with the issuance of long-term debt are presented as a direct reduction of Long-term debt, less current portion on the Consolidated Balance Sheets. Derivative Instruments The Company uses interest rate swaps to hedge its exposure to variability in expected future cash flows related to interest payments. In accordance with the accounting guidance for derivatives and hedging activities, the Company records all derivatives on the balance sheet at fair value. The fair values of the Company’s derivatives are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The accounting for changes in fair value of derivative instruments depends on the intended use of the derivative and whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting. For derivative instruments that are not designated as cash flow hedges of forecasted interest payments, all changes in fair value of the derivative instruments are presented in Change in fair value of derivative instruments in the Consolidated Statements of Income in the period in which the change occurs. The Company classifies cash flows for derivative instruments not designated as cash flow hedges as investing activities in the Consolidated Statements of Cash Flows. For derivative instruments that are designated and qualify as cash flow hedges of forecasted interest payments, the Company defers the effective portion of the change in fair value of the derivative instruments as a component of other comprehensive (loss) income until the interest payments being hedged are recorded as interest expense, at which time the amounts in accumulated other comprehensive income are reclassified as an adjustment to interest expense. Gains or losses on any ineffective portion of the change in fair value of derivative instruments designated in cash flow hedging relationships are recorded in the period in which they occur as a component of Change in fair value of derivative instruments in the Consolidated Statements of Income . The Company classifies cash flows for derivative instruments accounted for as cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. Cash flows related to cash flow hedges that include other-than-insignificant financing elements at inception are classified as financing activities. Comprehensive Income Comprehensive income includes net income and other comprehensive (loss) income , which includes all other non-owner changes in equity. Components of the Company’s comprehensive income are reported in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Stockholders’/Members’ Equity, and accumulated other comprehensive income is included in stockholders’ equity on the Consolidated Balance Sheets. Revenues The Company’s revenue contracts with customers consist of gaming wagers, sales of food, beverage, hotel rooms and other amenities, and agreements to provide management services. Revenues are recognized when control of the promised goods or services is transferred to the guest, in an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for those goods or services, referred to as the transaction price. Other revenues also include rental income from tenants, which is recognized over the lease term, and contingent rental income, which is recognized when the right to receive such rental income is established according to the lease agreements. Revenue is recognized net of cash sales incentives and discounts and excludes sales and other taxes collected from guests on behalf of governmental authorities. The Company applies a practical expedient and accounts for its gaming and non-gaming contracts on a portfolio basis. This is because individual customer contracts have similar characteristics, and the Company reasonably expects the effects on the financial statements of applying its revenue recognition policy to the portfolio would not differ materially from applying its policy to the individual contracts. Casino Revenue Casino revenue includes gaming activities such as slot, table game and sports wagering. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price is reduced for consideration payable to a guest, such as cash sales incentives and the change in progressive jackpot liabilities. Gaming contracts are typically completed daily based on the outcome of the wagering transaction and include a distinct performance obligation to provide gaming activities. Guests may receive discretionary incentives for complimentary food, beverage, rooms, entertainment and merchandise to encourage additional gaming, or may earn loyalty points based on their gaming activity. The Company allocates the transaction price to each performance obligation in the gaming wagering contract. The amount allocated to loyalty points earned is based on an estimate of the standalone selling price of the loyalty points, which is determined by the redemption value less an estimate for points not expected to be redeemed. The amount allocated to discretionary complimentaries is the standalone selling price of the underlying goods or services, which is determined using the retail price at which those goods or services would be sold separately in similar transactions. The remaining amount of the transaction price is allocated to wagering activity using the residual approach as the standalone selling price for gaming wagers is highly variable and no set established price exists for gaming wagers. Amounts allocated to wagering are recognized as casino revenue when the result of the wager is determined, and amounts allocated to loyalty points and discretionary complimentaries are recognized as revenue when the goods or services are provided. Non-gaming Revenue Non-gaming revenues include sales of food, beverage, hotel rooms and other amenities such as retail merchandise, bowling, spa services and entertainment. The transaction price is the net amount collected from the guest and includes a distinct performance obligation to provide such goods or services. Non-gaming revenues are recognized when the goods or services are provided to the guest. Guests may also earn loyalty points from non-gaming purchases or receive discretionary complimentaries that require the transaction price to be allocated to each performance obligation on a relative standalone selling price basis. Non-gaming revenues also include the portion of the transaction price from gaming or non-gaming contracts allocated to discretionary complimentaries and the value of loyalty points redeemed for food, beverage, room and other amenities. Discretionary complimentaries are classified in the departmental revenue category fulfilling the complimentary with a corresponding reduction in the departmental revenues that provided the complimentary, which is primarily casino revenue. Included in non-gaming revenues are discretionary complimentaries and loyalty point redemptions of $206.5 million , $185.6 million and $166.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Management Fee Revenue Management fee revenue primarily represents fees earned from the Company’s management agreements with Native American tribes. The transaction price for management contracts is the management fee to which the Company is entitled for its management services. The management fee represents variable consideration as it is based on a percentage of net income of the managed property, as defined in the management agreements. The management services are a single performance obligation to provide a series of distinct services over the term of the management agreement. The Company allocates and recognizes the management fee monthly as the management services are performed because there is a consistent measure throughout the contract period that reflects the value to the Native American tribe each month. Player Rewards Program The Company has a player rewards program (the “Rewards Program”) that allows customers to earn points based on their gaming activity and non-gaming purchases. Guests may accumulate loyalty points over time that may be redeemed at their discretion under the terms of the Rewards Program. Loyalty points may be redeemed for cash, slot play, food, beverage, rooms, entertainment and merchandise at all of the Company’s Las Vegas area properties. When guests earn points under the Rewards Program, the Company recognizes a liability for future performance obligations. The Rewards Program point liability represents deferred gaming and non-gaming revenue, which is measured at the redemption value of loyalty points earned under the Rewards Program that management ultimately believes will be redeemed. The recognition of the Rewards Program point liability primarily reduces casino revenue. When points are redeemed for cash, the point liability is reduced for the amount of cash paid out. When points are redeemed for slot play, food, beverage, rooms, entertainment and merchandise, revenues are recognized when the goods or services are provided, and such revenues are classified based on the type of goods or services provided with a corresponding reduction to the point liability. The Company’s performance obligation related to its loyalty point liability is generally completed within one year, as a guest’s loyalty point balance is forfeited after six months of inactivity for a local guest and after thirteen months for an out-of-town guest, as defined in the Rewards Program. Loyalty points are generally earned and redeemed continually over time. As a result, the loyalty point liability balance remains relatively constant. The loyalty point liability is presented within Other accrued liabilities on the Consolidated Balance Sheet. Slot Machine Jackpots The Company does not accrue base jackpots if it is not legally obligated to pay the jackpot. A jackpot liability is accrued with a related reduction in casino revenue when the Company is obligated to pay the jackpot, such as the incremental amount in excess of the base jackpot on a progressive game. Gaming Taxes The Company is assessed taxes based on gross gaming revenue, subject to applicable jurisdictional adjustments. Gaming taxes are included in casino costs and expenses in the Consolidated Statements of Income . Gaming tax expense was as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Gaming tax expense $ 74,501 $ 69,429 $ 63,626 Share-based Compensation The Company measures its share-based compensation cost at the grant date based on the fair value of the award, and recognizes the cost over the requisite service period. The fair value of stock options is estimated at the grant date using the Black-Scholes option pricing model. The fair value of restricted stock is based on the closing share price of the Company’s stock on the grant date. The Company uses the straight-line method to recognize compensation cost for share-based awards with graded service-based vesting, and cumulative compensation cost recognized to date at least equals the grant-date fair value of the vested portion of the awards. Forfeitures are accounted for as they occur. Advertising The Company expenses advertising costs the first time the advertising takes place. Advertising expense is primarily included in selling, general and administrative expense in the Consolidated Statements of Income . Advertising expense was as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Advertising expense $ 24,302 $ 22,094 $ 21,144 Write-downs and Other Charges, net Write-downs and other charges include asset disposals, preopening and redevelopment, innovation and development costs, severance and non-routine expenses. For the years ended December 31, 2018 and 2017 , the Company recognized expenses associated with the ongoing redevelopment project at Palms, including the brand repositioning campaign, the grand opening of the first phase of the project in May 2018, and preopening related to new restaurants, nightclubs, bars and other amenities. For the year ended December 31, 2016 , write-downs and other charges included expenses related to the IPO transaction, including advisory, legal and other charges that were not deferred as direct and incremental costs of the IPO, as well as costs related to the Fertitta Entertainment Acquisition. Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco. Station Holdco continues to operate as a partnership for federal, state and local tax reporting and holds 100% of the economic interests in Station LLC. The members of Station Holdco are liable for any income taxes resulting from income allocated to them by Station Holdco as a pass-through entity. The Company recognizes deferred tax assets and liabilities based on the differences between the book value of assets and liabilities for financial reporting purposes and those amounts applicable for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company classifies all deferred tax assets and liabilities as noncurrent. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period in which the enactment date occurs. Deferred tax assets represent future tax deductions or credits. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. Each reporting period, the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50% ) that some portion, or all, of a deferred tax asset will not be realized. On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company determined that no liability for unrecognized tax benefits for uncertain tax positions was required to be recorded at December 31, 2018 and 2017 . In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. The Company will recognize interest and penalties related to income taxes, if any, within the provision for income taxes. The Company has incurred no interest or penalties relat |
Noncontrolling Interest in Stat
Noncontrolling Interest in Station Holdco | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interest in Station Holdco As discussed in Note 1 , Red Rock holds a controlling interest in and consolidates the financial position and results of operations of Station LLC and its subsidiaries and Station Holdco. Prior to the IPO in May 2016, there were no noncontrolling interests in Station Holdco. As a result of the IPO and Reorganization Transactions, certain owners of LLC Units who held such units prior to the IPO (“Continuing Owners”) became noncontrolling interest holders. The Company presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. Immediately after the IPO, the noncontrolling interest holders of Station Holdco owned approximately 66.6% of the outstanding LLC Units, with the remaining 33.4% owned by Red Rock. During the years ended December 31, 2018 , 2017 and 2016 , approximately 0.4 million , 2.7 million and 24.5 million , respectively, of LLC Units and Class B common shares held by noncontrolling interest holders were exchanged for Class A common shares, which increased Red Rock’s ownership interest in Station Holdco. At December 31, 2018 , the noncontrolling interest in Station Holdco had been reduced to approximately 40.2% . Noncontrolling interest will continue to be adjusted to reflect the impact of any changes in Red Rock’s ownership interest in Station Holdco. The ownership of the LLC Units is summarized as follows: December 31, 2018 December 31, 2017 Units Ownership % Units Ownership % Red Rock 69,662,590 59.8 % 68,897,563 59.3 % Noncontrolling interest holders 46,884,413 40.2 % 47,264,413 40.7 % Total 116,547,003 100.0 % 116,161,976 100.0 % The Company uses monthly weighted-average LLC Unit ownership to calculate the pretax income and other comprehensive (loss) income of Station Holdco attributable to Red Rock and the noncontrolling interest holders. Station Holdco equity attributable to Red Rock and the noncontrolling interest holders is rebalanced, as needed, to reflect LLC Unit ownership at period end. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (amounts in thousands): December 31, 2018 2017 Land $ 270,059 $ 256,173 Buildings and improvements 2,663,004 2,315,124 Furniture, fixtures and equipment 686,863 534,286 Construction in progress 240,197 126,384 3,860,123 3,231,967 Accumulated depreciation and amortization (847,718 ) (689,856 ) Property and equipment, net $ 3,012,405 $ 2,542,111 Construction in progress at December 31, 2018 included $218.2 million related to the redevelopment of Palms. Depreciation expense was as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Depreciation expense $ 169,656 $ 158,327 $ 137,881 At December 31, 2018 and 2017 , substantially all of the Company’s property and equipment was pledged as collateral for its long-term debt. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangibles Goodwill, net of accumulated impairment losses of $1.2 million , was $195.7 million at December 31, 2018 and 2017 . The Company’s goodwill is primarily related to the Las Vegas operations segment. The Company’s intangibles, other than goodwill, consisted of the following (amounts in thousands): December 31, 2018 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 77,200 $ — $ 77,200 License rights Indefinite 300 — 300 Customer relationships 15 23,600 (11,579 ) 12,021 Management contracts 7 - 20 47,000 (32,532 ) 14,468 Condominium rental contracts 20 9,000 (1,012 ) 7,988 Trademarks 15 6,000 (900 ) 5,100 Beneficial leases 6 237 (94 ) 143 Intangible assets 163,337 (46,117 ) 117,220 Liabilities Below market leases 15 - 72 4,145 (371 ) 3,774 Net intangibles $ 159,192 $ (45,746 ) $ 113,446 December 31, 2017 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 77,200 $ — $ 77,200 License rights Indefinite 300 — 300 Customer relationships 15 23,600 (10,006 ) 13,594 Management contracts 7 - 20 115,000 (92,980 ) 22,020 Condominium rental contracts 20 9,000 (562 ) 8,438 Trademarks 15 6,000 (500 ) 5,500 Beneficial leases 2 - 6 270 (72 ) 198 Other 2 2,000 (1,250 ) 750 Intangible assets 233,370 (105,370 ) 128,000 Liabilities Below market lease 15 - 72 4,145 (199 ) 3,946 Net intangibles $ 229,225 $ (105,171 ) $ 124,054 The Gun Lake Casino management contract intangible asset, which had a gross carrying amount of $68.0 million , became fully amortized in February 2018 concurrently with the expiration of the management agreement. Amortization expense for intangibles was as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Amortization expense $ 10,599 $ 19,890 $ 18,787 Estimated annual amortization expense for intangibles for each of the next five years is as follows (amounts in thousands): Years Ending December 31, 2019 $ 8,541 2020 8,029 2021 2,399 2022 2,378 2023 2,357 |
Land Held for Development
Land Held for Development | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Land Held for Development | Land Held for Development At December 31, 2018 , the Company controlled approximately 420 acres of land comprised of eight strategically-located parcels in Las Vegas and Reno, Nevada, each of which is zoned for casino gaming and other uses. The Company owns approximately 391 acres of such land, and 20 acres are leased from a third-party lessor, as described in Note 20 . In the second quarter of 2018, the Company sold a 26 -acre parcel of land in Las Vegas that was previously held for development. See Note 13 for additional information. |
Investments in Variable Interes
Investments in Variable Interest Entities and Joint Ventures (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | Investments in Variable Interest Entities and Joint Ventures Station Holdco and Station LLC are VIEs, of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities represent the assets and liabilities of Station Holdco and Station LLC, other than assets and liabilities related to income taxes and amounts payable under the TRA. As described in Note 1 , the Company holds all of the voting interest in Station Holdco and Station LLC, subject to certain limited exceptions, and was designated as the sole managing member of both entities. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC, and conducts all of its operations through these entities. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the economic interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. MPM is a 50% owned, consolidated VIE that managed Gun Lake Casino through February 2018. The Company is the primary beneficiary of MPM and consolidates MPM in its consolidated financial statements because it can direct the activities of MPM that would most significantly impact MPM’s economic performance and has the right to receive benefits and the obligation to absorb losses that would be significant to MPM. MPM’s beneficial interest holders have no recourse to the general credit of the Company. The Company has investments in three 50% owned smaller casino properties which are joint ventures accounted for using the equity method. Under the equity method, original investments are initially recorded at cost and are adjusted by the investor’s share of earnings, losses and distributions of the joint venture. The carrying amount of the Company’s investment in one of the smaller casino properties has been reduced below zero and is presented as a deficit investment on the Consolidated Balance Sheets. |
Native American Development
Native American Development | 12 Months Ended |
Dec. 31, 2018 | |
Development Disclosure [Abstract] | |
Native American Development | Native American Development North Fork Rancheria of Mono Indian Tribe The Company has development and management agreements with the North Fork Rancheria of Mono Indians (the “Mono”), a federally recognized Native American tribe located near Fresno, California, which were originally entered into in 2003. In August 2014, the Mono and the Company entered into the Second Amended and Restated Development Agreement (the “Development Agreement”) and the Second Amended and Restated Management Agreement. Pursuant to those agreements, the Company will assist the Mono in developing and operating a gaming and entertainment facility (the “North Fork Project”) to be located in Madera County, California. The Company purchased a 305 –acre parcel of land adjacent to Highway 99 north of the city of Madera (the “North Fork Site”), which was taken into trust for the benefit of the Mono by the Department of the Interior (“DOI”) in February 2013. As currently contemplated, the North Fork Project is expected to include approximately 2,000 slot machines, approximately 40 table games and several restaurants, and the cost of the project is expected to be between $250 million and $300 million . Development of the North Fork Project is subject to certain governmental and regulatory approvals, including, but not limited to, approval of the Management Agreement by the Chairman of the National Indian Gaming Commission (“NIGC”). Under the terms of the Development Agreement, the Company has agreed to arrange the financing for the ongoing development costs and construction of the facility. The Company will contribute significant financial support to the North Fork Project. Through December 31, 2018 , the Company has paid approximately $33.1 million of reimbursable advances to the Mono, primarily to complete the environmental impact study, purchase the North Fork Site and pay the costs of litigation. The advances are expected to be repaid from the proceeds of third-party financing or from the Mono’s gaming revenues; however, there can be no assurance that the advances will be repaid. The carrying amount of the advances was reduced to fair value upon the Company’s adoption of fresh-start reporting in 2011. At December 31, 2018 , the carrying amount of the advances was $18.0 million . In accordance with the Company’s accounting policy, accrued interest on the advances will not be recognized in income until the carrying amount of the advances has been recovered. The Company will receive a development fee of 4% of the costs of construction (as defined in the Development Agreement) for its development services, which will be paid upon the commencement of gaming operations at the facility. In March 2018, the Mono submitted a proposed Third Amended and Restated Management Agreement (the “Management Agreement”) to the NIGC. The Management Agreement allows the Company to receive a management fee of 30% of the North Fork Project’s net income. The Management Agreement and the Development Agreement have a term of seven years from the opening of the North Fork Project. The Management Agreement includes termination provisions whereby either party may terminate the agreement for cause, and the Management Agreement may also be terminated at any time upon agreement of the parties. There is no provision in the Management Agreement allowing the tribe to buy-out the agreement prior to its expiration. The Management Agreement provides that the Company will train the Mono tribal members such that they may assume responsibility for managing the North Fork Project upon the expiration of the agreement. Upon termination or expiration of the Management Agreement and Development Agreement, the Mono will continue to be obligated to repay any unpaid principal and interest on the advances from the Company, as well as certain other amounts that may be due, such as management fees. Amounts due to the Company under the Development Agreement and Management Agreement are secured by substantially all of the assets of the North Fork Project except the North Fork Site. In addition, the Development Agreement and Management Agreement contain waivers of the Mono’s sovereign immunity from suit for the purpose of enforcing the agreements or permitting or compelling arbitration and other remedies. The timing of this type of project is difficult to predict and is dependent upon the receipt of the necessary governmental and regulatory approvals. There can be no assurance as to when, or if, these approvals will be obtained. The Company currently estimates that construction of the North Fork Project may begin in the next 18 to 30 months and estimates that the North Fork Project would be completed and opened for business approximately 18 months after construction begins. There can be no assurance, however, that the North Fork Project will be completed and opened within this time frame or at all. The Company expects to assist the Mono in obtaining third-party financing for the North Fork Project once all necessary regulatory approvals have been received and prior to commencement of construction; however, there can be no assurance that the Company will be able to obtain such financing for the North Fork Project on acceptable terms or at all. The Company has evaluated the likelihood that the North Fork Project will be successfully completed and opened, and has concluded that the likelihood of successful completion is in the range of 65% to 75% at December 31, 2018 . The Company’s evaluation is based on its consideration of all available positive and negative evidence about the status of the North Fork Project, including, but not limited to, the status of required regulatory approvals, as well as the progress being made toward the achievement of all milestones and the successful resolution of all litigation and contingencies. There can be no assurance that the North Fork Project will be successfully completed or that future events and circumstances will not change the Company’s estimates of the timing, scope, and potential for successful completion or that any such changes will not be material. In addition, there can be no assurance that the Company will recover all of its investment in the North Fork Project even if it is successfully completed and opened for business. The following table summarizes the Company’s evaluation at December 31, 2018 of each of the critical milestones necessary to complete the North Fork Project. As of December 31, 2018 Federally recognized as an Indian tribe by the Bureau of Indian Affairs (“BIA”) Yes Date of recognition Federal recognition was terminated in 1966 and restored in 1983. Tribe has possession of or access to usable land upon which the project is to be built The DOI accepted approximately 305 acres of land for the project into trust for the benefit of the Mono in February 2013. Status of obtaining regulatory and governmental approvals: Tribal-state compact A compact was negotiated and signed by the Governor of California and the Mono in August 2012. The California State Assembly and Senate passed Assembly Bill 277 (“AB 277”) which ratified the Compact in May 2013 and June 2013, respectively. Opponents of the North Fork Project qualified a referendum, “Proposition 48,” for a state-wide ballot challenging the legislature’s ratification of the Compact. In November 2014, Proposition 48 failed. The State took the position that the failure of Proposition 48 nullified the ratification of the Compact and, therefore, the Compact did not take effect under California law. In March 2015, the Mono filed suit against the State (see North Fork Rancheria of Mono Indians v. State of California) to obtain a compact with the State or procedures from the Secretary of the Interior under which Class III gaming may be conducted on the North Fork Site. In July 2016, the DOI issued Secretarial procedures (the “Secretarial Procedures”) pursuant to which the Mono may conduct Class III gaming on the North Fork Site. Approval of gaming compact by DOI The Compact was submitted to the DOI in July 2013. In October 2013, notice of the Compact taking effect was published in the Federal Register. The Secretarial Procedures supersede and replace the Compact. Record of decision regarding environmental impact published by BIA In November 2012, the record of decision for the Environmental Impact Statement for the North Fork Project was issued by the BIA. In December 2012, the Notice of Intent to take land into trust was published in the Federal Register. BIA accepting usable land into trust on behalf of the tribe The North Fork Site was accepted into trust in February 2013. Approval of management agreement by NIGC In December 2015, the Mono submitted a Second Amended and Restated Management Agreement, and certain related documents, to the NIGC. In July 2016, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Second Amended and Restated Management Agreement. In March 2018, the Mono submitted the Management Agreement and certain related documents to the NIGC. In June 2018, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Management Agreement. Approval of the Management Agreement by the NIGC is expected to occur following the Mono’s response to the deficiency letter. The Company believes the Management Agreement will be approved because the terms and conditions thereof are consistent with the provisions of the Indian Gaming Regulatory Act (“IGRA”). Gaming licenses: Type The North Fork Project will include the operation of Class II and Class III gaming, which are allowed pursuant to the terms of the Secretarial Procedures and IGRA, following approval of the Management Agreement by the NIGC. Number of gaming devices allowed The Secretarial Procedures allow for the operation of a maximum of 2,000 Class III slot machines at the facility during the first two years of operation and thereafter up to 2,500 Class III slot machines. There is no limit on the number of Class II gaming devices that the Mono can offer. Agreements with local authorities The Mono has entered into memoranda of understanding with the City of Madera, the County of Madera and the Madera Irrigation District under which the Mono agreed to pay one-time and recurring mitigation contributions, subject to certain contingencies. The memoranda of understanding with the City and County were amended in December 2016 to restructure the timing of certain payments due to delays in the development of the North Fork Project. Following is a discussion of legal matters related to the North Fork Project. Stand Up For California! v. Dept. of the Interior. In December 2012, Stand Up for California!, several individuals and the Ministerial Association of Madera (collectively, the “Stand Up” plaintiffs) filed a complaint in the United States District Court for the District of Columbia against the DOI, the BIA and the Secretary of Interior and Assistant Secretary of the Interior, in their official capacities, seeking to overturn the Secretary’s determination to take the North Fork Site into trust for the purposes of gaming (the “North Fork Determination”) and seeking declaratory and injunctive relief to prevent the United States from taking the North Fork Site into trust. The Mono filed a motion to intervene as a party to the lawsuit, which was granted. In January 2013, the Court denied the Stand Up plaintiffs’ Motion for Preliminary Injunction and the United States accepted the North Fork Site into trust for the benefit of the Mono in February 2013. The parties subsequently filed motions for summary judgment. In September 2016, the Court denied the Stand Up plaintiffs’ motions for summary judgment and granted the defendants’ and the Mono’s motions for summary judgment in part and dismissed the remainder of the Stand Up plaintiffs’ claims. The Stand Up plaintiffs appealed the district court’s decision to the United States Court of Appeals for the District of Columbia Circuit, which heard oral argument on the appeal on October 13, 2017. On January 12, 2018, the United States Court of Appeals for the District of Columbia Circuit affirmed the decision of the district court in favor of the defendants and the Mono. On February 26, 2018, the Stand Up plaintiffs filed a petition for rehearing en banc of the January 12, 2018 decision, which petition for rehearing was denied on April 10, 2018. On July 9, 2018, the Stand Up plaintiffs filed a Petition for Writ of Certiorari in the Supreme Court of the United States. The defendants and the Mono filed their responses with the Supreme Court of the United States on November 26, 2018, the briefing was completed on December 10, 2018 when the Stand Up plaintiffs filed their reply and the Supreme Court denied the Petition of the Stand Up plaintiffs on January 7, 2019. Stand Up For California! v. Brown. In March 2013, Stand Up for California! and Barbara Leach, a local resident, filed a complaint for declaratory relief and petition for writ of mandate in California Superior Court for the County of Madera against California Governor Edmund G. Brown, Jr., alleging that Governor Brown violated the California constitutional separation-of-powers doctrine when he concurred in the North Fork Determination. The complaint sought to vacate and set aside the Governor’s concurrence. Plaintiffs’ complaint was subsequently amended to include a challenge to the constitutionality of AB 277. The Mono intervened as a defendant in the lawsuit. In March 2014, the court dismissed plaintiffs’ amended complaint, which dismissal was appealed by plaintiffs. In December 2016, an appellate court ruled in favor of the Stand Up plaintiffs concluding that Governor Brown exceeded his authority in concurring in the Secretary’s determination that gaming on the North Fork Site would be in the best interest of the tribe and not detrimental to the surrounding community. The appellate court’s decision reversed the trial court’s previous ruling in favor of the Mono. The Mono and the State filed petitions in the Supreme Court of California seeking review of the appellate court’s decision. In March 2017, the Supreme Court of California granted the Mono and State’s petitions for review and deferred additional briefing or other action in this matter pending consideration and disposition of a similar issue in United Auburn Indian Community of Auburn Rancheria v. Brown. The United Auburn case was fully briefed in December 2017. Oral argument has not yet been scheduled. Picayune Rancheria of Chukchansi Indians v. Brown . In March 2016, Picayune Rancheria of Chukchansi Indians (“Picayune”) filed a complaint for declaratory relief and petition for writ of mandate in California Superior Court for the County of Madera against Governor Edmund G. Brown, Jr., alleging that the referendum that invalidated the Compact also invalidated Governor Brown’s concurrence with the North Fork Determination. The complaint seeks to vacate and set aside the Governor’s concurrence. In July 2016, the court granted the Mono’s application to intervene and the Mono filed a demurrer seeking to dismiss the case. In November 2016, the district court dismissed Picayune’s complaint, but the court subsequently vacated its ruling based on the December 2016, decision by the Fifth District Court of Appeal in Stand Up for California! v. Brown . In May 2017, the court stayed the case for six months by agreement of the parties and scheduled a status conference on November 13, 2017 to address how the case should proceed in light of the California Supreme Court’s granting of the Mono and State’s petitions for review in Stand Up for California! v. Brown . The case remains stayed. Picayune Rancheria of Chukchansi Indians v. United States Department of the Interior. In July 2016, Picayune filed a complaint in the United States District Court for the Eastern District of California for declaratory and injunctive relief against the DOI. The complaint sought a declaration that the North Fork Site did not come under one of the exceptions to the general prohibition against gaming on lands taken into trust after October 1988 set forth in IGRA and therefore was not eligible for gaming. It also sought a declaration that the North Fork Determination had expired because the legislature never ratified Governor Brown’s concurrence, and sought injunctive relief prohibiting the DOI from taking any action under IGRA concerning the North Fork Site. The Mono filed a motion to intervene in September 2016, which was subsequently granted. The Mono and federal defendants filed motions for summary judgment in March 2017. On August 8, 2017, Picayune filed a brief arguing that the court should stay the proceedings in light of the Fifth District Court’s decision in Stand Up for California! v. Brown and the appeal pending in the California Supreme Court. On August 18, 2017, the court denied the Picayune’s motion to stay the proceedings and granted the summary judgment motions of the Mono and the federal defendants. Picayune has not filed a timely notice of appeal. Stand Up for California! et. al. v. United States Department of the Interior. In November 2016, Stand Up for California! and other plaintiffs filed a complaint in the United States District Court for the Eastern District of California alleging that the DOI’s issuance of Secretarial Procedures for the Mono was subject to the National Environmental Policies Act and the Clean Air Act, and violate the Johnson Act. The complaint further alleges violations of the Freedom of Information Act and the Administrative Procedures Act. The DOI filed its answer to the complaint in February 2017 denying plaintiffs’ claims and asserting certain affirmative defenses. A motion to intervene filed by the Mono was granted in March 2017. Plaintiffs subsequently filed a motion to stay the proceedings in May 2017. Briefing on the contested stay request concluded in July 2017 and briefing on cross-motions for summary judgment was concluded in September 2017. On July 18, 2018, the court denied plaintiffs’ motion to stay the proceedings and granted the summary judgment motions of the Mono and the federal defendants. On September 11, 2018, plaintiffs filed a notice of appeal of the District Court decision and a briefing schedule has been established with the United States Court of Appeals for the Ninth Circuit. |
Management Agreements
Management Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Managements Agreements [Abstract] | |
Management Fee Revenue [Text Block] | Management Agreements The Federated Indians of Graton Rancheria The Company manages Graton Resort & Casino (“Graton Resort”), which opened in November 2013, on behalf of the Federated Indians of Graton Rancheria (the “Graton Tribe”). Graton Resort is located approximately 43 miles north of downtown San Francisco. The management agreement for Graton Resort will expire in November 2020. The Company received a management fee of 24% of Graton Resort’s net income (as defined in the management agreement) in years 1 through 4 of the agreement, and is entitled to receive 27% of Graton Resort’s net income in years 5 through 7 . Excluding reimbursable expenses, management fees from Graton Resort totaled $77.5 million , $65.3 million and $58.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The management agreement may be terminated under certain circumstances, including but not limited to, material breach, changes in regulatory or legal status, and mutual agreement of the parties. There is no provision in the management agreement allowing the Graton Tribe to buy-out the management agreement prior to its expiration. Under the terms of the management agreement, the Company will provide training to the Graton Tribe such that the tribe may assume responsibility for managing Graton Resort upon expiration of the seven-year term of the management agreement. Upon termination or expiration of the management and development agreements, the Graton Tribe will continue to be obligated to pay certain amounts that may be due to the Company, such as any unpaid management fees. Certain amounts due to the Company under the management and development agreements are subordinate to the obligations of the Graton Tribe under its third-party financing. The management and development agreements contain waivers of the Graton Tribe’s sovereign immunity from suit for the purpose of enforcing the agreements or permitting or compelling arbitration and other remedies. Gun Lake Casino The Company holds a 50% interest in MPM, which managed Gun Lake Casino (“Gun Lake”) in Allegan County, Michigan, under a seven-year management agreement that expired in February 2018. Excluding reimbursable expenses, MPM’s management fee revenue from Gun Lake included in the Consolidated Statements of Income for the years ended December 31, 2018 , 2017 and 2016 totaled $4.3 million , $46.1 million and $40.5 million , respectively. Other Managed Properties The Company is the managing member of three 50% owned smaller casino properties in the Las Vegas regional market and receives a management fee equal to 10% of earnings before interest, taxes, depreciation and amortization (“EBITDA”) from these properties. Reimbursable Costs Management fee revenue includes reimbursable payroll and other costs, primarily related to Graton Resort. Reimbursable costs totaled $5.2 million , $6.6 million and $8.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (amounts in thousands): December 31, 2018 2017 Contract and customer-related liabilities: Rewards Program liability $ 20,654 $ 20,254 Advance deposits and future wagers 18,624 16,103 Unpaid wagers, outstanding chips and other customer-related liabilities 19,640 16,882 Other accrued liabilities: Accrued payroll and related 55,448 51,095 Accrued gaming and related 22,221 20,020 Construction payables and equipment purchase accruals 108,855 39,673 Other 21,032 18,876 $ 266,474 $ 182,903 Contract Balances Customer contract liabilities related to future performance obligations consist of the Rewards Program point liability, advance deposits on goods or services yet to be provided and wagers for future sporting events. Advance deposits and wagers for future sporting events represent cash payments received from guests that are typically recognized in revenues within one year from the date received. The Company also has other customer-related liabilities that primarily include unpaid wagers and outstanding chips. Unpaid wagers include unredeemed gaming tickets that are exchanged for cash, and outstanding chips represent amounts owed to guests in exchange for gaming chips in their possession that may be redeemed for cash or recognized as revenue. Fluctuations in contract liabilities and other customer-related liabilities are a result of normal operating activities. The Company had no material contract assets at December 31, 2018 and 2017 , respectively. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (amounts in thousands): December 31, 2018 2017 Term Loan B Facility, due June 8, 2023, interest at a margin above LIBOR or base rate (5.03% and 4.06% at December 31, 2018 and 2017, respectively), net of unamortized discount and deferred issuance costs of $43.3 million and $53.2 million at December 31, 2018 and 2017, respectively $ 1,775,951 $ 1,780,193 Term Loan A Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (4.53% and 3.36% at December 31, 2018 and 2017, respectively), net of unamortized discount and deferred issuance costs of $4.0 million and $5.2 million at December 31, 2018 and 2017, respectively 251,448 263,860 $781 million Revolving Credit Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (4.54% weighted average at December 31, 2018) 245,000 — 5.00% Senior Notes, due October 1, 2025, net of deferred issuance costs of $5.7 million and $6.4 million at December 31, 2018 and 2017, respectively 544,286 543,596 Other long-term debt, weighted-average interest of 6.69% and 3.95% at December 31, 2018 and 2017, respectively, maturity dates ranging from 2027 to 2037 38,674 30,173 Total long-term debt 2,855,359 2,617,822 Current portion of long-term debt (33,894 ) (30,094 ) Long-term debt, net $ 2,821,465 $ 2,587,728 Credit Facility Station LLC’s credit facility consists of the Term Loan B Facility, the Term Loan A Facility and the Revolving Credit Facility (collectively, the “Credit Facility”). The Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus 2.50% or base rate plus 1.50% . Prior to the February 2019 amendment discussed below, the Term Loan A Facility and the Revolving Credit Facility bore interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus an amount ranging from 1.75% to 2.00% or base rate plus an amount ranging from 0.75% to 1.00% , depending on Station LLC’s consolidated leverage ratio. Station LLC is required to make quarterly principal payments of $4.7 million on the Term Loan B Facility and $3.4 million on the Term Loan A Facility on the last day of each quarter. Station LLC also is required to make mandatory payments of amounts outstanding under the Credit Facility with the proceeds of certain casualty events, debt issuances, asset sales and equity issuances and, depending on its consolidated total leverage ratio, Station LLC is required to apply a portion of its excess cash flow to repay amounts outstanding under the Term Loan B Facility, which would reduce future quarterly principal payments. The Company is not required to make an excess cash flow payment in 2019. Borrowings under the Credit Facility are guaranteed by all of Station LLC’s existing and future material restricted subsidiaries and are secured by pledges of all of the equity interests in Station LLC and its material restricted subsidiaries, a security interest in substantially all of the personal property of Station LLC and the subsidiary guarantors, and mortgages on the real property and improvements owned or leased by certain of Station LLC’s subsidiaries. The Credit Facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, the ability of Station LLC and the subsidiary guarantors to incur debt; create a lien on collateral; engage in mergers, consolidations or asset dispositions; pay distributions; make investments, loans or advances; engage in certain transactions with affiliates or subsidiaries; or modify their lines of business. The Credit Facility also includes certain financial ratio covenants that Station LLC is required to maintain throughout the term of the Credit Facility and measure as of the end of each quarter. At December 31, 2018, these financial ratio covenants included an interest coverage ratio of not less than 2.50 to 1.00 and a maximum consolidated total leverage ratio ranging from 6.50 to 1.00 at December 31, 2018 to 5.25 to 1.00 at December 31, 2020 and thereafter. The February 2019 amendment retained these financial ratio covenants and extended the requirement to maintain the maximum total leverage ratio of 5.25 to 1.00 to the quarter ending December 31, 2021 and thereafter, consistent with the extension of the maturity dates for certain loans under the Term Loan A Facility and the Revolving Credit Facility. A breach of the financial ratio covenants shall only become an event of default under the Term Loan B Facility if the lenders providing the Term Loan A Facility and the Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants. At December 31, 2018 , the Company believes it was in compliance with all applicable covenants as defined in the Credit Facility. At December 31, 2018 , Station LLC’s borrowing availability under its Revolving Credit Facility, subject to continued compliance with the terms of the Credit Facility, was $498.9 million , which was net of $245.0 million in outstanding borrowings and $37.1 million in outstanding letters of credit and similar obligations. Credit Facility Amendment On February 8, 2019, Station LLC amended the Credit Facility to, among other things, (i) increase the borrowing availability under the Revolving Credit Facility by $115.0 million to $896.0 million and (ii) for consenting lenders under the Term Loan A Facility and the Revolving Credit Facility, extend the maturity date for their portion of such facilities by an additional year and reduce the interest rate thereunder by 25 basis points. 5.00% Senior Notes In September 2017, Station LLC issued $550.0 million in aggregate principal amount of 5.00% Senior Notes due October 1, 2025 at par. Interest on the 5.00% Senior Notes is paid every six months in arrears on April 1 and October 1. The 5.00% Senior Notes and the guarantees of such notes by certain of Station LLC’s subsidiaries are general senior unsecured obligations. On or after October 1, 2020, Station LLC may redeem all or a portion of the 5.00% Senior Notes at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest to the applicable redemption date: Years Beginning October 1, Percentage 2020 102.50 % 2021 101.25 % 2022 and thereafter 100.00 % The indenture governing the 5.00% Senior Notes requires Station LLC to offer to purchase the 5.00% Senior Notes at a purchase price in cash equal to 101.00% of the aggregate principal amount outstanding plus accrued and unpaid interest thereon if Station LLC experiences certain change of control events (as defined in the indenture). The indenture also requires Station LLC to make an offer to repurchase the 5.00% Senior Notes at a purchase price equal to 100.00% of the principal amount of the purchased notes if it has excess net proceeds (as defined in the indenture) from certain asset sales. The indenture governing the 5.00% Senior Notes contains a number of customary covenants that, among other things and subject to certain exceptions, restrict the ability of Station LLC and its restricted subsidiaries to incur or guarantee additional indebtedness; issue disqualified stock or create subordinated indebtedness that is not subordinated to the 5.00% Senior Notes; create liens; engage in mergers, consolidations or asset dispositions; enter into certain transactions with affiliates; engage in lines of business other than its core business and related businesses; or make investments or pay distributions (other than customary tax distributions). These covenants are subject to a number of exceptions and qualifications as set forth in the indenture. The indenture governing the 5.00% Senior Notes also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such 5.00% Senior Notes to be declared due and payable. Corporate Office Lease The Company leases its corporate office building under a lease agreement which was entered into in 2007 pursuant to a sale-leaseback arrangement with a third-party real estate investment firm. The lease has an initial term of 20 years with four five -year extension options. The options constitute continuing involvement under the accounting guidance for sale-leaseback transactions involving real estate, and accordingly, the sale-leaseback is accounted for as a financing transaction. The corporate office building is included in Property and equipment, net on the Consolidated Balance Sheets and is being depreciated according to the Company’s policy. The carrying amount of the related obligation is $38.1 million , which is included within Other long-term debt, and the lease payments are recognized as principal and interest payments on the obligation. The lease payment in effect at December 31, 2018 was $3.5 million on an annualized basis, which will increase annually by the greater of 1.25% or the percentage increase in a cost of living factor, not to exceed 2% . In the fourth quarter of 2018, the Company recorded an out-of-period adjustment to interest expense related to the corporate office lease obligation, which was identified during its year-end financial close process. Considering both quantitative and qualitative factors, the Company has determined the out-of-period adjustment is immaterial to any previously issued consolidated financial statements and the correction is immaterial to the Company’s 2018 financial results. The adjustment resulted in a $9.3 million overstatement of interest expense and an understatement in net income of $8.6 million or $0.07 in basic and diluted earnings per share for the year ended December 31, 2018 . Minimum lease payments on the corporate office lease for each of the next five years are as follows (amounts in thousands): Years Ending December 31, 2019 $ 3,506 2020 3,549 2021 3,594 2022 3,639 2023 3,684 Principal Maturities Scheduled principal maturities of Station LLC’s long-term debt for each of the next five years and thereafter are as follows (amounts in thousands): Years Ending December 31, 2019 $ 33,894 2020 80,417 2021 98,307 2022 520,539 2023 1,592,751 Thereafter 582,499 2,908,407 Debt discounts and issuance costs (53,048 ) $ 2,855,359 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company’s objective in using derivative instruments is to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps as a primary part of its cash flow hedging strategy. The Company does not use derivative financial instruments for trading or speculative purposes. The Company’s hedging strategy includes the use of forward-starting interest rate swaps that are not designated in cash flow hedging relationships. The interest rate swap agreements allow Station LLC to receive variable-rate payments in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Station LLC’s interest rate swaps each have one-year terms that run consecutively through July 2021, with predetermined fixed pay rates that increase with each new term to more closely align with the one-month LIBOR forward curve as of the trade date of the interest rate swap. At December 31, 2018 , the weighted-average fixed pay rate for Station LLC’s interest rate swaps was 1.46% , which will increase to 1.94% over the exposure period. Certain of these interest rate swaps were previously designated in cash flow hedging relationships until their dedesignation in June 2017 as discussed in more detail below. At December 31, 2018 , Station LLC’s interest rate swaps had a combined notional amount of $1.5 billion . Station LLC has not posted any collateral related to its interest rate swap agreements; however, Station LLC’s obligations under the interest rate swap agreements are subject to the security and guarantee arrangements applicable to the Credit Facility. The interest rate swap agreements contain a cross-default provision under which Station LLC could be declared in default on its obligation under such agreements if certain conditions of default exist on the Credit Facility. At December 31, 2018 , the termination value of Station LLC’s interest rate swaps, including accrued interest, was a net asset of $24.8 million . In June 2017, the Company dedesignated the hedge accounting relationships of Station LLC’s interest rate swaps that were previously designated and accounted for as cash flow hedges of forecasted interest payments. Prior to the dedesignation, the gain or loss on the effective portion of changes in their fair values was recorded as a component of other comprehensive (loss) income until the interest payments being hedged were recorded as interest expense, at which time the amounts in accumulated other comprehensive income were reclassified as an adjustment to interest expense. The Company recognized the gain or loss on any ineffective portion of the derivatives’ change in fair value in the period in which the change occurred as a component of Change in fair value of derivative instruments in the Consolidated Statements of Income . At December 31, 2018 , $4.2 million of cumulative deferred net gains previously recognized in accumulated other comprehensive income will be amortized as a reduction of interest expense through July 2020 as the hedged interest payments continue to occur. Of this amount, approximately $2.8 million of deferred net gains is expected to be reclassified into earnings during the next twelve months. As a result of and subsequent to (i) the Company’s election not to apply hedge accounting for Station LLC’s interest rate swaps and (ii) the June 2017 dedesignation of Station LLC’s then-outstanding interest rate swaps, the changes in fair value of all of Station LLC’s derivative instruments are reflected in Change in fair value of derivative instruments in the Consolidated Statements of Income in the period in which the change occurs. As such, the amount of interest expense reported for the period subsequent to the dedesignation does not reflect a fixed rate as it previously did under hedge accounting for that portion of the debt hedged. However, the economics are unchanged and the Company continues to meet its risk management objective and achieve fixed cash flows attributable to interest payments on the debt principal being hedged by its interest rate swaps. At December 31, 2018 , Station LLC’s interest rate swaps effectively converted $1.5 billion of Station LLC’s variable interest rate debt to a fixed rate of 4.10% . The fair values of Station LLC’s interest rate swaps, exclusive of accrued interest, as well as their classification on the Consolidated Balance Sheets, are presented below (amounts in thousands): December 31, 2018 2017 Interest rate swaps not designated in hedge accounting relationships: Prepaid expenses and other current assets $ 8,334 $ 3,620 Other assets, net 15,611 18,383 Information about pretax gains and losses on derivative financial instruments that were not designated in hedge accounting relationships is presented below (amounts in thousands): Derivatives Not Designated in Hedge Accounting Relationships Location of Gain on Derivatives Recognized in Income Amount of Gain on Derivatives Recognized in Income Year Ended December 31, 2018 2017 2016 Interest rate swaps Change in fair value of derivative instruments $ 12,415 $ 14,110 $ — Information about pretax gains and losses on derivative financial instruments that were designated in cash flow hedging relationships and their location within the consolidated financial statements is presented below (amounts in thousands): Derivatives Designated in Cash Flow Hedging Relationships Amount of (Loss) Gain on Derivatives Recognized in Other Comprehensive (Loss) Income (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 Interest rate swaps $ — $ (1,875 ) $ 8,035 Interest expense, net $ 2,929 $ (1,176 ) $ (5,066 ) Derivatives Designated in Cash Flow Hedging Relationships Location of Gain on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year Ended December 31, 2018 2017 2016 Interest rate swaps Change in fair value of derivative instruments $ — $ 2 $ 87 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis Information about the Company’s financial assets measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall, is presented below (amounts in thousands). The Company had no financial liabilities measured at fair value on a recurring basis at December 31, 2018 or 2017 . Fair Value Measurement at Reporting Date Using Balance at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swaps $ 23,945 $ — $ 23,945 $ — Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swaps $ 22,003 $ — $ 22,003 $ — Assets Measured at Fair Value on a Nonrecurring Basis During the year ended December 31, 2017, the Company recorded an asset impairment charge of $1.8 million to write down an approximately 31 -acre parcel of land held for development in Las Vegas to its estimated fair value of $5.2 million as a result of entering into an agreement to sell a portion of the land at a price less than its carrying amount. The land was classified within assets held for sale in the Consolidated Balance Sheet at December 31, 2017, and the sale was completed in the second quarter of 2018. Fair Value of Long-term Debt The estimated fair value of the Company’s long-term debt compared with its carrying amount is presented below (amounts in millions): December 31, 2018 2017 Aggregate fair value $ 2,766 $ 2,677 Aggregate carrying amount 2,855 2,618 The estimated fair value of the Company’s long-term debt is based on quoted market prices from various banks for similar instruments, which is considered a Level 2 input under the fair value hierarchy. |
Stockholders'_Members' Equity
Stockholders'/Members' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Members' Equity | Stockholders’ Equity Subsequent to the IPO and the Reorganization Transactions described in Note 1 , the Company has two classes of common stock. The Company’s Certificate of Incorporation authorizes 500,000,000 shares of Class A common stock, par value $0.01 per share and 100,000,000 shares of Class B common stock, par value $0.00001 per share. The Certificate of Incorporation also authorizes up to 100,000,000 shares of preferred stock, par value of $0.01 per share, none of which have been issued. Class A Common Stock Voting Rights The holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders and have economic rights. Holders of shares of the Company’s Class A common stock and Class B common stock vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval, except as otherwise required by applicable law or the Certificate of Incorporation. Dividend Rights Subject to preferences that may be applicable to any outstanding preferred stock, the holders of Class A common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally available therefor. The declaration, amount and payment of any future dividends on shares of Class A common stock will be at the sole discretion of the board of directors and it may reduce or discontinue entirely the payment of such dividends at any time. The board of directors may take into account general economic and business conditions, the Company’s financial condition and operating results, its available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and implications on the payment of dividends to stockholders or the payment of distributions by subsidiaries (including Station Holdco) to the Company, and such other factors as the board of directors may deem relevant. As a holding company, Red Rock’s only assets are its equity interest in Station Holdco and its voting interest in Station LLC, other than cash and tax-related assets and liabilities. Red Rock has no operations outside of its management of Station LLC. The Company intends to cause Station Holdco to make distributions in an amount sufficient to cover cash dividends declared, if any. If Station Holdco makes such distributions to Red Rock, the other holders of LLC Units will be entitled to receive proportionate distributions based on their percentage ownership of Station Holdco. During each of the years ended December 31, 2018 and 2017 , the Company declared and paid cash dividends of $0.40 per share to Class A common shareholders. In February 2019 , the board of directors declared a dividend of $0.10 per share of Class A common stock to holders of record as of March 14, 2019 to be paid on March 29, 2019 . Prior to the payment of the dividend, Station Holdco will make a cash distribution to all LLC Unit holders, including the Company, of $0.10 per unit, a portion of which will be paid to its noncontrolling interest holders. The existing debt agreements of Station LLC, including those governing the Credit Facility, contain restrictive covenants that limit its ability to make cash distributions. Because the only asset of Station Holdco is its interest in Station LLC, the limitations on such distributions will effectively limit the ability of Station Holdco to make distributions to Red Rock, and any financing arrangements that the Company or any of its subsidiaries enter into in the future may contain similar restrictions. Station Holdco is generally prohibited under Delaware law from making a distribution to a member to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of Station Holdco (with certain exceptions) exceed the fair value of its assets. Subsidiaries of Station Holdco, including Station LLC and its subsidiaries, are generally subject to similar legal limitations on their ability to make distributions to their members or equity holders. Because the Company must pay taxes and make payments under the TRA, amounts ultimately distributed as dividends to holders of Class A common stock are expected to be less than the amounts distributed by Station Holdco to its members on a per LLC Unit basis. Rights upon Liquidation In the event of liquidation, dissolution or winding-up of Red Rock, whether voluntarily or involuntarily, the holders of Class A common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. Other Rights The holders of Class A common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Class A common stock. The rights, preferences and privileges of holders of Class A common stock will be subject to those of the holders of any shares of preferred stock the Company may issue in the future. Equity Repurchase Program In February 2019, the Company’s Board of Directors approved an equity repurchase program authorizing the repurchase of up to an aggregate of $150 million of its Class A common stock. The Company is not obligated to repurchase any shares under this program. Subject to applicable laws and the provisions of any agreements restricting the Company’s ability to do so, repurchases may be made at the Company’s discretion from time to time through open market purchases, negotiated transactions or tender offers, depending on market conditions and other factors. Class B Common Stock Voting Rights All Continuing Owners of Station Holdco, other than Red Rock, hold shares of Class B common stock. Although Class B shares have no economic rights, they allow those owners of Station Holdco to exercise voting power at Red Rock, which is the sole managing member of Station Holdco. Each outstanding share of Class B common stock that is held by a holder that, together with its affiliates, owned LLC Units representing at least 30% of the outstanding LLC Units and, at the applicable record date, maintains direct or indirect beneficial ownership of at least 10% of the outstanding shares of Class A common stock (determined on an as-exchanged basis assuming that all of the LLC Units were exchanged for Class A common stock) is entitled to ten votes and each other outstanding share of Class B common stock is entitled to one vote. Affiliates of Frank J. Fertitta III and Lorenzo J. Fertitta hold all of the Company’s issued and outstanding shares of Class B common stock that have ten votes per share. As a result, Frank J. Fertitta III and Lorenzo J. Fertitta, together with their affiliates, control any action requiring the general approval of the Company’s stockholders, including the election of the board of directors, the adoption of amendments to the Certificate of Incorporation and bylaws and the approval of any merger or sale of substantially all of the Company’s assets. Each share of Class B common stock is entitled to only one vote automatically upon it being held by a holder that, together with its affiliates, did not own at least 30% of the outstanding LLC Units immediately following the IPO or owns less than 10% of the outstanding shares of Class A common stock (determined on an as-exchanged basis assuming that all of the LLC Units were exchanged for Class A common stock). Holders of LLC Units are entitled at any time to exchange LLC Units, together with an equal number of shares of Class B common stock, for shares of Class A common stock on a one-for-one basis or for cash, at the Company’s election. Accordingly, as members of Station Holdco exchange LLC Units, the voting power afforded to them by their shares of Class B common stock will be correspondingly reduced. Holders of Class B common stock exchanged 0.4 million , 2.7 million and 24.5 million shares of such stock, along with an equal number of LLC Units, for an equal number of shares of Class A common stock during the years ended December 31, 2018 , 2017 and 2016 , respectively. Automatic Transfer In the event that any outstanding share of Class B common stock shall cease to be held by a holder of an LLC Unit (including a transferee of an LLC Unit), such share shall automatically be transferred to the Company and thereupon shall be retired. Dividend Rights Class B stockholders will not participate in any dividends declared by the board of directors. Rights upon Liquidation In the event of any liquidation, dissolution, or winding-up of Red Rock, whether voluntary or involuntary, the Class B stockholders will not be entitled to receive any of the Company’s assets. Other Rights The holders of Class B common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Class B common stock. The rights, preferences and privileges of holders of Class B common stock will be subject to those of the holders of any shares of preferred stock the Company may issue in the future. Preferred Stock Subject to limitations prescribed by Delaware law and the Certificate of Incorporation, the board of directors is authorized to issue preferred stock and to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers, designations, preferences and rights of the shares. The board of directors is authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of the Company. The Company has no current plan to issue any shares of preferred stock. Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income balances, net of tax and noncontrolling interest (amounts in thousands): Unrealized gain on interest rate swaps Unrealized gain on available-for-sale securities Unrecognized pension liability Total Balances, December 31, 2016 $ 2,404 $ 52 $ 2 $ 2,458 Unrealized (loss) gain arising during the period (a) (236 ) 4 (39 ) (271 ) Amounts reclassified from accumulated other comprehensive income (loss) into income (b) 144 (56 ) — 88 Net current-period other comprehensive loss (92 ) (52 ) (39 ) (183 ) Exchanges of noncontrolling interests for Class A common stock 228 — — 228 Rebalancing (30 ) — — (30 ) Balances, December 31, 2017 2,510 — (37 ) 2,473 Unrealized loss arising during the period (c) — — (159 ) (159 ) Amounts reclassified from accumulated other comprehensive income (loss) into income (d) (1,264 ) — — (1,264 ) Net current-period other comprehensive loss (1,264 ) — (159 ) (1,423 ) Exchanges of noncontrolling interests for Class A common stock 21 — — 21 Rebalancing 12 — — 12 Balances, December 31, 2018 $ 1,279 $ — $ (196 ) $ 1,083 _______________________________________ (a) Net of $1.0 million tax benefit . (b) Net of $0.5 million tax expense . (c) Net of $0.1 million tax benefit . (d) Net of $0.5 million tax benefit . Net Income Attributable to Red Rock Resorts, Inc. and Transfers from (to) Noncontrolling Interests The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net income and changes in its ownership of Station Holdco LLC (amounts in thousands): Year Ended December 31, 2018 2017 2016 Net income attributable to Red Rock Resorts, Inc. $ 157,541 $ 35,423 $ 91,952 Transfers from (to) noncontrolling interests: Allocation of equity to noncontrolling interests of Station Holdco in the Reorganization Transactions — — (358,401 ) Exchanges of noncontrolling interests for Class A common stock 2,174 14,765 126,942 Acquisition of subsidiary noncontrolling interests — 2,850 — Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco (5,898 ) (4,975 ) 1,277 Net transfers (to) from noncontrolling interests (3,724 ) 12,640 (230,182 ) Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests $ 153,817 $ 48,063 $ (138,230 ) |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-based Compensation The Red Rock Resorts, Inc. 2016 Equity Incentive Plan (the “Equity Incentive Plan”) is designed to attract, retain and motivate employees and to align the interests of those individuals with the interests of the Company. The Equity Incentive Plan was approved by the Company’s stockholders and is administered by the Compensation Committee or other designated committee of the board of directors (the “Committee”). The plan authorizes the Committee to grant share-based compensation awards, including stock options, restricted stock, performance awards, stock appreciation rights and certain other stock-based awards, to eligible participants. The Committee may designate plan participants, determine the types of awards to be granted and the number of shares covered by awards, and set the terms and conditions of awards, subject to limitations set forth in the plan. A total of 11,585,479 shares of Class A common stock are reserved for issuance under the plan, of which approximately 3.7 million shares were available to be issued at December 31, 2018 . Stock Options Stock option awards issued under the plan generally vest over a requisite service period of four years and have a term of seven years from the grant date. The exercise price of stock options awarded under the plan is equal to the fair market value of the Company’s stock at the grant date. A summary of stock option activity is presented below: Shares Weighted-average exercise price Weighted-average remaining contractual life (years) Aggregate intrinsic value (amounts in thousands) Outstanding at January 1, 2018 4,248,465 $ 21.29 Granted 2,204,155 32.40 Exercised (273,030 ) 19.70 Forfeited or expired (1,013,025 ) 23.92 Outstanding at December 31, 2018 5,166,565 $ 25.60 5.4 $ 612 Unvested instruments expected to vest 4,675,084 $ 26.12 5.5 $ 377 Exercisable at December 31, 2018 491,481 $ 20.69 4.3 $ 235 The following information is provided for stock options awarded under the plan: Year Ended December 31, 2018 2017 2016 Weighted-average grant date fair value $ 9.25 $ 6.26 $ 6.05 Total intrinsic value of stock options exercised (amounts in thousands) $ 3,550 $ 538 $ — The weighted-average assumptions used by the Company to estimate the grant date fair values of stock option awards were as follows: Year Ended December 31, 2018 2017 2016 Expected stock price volatility 33.25 % 35.55 % 41.26 % Expected term (in years) 4.87 4.95 4.75 Risk-free interest rate 2.63 % 2.06 % 1.35 % Expected dividend yield 1.52 % 1.79 % 1.99 % As a result of the IPO and Reorganization Transactions in May 2016 , the Company has limited historical data on which to base certain assumptions used in estimating the grant date fair value of stock option awards. Accordingly, the Company uses the historical volatility of comparable public companies to estimate its expected stock price volatility and the simplified method to estimate the expected term of stock option awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for a period equal to the expected term. The expected dividend yield is based on the current annualized dividend as of the grant date and the average stock price for the year preceding the option grant. At December 31, 2018 , unrecognized share-based compensation cost related to stock options was $24.8 million which is expected to be recognized over a weighted-average period of 2.7 years. Restricted Stock Awards Restricted stock awards issued under the plan generally vest over requisite service periods of two to four years for employee awards and one year for awards to independent directors. A summary of restricted stock activity is presented below: Shares Weighted-average grant date fair value Nonvested at January 1, 2018 308,310 $ 21.60 Granted 176,877 31.95 Vested (55,798 ) 21.41 Forfeited (55,625 ) 24.53 Nonvested at December 31, 2018 373,764 $ 26.09 The following information is provided for restricted stock awarded under the plan: Year Ended December 31, 2018 2017 2016 Weighted-average grant date fair value $ 31.95 $ 22.11 $ 19.94 Total fair value of shares vested (amounts in thousands) $ 1,194 $ 2,364 $ 2,830 At December 31, 2018 , unrecognized share-based compensation cost for restricted stock awards was $6.0 million which is expected to be recognized over a weighted-average period of 2.6 years. Share-based compensation is classified in the same financial statement line items as cash compensation. The following table presents the location of share-based compensation expense in the Consolidated Statements of Income (amounts in thousands): Year Ended December 31, 2018 2017 2016 Operating costs and expenses: Casino $ 250 $ 228 $ 340 Food and beverage 36 40 21 Room — 11 75 Selling, general and administrative 11,003 7,643 6,457 Total share-based compensation expense $ 11,289 $ 7,922 $ 6,893 In addition to the expense amounts shown in the table above, $0.1 million in share-based compensation was capitalized as part of the cost of property and equipment during each of the years ended December 31, 2018 and 2017 . Share-based compensation expense for the pre-IPO period from January 1, 2016 through May 1, 2016 included $3.5 million for awards issued under two terminated plans, which are described below. Terminated Plans Prior to the IPO, the Company had three share-based compensation plans which were terminated in connection with the IPO and Reorganization Transactions, two of which resulted in share-based compensation expense for the year ended December 31, 2016 . At the IPO date, restricted shares of Class A common stock were issued in substitution for certain outstanding vested and unvested profit interests on a value-for-value basis, and the nonvested restricted shares continued to vest under the same terms as the related profit interest awards. The weighted-average grant date fair value of nonvested restricted shares awarded in substitution for unvested Profit Units was $6.83 per share. The Company applied liability accounting for certain awards of profit interests that were subject to cash settlement and remeasured the liability awards at fair value each reporting period. Upon completion of the Fertitta Entertainment Acquisition, certain outstanding profit interests were settled, including the liability awards which were settled for $18.7 million . The estimated fair value of profit interests that vested during the year ended December 31, 2016 was $8.3 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco based upon Red Rock’s economic interest held in Station Holdco. As part of the IPO, Red Rock acquired the outstanding stock of the Merging Blockers which are taxed as corporations. As a result, Red Rock files as a consolidated group for federal income tax reporting purposes and in certain states as required or allowed. During 2018, the Merging Blockers were dissolved; therefore, in future years Red Rock will file a standalone tax return. Station Holdco is treated as a pass-through partnership for income tax reporting purposes. Station Holdco’s members, including the Company, are liable for federal, state and local income taxes based on their share of Station Holdco’s pass-through taxable income. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The Act reduces the U.S. federal corporate rate from 35% to 21% . At December 31, 2017, the Company was able to reasonably estimate the effects of the Act and recorded provisional adjustments associated with the effects on existing deferred tax balances. At December 31, 2018 , the Company has completed its analysis and determined that there is no change to the provisional amount of $85.3 million related to the remeasurement of its deferred tax balance. The Company believes that it has taken sustainable positions; however, there is no assurance that the taxing authorities will not propose adjustments that are different from the Company’s expected outcome and that will impact the provision for income taxes. Income Tax Expense The components of income tax expense (benefit) were as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Current income taxes: Federal $ — $ (1,330 ) $ 1,239 State and local 15 66 17 Total current income taxes 15 (1,264 ) 1,256 Deferred income taxes: Federal 23,817 133,246 6,639 State and local 43 2,804 348 Total deferred income taxes 23,860 136,050 6,987 Total income tax expense $ 23,875 $ 134,786 $ 8,243 A reconciliation of statutory federal income tax, which is the amount computed by multiplying income before tax by the statutory federal income tax rate, to the Company’s provision for income tax is as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Expected U.S. federal income taxes at statutory rate $ 51,105 $ 69,411 $ 57,472 Income attributable to noncontrolling interests (13,007 ) (9,839 ) (44,682 ) State and local income taxes, net of federal benefit 43 474 100 Non-deductible expenses 1,525 (1,361 ) 236 Tax credits (1,985 ) (1,062 ) (250 ) Impact of tax rate change due to tax reform — 85,348 — Other 2,759 482 1,822 Valuation allowance (16,565 ) (8,667 ) (6,455 ) Income tax expense $ 23,875 $ 134,786 $ 8,243 The Company’s effective tax rate was 9.81% , 67.96% and 5.02% for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company’s effective tax rate includes the net tax expense associated with remeasuring its deferred tax assets, deferred tax liabilities and related valuation allowances to reflect the enacted federal rate, and rate benefit attributable to the fact that Station Holdco operates as a limited liability company which is not subject to federal income tax. Accordingly, the Company is not liable for income taxes on the portion of Station Holdco’s earnings attributable to noncontrolling interests. The components of deferred tax assets and liabilities are as follows (amounts in thousands): December 31, 2018 2017 Deferred tax assets: Tax credit carryforwards $ 3,737 $ 1,496 Net operating loss carryforwards and other attributes 52,785 20,452 Investment in partnership 90,035 138,094 Payable pursuant to tax receivable agreement 5,244 30,296 Total gross deferred tax assets 151,801 190,338 Valuation allowance (39,968 ) (57,607 ) Total deferred tax assets, net of valuation allowance $ 111,833 $ 132,731 The Company recorded a reduction to the net deferred tax asset resulting from the outside basis difference of its interest in Station Holdco. The Company also recorded a reduction to the deferred tax asset for its liability related to payments to be made pursuant to the TRA representing 85% of the tax savings the Company expects to receive from the amortization deductions associated with the step up in the basis of depreciable assets under Section 754 of the Internal Revenue Code. This deferred tax asset will be recovered as cash payments are made to the TRA participants. Both of these deferred tax assets were initially recorded through equity. At December 31, 2018 , the Company had a federal net operating loss carryforward of approximately $250.1 million . $101.6 million of the federal net operating loss carryforward will begin to expire in 2037 ; the remaining $148.5 million have unlimited carryforward but may have usage limitations in a given year. The Company also had $1.1 million of additional pre-tax attributes and $3.7 million of tax credits at December 31, 2018 . Each reporting period, the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50% ) that some portion, or all, of a deferred tax asset will not be realized. On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. As a result of this analysis, the Company determined that the deferred tax asset related to acquiring its interest in Station Holdco through the newly issued LLC Units is not expected to be realized unless the Company disposes of its investment in Station Holdco. The Company recognizes changes to the valuation allowance through the provision for income tax or other comprehensive (loss) income , as applicable, and at December 31, 2018 and 2017 , the valuation allowance was $40.0 million and $57.6 million , respectively. Uncertain Tax Positions The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company determined that no liability for unrecognized tax benefits for uncertain tax positions was required at December 31, 2018 and 2017 . In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. The first tax year subject to examination by taxing authorities for U.S. federal and state income tax purposes is 2015, though the Company reported no activity during that period. Additionally, although Station Holdco is treated as a partnership for U.S. federal and state income tax purposes, it is required to file an annual U.S. Return of Partnership Income, which is subject to examination by the Internal Revenue Service (“IRS”). The statute of limitations has expired for tax years through 2014 for Station Holdco. The Company has been notified that its 2016 tax returns and those of Station Holdco will be examined by the Internal Revenue Service. Tax Receivable Agreement Pursuant to the election under Section 754 of the Internal Revenue Code, the Company continues to expect to obtain an increase in its share of the tax basis in the net assets of Station Holdco when LLC Units are exchanged by Station Holdco’s noncontrolling interest holders and other qualifying transactions. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. In connection with the IPO, the Company entered into the TRA with certain pre-IPO owners of Station Holdco. In the event that such parties exchange any or all of their LLC Units for Class A common stock, the TRA requires the Company to make payments to such holders for 85% of the tax benefits realized by the Company by such exchange. The Company expects to realize these tax benefits based on current projections of taxable income. The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits. For the years ended December 31, 2018 , 2017 and 2016 , exchanges of LLC Units and Class B common shares resulted in increases of $2.5 million , $22.8 million and $213.2 million , respectively, in amounts payable under the TRA liability and net increases of $2.7 million , $24.3 million and $223.0 million , respectively, in deferred tax assets, all of which were recorded through equity. At December 31, 2018 and 2017 , the Company’s liability under the TRA with respect to previously consummated transactions was $24.9 million and $141.9 million , respectively. During the year ended December 31, 2018 , the Company paid a total of $28.9 million to two pre-IPO owners of Station Holdco in exchange for which the owners assigned to the Company all of their rights under the TRA. As a result, the Company’s liability under the TRA was reduced by $119.2 million , and the Company recognized nontaxable income of $90.4 million , which is presented in the Tax receivable agreement liability adjustment in the Consolidated Statements of Income for the year ended December 31, 2018 . The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates each year and the tax rate then applicable. The payment obligations under the TRA are Red Rock’s obligations and are not obligations of Station Holdco or Station LLC. Payments are generally due within a specified period of time following the filing of the Company’s annual tax return and interest on such payments will accrue from the original due date (without extensions) of the income tax return until the date paid. Payments not made within the required period after the filing of the income tax return generally accrue interest at a rate of LIBOR plus 5.00% . The TRA will remain in effect until all such tax benefits have been utilized or expired unless the Company exercises its right to terminate the TRA. The TRA will also terminate if the Company breaches its obligations under the TRA or upon certain mergers, asset sales or other forms of business combinations, or other changes of control. If the Company exercises its right to terminate the TRA, or if the TRA is terminated early in accordance with its terms, Red Rock’s payment obligations would be accelerated based upon certain assumptions, including the assumption that the Company would have sufficient future taxable income to utilize such tax benefits, and may substantially exceed the actual benefits, if any, the Company realizes in respect of the tax attributes subject to the TRA. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans 401(k) Plan The Company has a defined contribution 401(k) plan (the “401(k) Plan”) which covers all employees who meet certain age and length of service requirements and allows an employer contribution of up to 50% of the first 4% of each participating employee’s compensation contributed to the plan. Participants may elect to defer pretax compensation through payroll deductions. These deferrals are regulated under Section 401(k) of the Internal Revenue Code. The Company recorded expense for matching contributions of $4.1 million , $4.1 million and $3.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Palms Pension Plan In connection with the acquisition of Palms, the Company acquired a single-employer defined benefit pension plan (the “Pension Plan”), which covers eligible employees of Palms. The Pension Plan provides a cash balance form of pension benefits for eligible Palms employees who met certain age and length of service requirements. There has been a plan curtailment since 2009, and as of the curtailment date, new participants were no longer permitted, and existing participants’ accrual of benefits for future service ceased. The following table provides information about the changes in benefit obligation and the fair value of plan assets (amounts in thousands): Year Ended December 31, 2018 2017 Change in benefit obligation: Beginning benefit obligation (accumulated and projected) $ 14,130 $ 13,728 Interest cost 475 536 Actuarial loss (506 ) 940 Benefits paid (742 ) (464 ) Other — (610 ) Ending benefit obligation (accumulated and projected) 13,357 14,130 Change in fair value of plan assets: Beginning fair value of plan assets 9,217 9,228 Actual return on plan assets (668 ) 813 Employer contributions 918 250 Benefits paid (742 ) (464 ) Other — (610 ) Ending fair value of plan assets 8,725 9,217 Net funded status at December 31 $ (4,632 ) $ (4,913 ) The Company’s qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. The Company expects to contribute $0.7 million to the Pension Plan for the year ending December 31, 2019 and the Company does not expect any plan assets to be returned in the year ending December 31, 2019 . The table below presents the components of pension expense incurred subsequent to the October 1, 2016 acquisition of Palms (amounts in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Three Months Ended Components of net periodic benefit cost: Interest cost $ 475 $ 536 $ 131 Expected return on plan assets (209 ) (192 ) (86 ) Effect of settlement — 13 — Net periodic benefit cost 266 357 45 Other changes recognized in other comprehensive income: Net loss (gain) 371 319 (6 ) Amount recognized due to settlement — (13 ) — Total recognized in other comprehensive income 371 306 (6 ) Total recognized in net periodic benefit cost and other comprehensive income $ 637 $ 663 $ 39 The Company did not incur any service costs or amortize any net gains or losses within the net periodic benefit costs of the Pension Plan during the periods presented. Expense associated with the Pension Plan is classified within Other expense in the Consolidated Statements of Income . Amounts recognized on the Consolidated Balance Sheets at December 31, 2018 and 2017 related to the Pension Plan consisted of the following (amounts in thousands): December 31, 2018 2017 Other long-term liabilities $ 4,632 $ 4,913 Net actuarial loss recognized in Accumulated Other Comprehensive Income 671 300 The Company does not expect to amortize any net actuarial loss from accumulated other comprehensive income into net pension expense during 2019 . The following tables present the weighted-average actuarial assumptions used to calculate the net periodic benefit cost and obligation: Year Ended December 31, 2018 Year Ended December 31, 2017 Three Months Ended Net periodic benefit cost: Discount rate 3.60% 4.15% 3.85% Expected long-term rate of return 5.80% 5.80% 6.30% Rate of compensation increase n/a n/a n/a December 31, 2018 2017 Benefit obligations: Discount rate 4.15% 3.60% Rate of compensation increase n/a n/a The discount rate used reflects the expected future benefit payments based on plan provisions and participant data as of the beginning of the plan year. The expected future cash flows are discounted by a pension discount yield curve on measurement dates and modified as deemed necessary. The expected return on plan assets uses a weighted-average rate based on the target asset allocation of the plan and capital market assumptions developed with a primary focus on forward-looking valuation models and market indicators. The key inputs for these models are future inflation, economic growth, and interest rate environment. The composition of the Pension Plan assets at December 31, 2018 , along with the targeted mix of assets, is presented below: Target December 31, 2018 Fixed income 50 % 53 % Domestic income 18 % 17 % International equity 14 % 12 % Long/short equity 10 % 10 % Other 8 % 8 % 100 % 100 % The investment strategy for the Company’s defined benefit plan assets covers a diversified mix of assets, including equity and fixed income securities and real estate. Assets are managed within a risk management framework which addresses the need to generate incremental returns in the context of an appropriate level of risk, based on plan liability profiles and changes in funded status. The return objectives are to satisfy funding obligations when and as prescribed by law and to minimize the risk of large losses primarily through diversification. Entities are required to use a fair value hierarchy to measure the plan assets. See Note 2 for a description of the fair value hierarchy. The fair values of the Pension Plan assets at December 31, 2018 and 2017 by asset category were as follows (amounts in thousands): Fair Value Measurement at Reporting Date Using Balance at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed income $ 4,646 $ 4,623 $ 23 $ — Domestic income 1,468 120 1,348 — International equity 1,059 1,059 — — Long/short equity 880 880 — — Other 672 260 412 — $ 8,725 $ 6,942 $ 1,783 $ — Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed income $ 4,547 $ 4,547 $ — $ — Domestic income 1,902 189 1,713 — International equity 1,387 1,106 281 — Long/short equity 919 919 — — Other 462 — 462 — $ 9,217 $ 6,761 $ 2,456 $ — At December 31, 2018 , expected benefit payments for the next ten years were as follows (amounts in thousands): Years Ending December 31, 2019 $ 1,770 2020 610 2021 1,550 2022 1,260 2023 630 2024 - 2028 4,110 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Under the TRA described in Note 16 , the Company is required to make payments to certain pre-IPO owners of Station Holdco for 85% of the tax benefits realized by the Company as a result of certain transactions with the pre-IPO owners. At December 31, 2018 and 2017 , $24.9 million and $141.9 million , respectively, was payable to certain pre-IPO owners of Station Holdco, including current and former executives of the Company or members of their respective family group, with respect to previously consummated transactions. Of these amounts, $9.0 million and $9.2 million , respectively, was payable to entities related to Frank J. Fertitta III and Lorenzo J. Fertitta. Future payments to pre-IPO owners in respect of any subsequent exchanges of LLC Units for Class A common stock would be in addition to these amounts and are expected to be substantial. Prior to April 27, 2017, the Company leased the land on which each of Boulder Station and Texas Station is located pursuant to long-term ground leases through 2058 and 2060, respectively. The Company leased this land from entities owned by the Frank J. Fertitta and Victoria K. Fertitta Revocable Family Trust (the “Related Party Lessor”). Frank J. Fertitta, Jr. and Victoria K. Fertitta are the parents of Frank J. Fertitta III, the Company’s Chairman and Chief Executive Officer, and Lorenzo J. Fertitta, the Company’s Vice Chairman. On April 27, 2017, the Company acquired the land (formerly subject to the ground leases), including the residual interest in the gaming and hotel facilities and other real property improvements thereon (the “Gaming Facilities”), for aggregate consideration of $120.0 million . Concurrently with the land acquisition, the Company assumed a long-term ground lease with an unrelated third-party lessor for an adjacent parcel of land at Boulder Station that previously had been subleased from the Related Party Lessor. The assumed ground lease terminates in 2089 and provides for monthly rental payments of approximately $14,000 , subject to annual increases of 3% to 6% based on a cost of living factor. During the year ended December 31, 2017 , the Company recognized a charge of $100.3 million in related party lease termination costs, which was an amount equal to the difference between the aggregate consideration paid by the Company and the fair value of the net assets acquired, including the land and residual interests in the Gaming Facilities and the assumed lease obligation. The transaction conveyed ownership of the land and interests (current and residual) in the Gaming Facilities to the Company, decreased rent expense over the maximum term of the leases by approximately $300 million , and generated a tax benefit of approximately $35 million to Red Rock and the other owners of Station Holdco. The Company’s lease payments under the related party leases totaled approximately $2.3 million for the period from January 1, 2017 to April 27, 2017 and $7.1 million for the year ended December 31, 2016 , and they are included in selling, general and administrative expense in the Consolidated Statements of Income . As described in Note 1 , during the year ended December 31, 2016, the Company purchased LLC Units from Continuing Owners using a portion of the net proceeds from the IPO, including $44.6 million paid to entities controlled by Frank J. Fertitta III and Lorenzo J. Fertitta. The Company also completed the Fertitta Entertainment Acquisition in May 2016. Fertitta Entertainment entered into various agreements for partial use of and to share in the cost of aircraft with Fertitta Enterprises, Inc., a company owned by the Frank J. Fertitta and Victoria K. Fertitta Revocable Family Trust. The agreements were terminated in April 2016. Selling, general and administrative expenses related to these agreements were $1.1 million for the year ended December 31, 2016. In April 2016, Fertitta Entertainment sold all of the outstanding membership interest in FE Aviation II LLC (“FE Aviation”) to Fertitta Business Management LLC, an entity controlled by Frank J. Fertitta III and Lorenzo J. Fertitta for $8.0 million . The carrying amount of FE Aviation exceeded the sales price by approximately $0.5 million , which was recognized as a deemed distribution. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to Red Rock by the weighted-average number of shares of Class A common stock outstanding during the period. The calculation of diluted earnings per share gives effect to all potentially dilutive shares, including shares issuable pursuant to outstanding stock options and nonvested restricted shares of Class A common stock, based on the application of the treasury stock method, and outstanding Class B common stock that is exchangeable, along with an equal number of LLC Units, for Class A common stock, based on the application of the if‑converted method. Dilutive shares included in the calculation of diluted earnings per share for the years ended December 31, 2018 and 2017 represent outstanding shares of Class B common stock, nonvested restricted shares of Class A common stock and outstanding stock options. Dilutive shares included in the calculation of diluted earnings per share for the year ended December 31, 2016 represent nonvested restricted shares of Class A common stock. All other potentially dilutive shares have been excluded from the calculation of diluted earnings per share because their inclusion would have been antidilutive. For purposes of calculating earnings per share for the year ended December 31, 2016, of which a portion of the period preceded the IPO, the Company has retrospectively presented earnings per share as if the Reorganization Transactions had occurred at the beginning of the year. Such retrospective presentation reflects approximately 10 million Class A shares outstanding, representing the LLC Units held by the Merging Blockers, which were the only LLC Units exchanged for Class A shares in the Reorganization Transactions. Accordingly, for the portion of 2016 prior to the IPO, the Company has applied a hypothetical allocation of net income to the Class A common stock, with the remainder of net income being allocated to noncontrolling interests. The retrospective presentation does not include the 29.5 million shares of Class A common stock issued in the IPO. This hypothetical allocation of net income differs from the allocation of net income to Red Rock and noncontrolling interests presented in the Consolidated Statements of Income, which assumes no noncontrolling interest in Station Holdco existed prior to the IPO. A reconciliation of the numerator used in the calculation of basic earnings per share is presented below (amounts in thousands): Year Ended December 31, 2018 2017 2016 Net income, basic $ 219,480 $ 63,533 $ 155,964 Less net income attributable to noncontrolling interests, basic (a) (61,939 ) (28,110 ) (120,545 ) Net income attributable to Red Rock, basic (a) $ 157,541 $ 35,423 $ 35,419 __________________________________________________________ (a) Amounts for the year ended December 31, 2016 include the retrospective allocation of net income as if the Reorganization Transactions had occurred at the beginning of the year. A reconciliation of the numerator used in the calculation of diluted earnings per share is presented below (amounts in thousands): Year Ended December 31, 2018 2017 2016 Net income attributable to Red Rock, basic $ 157,541 $ 35,423 $ 35,419 Effect of dilutive securities 48,864 13,813 (102 ) Net income attributable to Red Rock, diluted $ 206,405 $ 49,236 $ 35,317 The denominators used in the calculation of basic and diluted earnings per share are presented below (amounts in thousands): Year Ended December 31, 2018 2017 2016 Weighted-average shares of Class A common stock outstanding, basic 69,115 67,397 34,141 Effect of dilutive securities 47,744 48,533 144 Weighted-average shares of Class A common stock outstanding, diluted 116,859 115,930 34,285 The calculation of diluted earnings per share of Class A common stock excluded the following shares that could potentially dilute basic earnings per share in the future because their inclusion would have been antidilutive (amounts in thousands): As of December 31, 2018 2017 2016 Shares issuable in exchange for Class B common stock and LLC Units — — 49,956 Shares issuable upon exercise of stock options 1,966 3,677 1,637 Shares issuable upon vesting of restricted stock 64 11 5 Shares of Class B common stock are not entitled to share in the earnings of the Company and are not participating securities. Accordingly, separate presentation of earnings per share of Class B common stock under the two-class method has not been presented. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases Wild Wild West Lease Station LLC leases from a third-party lessor the 20 -acre parcel of land on which Wild Wild West is located and is a party to a purchase agreement for the land. Monthly rental payments under the Wild Wild West lease were $139,000 for the year ended December 31, 2018 , which increased to $142,000 in January 2019. In December 2018, the Company exercised its option to purchase the land for $57.3 million . The purchase is expected to close in June 2019. Other Operating Leases In addition to the lease described above, the Company also leases certain other land, buildings and equipment used in its operations, which have operating lease terms expiring through 2089 . Future minimum lease payments required under all operating leases with initial or remaining non-cancelable lease terms in excess of one year are as follows (amounts in thousands): Years Ending December 31, 2019 $ 5,387 2020 3,351 2021 2,256 2022 937 2023 854 Thereafter 44,598 $ 57,383 Expenses incurred under operating lease agreements totaled $20.2 million , $19.3 million and $21.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Legal Matters The Company and its subsidiaries are defendants in various lawsuits relating to routine matters incidental to their business. No assurance can be provided as to the outcome of any legal matters and litigation inherently involves significant costs. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segments The Company views each of its Las Vegas casino properties and each of its Native American management arrangements as an individual operating segment. The Company aggregates all of its Las Vegas operating segments into one reportable segment because all of its Las Vegas properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing techniques, are directed by a centralized management structure and have similar economic characteristics. The Company also aggregates its Native American management arrangements into one reportable segment. The Company utilizes adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as its primary performance measure. The Company’s segment information and a reconciliation of net income to Adjusted EBITDA are presented below (amounts in thousands): Year Ended December 31, 2018 2017 2016 Net revenues Las Vegas operations: Casino $ 940,483 $ 886,206 $ 814,218 Food and beverage 381,197 365,448 330,488 Room 170,824 179,041 145,810 Other (a) 94,894 87,238 68,436 Management fees 605 509 558 Las Vegas operations net revenues 1,588,003 1,518,442 1,359,510 Native American management: Management fees 87,009 117,968 110,962 Reportable segment net revenues 1,675,012 1,636,410 1,470,472 Corporate and other 6,018 5,729 5,288 Net revenues $ 1,681,030 $ 1,642,139 $ 1,475,760 Net income $ 219,480 $ 63,533 $ 155,964 Adjustments Depreciation and amortization 180,255 178,217 156,668 Share-based compensation 11,289 7,922 6,893 Write-downs and other charges, net 34,650 29,584 24,591 Tax receivable agreement liability adjustment (90,638 ) (139,300 ) 739 Related party lease termination — 100,343 — Asset impairment — 1,829 — Interest expense, net 143,099 131,442 140,189 Loss on extinguishment/modification of debt, net — 16,907 7,270 Change in fair value of derivative instruments (12,415 ) (14,112 ) (87 ) Adjusted EBITDA attributable to MPM noncontrolling interest (962 ) (15,262 ) (14,675 ) Provision for income tax 23,875 134,786 8,243 Other 329 1,357 (1,088 ) Adjusted EBITDA (b) $ 508,962 $ 497,246 $ 484,707 Adjusted EBITDA Las Vegas operations $ 457,379 $ 433,640 $ 423,957 Native American management 80,795 95,897 87,259 Reportable segment Adjusted EBITDA 538,174 529,537 511,216 Corporate and other (29,212 ) (32,291 ) (26,509 ) Adjusted EBITDA $ 508,962 $ 497,246 $ 484,707 December 31, 2018 2017 Total assets Las Vegas operations $ 3,501,705 $ 3,017,323 Native American management 37,274 47,495 Corporate and other 470,547 555,303 $ 4,009,526 $ 3,620,121 ____________________________________ (a) Other revenue included revenue from tenant leases of $24.3 million , $23.5 million and $20.1 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . Revenue from tenant leases is accounted for under the lease accounting guidance and does not represent revenue recognized from contracts with customers. (b) Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other charges, net, tax receivable agreement liability adjustment, related party lease termination, asset impairment, interest expense, net, loss on extinguishment/modification of debt, net, change in fair value of derivative instruments, provision for income tax and other, and excludes Adjusted EBITDA attributable to the noncontrolling interests of MPM. The Company’s capital expenditures, which were primarily related to Las Vegas operations, were $579.3 million , $248.4 million and $162.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (Unaudited) Quarterly financial information is presented below (amounts in thousands, except per share data): Year Ended December 31, 2018 First Quarter Second Quarter (a) Third Quarter Fourth Quarter (b) Net revenues $ 421,039 $ 416,188 $ 412,332 $ 431,471 Operating income 107,841 137,791 54,618 71,958 Net income 82,130 99,102 25,067 13,181 Net income attributable to Red Rock Resorts, Inc. 51,180 82,735 14,680 8,946 Earnings per share, basic $ 0.74 $ 1.20 $ 0.21 $ 0.13 Earnings per share, diluted $ 0.65 $ 0.82 $ 0.20 $ 0.11 Year Ended December 31, 2017 (c) First Quarter Second Quarter (d) Third Quarter Fourth Quarter (e) Net revenues $ 425,738 $ 410,143 $ 405,948 $ 400,310 Operating income (loss) 92,693 (30,820 ) 56,557 212,851 Net income (loss) 45,419 (50,171 ) 22,316 45,969 Net income (loss) attributable to Red Rock Resorts, Inc. 19,900 (25,734 ) 11,785 29,472 Earnings (loss) per share, basic $ 0.30 $ (0.38 ) $ 0.17 $ 0.43 Earnings (loss) per share, diluted $ 0.30 $ (0.38 ) $ 0.16 $ 0.35 ____________________________________ (a) Includes income of $73.5 million related to the TRA liability. See Note 16 for additional information. (b) Includes an out-of-period adjustment to interest expense related to the corporate office lease obligation. See Note 11 for additional information. (c) Amounts have been retrospectively adjusted for application of new revenue recognition guidance. (d) Includes $100.3 million in related party lease termination expense. (e) Includes the effects of the Tax Cuts and Jobs Act. See Note 16 for additional information. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS RED ROCK RESORTS, INC. For the Years Ended December 31, 2018 , 2017 and 2016 (in thousands) Balance at Beginning of Year Additions Deductions Balance at End of Year Description Deferred income tax asset valuation allowance: 2018 $ 57,607 $ — $ (17,639 ) $ 39,968 2017 104,125 — (46,518 ) 57,607 2016 — 109,398 (5,273 ) 104,125 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Station Holdco and Station LLC are variable interest entities (“VIEs”), of which the Company is the primary beneficiary. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. Prior to the IPO, Red Rock had no operations or net assets. Red Rock’s predecessor for accounting purposes was Station Holdco, as combined with Fertitta Entertainment, and accordingly, the accompanying financial statements represent the combined financial statements of Station Holdco and Fertitta Entertainment for periods prior to the IPO. The amounts shown in the accompanying consolidated financial statements also include the accounts of MPM Enterprises, LLC (“MPM”), which is a 50% owned, consolidated VIE that managed a Native American casino in Allegan County, Michigan through February 2018. The financial position and results of operations attributable to third-party holdings of MPM are reported within noncontrolling interest in the consolidated financial statements. Investments in all other 50% or less owned affiliated companies are accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated. |
Reclassification | Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with the current year presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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 those estimates. |
Fair Value Measurements | Fair Value Measurements For assets and liabilities accounted for or disclosed at fair value, the Company utilizes the fair value hierarchy established by the accounting guidance for fair value measurements and disclosures to categorize the inputs to valuation techniques used to measure fair value into three levels. The three levels of inputs are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The accounting guidance for fair value measurements and disclosures also provides the option to measure certain financial assets and liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to measure any financial assets or liabilities at fair value that are not required to be measured at fair value. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable approximate fair value primarily because of the short maturities of these instruments. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments with an original maturity of 90 days or less. |
Restricted Cash | Restricted Cash Restricted cash consists of reserve funds for the Company’s condominium operations at Palms. |
Receivables, Net and Credit Risk | Receivables, Net and Credit Risk The Company’s accounts receivable primarily represent receivables from contracts with customers and consist mainly of casino, hotel, ATM, cash advance, retail, management fees and other receivables, which are typically non-interest bearing. Receivables are initially recorded at cost and an allowance for doubtful accounts is maintained to reduce receivables to their carrying amount, which approximates fair value. The allowance is estimated based on a specific review of customer accounts, historical collection experience, the age of the receivable and other relevant factors. Accounts are written off when management deems the account to be uncollectible, and recoveries of accounts previously written off are recorded when received. At December 31, 2018 and 2017 , the allowance for doubtful accounts was $2.3 million and $1.2 million , respectively. Management believes there are no significant concentrations of credit risk. |
Inventories | Inventories Inventories primarily represent food and beverage items and retail merchandise which are stated at the lower of cost or net realizable value. Cost is determined on a weighted-average basis. |
Assets Held for Sale | Assets Held for Sale The Company classifies assets as held for sale when an asset or asset group meets all of the held for sale criteria in the accounting guidance for impairment and disposal of long-lived assets. Assets held for sale are initially measured at the lower of their carrying amount or fair value less cost to sell. At December 31, 2018 and 2017 , assets held for sale represented certain undeveloped land in Las Vegas. |
Property and Equipment | Property and Equipment Property and equipment is initially recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the estimated useful life of the asset or the lease term, as follows: Buildings and improvements 10 to 45 years Furniture, fixtures and equipment 3 to 10 years Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Construction in progress is related to the construction or development of property and equipment that has not yet been placed in service for its intended use. Depreciation and amortization of property and equipment commences when the asset is placed in service. When an asset is retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and the gain or loss on disposal is recognized within Write-downs and other charges, net. Assets recorded under capital leases are included in property and equipment and amortization of assets recorded under capital leases is included in depreciation expense and accumulated depreciation. The Company makes estimates and assumptions when accounting for capital expenditures. The Company’s depreciation expense is highly dependent on the assumptions made for the estimated useful lives of its assets. Useful lives are estimated by the Company based on its experience with similar assets and estimates of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an asset, the Company accounts for the change prospectively. |
Native American Development Costs | Native American Development Costs The Company incurs certain costs associated with development and management agreements with Native American tribes which are reimbursable by the tribes. Such costs are capitalized as long-term assets as incurred, and primarily include costs associated with the acquisition and related development of land and the casino facilities. The Company capitalizes interest on Native American development projects when activities are in progress to prepare the asset for its intended use. The assets are typically transferred to the tribe when the tribe secures third-party financing or the gaming facility is completed. Upon transfer of the assets to the tribe, any remaining carrying amount that has not yet been recovered from the tribe is reclassified to a long-term receivable. The Company earns a return on the costs incurred for the acquisition and development of Native American development projects. Repayment of the advances and the return typically is funded from the tribe’s third-party financing, from the cash flows of the gaming facility, or both. Due to the uncertainty surrounding the timing and amount of the stated return, the Company recognizes the return on a cash basis. The Company evaluates its Native American development costs for impairment whenever events or changes in circumstances indicate that the carrying amount of a project might not be recoverable, taking into consideration all available information. Among other things, the Company considers the status of the project, any contingencies, the achievement of milestones, any existing or potential litigation, and regulatory matters when evaluating its Native American projects for impairment. If an indicator of impairment exists, the Company compares the estimated future cash flows of the project, on an undiscounted basis, to its carrying amount. If the undiscounted expected future cash flows do not exceed the carrying amount, the asset is written down to its estimated fair value, which typically is estimated based on a discounted future cash flow model or market comparables, when available. The Company estimates the undiscounted future cash flows of a Native American development project based on consideration of all positive and negative evidence about the future cash flow potential of the project including, but not limited to, the likelihood that the project will be successfully completed, the status of required approvals, and the status and timing of the construction of the project, as well as current and projected economic, political, regulatory and competitive conditions that may adversely impact the project’s operating results. |
Goodwill | Goodwill The Company tests its goodwill for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s operating properties is considered a separate reporting unit. When performing the annual goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit. When performing the quantitative test, the Company estimates the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on current valuation multiples of the Company and comparable publicly traded companies. The estimation of fair value involves significant judgment by management. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from such estimates. Cash flow estimates are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, competition, events affecting various forms of travel and access to the Company’s properties, and other factors. If the Company’s estimates of future cash flows are not met, it may have to record impairment charges in the future. |
Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible Assets The Company’s indefinite-lived intangible assets primarily represent brands. The fair value of the Company’s brands is estimated using a derivation of the income approach to valuation, based on estimated royalties avoided through ownership of the assets, utilizing market indications of fair value. The Company tests its indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that an asset is impaired. Indefinite-lived intangible assets are not amortized unless it is determined that an asset’s useful life is no longer indefinite. The Company periodically reviews its indefinite-lived assets to determine whether events and circumstances continue to support an indefinite useful life. If an indefinite-lived intangible asset no longer has an indefinite life, the asset is tested for impairment and is subsequently accounted for as a finite-lived intangible asset. |
Finite-Lived Intangible Assets | Finite-Lived Intangible Assets The Company’s finite-lived intangible assets primarily represent assets related to its management contracts and customer relationships, which are amortized over their estimated useful lives using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company’s management contract intangible assets represent the value associated with agreements under which the Company provides management services to various casino properties, primarily Native American casinos which it has developed. The fair values of management contract intangible assets were determined using discounted cash flow techniques based on future cash flows expected to be received in exchange for providing management services. The Company amortizes its management contract intangible assets over their expected useful lives beginning when the property commences operations and management fees are being earned. Should events or changes in circumstances cause the carrying amount of a management contract intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. The Company’s customer relationship intangible assets primarily represent the value associated with its rated casino guests. The initial fair values of customer relationship intangible assets were estimated based on a variation of the cost approach. The recoverability of the Company’s customer relationship intangible assets could be affected by, among other things, increased competition within the gaming industry, a downturn in the economy, declines in customer spending which would impact the expected future cash flows associated with the rated casino guests, declines in the number of customer visits which could impact the expected attrition rate of the rated casino guests, and erosion of operating margins associated with rated casino guests. Should events or changes in circumstances cause the carrying amount of a customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is evaluated by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying amount. If the undiscounted estimated future cash flows exceed the carrying amount, no impairment is indicated. If the undiscounted estimated future cash flows do not exceed the carrying amount, impairment is measured based on the difference between the asset’s estimated fair value and its carrying amount. To estimate fair values, the Company typically uses market comparables, when available, or a discounted cash flow model. Assets to be disposed of are carried at the lower of their carrying amount or fair value less costs of disposal. The fair value of assets to be disposed of is generally estimated based on comparable asset sales, solicited offers or a discounted cash flow model. The Company’s long-lived asset impairment tests are performed at the reporting unit level. |
Debt Discounts and Debt Issuance Costs | Debt Discounts and Debt Issuance Costs Debt discounts and costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense using the effective interest method over the expected term of the related debt agreements. Costs incurred in connection with the issuance of revolving lines of credit are presented in Other assets, net on the Consolidated Balance Sheets. All other capitalized costs incurred in connection with the issuance of long-term debt are presented as a direct reduction of Long-term debt, less current portion on the Consolidated Balance Sheets. |
Derivative Instruments | Derivative Instruments The Company uses interest rate swaps to hedge its exposure to variability in expected future cash flows related to interest payments. In accordance with the accounting guidance for derivatives and hedging activities, the Company records all derivatives on the balance sheet at fair value. The fair values of the Company’s derivatives are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The accounting for changes in fair value of derivative instruments depends on the intended use of the derivative and whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting. For derivative instruments that are not designated as cash flow hedges of forecasted interest payments, all changes in fair value of the derivative instruments are presented in Change in fair value of derivative instruments in the Consolidated Statements of Income in the period in which the change occurs. The Company classifies cash flows for derivative instruments not designated as cash flow hedges as investing activities in the Consolidated Statements of Cash Flows. For derivative instruments that are designated and qualify as cash flow hedges of forecasted interest payments, the Company defers the effective portion of the change in fair value of the derivative instruments as a component of other comprehensive (loss) income until the interest payments being hedged are recorded as interest expense, at which time the amounts in accumulated other comprehensive income are reclassified as an adjustment to interest expense. Gains or losses on any ineffective portion of the change in fair value of derivative instruments designated in cash flow hedging relationships are recorded in the period in which they occur as a component of Change in fair value of derivative instruments in the Consolidated Statements of Income . The Company classifies cash flows for derivative instruments accounted for as cash flow hedges as operating activities in the Consolidated Statements of Cash Flows. Cash flows related to cash flow hedges that include other-than-insignificant financing elements at inception are classified as financing activities. |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income and other comprehensive (loss) income , which includes all other non-owner changes in equity. Components of the Company’s comprehensive income are reported in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Stockholders’/Members’ Equity, and accumulated other comprehensive income is included in stockholders’ equity on the Consolidated Balance Sheets. |
Revenues | Revenues The Company’s revenue contracts with customers consist of gaming wagers, sales of food, beverage, hotel rooms and other amenities, and agreements to provide management services. Revenues are recognized when control of the promised goods or services is transferred to the guest, in an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for those goods or services, referred to as the transaction price. Other revenues also include rental income from tenants, which is recognized over the lease term, and contingent rental income, which is recognized when the right to receive such rental income is established according to the lease agreements. Revenue is recognized net of cash sales incentives and discounts and excludes sales and other taxes collected from guests on behalf of governmental authorities. The Company applies a practical expedient and accounts for its gaming and non-gaming contracts on a portfolio basis. This is because individual customer contracts have similar characteristics, and the Company reasonably expects the effects on the financial statements of applying its revenue recognition policy to the portfolio would not differ materially from applying its policy to the individual contracts. Casino Revenue Casino revenue includes gaming activities such as slot, table game and sports wagering. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price is reduced for consideration payable to a guest, such as cash sales incentives and the change in progressive jackpot liabilities. Gaming contracts are typically completed daily based on the outcome of the wagering transaction and include a distinct performance obligation to provide gaming activities. Guests may receive discretionary incentives for complimentary food, beverage, rooms, entertainment and merchandise to encourage additional gaming, or may earn loyalty points based on their gaming activity. The Company allocates the transaction price to each performance obligation in the gaming wagering contract. The amount allocated to loyalty points earned is based on an estimate of the standalone selling price of the loyalty points, which is determined by the redemption value less an estimate for points not expected to be redeemed. The amount allocated to discretionary complimentaries is the standalone selling price of the underlying goods or services, which is determined using the retail price at which those goods or services would be sold separately in similar transactions. The remaining amount of the transaction price is allocated to wagering activity using the residual approach as the standalone selling price for gaming wagers is highly variable and no set established price exists for gaming wagers. Amounts allocated to wagering are recognized as casino revenue when the result of the wager is determined, and amounts allocated to loyalty points and discretionary complimentaries are recognized as revenue when the goods or services are provided. Non-gaming Revenue Non-gaming revenues include sales of food, beverage, hotel rooms and other amenities such as retail merchandise, bowling, spa services and entertainment. The transaction price is the net amount collected from the guest and includes a distinct performance obligation to provide such goods or services. Non-gaming revenues are recognized when the goods or services are provided to the guest. Guests may also earn loyalty points from non-gaming purchases or receive discretionary complimentaries that require the transaction price to be allocated to each performance obligation on a relative standalone selling price basis. Non-gaming revenues also include the portion of the transaction price from gaming or non-gaming contracts allocated to discretionary complimentaries and the value of loyalty points redeemed for food, beverage, room and other amenities. Discretionary complimentaries are classified in the departmental revenue category fulfilling the complimentary with a corresponding reduction in the departmental revenues that provided the complimentary, which is primarily casino revenue. Included in non-gaming revenues are discretionary complimentaries and loyalty point redemptions of $206.5 million , $185.6 million and $166.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Management Fee Revenue Management fee revenue primarily represents fees earned from the Company’s management agreements with Native American tribes. The transaction price for management contracts is the management fee to which the Company is entitled for its management services. The management fee represents variable consideration as it is based on a percentage of net income of the managed property, as defined in the management agreements. The management services are a single performance obligation to provide a series of distinct services over the term of the management agreement. The Company allocates and recognizes the management fee monthly as the management services are performed because there is a consistent measure throughout the contract period that reflects the value to the Native American tribe each month. |
Player Rewards Program | Player Rewards Program The Company has a player rewards program (the “Rewards Program”) that allows customers to earn points based on their gaming activity and non-gaming purchases. Guests may accumulate loyalty points over time that may be redeemed at their discretion under the terms of the Rewards Program. Loyalty points may be redeemed for cash, slot play, food, beverage, rooms, entertainment and merchandise at all of the Company’s Las Vegas area properties. When guests earn points under the Rewards Program, the Company recognizes a liability for future performance obligations. The Rewards Program point liability represents deferred gaming and non-gaming revenue, which is measured at the redemption value of loyalty points earned under the Rewards Program that management ultimately believes will be redeemed. The recognition of the Rewards Program point liability primarily reduces casino revenue. When points are redeemed for cash, the point liability is reduced for the amount of cash paid out. When points are redeemed for slot play, food, beverage, rooms, entertainment and merchandise, revenues are recognized when the goods or services are provided, and such revenues are classified based on the type of goods or services provided with a corresponding reduction to the point liability. The Company’s performance obligation related to its loyalty point liability is generally completed within one year, as a guest’s loyalty point balance is forfeited after six months of inactivity for a local guest and after thirteen months for an out-of-town guest, as defined in the Rewards Program. Loyalty points are generally earned and redeemed continually over time. As a result, the loyalty point liability balance remains relatively constant. The loyalty point liability is presented within Other accrued liabilities on the Consolidated Balance Sheet. |
Slot Machine Jackpots | Slot Machine Jackpots The Company does not accrue base jackpots if it is not legally obligated to pay the jackpot. A jackpot liability is accrued with a related reduction in casino revenue when the Company is obligated to pay the jackpot, such as the incremental amount in excess of the base jackpot on a progressive game. |
Gaming Taxes | Gaming Taxes The Company is assessed taxes based on gross gaming revenue, subject to applicable jurisdictional adjustments. Gaming taxes are included in casino costs and expenses in the Consolidated Statements of Income . |
Share-based Compensation | Share-based Compensation The Company measures its share-based compensation cost at the grant date based on the fair value of the award, and recognizes the cost over the requisite service period. The fair value of stock options is estimated at the grant date using the Black-Scholes option pricing model. The fair value of restricted stock is based on the closing share price of the Company’s stock on the grant date. The Company uses the straight-line method to recognize compensation cost for share-based awards with graded service-based vesting, and cumulative compensation cost recognized to date at least equals the grant-date fair value of the vested portion of the awards. Forfeitures are accounted for as they occur. |
Advertising | Advertising The Company expenses advertising costs the first time the advertising takes place. Advertising expense is primarily included in selling, general and administrative expense in the Consolidated Statements of Income . |
Write-downs and Other Charges, net | Write-downs and Other Charges, net Write-downs and other charges include asset disposals, preopening and redevelopment, innovation and development costs, severance and non-routine expenses. For the years ended December 31, 2018 and 2017 , the Company recognized expenses associated with the ongoing redevelopment project at Palms, including the brand repositioning campaign, the grand opening of the first phase of the project in May 2018, and preopening related to new restaurants, nightclubs, bars and other amenities. For the year ended December 31, 2016 , write-downs and other charges included expenses related to the IPO transaction, including advisory, legal and other charges that were not deferred as direct and incremental costs of the IPO, as well as costs related to the Fertitta Entertainment Acquisition. |
Income Taxes | Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco. Station Holdco continues to operate as a partnership for federal, state and local tax reporting and holds 100% of the economic interests in Station LLC. The members of Station Holdco are liable for any income taxes resulting from income allocated to them by Station Holdco as a pass-through entity. The Company recognizes deferred tax assets and liabilities based on the differences between the book value of assets and liabilities for financial reporting purposes and those amounts applicable for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company classifies all deferred tax assets and liabilities as noncurrent. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period in which the enactment date occurs. Deferred tax assets represent future tax deductions or credits. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. Each reporting period, the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not (a likelihood of more than 50% ) that some portion, or all, of a deferred tax asset will not be realized. On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, the Company updates its annual analysis for significant changes in the positive and negative evidence. The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company determined that no liability for unrecognized tax benefits for uncertain tax positions was required to be recorded at December 31, 2018 and 2017 . In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. The Company will recognize interest and penalties related to income taxes, if any, within the provision for income taxes. The Company has incurred no interest or penalties related to income taxes in any of the periods presented. |
Tax Receivable Agreement with Related Parties | Tax Receivable Agreement with Related Parties In connection with the IPO, the Company entered into a TRA with certain pre-IPO owners of Station Holdco. In the event that such parties exchange any or all of their LLC Units for Class A common stock, the TRA requires the Company to make payments to such parties for 85% of the tax benefits realized by the Company by such exchange. The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits. When an exchange transaction occurs, the Company initially recognizes the related TRA liability through a charge to equity, and any subsequent adjustments to the liability are recorded through the statements of income. As a result of exchanges of LLC Units for Class A common stock and purchases by the Company of LLC Units from holders of such units, the Company is entitled to a proportionate share of the existing tax basis of the assets of Station Holdco at the time of such exchanges or purchases. In addition, such exchanges or purchases of LLC Units are expected to result in increases in the tax basis of the assets of Station Holdco that otherwise would not have been available. These increases in tax basis may reduce the amount of tax that the Company would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates each year and the tax rate then applicable and amortizable basis. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, it would not be required to make the related TRA payments. The Company will only recognize a liability for TRA payments if management determines it is probable that it will generate sufficient future taxable income over the term of the TRA to utilize the related tax benefits. If management determines in the future that the Company will not be able to fully utilize all or part of the related tax benefits, it would derecognize the portion of the liability related to the benefits not expected to be utilized. Estimating future taxable income is inherently uncertain and requires judgment. In projecting future taxable income, the Company considers its historical results and incorporates certain assumptions, including revenue growth, and operating margins, among others. The payment obligations under the TRA are Red Rock’s obligations and are not obligations of Station Holdco or Station LLC. Payments are generally due within a specified period of time following the filing of the Company’s annual tax return and interest on such payments will accrue from the original due date (without extensions) of the income tax return until the date paid. Payments not made within the required period after the filing of the income tax return generally accrue interest at a rate of LIBOR plus 5.00% . The TRA will remain in effect until all such tax benefits have been utilized or expired unless the Company exercises its right to terminate the TRA. The TRA will also terminate if the Company breaches its obligations under the TRA or upon certain mergers, asset sales or other forms of business combinations, or other changes of control. If the Company exercises its right to terminate the TRA, or if the TRA is terminated early in accordance with its terms, the Company’s payment obligations would be accelerated based upon certain assumptions, including the assumption that it would have sufficient future taxable income to utilize such tax benefits, and may substantially exceed the actual benefits, if any, the Company realizes in respect of the tax attributes subject to the TRA. Additionally, the Company estimates the amount of TRA payments expected to be paid within the next twelve months and classifies this amount within current liabilities on its Consolidated Balance Sheets. This determination is based on management’s estimate of taxable income for the next fiscal year. To the extent the Company’s estimate differs from actual results, it may be required reclassify portions of the liability under the TRA between current and non-current. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Red Rock by the weighted-average number of Class A shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Red Rock, including the impact of potentially dilutive securities, by the weighted-average number of Class A shares outstanding during the period, including the number of Class A shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include the outstanding Class B common stock, outstanding stock options and unvested restricted stock. The Company uses the “if-converted” method to determine the potentially dilutive effect of its Class B common stock, and the treasury stock method to determine the potentially dilutive effect of outstanding stock options and unvested restricted stock. |
Recently Issued and Adopted Accounting Standards | Recently Issued and Adopted Accounting Standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued amended accounting guidance for costs of implementing a cloud computing service arrangement. Under the amended guidance, the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract will be aligned with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amended guidance may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The amended guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and early adoption is permitted. The Company adopted this guidance prospectively in the fourth quarter of 2018. The adoption did not have a material impact on the Company’s financial position or results of operations. In June 2018, the FASB issued accounting guidance that expands the scope of accounting for share-based payment transactions to include those with nonemployees. The amended guidance states that such accounting applies to all share-based payment transactions in which awards are exchanged for goods or services to be used or consumed in a grantor’s own operations. The accounting does not apply to financing transactions or revenue transactions under the new revenue recognition guidance. The amended guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption is permitted. The Company adopted this guidance in the fourth quarter of 2018. The adoption did not have an impact on the Company’s financial position or results of operations. In May 2017, the FASB issued accounting guidance that amends the scope of modification accounting for share-based payment arrangements. The amended guidance clarifies which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. The Company adopted this guidance in the first quarter of 2018. The adoption did not have an impact on the Company’s financial position or results of operations. In March 2017, the FASB issued amended accounting guidance on the presentation of net periodic pension and postretirement cost. The amendment requires that the service cost component must be separated from the other components and classified as compensation expense in the same income statement line item as payroll costs for the employees who are receiving the retirement benefit. Further, only the service cost component is eligible for capitalization in inventory or other internally constructed assets. Other cost components are required to be reported below the subtotal for operating results, and their classification is required to be disclosed. The Company adopted this guidance in the first quarter of 2018. The Company’s defined benefit pension plan has been curtailed since 2009 and as a result, no service cost is being incurred. Accordingly, upon adoption of the amended guidance, the Company reclassified the expense associated with the defined benefit pension plan to other expense for all periods presented, and the adoption did not have an impact on net income. In November 2016, the FASB issued amended accounting guidance on the presentation of restricted cash in the statement of cash flows. This amendment requires that a statement of cash flows explain the change during the reporting period in the total of cash, cash equivalents, and restricted cash or restricted cash equivalents. The Company adopted this guidance in the first quarter of 2018 using the retrospective transition method, as required by the new standard. The adoption did not have an impact on the Company’s financial position or results of operations. In August 2016, the FASB issued amended accounting guidance intended to reduce diversity in practice in how cash receipts and cash payments are presented and classified in the statement of cash flows. The amendment addresses specific cash flow issues including the presentation and classification of debt prepayment or debt extinguishment costs and distributions received from equity method investees. The amended guidance also addresses the presentation and classification of separately identifiable cash flows and the application of the predominance principle. The Company adopted this guidance in the first quarter of 2018 using the retrospective transition method, as required by the new standard. The adoption did not have an impact on the Company’s statement of cash flows. In February 2016, the FASB issued a new accounting standard that changes the accounting for leases and requires expanded disclosures about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for leases with terms greater than twelve months. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the new revenue recognition guidance issued in 2014. The amended guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company will adopt this standard as of the first quarter of 2019 using the modified retrospective transition approach and has elected not to adjust comparative periods presented. The Company has elected to use the package of practical expedients in its transition and accordingly, will not reassess its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company has elected the short-term lease recognition exemption, under which it will not recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less, and has elected not to apply the use-of-hindsight practical expedient. The Company is in the final stages of implementing changes to its systems and processes for lease accounting and reporting, and is currently finalizing its evaluation of the financial statement impact of adopting the amended guidance, which will include recognizing lease liabilities and related right-of-use assets for operating leases on the opening balance sheet in the period of adoption. The Company does not expect the adoption to have a material impact on the pattern of lease expense recognition in its statements of income or its cash flows. In May 2014, the FASB issued a new accounting standard for revenue recognition which requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this guidance in the first quarter of 2018 and elected to apply the full retrospective adoption method. Under the new standard, the historical presentation of gross revenues for complimentary goods and services provided to guests with a corresponding offsetting amount included in promotional allowances has been eliminated. Promotional allowances are recorded primarily as reductions to casino revenue based on the standalone selling price of the complimentary goods and services provided. The adoption of the new standard also eliminated the historical practice of reclassifying the total cost associated with complimentaries from the expense line of the department fulfilling the complimentary to the expense line of the department that granted the complimentary to the guest. Under the new standard, revenues and expenses associated with providing complimentaries are classified based on the goods and services provided. When guests earn points under the Rewards Program, the Company recognizes a liability for future performance obligations, which is measured at the redemption value of such points. The recognition of the Rewards Program point liability primarily reduces casino revenue. Previously, the Company recorded a liability for the estimated incremental cost of providing complimentary services earned under the Rewards Program. Additionally, amounts paid for wide area progressive operator fees and mandatory service charges that were previously recorded net in revenue are recorded gross, resulting in an increase in revenue with a corresponding increase in expense. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Gaming Tax Expense [Table Text Block] | Gaming tax expense was as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Gaming tax expense $ 74,501 $ 69,429 $ 63,626 |
Schedule of Advertising Expense [Table Text Block] | Advertising expense was as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Advertising expense $ 24,302 $ 22,094 $ 21,144 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following tables present the impact of adoption of the new standard to previously reported selected financial statement information (in thousands, except per share data): Year Ended December 31, 2017 2016 As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Operating revenues: Casino $ 1,048,355 $ (162,149 ) $ 886,206 $ 960,992 $ (146,774 ) $ 814,218 Food and beverage 298,707 66,741 365,448 270,619 59,869 330,488 Room 176,585 2,456 179,041 142,858 2,952 145,810 Other 93,695 (728 ) 92,967 74,208 (484 ) 73,724 Management fees 118,477 — 118,477 111,520 — 111,520 Gross revenues 1,735,819 (93,680 ) 1,642,139 1,560,197 (84,437 ) 1,475,760 Promotional allowances (120,203 ) 120,203 — (107,770 ) 107,770 — Net revenues 1,615,616 26,523 1,642,139 1,452,427 23,333 1,475,760 Operating costs and expenses: Casino 416,863 (105,777 ) 311,086 368,561 (95,118 ) 273,443 Food and beverage 211,094 114,975 326,069 185,177 106,047 291,224 Room 72,300 9,468 81,768 54,963 6,447 61,410 Other 35,041 5,291 40,332 26,588 4,073 30,661 Selling, general and administrative (a) 379,246 1,684 380,930 325,694 1,619 327,313 Depreciation and amortization 178,217 — 178,217 156,668 — 156,668 Write-downs and other charges, net 29,584 — 29,584 24,591 — 24,591 Tax receivable agreement liability adjustment (139,300 ) — (139,300 ) 739 — 739 Related party lease termination 100,343 — 100,343 — — — Asset impairment 1,829 — 1,829 — — — 1,285,217 25,641 1,310,858 1,142,981 23,068 1,166,049 Operating income 330,399 882 331,281 309,446 265 309,711 Earnings from joint ventures 1,632 — 1,632 1,913 — 1,913 Operating income and earnings from joint ventures 332,031 882 332,913 311,359 265 311,624 Other (expense) income: Interest expense, net (131,442 ) — (131,442 ) (140,189 ) — (140,189 ) Loss on extinguishment/modification of debt, net (16,907 ) — (16,907 ) (7,270 ) — (7,270 ) Change in fair value of derivative instruments 14,112 — 14,112 87 — 87 Other (a) — (357 ) (357 ) — (45 ) (45 ) (134,237 ) (357 ) (134,594 ) (147,372 ) (45 ) (147,417 ) Income before income tax 197,794 525 198,319 163,987 220 164,207 Provision for income tax (134,755 ) (31 ) (134,786 ) (8,212 ) (31 ) (8,243 ) Net income 63,039 494 63,533 155,775 189 155,964 Less: net income attributable to noncontrolling interests 27,887 223 28,110 63,808 204 64,012 Net income attributable to Red Rock Resorts, Inc. $ 35,152 $ 271 $ 35,423 $ 91,967 $ (15 ) $ 91,952 Earnings per share of Class A common stock, basic $ 0.52 $ 0.01 $ 0.53 $ 1.03 $ 0.01 $ 1.04 Earnings per share of Class A common stock, diluted $ 0.42 $ — $ 0.42 $ 1.03 $ — $ 1.03 ____________________________________ (a) Includes reclassification of pension costs of $357,000 and $45,000 for the years ended December 31, 2017 and 2016 , respectively, as a result of the Company’s adoption of amended accounting guidance for pension and postretirement benefit plans. December 31, 2017 As Reported Adjustments As Adjusted Deferred tax asset, net $ 132,220 $ 511 $ 132,731 Other accrued liabilities 176,813 6,090 182,903 Total Red Rock Resorts, Inc. stockholders’ equity 381,825 (3,094 ) 378,731 Noncontrolling interest 255,466 (2,485 ) 252,981 Total stockholders’ equity 637,291 (5,579 ) 631,712 December 31, 2016 As Reported Adjustments As Adjusted Total stockholders’ equity $ 633,352 $ (5,754 ) $ 627,598 December 31, 2015 As Reported Adjustments As Adjusted Total stockholders’ equity $ 573,709 $ (6,835 ) $ 566,874 |
Noncontrolling Interest in St_2
Noncontrolling Interest in Station Holdco (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest [Table Text Block] | The ownership of the LLC Units is summarized as follows: December 31, 2018 December 31, 2017 Units Ownership % Units Ownership % Red Rock 69,662,590 59.8 % 68,897,563 59.3 % Noncontrolling interest holders 46,884,413 40.2 % 47,264,413 40.7 % Total 116,547,003 100.0 % 116,161,976 100.0 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (amounts in thousands): December 31, 2018 2017 Land $ 270,059 $ 256,173 Buildings and improvements 2,663,004 2,315,124 Furniture, fixtures and equipment 686,863 534,286 Construction in progress 240,197 126,384 3,860,123 3,231,967 Accumulated depreciation and amortization (847,718 ) (689,856 ) Property and equipment, net $ 3,012,405 $ 2,542,111 |
Schedule of Depreciation Expense | Depreciation expense was as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Depreciation expense $ 169,656 $ 158,327 $ 137,881 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Abstract] | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Table Text Block] | The Company’s intangibles, other than goodwill, consisted of the following (amounts in thousands): December 31, 2018 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 77,200 $ — $ 77,200 License rights Indefinite 300 — 300 Customer relationships 15 23,600 (11,579 ) 12,021 Management contracts 7 - 20 47,000 (32,532 ) 14,468 Condominium rental contracts 20 9,000 (1,012 ) 7,988 Trademarks 15 6,000 (900 ) 5,100 Beneficial leases 6 237 (94 ) 143 Intangible assets 163,337 (46,117 ) 117,220 Liabilities Below market leases 15 - 72 4,145 (371 ) 3,774 Net intangibles $ 159,192 $ (45,746 ) $ 113,446 December 31, 2017 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 77,200 $ — $ 77,200 License rights Indefinite 300 — 300 Customer relationships 15 23,600 (10,006 ) 13,594 Management contracts 7 - 20 115,000 (92,980 ) 22,020 Condominium rental contracts 20 9,000 (562 ) 8,438 Trademarks 15 6,000 (500 ) 5,500 Beneficial leases 2 - 6 270 (72 ) 198 Other 2 2,000 (1,250 ) 750 Intangible assets 233,370 (105,370 ) 128,000 Liabilities Below market lease 15 - 72 4,145 (199 ) 3,946 Net intangibles $ 229,225 $ (105,171 ) $ 124,054 |
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Table Text Block] | The Gun Lake Casino management contract intangible asset, which had a gross carrying amount of $68.0 million , became fully amortized in February 2018 concurrently with the expiration of the management agreement. Amortization expense for intangibles was as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Amortization expense $ 10,599 $ 19,890 $ 18,787 |
Estimated annual amortization expense for intangible assets [Table Text Block] | Estimated annual amortization expense for intangibles for each of the next five years is as follows (amounts in thousands): Years Ending December 31, 2019 $ 8,541 2020 8,029 2021 2,399 2022 2,378 2023 2,357 |
Native American Development (Ta
Native American Development (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
North Fork Rancheria of Mono Indians (Mono) [Member] | |
Schedule of Development and Management Agreements | The following table summarizes the Company’s evaluation at December 31, 2018 of each of the critical milestones necessary to complete the North Fork Project. As of December 31, 2018 Federally recognized as an Indian tribe by the Bureau of Indian Affairs (“BIA”) Yes Date of recognition Federal recognition was terminated in 1966 and restored in 1983. Tribe has possession of or access to usable land upon which the project is to be built The DOI accepted approximately 305 acres of land for the project into trust for the benefit of the Mono in February 2013. Status of obtaining regulatory and governmental approvals: Tribal-state compact A compact was negotiated and signed by the Governor of California and the Mono in August 2012. The California State Assembly and Senate passed Assembly Bill 277 (“AB 277”) which ratified the Compact in May 2013 and June 2013, respectively. Opponents of the North Fork Project qualified a referendum, “Proposition 48,” for a state-wide ballot challenging the legislature’s ratification of the Compact. In November 2014, Proposition 48 failed. The State took the position that the failure of Proposition 48 nullified the ratification of the Compact and, therefore, the Compact did not take effect under California law. In March 2015, the Mono filed suit against the State (see North Fork Rancheria of Mono Indians v. State of California) to obtain a compact with the State or procedures from the Secretary of the Interior under which Class III gaming may be conducted on the North Fork Site. In July 2016, the DOI issued Secretarial procedures (the “Secretarial Procedures”) pursuant to which the Mono may conduct Class III gaming on the North Fork Site. Approval of gaming compact by DOI The Compact was submitted to the DOI in July 2013. In October 2013, notice of the Compact taking effect was published in the Federal Register. The Secretarial Procedures supersede and replace the Compact. Record of decision regarding environmental impact published by BIA In November 2012, the record of decision for the Environmental Impact Statement for the North Fork Project was issued by the BIA. In December 2012, the Notice of Intent to take land into trust was published in the Federal Register. BIA accepting usable land into trust on behalf of the tribe The North Fork Site was accepted into trust in February 2013. Approval of management agreement by NIGC In December 2015, the Mono submitted a Second Amended and Restated Management Agreement, and certain related documents, to the NIGC. In July 2016, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Second Amended and Restated Management Agreement. In March 2018, the Mono submitted the Management Agreement and certain related documents to the NIGC. In June 2018, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Management Agreement. Approval of the Management Agreement by the NIGC is expected to occur following the Mono’s response to the deficiency letter. The Company believes the Management Agreement will be approved because the terms and conditions thereof are consistent with the provisions of the Indian Gaming Regulatory Act (“IGRA”). Gaming licenses: Type The North Fork Project will include the operation of Class II and Class III gaming, which are allowed pursuant to the terms of the Secretarial Procedures and IGRA, following approval of the Management Agreement by the NIGC. Number of gaming devices allowed The Secretarial Procedures allow for the operation of a maximum of 2,000 Class III slot machines at the facility during the first two years of operation and thereafter up to 2,500 Class III slot machines. There is no limit on the number of Class II gaming devices that the Mono can offer. Agreements with local authorities The Mono has entered into memoranda of understanding with the City of Madera, the County of Madera and the Madera Irrigation District under which the Mono agreed to pay one-time and recurring mitigation contributions, subject to certain contingencies. The memoranda of understanding with the City and County were amended in December 2016 to restructure the timing of certain payments due to delays in the development of the North Fork Project. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (amounts in thousands): December 31, 2018 2017 Contract and customer-related liabilities: Rewards Program liability $ 20,654 $ 20,254 Advance deposits and future wagers 18,624 16,103 Unpaid wagers, outstanding chips and other customer-related liabilities 19,640 16,882 Other accrued liabilities: Accrued payroll and related 55,448 51,095 Accrued gaming and related 22,221 20,020 Construction payables and equipment purchase accruals 108,855 39,673 Other 21,032 18,876 $ 266,474 $ 182,903 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following (amounts in thousands): December 31, 2018 2017 Term Loan B Facility, due June 8, 2023, interest at a margin above LIBOR or base rate (5.03% and 4.06% at December 31, 2018 and 2017, respectively), net of unamortized discount and deferred issuance costs of $43.3 million and $53.2 million at December 31, 2018 and 2017, respectively $ 1,775,951 $ 1,780,193 Term Loan A Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (4.53% and 3.36% at December 31, 2018 and 2017, respectively), net of unamortized discount and deferred issuance costs of $4.0 million and $5.2 million at December 31, 2018 and 2017, respectively 251,448 263,860 $781 million Revolving Credit Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (4.54% weighted average at December 31, 2018) 245,000 — 5.00% Senior Notes, due October 1, 2025, net of deferred issuance costs of $5.7 million and $6.4 million at December 31, 2018 and 2017, respectively 544,286 543,596 Other long-term debt, weighted-average interest of 6.69% and 3.95% at December 31, 2018 and 2017, respectively, maturity dates ranging from 2027 to 2037 38,674 30,173 Total long-term debt 2,855,359 2,617,822 Current portion of long-term debt (33,894 ) (30,094 ) Long-term debt, net $ 2,821,465 $ 2,587,728 |
Debt Instrument Redemption | On or after October 1, 2020, Station LLC may redeem all or a portion of the 5.00% Senior Notes at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest to the applicable redemption date: Years Beginning October 1, Percentage 2020 102.50 % 2021 101.25 % 2022 and thereafter 100.00 % |
Minimum Lease Payments on Sale Leaseback Transactions | Minimum lease payments on the corporate office lease for each of the next five years are as follows (amounts in thousands): Years Ending December 31, 2019 $ 3,506 2020 3,549 2021 3,594 2022 3,639 2023 3,684 |
Schedule of Maturities of Long-term Debt | Scheduled principal maturities of Station LLC’s long-term debt for each of the next five years and thereafter are as follows (amounts in thousands): Years Ending December 31, 2019 $ 33,894 2020 80,417 2021 98,307 2022 520,539 2023 1,592,751 Thereafter 582,499 2,908,407 Debt discounts and issuance costs (53,048 ) $ 2,855,359 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) | Information about pretax gains and losses on derivative financial instruments that were not designated in hedge accounting relationships is presented below (amounts in thousands): Derivatives Not Designated in Hedge Accounting Relationships Location of Gain on Derivatives Recognized in Income Amount of Gain on Derivatives Recognized in Income Year Ended December 31, 2018 2017 2016 Interest rate swaps Change in fair value of derivative instruments $ 12,415 $ 14,110 $ — |
Schedule of Derivatives Instruments Statements of Operations and Balance Sheets, Location | Information about pretax gains and losses on derivative financial instruments that were designated in cash flow hedging relationships and their location within the consolidated financial statements is presented below (amounts in thousands): Derivatives Designated in Cash Flow Hedging Relationships Amount of (Loss) Gain on Derivatives Recognized in Other Comprehensive (Loss) Income (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 Interest rate swaps $ — $ (1,875 ) $ 8,035 Interest expense, net $ 2,929 $ (1,176 ) $ (5,066 ) Derivatives Designated in Cash Flow Hedging Relationships Location of Gain on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year Ended December 31, 2018 2017 2016 Interest rate swaps Change in fair value of derivative instruments $ — $ 2 $ 87 The fair values of Station LLC’s interest rate swaps, exclusive of accrued interest, as well as their classification on the Consolidated Balance Sheets, are presented below (amounts in thousands): December 31, 2018 2017 Interest rate swaps not designated in hedge accounting relationships: Prepaid expenses and other current assets $ 8,334 $ 3,620 Other assets, net 15,611 18,383 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets at Fair Value Recurring Basis and Fair Value Hierarchy | Information about the Company’s financial assets measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall, is presented below (amounts in thousands). The Company had no financial liabilities measured at fair value on a recurring basis at December 31, 2018 or 2017 . Fair Value Measurement at Reporting Date Using Balance at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swaps $ 23,945 $ — $ 23,945 $ — Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Interest rate swaps $ 22,003 $ — $ 22,003 $ — |
Schedule of Long-Term Debt, Carrying Values and Estimated Fair Values | The estimated fair value of the Company’s long-term debt compared with its carrying amount is presented below (amounts in millions): December 31, 2018 2017 Aggregate fair value $ 2,766 $ 2,677 Aggregate carrying amount 2,855 2,618 |
Stockholders'_Members' Equity (
Stockholders'/Members' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table presents changes in accumulated other comprehensive income balances, net of tax and noncontrolling interest (amounts in thousands): Unrealized gain on interest rate swaps Unrealized gain on available-for-sale securities Unrecognized pension liability Total Balances, December 31, 2016 $ 2,404 $ 52 $ 2 $ 2,458 Unrealized (loss) gain arising during the period (a) (236 ) 4 (39 ) (271 ) Amounts reclassified from accumulated other comprehensive income (loss) into income (b) 144 (56 ) — 88 Net current-period other comprehensive loss (92 ) (52 ) (39 ) (183 ) Exchanges of noncontrolling interests for Class A common stock 228 — — 228 Rebalancing (30 ) — — (30 ) Balances, December 31, 2017 2,510 — (37 ) 2,473 Unrealized loss arising during the period (c) — — (159 ) (159 ) Amounts reclassified from accumulated other comprehensive income (loss) into income (d) (1,264 ) — — (1,264 ) Net current-period other comprehensive loss (1,264 ) — (159 ) (1,423 ) Exchanges of noncontrolling interests for Class A common stock 21 — — 21 Rebalancing 12 — — 12 Balances, December 31, 2018 $ 1,279 $ — $ (196 ) $ 1,083 _______________________________________ (a) Net of $1.0 million tax benefit . (b) Net of $0.5 million tax expense . (c) Net of $0.1 million tax benefit . (d) Net of $0.5 million tax benefit . |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net income and changes in its ownership of Station Holdco LLC (amounts in thousands): Year Ended December 31, 2018 2017 2016 Net income attributable to Red Rock Resorts, Inc. $ 157,541 $ 35,423 $ 91,952 Transfers from (to) noncontrolling interests: Allocation of equity to noncontrolling interests of Station Holdco in the Reorganization Transactions — — (358,401 ) Exchanges of noncontrolling interests for Class A common stock 2,174 14,765 126,942 Acquisition of subsidiary noncontrolling interests — 2,850 — Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco (5,898 ) (4,975 ) 1,277 Net transfers (to) from noncontrolling interests (3,724 ) 12,640 (230,182 ) Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests $ 153,817 $ 48,063 $ (138,230 ) |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | A summary of stock option activity is presented below: Shares Weighted-average exercise price Weighted-average remaining contractual life (years) Aggregate intrinsic value (amounts in thousands) Outstanding at January 1, 2018 4,248,465 $ 21.29 Granted 2,204,155 32.40 Exercised (273,030 ) 19.70 Forfeited or expired (1,013,025 ) 23.92 Outstanding at December 31, 2018 5,166,565 $ 25.60 5.4 $ 612 Unvested instruments expected to vest 4,675,084 $ 26.12 5.5 $ 377 Exercisable at December 31, 2018 491,481 $ 20.69 4.3 $ 235 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following information is provided for stock options awarded under the plan: Year Ended December 31, 2018 2017 2016 Weighted-average grant date fair value $ 9.25 $ 6.26 $ 6.05 Total intrinsic value of stock options exercised (amounts in thousands) $ 3,550 $ 538 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted-average assumptions used by the Company to estimate the grant date fair values of stock option awards were as follows: Year Ended December 31, 2018 2017 2016 Expected stock price volatility 33.25 % 35.55 % 41.26 % Expected term (in years) 4.87 4.95 4.75 Risk-free interest rate 2.63 % 2.06 % 1.35 % Expected dividend yield 1.52 % 1.79 % 1.99 % |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of restricted stock activity is presented below: Shares Weighted-average grant date fair value Nonvested at January 1, 2018 308,310 $ 21.60 Granted 176,877 31.95 Vested (55,798 ) 21.41 Forfeited (55,625 ) 24.53 Nonvested at December 31, 2018 373,764 $ 26.09 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following information is provided for restricted stock awarded under the plan: Year Ended December 31, 2018 2017 2016 Weighted-average grant date fair value $ 31.95 $ 22.11 $ 19.94 Total fair value of shares vested (amounts in thousands) $ 1,194 $ 2,364 $ 2,830 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table presents the location of share-based compensation expense in the Consolidated Statements of Income (amounts in thousands): Year Ended December 31, 2018 2017 2016 Operating costs and expenses: Casino $ 250 $ 228 $ 340 Food and beverage 36 40 21 Room — 11 75 Selling, general and administrative 11,003 7,643 6,457 Total share-based compensation expense $ 11,289 $ 7,922 $ 6,893 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense (benefit) were as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Current income taxes: Federal $ — $ (1,330 ) $ 1,239 State and local 15 66 17 Total current income taxes 15 (1,264 ) 1,256 Deferred income taxes: Federal 23,817 133,246 6,639 State and local 43 2,804 348 Total deferred income taxes 23,860 136,050 6,987 Total income tax expense $ 23,875 $ 134,786 $ 8,243 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of statutory federal income tax, which is the amount computed by multiplying income before tax by the statutory federal income tax rate, to the Company’s provision for income tax is as follows (amounts in thousands): Year Ended December 31, 2018 2017 2016 Expected U.S. federal income taxes at statutory rate $ 51,105 $ 69,411 $ 57,472 Income attributable to noncontrolling interests (13,007 ) (9,839 ) (44,682 ) State and local income taxes, net of federal benefit 43 474 100 Non-deductible expenses 1,525 (1,361 ) 236 Tax credits (1,985 ) (1,062 ) (250 ) Impact of tax rate change due to tax reform — 85,348 — Other 2,759 482 1,822 Valuation allowance (16,565 ) (8,667 ) (6,455 ) Income tax expense $ 23,875 $ 134,786 $ 8,243 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets and liabilities are as follows (amounts in thousands): December 31, 2018 2017 Deferred tax assets: Tax credit carryforwards $ 3,737 $ 1,496 Net operating loss carryforwards and other attributes 52,785 20,452 Investment in partnership 90,035 138,094 Payable pursuant to tax receivable agreement 5,244 30,296 Total gross deferred tax assets 151,801 190,338 Valuation allowance (39,968 ) (57,607 ) Total deferred tax assets, net of valuation allowance $ 111,833 $ 132,731 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The following table provides information about the changes in benefit obligation and the fair value of plan assets (amounts in thousands): Year Ended December 31, 2018 2017 Change in benefit obligation: Beginning benefit obligation (accumulated and projected) $ 14,130 $ 13,728 Interest cost 475 536 Actuarial loss (506 ) 940 Benefits paid (742 ) (464 ) Other — (610 ) Ending benefit obligation (accumulated and projected) 13,357 14,130 Change in fair value of plan assets: Beginning fair value of plan assets 9,217 9,228 Actual return on plan assets (668 ) 813 Employer contributions 918 250 Benefits paid (742 ) (464 ) Other — (610 ) Ending fair value of plan assets 8,725 9,217 Net funded status at December 31 $ (4,632 ) $ (4,913 ) |
Schedule of Net Benefit Costs and Amounts Recognized in Other Comprehensive Income [Table Text Block] | The table below presents the components of pension expense incurred subsequent to the October 1, 2016 acquisition of Palms (amounts in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Three Months Ended Components of net periodic benefit cost: Interest cost $ 475 $ 536 $ 131 Expected return on plan assets (209 ) (192 ) (86 ) Effect of settlement — 13 — Net periodic benefit cost 266 357 45 Other changes recognized in other comprehensive income: Net loss (gain) 371 319 (6 ) Amount recognized due to settlement — (13 ) — Total recognized in other comprehensive income 371 306 (6 ) Total recognized in net periodic benefit cost and other comprehensive income $ 637 $ 663 $ 39 |
Schedule of Defined Pension Plan Statements of Financial Performance and Financial Position, Location [Table Text Block] | Amounts recognized on the Consolidated Balance Sheets at December 31, 2018 and 2017 related to the Pension Plan consisted of the following (amounts in thousands): December 31, 2018 2017 Other long-term liabilities $ 4,632 $ 4,913 Net actuarial loss recognized in Accumulated Other Comprehensive Income 671 300 |
Schedule of Assumptions Used [Table Text Block] | The following tables present the weighted-average actuarial assumptions used to calculate the net periodic benefit cost and obligation: Year Ended December 31, 2018 Year Ended December 31, 2017 Three Months Ended Net periodic benefit cost: Discount rate 3.60% 4.15% 3.85% Expected long-term rate of return 5.80% 5.80% 6.30% Rate of compensation increase n/a n/a n/a December 31, 2018 2017 Benefit obligations: Discount rate 4.15% 3.60% Rate of compensation increase n/a n/a |
Schedule of Allocation of Plan Assets [Table Text Block] | The composition of the Pension Plan assets at December 31, 2018 , along with the targeted mix of assets, is presented below: Target December 31, 2018 Fixed income 50 % 53 % Domestic income 18 % 17 % International equity 14 % 12 % Long/short equity 10 % 10 % Other 8 % 8 % 100 % 100 % |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The fair values of the Pension Plan assets at December 31, 2018 and 2017 by asset category were as follows (amounts in thousands): Fair Value Measurement at Reporting Date Using Balance at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed income $ 4,646 $ 4,623 $ 23 $ — Domestic income 1,468 120 1,348 — International equity 1,059 1,059 — — Long/short equity 880 880 — — Other 672 260 412 — $ 8,725 $ 6,942 $ 1,783 $ — Fair Value Measurement at Reporting Date Using Balance at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed income $ 4,547 $ 4,547 $ — $ — Domestic income 1,902 189 1,713 — International equity 1,387 1,106 281 — Long/short equity 919 919 — — Other 462 — 462 — $ 9,217 $ 6,761 $ 2,456 $ — |
Schedule of Expected Benefit Payments [Table Text Block] | At December 31, 2018 , expected benefit payments for the next ten years were as follows (amounts in thousands): Years Ending December 31, 2019 $ 1,770 2020 610 2021 1,550 2022 1,260 2023 630 2024 - 2028 4,110 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerator used in the calculation of basic earnings per share is presented below (amounts in thousands): Year Ended December 31, 2018 2017 2016 Net income, basic $ 219,480 $ 63,533 $ 155,964 Less net income attributable to noncontrolling interests, basic (a) (61,939 ) (28,110 ) (120,545 ) Net income attributable to Red Rock, basic (a) $ 157,541 $ 35,423 $ 35,419 __________________________________________________________ (a) Amounts for the year ended December 31, 2016 include the retrospective allocation of net income as if the Reorganization Transactions had occurred at the beginning of the year. A reconciliation of the numerator used in the calculation of diluted earnings per share is presented below (amounts in thousands): Year Ended December 31, 2018 2017 2016 Net income attributable to Red Rock, basic $ 157,541 $ 35,423 $ 35,419 Effect of dilutive securities 48,864 13,813 (102 ) Net income attributable to Red Rock, diluted $ 206,405 $ 49,236 $ 35,317 The denominators used in the calculation of basic and diluted earnings per share are presented below (amounts in thousands): Year Ended December 31, 2018 2017 2016 Weighted-average shares of Class A common stock outstanding, basic 69,115 67,397 34,141 Effect of dilutive securities 47,744 48,533 144 Weighted-average shares of Class A common stock outstanding, diluted 116,859 115,930 34,285 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The calculation of diluted earnings per share of Class A common stock excluded the following shares that could potentially dilute basic earnings per share in the future because their inclusion would have been antidilutive (amounts in thousands): As of December 31, 2018 2017 2016 Shares issuable in exchange for Class B common stock and LLC Units — — 49,956 Shares issuable upon exercise of stock options 1,966 3,677 1,637 Shares issuable upon vesting of restricted stock 64 11 5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating Leases | Future minimum lease payments required under all operating leases with initial or remaining non-cancelable lease terms in excess of one year are as follows (amounts in thousands): Years Ending December 31, 2019 $ 5,387 2020 3,351 2021 2,256 2022 937 2023 854 Thereafter 44,598 $ 57,383 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company’s segment information and a reconciliation of net income to Adjusted EBITDA are presented below (amounts in thousands): Year Ended December 31, 2018 2017 2016 Net revenues Las Vegas operations: Casino $ 940,483 $ 886,206 $ 814,218 Food and beverage 381,197 365,448 330,488 Room 170,824 179,041 145,810 Other (a) 94,894 87,238 68,436 Management fees 605 509 558 Las Vegas operations net revenues 1,588,003 1,518,442 1,359,510 Native American management: Management fees 87,009 117,968 110,962 Reportable segment net revenues 1,675,012 1,636,410 1,470,472 Corporate and other 6,018 5,729 5,288 Net revenues $ 1,681,030 $ 1,642,139 $ 1,475,760 Net income $ 219,480 $ 63,533 $ 155,964 Adjustments Depreciation and amortization 180,255 178,217 156,668 Share-based compensation 11,289 7,922 6,893 Write-downs and other charges, net 34,650 29,584 24,591 Tax receivable agreement liability adjustment (90,638 ) (139,300 ) 739 Related party lease termination — 100,343 — Asset impairment — 1,829 — Interest expense, net 143,099 131,442 140,189 Loss on extinguishment/modification of debt, net — 16,907 7,270 Change in fair value of derivative instruments (12,415 ) (14,112 ) (87 ) Adjusted EBITDA attributable to MPM noncontrolling interest (962 ) (15,262 ) (14,675 ) Provision for income tax 23,875 134,786 8,243 Other 329 1,357 (1,088 ) Adjusted EBITDA (b) $ 508,962 $ 497,246 $ 484,707 Adjusted EBITDA Las Vegas operations $ 457,379 $ 433,640 $ 423,957 Native American management 80,795 95,897 87,259 Reportable segment Adjusted EBITDA 538,174 529,537 511,216 Corporate and other (29,212 ) (32,291 ) (26,509 ) Adjusted EBITDA $ 508,962 $ 497,246 $ 484,707 December 31, 2018 2017 Total assets Las Vegas operations $ 3,501,705 $ 3,017,323 Native American management 37,274 47,495 Corporate and other 470,547 555,303 $ 4,009,526 $ 3,620,121 ____________________________________ (a) Other revenue included revenue from tenant leases of $24.3 million , $23.5 million and $20.1 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . Revenue from tenant leases is accounted for under the lease accounting guidance and does not represent revenue recognized from contracts with customers. (b) Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other charges, net, tax receivable agreement liability adjustment, related party lease termination, asset impairment, interest expense, net, loss on extinguishment/modification of debt, net, change in fair value of derivative instruments, provision for income tax and other, and excludes Adjusted EBITDA attributable to the noncontrolling interests of MPM. |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarterly financial information is presented below (amounts in thousands, except per share data): Year Ended December 31, 2018 First Quarter Second Quarter (a) Third Quarter Fourth Quarter (b) Net revenues $ 421,039 $ 416,188 $ 412,332 $ 431,471 Operating income 107,841 137,791 54,618 71,958 Net income 82,130 99,102 25,067 13,181 Net income attributable to Red Rock Resorts, Inc. 51,180 82,735 14,680 8,946 Earnings per share, basic $ 0.74 $ 1.20 $ 0.21 $ 0.13 Earnings per share, diluted $ 0.65 $ 0.82 $ 0.20 $ 0.11 Year Ended December 31, 2017 (c) First Quarter Second Quarter (d) Third Quarter Fourth Quarter (e) Net revenues $ 425,738 $ 410,143 $ 405,948 $ 400,310 Operating income (loss) 92,693 (30,820 ) 56,557 212,851 Net income (loss) 45,419 (50,171 ) 22,316 45,969 Net income (loss) attributable to Red Rock Resorts, Inc. 19,900 (25,734 ) 11,785 29,472 Earnings (loss) per share, basic $ 0.30 $ (0.38 ) $ 0.17 $ 0.43 Earnings (loss) per share, diluted $ 0.30 $ (0.38 ) $ 0.16 $ 0.35 ____________________________________ (a) Includes income of $73.5 million related to the TRA liability. See Note 16 for additional information. (b) Includes an out-of-period adjustment to interest expense related to the corporate office lease obligation. See Note 11 for additional information. (c) Amounts have been retrospectively adjusted for application of new revenue recognition guidance. (d) Includes $100.3 million in related party lease termination expense. (e) Includes the effects of the Tax Cuts and Jobs Act. See Note 16 for additional information. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Summary of Valuation Allowance [Table Text Block] | Balance at Beginning of Year Additions Deductions Balance at End of Year Description Deferred income tax asset valuation allowance: 2018 $ 57,607 $ — $ (17,639 ) $ 39,968 2017 104,125 — (46,518 ) 57,607 2016 — 109,398 (5,273 ) 104,125 |
Organization and Background (De
Organization and Background (Details) $ / shares in Units, $ in Thousands | Oct. 01, 2016USD ($) | May 31, 2016USD ($)$ / shares$ / unitshares | Dec. 31, 2018USD ($)Casino_Property$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) |
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | $ 0 | $ 0 | $ 531,949 | ||
Payments to Acquire Additional Interest in Subsidiaries | $ 0 | 4,484 | 0 | ||
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | ||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Payments of Distributions to Affiliates | $ 0 | 0 | $ 389,149 | ||
Palms Casino Resort [Member] | |||||
Business Combination, Consideration Transferred | $ 316,400 | ||||
Station Holdco [Member] | |||||
Common Stock, Value, Shares Withheld for Tax Obligations | $ 4,100 | ||||
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | $ 424,400 | ||||
Common Stock, Conversion Features, Conversion Ratio | 1 | ||||
Payments to Acquire Additional Interest in Subsidiaries | $ 112,500 | ||||
Additional Interest in Subsidiaries, Price Per Unit | $ / unit | 18.33 | ||||
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Fertitta Entertainment [Member] | |||||
Payments of Distributions to Affiliates | $ 389,100 | ||||
Red Rock Resorts [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | |||
Station Holdco [Member] | |||||
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | $ 419,500 | ||||
Business Combination, Consideration Transferred | 460,000 | ||||
Other Payments to Acquire Businesses | 51,000 | ||||
Gain (Loss) On Equity Awards Settlement Liability | 18,700 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,300 | ||||
Voting units | Station Casinos LLC [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Voting units | Station Holdco [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Common Class A [Member] | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||
Common Class A [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 2,204,155 | ||||
Common Class A [Member] | Employee Stock Option [Member] | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,687,205 | ||||
Common Class A [Member] | Executive Officers, Employees and Members of the Board of Directors [Member] | Restricted Stock [Member] | |||||
Conversion of Stock, Shares Issued | shares | 189,568 | ||||
Common Class A [Member] | Employees of Subsidiaries [Member] | Restricted Stock [Member] | |||||
Conversion of Stock, Shares Issued | shares | 1,832,884 | ||||
Common Class A [Member] | Station Holdco [Member] | |||||
Common Stock, Shares Withheld for Tax Obligations | shares | 222,959 | ||||
Conversion of Stock, Shares Issued | shares | 10,137,209 | ||||
Common Class A [Member] | Red Rock Resorts [Member] | |||||
Equity Method Investment, Ownership Percentage | 33.40% | 59.80% | 59.30% | ||
Common Class A [Member] | IPO [Member] | |||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 29,511,828 | ||||
Sale of Stock, Price Per Share | $ / shares | $ 19.50 | ||||
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs | $ 541,000 | ||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 4,900 | ||||
Common Class B [Member] | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.00001 | $ 0.00001 | |||
Conversion of Stock, Shares Issued | shares | 80,562,666 | ||||
Common Class B [Member] | Station Holdco [Member] | |||||
Common Stock, Conversion Features, Conversion Ratio | 1 | ||||
Additional Interest in Subsidiaries, Shares Acquired | shares | 6,136,072 | ||||
Common Class B [Member] | Red Rock Resorts [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 66.60% | 40.20% | 40.70% | ||
Smaller Casino Properties [Member] | |||||
Casino properties | Casino_Property | 10 | ||||
Wholly Owned Properties [Member] | Major Hotel Casino Properties [Member] | |||||
Casino properties | Casino_Property | 10 | ||||
Partially Owned Properties [Member] | Smaller Casino Properties [Member] | |||||
Casino properties | Casino_Property | 3 | ||||
Ownership percentage, parent | 50.00% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Ownership percentage in joint venture | 50.00% | |||
Allowance for Doubtful Accounts Receivable | $ 2,300 | $ 1,200 | ||
Promotional Allowances | 0 | $ 0 | ||
Advertising Expense | 24,302 | 22,094 | 21,144 | |
Gaming Tax Expense | $ 74,501 | 69,429 | 63,626 | |
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | |||
Complimentary Goods and Services [Member] | ||||
Promotional Allowances | $ 206,500 | $ 185,600 | $ 166,800 | |
Minimum [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 45 years | |||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
MPM Enterprises, LLC [Member] | ||||
Ownership percentage, parent | 50.00% | |||
Ownership percentage in joint venture | 50.00% | |||
Station Holdco [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | |||
Parent Company [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Tax Receivable Agreement Basis Spread on Variable Rate Late Payments | 5.00% |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Casino | $ 940,483 | $ 886,206 | $ 814,218 | |||||||||||||
Food and beverage | 381,197 | 365,448 | 330,488 | |||||||||||||
Room | 170,824 | 179,041 | 145,810 | |||||||||||||
Other | 100,912 | 92,967 | 73,724 | |||||||||||||
Management fees | 87,614 | 118,477 | 111,520 | |||||||||||||
Gross revenues | 1,642,139 | 1,475,760 | ||||||||||||||
Promotional allowances | 0 | 0 | ||||||||||||||
Net revenues | $ 431,471 | $ 412,332 | $ 416,188 | $ 421,039 | $ 400,310 | $ 405,948 | $ 410,143 | $ 425,738 | 1,681,030 | 1,642,139 | 1,475,760 | |||||
Casino | 326,980 | 311,086 | 273,443 | |||||||||||||
Food and beverage | 340,212 | 326,069 | 291,224 | |||||||||||||
Room | 78,440 | 81,768 | 61,410 | |||||||||||||
Other | 48,431 | 40,332 | 30,661 | |||||||||||||
Selling, general and administrative | 390,492 | 380,930 | 327,313 | |||||||||||||
Depreciation and amortization | 180,255 | 178,217 | 156,668 | |||||||||||||
Write-downs and other charges, net | 34,650 | 29,584 | 24,591 | |||||||||||||
Tax receivable agreement liability adjustment | 73,500 | (90,638) | (139,300) | 739 | ||||||||||||
Related party lease termination | 100,300 | 0 | 100,343 | 0 | ||||||||||||
Asset impairment | 0 | 1,829 | 0 | |||||||||||||
Total operating costs and expenses | 1,308,822 | 1,310,858 | 1,166,049 | |||||||||||||
Operating income | 71,958 | 54,618 | 137,791 | 107,841 | 212,851 | 56,557 | (30,820) | 92,693 | 372,208 | 331,281 | 309,711 | |||||
Earnings from joint ventures | 2,185 | 1,632 | 1,913 | |||||||||||||
Operating income and earnings from joint ventures | 374,393 | 332,913 | 311,624 | |||||||||||||
Interest expense, net | (143,099) | (131,442) | (140,189) | |||||||||||||
Loss on extinguishment/modification of debt, net | 0 | (16,907) | (7,270) | |||||||||||||
Change in fair value of derivative instruments | 12,415 | 14,112 | 87 | |||||||||||||
Other | (354) | (357) | (45) | |||||||||||||
Total other expense | (131,038) | (134,594) | (147,417) | |||||||||||||
Income before income tax | 243,355 | 198,319 | 164,207 | |||||||||||||
Provision for income tax | (23,875) | (134,786) | (8,243) | |||||||||||||
Net income | 13,181 | 25,067 | 99,102 | 82,130 | 45,969 | 22,316 | (50,171) | 45,419 | $ 66,499 | $ 89,465 | 219,480 | 63,533 | 155,964 | |||
Less: net income attributable to noncontrolling interests | 61,939 | 28,110 | 64,012 | |||||||||||||
Net income attributable to Red Rock Resorts, Inc. | $ 8,946 | $ 14,680 | $ 82,735 | $ 51,180 | $ 29,472 | $ 11,785 | $ (25,734) | $ 19,900 | $ 157,541 | $ 35,423 | $ 91,952 | |||||
Earnings per share of Class A common stock, basic | $ 0.13 | $ 0.21 | $ 1.20 | $ 0.74 | $ 0.43 | $ 0.17 | $ (0.38) | $ 0.30 | $ 2.28 | $ 0.53 | $ 1.04 | |||||
Earnings per share of Class A common stock, diluted | $ 0.11 | $ 0.20 | $ 0.82 | $ 0.65 | $ 0.35 | $ 0.16 | $ (0.38) | $ 0.30 | $ 1.77 | $ 0.42 | $ 1.03 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 45 | $ 266 | $ 357 | $ 45 | ||||||||||||
Deferred tax asset, net | $ 111,833 | $ 132,731 | 111,833 | 132,731 | ||||||||||||
Other accrued liabilities | 266,474 | 182,903 | 266,474 | 182,903 | ||||||||||||
Total Red Rock Resorts, Inc. stockholders’ equity | 519,620 | 378,731 | 519,620 | 378,731 | ||||||||||||
Noncontrolling interest | 297,375 | 252,981 | 297,375 | 252,981 | ||||||||||||
Total stockholders’ equity | $ 816,995 | 631,712 | 627,598 | 627,598 | $ 816,995 | 631,712 | 627,598 | $ 566,874 | ||||||||
Adjustments for New Accounting Pronouncement [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Casino | (162,149) | (146,774) | ||||||||||||||
Food and beverage | 66,741 | 59,869 | ||||||||||||||
Room | 2,456 | 2,952 | ||||||||||||||
Other | (728) | (484) | ||||||||||||||
Management fees | 0 | 0 | ||||||||||||||
Gross revenues | (93,680) | (84,437) | ||||||||||||||
Promotional allowances | 120,203 | 107,770 | ||||||||||||||
Net revenues | 26,523 | 23,333 | ||||||||||||||
Casino | (105,777) | (95,118) | ||||||||||||||
Food and beverage | 114,975 | 106,047 | ||||||||||||||
Room | 9,468 | 6,447 | ||||||||||||||
Other | 5,291 | 4,073 | ||||||||||||||
Selling, general and administrative | [1] | 1,684 | 1,619 | |||||||||||||
Depreciation and amortization | 0 | 0 | ||||||||||||||
Write-downs and other charges, net | 0 | 0 | ||||||||||||||
Tax receivable agreement liability adjustment | 0 | 0 | ||||||||||||||
Related party lease termination | 0 | 0 | ||||||||||||||
Asset impairment | 0 | 0 | ||||||||||||||
Total operating costs and expenses | 25,641 | 23,068 | ||||||||||||||
Operating income | 882 | 265 | ||||||||||||||
Earnings from joint ventures | 0 | 0 | ||||||||||||||
Operating income and earnings from joint ventures | 882 | 265 | ||||||||||||||
Interest expense, net | 0 | 0 | ||||||||||||||
Loss on extinguishment/modification of debt, net | 0 | 0 | ||||||||||||||
Change in fair value of derivative instruments | 0 | 0 | ||||||||||||||
Other | [1] | (357) | (45) | |||||||||||||
Total other expense | (357) | (45) | ||||||||||||||
Income before income tax | 525 | 220 | ||||||||||||||
Provision for income tax | (31) | (31) | ||||||||||||||
Net income | 494 | 189 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 223 | 204 | ||||||||||||||
Net income attributable to Red Rock Resorts, Inc. | $ 271 | $ (15) | ||||||||||||||
Earnings per share of Class A common stock, basic | $ 0.01 | $ 0.01 | ||||||||||||||
Earnings per share of Class A common stock, diluted | $ 0 | $ 0 | ||||||||||||||
Deferred tax asset, net | 511 | $ 511 | ||||||||||||||
Other accrued liabilities | 6,090 | 6,090 | ||||||||||||||
Total Red Rock Resorts, Inc. stockholders’ equity | (3,094) | (3,094) | ||||||||||||||
Noncontrolling interest | (2,485) | (2,485) | ||||||||||||||
Total stockholders’ equity | (5,579) | (5,754) | (5,754) | (5,579) | $ (5,754) | (6,835) | ||||||||||
Scenario, Previously Reported [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Casino | 1,048,355 | 960,992 | ||||||||||||||
Food and beverage | 298,707 | 270,619 | ||||||||||||||
Room | 176,585 | 142,858 | ||||||||||||||
Other | 93,695 | 74,208 | ||||||||||||||
Management fees | 118,477 | 111,520 | ||||||||||||||
Gross revenues | 1,735,819 | 1,560,197 | ||||||||||||||
Promotional allowances | (120,203) | (107,770) | ||||||||||||||
Net revenues | 1,615,616 | 1,452,427 | ||||||||||||||
Casino | 416,863 | 368,561 | ||||||||||||||
Food and beverage | 211,094 | 185,177 | ||||||||||||||
Room | 72,300 | 54,963 | ||||||||||||||
Other | 35,041 | 26,588 | ||||||||||||||
Selling, general and administrative | 379,246 | 325,694 | ||||||||||||||
Depreciation and amortization | 178,217 | 156,668 | ||||||||||||||
Write-downs and other charges, net | 29,584 | 24,591 | ||||||||||||||
Tax receivable agreement liability adjustment | (139,300) | 739 | ||||||||||||||
Related party lease termination | 100,343 | 0 | ||||||||||||||
Asset impairment | 1,829 | 0 | ||||||||||||||
Total operating costs and expenses | 1,285,217 | 1,142,981 | ||||||||||||||
Operating income | 330,399 | 309,446 | ||||||||||||||
Earnings from joint ventures | 1,632 | 1,913 | ||||||||||||||
Operating income and earnings from joint ventures | 332,031 | 311,359 | ||||||||||||||
Interest expense, net | (131,442) | (140,189) | ||||||||||||||
Loss on extinguishment/modification of debt, net | (16,907) | (7,270) | ||||||||||||||
Change in fair value of derivative instruments | 14,112 | 87 | ||||||||||||||
Other | 0 | 0 | ||||||||||||||
Total other expense | (134,237) | (147,372) | ||||||||||||||
Income before income tax | 197,794 | 163,987 | ||||||||||||||
Provision for income tax | (134,755) | (8,212) | ||||||||||||||
Net income | 63,039 | 155,775 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 27,887 | 63,808 | ||||||||||||||
Net income attributable to Red Rock Resorts, Inc. | $ 35,152 | $ 91,967 | ||||||||||||||
Earnings per share of Class A common stock, basic | $ 0.52 | $ 1.03 | ||||||||||||||
Earnings per share of Class A common stock, diluted | $ 0.42 | $ 1.03 | ||||||||||||||
Deferred tax asset, net | 132,220 | $ 132,220 | ||||||||||||||
Other accrued liabilities | 176,813 | 176,813 | ||||||||||||||
Total Red Rock Resorts, Inc. stockholders’ equity | 381,825 | 381,825 | ||||||||||||||
Noncontrolling interest | 255,466 | 255,466 | ||||||||||||||
Total stockholders’ equity | $ 637,291 | $ 633,352 | $ 633,352 | $ 637,291 | $ 633,352 | $ 573,709 | ||||||||||
[1] | (a)Includes reclassification of pension costs of $357,000 and $45,000 for the years ended December 31, 2017 and 2016, respectively, as a result of the Company’s adoption of amended accounting guidance for pension and postretirement benefit plans. |
Noncontrolling Interest in St_3
Noncontrolling Interest in Station Holdco (Details) - shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2016 | |
Equity Method Investment, Ownership Percentage | 50.00% | |||
Exchanges of noncontrolling interests for Class A common stock (shares) | 400,000 | 2,700,000 | 24,500,000 | |
Red Rock Resorts [Member] | ||||
Noncontrolling Interest, Units Outstanding | 116,547,003 | 116,161,976 | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% | ||
Red Rock Resorts [Member] | Common Class A [Member] | ||||
Equity Method Investment, Ownership Percentage | 59.80% | 59.30% | 33.40% | |
Noncontrolling Interest, Units Outstanding | 69,662,590 | 68,897,563 | ||
Red Rock Resorts [Member] | Common Class B [Member] | ||||
Noncontrolling Interest, Units Outstanding | 46,884,413 | 47,264,413 | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.20% | 40.70% | 66.60% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 3,860,123 | $ 3,231,967 | |
Accumulated depreciation and amortization | (847,718) | (689,856) | |
Property and equipment, net | 3,012,405 | 2,542,111 | |
Depreciation | 169,656 | 158,327 | $ 137,881 |
Palms Casino Resort [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction in Progress, Gross | 218,200 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 270,059 | 256,173 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,663,004 | 2,315,124 | |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 686,863 | 534,286 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 240,197 | $ 126,384 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Indefinite-Lived and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Feb. 06, 2018 | |
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 195,676 | $ 195,676 | |
Goodwill, Impaired, Accumulated Impairment Loss | 1,200 | 1,200 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (46,117) | (105,370) | |
Intangible Assets, Gross (Excluding Goodwill) | 163,337 | 233,370 | |
Intangible assets, net | 117,220 | 128,000 | |
Below Market Lease, Gross | 4,145 | 4,145 | |
Below Market Lease, Accumulated Amortization | (371) | (199) | |
Below Market Lease, Net | 3,774 | 3,946 | |
Intangible Assets and Below Market Leases, Gross | 159,192 | 229,225 | |
Intangible Assets and Below Market Leases, Accumulated Amortization | (45,746) | (105,171) | |
Intangible Assets and Below Market Leases, Net | $ 113,446 | $ 124,054 | |
Minimum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Below Market Lease, Useful Lives | 15 years | 15 years | |
Maximum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Below Market Lease, Useful Lives | 72 years | 72 years | |
Customer Relationships [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 23,600 | $ 23,600 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (11,579) | (10,006) | |
Finite-Lived Intangible Assets, Net | $ 12,021 | $ 13,594 | |
Customer Relationships [Member] | Minimum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | |
Customer Relationships [Member] | Maximum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | |
Management Contracts [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 47,000 | $ 115,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (32,532) | (92,980) | |
Finite-Lived Intangible Assets, Net | $ 14,468 | $ 22,020 | |
Management Contracts [Member] | Gun Lake Tribe [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 68,000 | ||
Management Contracts [Member] | Minimum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | 7 years | |
Management Contracts [Member] | Maximum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |
Contract-Based Intangible Assets [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 9,000 | $ 9,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,012) | (562) | |
Finite-Lived Intangible Assets, Net | $ 7,988 | $ 8,438 | |
Contract-Based Intangible Assets [Member] | Minimum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |
Contract-Based Intangible Assets [Member] | Maximum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |
Trademarks [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 6,000 | $ 6,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (900) | (500) | |
Finite-Lived Intangible Assets, Net | $ 5,100 | $ 5,500 | |
Trademarks [Member] | Minimum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | |
Trademarks [Member] | Maximum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | |
Beneficial Leases [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 237 | $ 270 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (94) | (72) | |
Finite-Lived Intangible Assets, Net | $ 143 | $ 198 | |
Beneficial Leases [Member] | Minimum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | 2 years | |
Beneficial Leases [Member] | Maximum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | 6 years | |
Other Intangible Assets [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 2,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,250) | ||
Finite-Lived Intangible Assets, Net | $ 750 | ||
Other Intangible Assets [Member] | Minimum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Other Intangible Assets [Member] | Maximum [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Brands [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 77,200 | $ 77,200 | |
License Rights [Member] | |||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 300 | $ 300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization Expense for Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 10,599 | $ 19,890 | $ 18,787 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 8,541 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 8,029 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,399 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,378 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 2,357 |
Land Held for Development (Deta
Land Held for Development (Details) | Dec. 31, 2018a | Jun. 30, 2018a | Dec. 31, 2017a |
Land Held for Development [Line Items] | |||
Area of land including leased | 420 | ||
Number of Project Sites | 8 | ||
Area of land | 391 | ||
Las Vegas Valley [Member] | |||
Land Held for Development [Line Items] | |||
Area of land | 26 | 31 | |
Wild Wild West [Member] | |||
Land Held for Development [Line Items] | |||
Land Subject to Ground Leases | 20 |
Investments in Variable Inter_2
Investments in Variable Interest Entities and Joint Ventures (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in joint venture | 50.00% |
Smaller Casino Properties [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in joint venture | 50.00% |
Number of Investments | 3 |
The Greens [Member] | Equity Method Investment Reduced Below Zero [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of Investments | 1 |
MPM Enterprises, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in joint venture | 50.00% |
Native American Development (De
Native American Development (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)aTable_Gamesgaming_device | Dec. 31, 2017USD ($) | |
Development and Management Agreements, Native American [Line Items] | ||
Area of land | a | 391 | |
Native American development costs | $ 17,970 | $ 17,270 |
North Fork Rancheria of Mono Indians (Mono) [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Reimbursable advances for Native American development projects | 33,100 | |
Native American development costs | $ 18,000 | |
Property development fee, percent | 4.00% | |
Project management fee, percent | 30.00% | |
Development agreement, term | 7 years | |
Management agreement, term | 7 years | |
Estimated period, after construction begins, facility is completed and open for business | 18 months | |
North Fork Rancheria of Mono Indians (Mono) [Member] | Land Held for Development [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Area of land | a | 305 | |
North Fork Rancheria of Mono Indians (Mono) [Member] | Maximum [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Number of slot machines | gaming_device | 2,500 | |
Number of table games | Table_Games | 40 | |
Estimated costs for Native American development projects | $ 300,000 | |
Estimated beginning of construction in months | 30 months | |
Successful project completion, percent | 75.00% | |
North Fork Rancheria of Mono Indians (Mono) [Member] | Minimum [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Number of slot machines | gaming_device | 2,000 | |
Estimated costs for Native American development projects | $ 250,000 | |
Estimated beginning of construction in months | 18 months | |
Successful project completion, percent | 65.00% |
Management Agreements (Details)
Management Agreements (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)miCasino_Property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Reimbursement Revenue | $ 5.2 | $ 6.6 | $ 8.9 |
Smaller Casino Properties [Member] | |||
Number of Real Estate Properties | Casino_Property | 10 | ||
Partially Owned Properties [Member] | Smaller Casino Properties [Member] | |||
Ownership percentage, parent | 50.00% | ||
Number of Real Estate Properties | Casino_Property | 3 | ||
Project management fee, percent | 10.00% | ||
Partially Owned Properties [Member] | Smaller Casino Properties [Member] | Wildfire Lanes [Member] | |||
Ownership percentage, parent | 50.00% | ||
Partially Owned Properties [Member] | Smaller Casino Properties [Member] | The Greens [Member] | |||
Ownership percentage, parent | 50.00% | ||
MPM Enterprises, LLC [Member] | |||
Ownership percentage, parent | 50.00% | ||
Gun Lake Tribe [Member] | |||
Management agreement, term | 7 years | ||
Gun Lake Tribe [Member] | MPM Enterprises, LLC [Member] | |||
Management fee revenue | $ 4.3 | 46.1 | 40.5 |
Federated Indians of Graton Rancheria [Member] | Management Agreement, Year One [Member] | |||
Project management fee, percent | 24.00% | ||
Federated Indians of Graton Rancheria [Member] | Management Agreement, Year Two [Member] | |||
Project management fee, percent | 24.00% | ||
Federated Indians of Graton Rancheria [Member] | Management Agreement, Year Three [Member] | |||
Project management fee, percent | 24.00% | ||
Federated Indians of Graton Rancheria [Member] | Management Agreement, Year Four [Member] | |||
Project management fee, percent | 24.00% | ||
Federated Indians of Graton Rancheria [Member] | Management Agreement, Year Five [Member] | |||
Project management fee, percent | 27.00% | ||
Federated Indians of Graton Rancheria [Member] | Management Agreement, Year Six [Member] | |||
Project management fee, percent | 27.00% | ||
Federated Indians of Graton Rancheria [Member] | Management Agreement, Year Seven [Member] | |||
Project management fee, percent | 27.00% | ||
Federated Indians of Graton Rancheria [Member] | SC Sonoma Management LLC [Member] | |||
Management fee revenue | $ 77.5 | $ 65.3 | $ 58.4 |
San Francisco, California [Member] | Federated Indians of Graton Rancheria [Member] | |||
Distance from major city | mi | 43 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Rewards Program liability | $ 20,654 | $ 20,254 |
Advance deposits and future wagers | 18,624 | 16,103 |
Unpaid wagers, outstanding chips and other customer-related liabilities | 19,640 | 16,882 |
Accrued gaming and related | 22,221 | 20,020 |
Accrued payroll and related | 55,448 | 51,095 |
Construction payables and equipment purchase accruals | 108,855 | 39,673 |
Other | 21,032 | 18,876 |
Total other accrued liabilities | 266,474 | 182,903 |
Contract assets | $ 0 | $ 0 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,855,359,000 | $ 2,617,822,000 |
Current portion of long-term debt | (33,894,000) | (30,094,000) |
Long-term debt, net | 2,821,465,000 | 2,587,728,000 |
Debt Instrument, Unamortized Discount and Debt Issue Costs | 53,048,000 | |
Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 251,448,000 | $ 263,860,000 |
Debt Instrument, Interest Rate, Effective Percentage | 4.53% | 3.36% |
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 4,000,000 | $ 5,200,000 |
Line of Credit [Member] | Term Loan B Facility, Due June 8, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,775,951,000 | $ 1,780,193,000 |
Debt Instrument, Interest Rate, Effective Percentage | 5.03% | 4.06% |
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 43,300,000 | $ 53,200,000 |
Revolving Credit Facility [Member] | Revolving Credit Facility Due June 8, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 245,000,000 | $ 0 |
Debt Instrument, Interest Rate, Effective Percentage | 4.54% | 0.00% |
Line of Credit Facility, Maximum Borrowing Capacity | $ 781,000,000 | |
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 544,286,000 | $ 543,596,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Debt Instrument, Unamortized Discount and Debt Issue Costs | $ 5,700,000 | $ 6,400,000 |
Other Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 38,674,000 | $ 30,173,000 |
Long-term Debt, Weighted Average Interest Rate | 6.69% | 3.95% |
Long-term Debt - Credit Facilit
Long-term Debt - Credit Facility (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Feb. 08, 2019USD ($)Rate | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 2,855,359,000 | $ 2,617,822,000 | |
Line of Credit [Member] | Term Loan B Facility, Due June 8, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 4,700,000 | ||
Long-term Debt | $ 1,775,951,000 | 1,780,193,000 | |
Line of Credit [Member] | Term Loan B Facility, Due June 8, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
Line of Credit [Member] | Term Loan B Facility, Due June 8, 2023 [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment, Principal | $ 3,400,000 | ||
Long-term Debt | $ 251,448,000 | 263,860,000 | |
Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | Base Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Line of Credit [Member] | Term Loan A Facility, Due June 8, 2022 [Member] | Base Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Increase in Maximum Borrowing Capacity | $ 115,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 896,000,000 | ||
Line of Credit Facility, Reduction of Interest Rate | Rate | 0.00% | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Coverage Ratio | 2.5 | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Ratio Of Indebtedness To EBITDA, Period One | 6.50 | ||
Ratio Of Indebtedness To EBITDA, Period Five | 5.25 | ||
Revolving Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Ratio Of Indebtedness To EBITDA, Period Five | 5.25 | ||
Revolving Credit Facility [Member] | Revolving Credit Facility Due June 8, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 498,900,000 | ||
Long-term Debt | 245,000,000 | $ 0 | |
Letters of Credit Outstanding, Amount | 37,100,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 781,000,000 |
Long-term Debt - 5.00% Senior N
Long-term Debt - 5.00% Senior Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 21, 2017 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 2,908,407 | ||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 550,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption Due to Change in Control [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption Due to Certain Asset Sales [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 102.50% | ||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 101.25% | ||
Senior Notes [Member] | 5.00% Senior Notes, Due October 1, 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Long-term Debt - Corporate Offi
Long-term Debt - Corporate Office Lease (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)$ / shares | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)option | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Interest expense, net | $ 143,099 | $ 131,442 | $ 140,189 | ||||||||||
Net income | $ 13,181 | $ 25,067 | $ 99,102 | $ 82,130 | $ 45,969 | $ 22,316 | $ (50,171) | $ 45,419 | $ 66,499 | $ 89,465 | $ 219,480 | $ 63,533 | $ 155,964 |
Corporate Office Lease [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lease term | 20 years | ||||||||||||
Number of options to extend lease | option | 4 | ||||||||||||
Term of lease extension | 5 years | ||||||||||||
Sale leaseback, net book value | 38,100 | $ 38,100 | |||||||||||
Sale leaseback, annual rental payments | 3,500 | ||||||||||||
Sale Leaseback, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||||||||||
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | 3,506 | 3,506 | |||||||||||
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 3,549 | 3,549 | |||||||||||
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | 3,594 | 3,594 | |||||||||||
Minimum Lease Payments, Sale Leaseback Transactions, within Four Years | 3,639 | 3,639 | |||||||||||
Minimum Lease Payments, Sale Leaseback Transactions, within Five Years | 3,684 | $ 3,684 | |||||||||||
Corporate Office Lease [Member] | Restatement Adjustment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest expense, net | 9,300 | ||||||||||||
Net income | $ 8,600 | ||||||||||||
Earnings per share, basic and diluted | $ / shares | $ 0.07 | ||||||||||||
Corporate Office Lease [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Annual increase to lease payments, percent | 1.25% | ||||||||||||
Corporate Office Lease [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Annual increase to lease payments, percent | 2.00% |
Long-term Debt - Principal Matu
Long-term Debt - Principal Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 33,894 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 80,417 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 98,307 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 520,539 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,592,751 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 582,499 | |
Long-term Debt, Gross | 2,908,407 | |
Debt Instrument, Unamortized Discount and Debt Issue Costs | (53,048) | |
Long-term Debt | $ 2,855,359 | $ 2,617,822 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Change in fair value of derivative instruments | $ 12,415,000 | $ 14,112,000 | $ 87,000 |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 0 | (1,875,000) | 8,035,000 |
Interest Rate Swap [Member] | LIBOR [Member] | |||
Derivative [Line Items] | |||
Derivative Instrument, Variable Interest Rate, Term | 1 month | ||
Interest Rate Swap [Member] | Interest Expense, Net [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 2,929,000 | 1,176,000 | 5,066,000 |
Interest Rate Swap [Member] | Change in Fair Value of Derivative Instruments [Member] | |||
Derivative [Line Items] | |||
Change in fair value of derivative instruments | 12,415,000 | 14,110,000 | 0 |
Amount of Gain (Loss) on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 2,000 | $ 87,000 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 8,334,000 | 3,620,000 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 15,611,000 | 18,383,000 | |
Station Casinos LLC [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 4,200,000 | ||
Estimated gain (loss) expected to be reclassified from accumulated other comprehensive income to income | 2,800,000 | ||
Station Casinos LLC [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative [Line Items] | |||
Derivative, Amount of Hedged Item | 1,500,000,000 | ||
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 24,800,000 | ||
Effective fixed interest rate on hedged variable interest rate debt | 4.10% | ||
Station Casinos LLC [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Year 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Fixed Interest Rate | 1.46% | ||
Station Casinos LLC [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Year 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Fixed Interest Rate | 1.94% | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Liability | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)a | Dec. 31, 2018USD ($)a | Jun. 30, 2018a | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Aggregate fair value of long-term debt | $ 2,677,000,000 | $ 2,766,000,000 | |
Aggregate carrying amount of long-term debt | 2,617,822,000 | $ 2,855,359,000 | |
Area of land | a | 391 | ||
Land held for development | $ 177,182,000 | $ 193,686,000 | |
Las Vegas Valley [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Area of land | a | 31 | 26 | |
Fair Value, Measurements, Nonrecurring [Member] | Land Held for Development [Member] | Las Vegas Valley [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of land held for development | $ 1,800,000 | ||
Land held for development | 5,200,000 | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 22,003,000 | 23,945,000 | |
Derivative Liability | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 22,003,000 | 23,945,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 0 | $ 0 |
Stockholders'_Members' Equity_2
Stockholders'/Members' Equity (Details) $ / shares in Units, $ in Millions | Mar. 29, 2019 | Mar. 14, 2019 | Apr. 26, 2016voteshares | Feb. 28, 2019 | Mar. 31, 2019$ / shares | Dec. 31, 2018Class$ / sharesshares | Dec. 31, 2017$ / sharesshares | Feb. 22, 2019USD ($) |
Schedule of Capitalization, Equity [Line Items] | ||||||||
Number of Classes of Stock Authorized | Class | 2 | |||||||
Preferred Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Shares Issued | shares | 0 | 0 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.40 | $ 0.40 | ||||||
Common Class A [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Common Stock, Voting Rights, Number of Votes | vote | 1 | |||||||
Common Class B [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Common Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | ||||||
Common Stock, Voting Rights, Number of Votes | vote | 1 | |||||||
Station Holdco [Member] | Common Class B [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Common Stock, Voting Rights, Number of Votes | vote | 10 | |||||||
Station Holdco [Member] | Voting Units [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||
Station Holdco [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||
Minimum [Member] | Station Holdco [Member] | Common Class A [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | |||||||
Minimum [Member] | Station Holdco [Member] | Common Class B [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | |||||||
Subsequent Event [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | |||||||
Stock Repurchase Program, Authorized Amount | $ | $ 150 | |||||||
Dividends Payable, Date Declared | Feb. 22, 2019 | |||||||
Dividends Payable, Date of Record | Mar. 14, 2019 | |||||||
Dividends Payable, Date to be Paid | Mar. 29, 2019 | |||||||
Subsequent Event [Member] | Station Holdco [Member] | ||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 |
Stockholders'_Members' Equity_3
Stockholders'/Members' Equity (AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | $ 2,473 | ||||
Exchanges of noncontrolling interests for Class A common stock | 0 | $ 0 | $ 0 | ||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 0 | 0 | ||
Ending balance | 1,083 | 2,473 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 100 | 1,000 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 500 | (500) | |||
AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 2,473 | 2,458 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (159) | [1] | (271) | [2] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,264) | [3] | 88 | [4] | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,423) | (183) | |||
Exchanges of noncontrolling interests for Class A common stock | 21 | 228 | |||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 12 | (30) | (915) | ||
Ending balance | 1,083 | 2,473 | 2,458 | ||
AOCI Attributable to Parent [Member] | Unrealized Gain (Loss) on Derivative Instruments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 2,510 | 2,404 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | (236) | [2] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,264) | [3] | 144 | [4] | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,264) | (92) | |||
Exchanges of noncontrolling interests for Class A common stock | 21 | 228 | |||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 12 | (30) | |||
Ending balance | 1,279 | 2,510 | 2,404 | ||
AOCI Attributable to Parent [Member] | Unrealized Gain (Loss) on Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 0 | 52 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 4 | [2] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | (56) | [4] | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | (52) | |||
Exchanges of noncontrolling interests for Class A common stock | 0 | 0 | |||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 0 | |||
Ending balance | 0 | 0 | 52 | ||
AOCI Attributable to Parent [Member] | Unrecognized Pension Liability [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (37) | 2 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (159) | [1] | (39) | [2] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (159) | (39) | |||
Exchanges of noncontrolling interests for Class A common stock | 0 | 0 | |||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 0 | |||
Ending balance | $ (196) | $ (37) | $ 2 | ||
[1] | (c)Net of $0.1 million tax benefit. | ||||
[2] | (a) Net of $1.0 million tax benefit | ||||
[3] | (d)Net of $0.5 million tax benefit. | ||||
[4] | (b)Net of $0.5 million tax expense. |
Stockholders'_Members' Equity N
Stockholders'/Members' Equity Net Income Attributable to Red Rock Resorts, Inc. and Transfers (to) from Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income attributable to Red Rock Resorts, Inc. | $ 8,946 | $ 14,680 | $ 82,735 | $ 51,180 | $ 29,472 | $ 11,785 | $ (25,734) | $ 19,900 | $ 157,541 | $ 35,423 | $ 91,952 |
Allocation of equity to noncontrolling interests of Station Holdco in the Reorganization Transactions | 0 | ||||||||||
Exchanges of noncontrolling interests for Class A common stock | 0 | 0 | 0 | ||||||||
Acquisition of subsidiary noncontrolling interests | 0 | (4,484) | 0 | ||||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco | 0 | 0 | 0 | ||||||||
Net transfers (to) from noncontrolling interests | (3,724) | 12,640 | (230,182) | ||||||||
Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests | 153,817 | 48,063 | (138,230) | ||||||||
Noncontrolling Interest [Member] | |||||||||||
Allocation of equity to noncontrolling interests of Station Holdco in the Reorganization Transactions | 0 | 0 | (358,401) | ||||||||
Exchanges of noncontrolling interests for Class A common stock | 2,174 | 14,765 | 126,942 | ||||||||
Acquisition of subsidiary noncontrolling interests | (7,334) | ||||||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco | (5,898) | (4,975) | 1,277 | ||||||||
Additional Paid-in Capital [Member] | |||||||||||
Allocation of equity to noncontrolling interests of Station Holdco in the Reorganization Transactions | 361,812 | ||||||||||
Exchanges of noncontrolling interests for Class A common stock | (2,149) | (14,510) | (126,698) | ||||||||
Acquisition of subsidiary noncontrolling interests | 0 | 2,850 | 0 | ||||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco | $ 5,910 | $ 4,945 | $ (2,192) |
Share-based Compensation Text (
Share-based Compensation Text (Details) $ / shares in Units, $ in Thousands | May 01, 2016$ / shares | May 31, 2016shares | Apr. 30, 2016USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,194 | $ 2,364 | $ 2,830 | |||
Share-based compensation | $ 3,500 | 11,289 | 7,922 | 6,893 | ||
Share-based compensation expense | 11,289 | 7,922 | 6,893 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | 0 | 0 | 18,739 | |||
Share-Based Compensation Plans, Prior To IPO | 2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,550 | $ 538 | 0 | |||
Fertitta Entertainment [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 8,300 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 18,700 | |||||
Common Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of profit units that may be issued | shares | 11,585,479 | |||||
Award vesting period, profit units | 7 years | |||||
Nonvested profit units, total compensation cost not yet recognized | $ 24,800 | |||||
Nonvested profit units, total compensation cost not yet recognized, period for recognition | 2 years 8 months 19 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 3,700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Nonvested profit units, total compensation cost not yet recognized | $ 6,000 | |||||
Nonvested profit units, total compensation cost not yet recognized, period for recognition | 2 years 7 months 4 days | |||||
Employee Stock Option [Member] | Common Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 2,204,155 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 5,166,565 | 4,248,465 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 9.25 | $ 6.26 | $ 6.05 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.63% | 2.06% | 1.35% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 33.25% | 35.55% | 41.26% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 10 months 13 days | 4 years 11 months 13 days | 4 years 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.52% | 1.79% | 1.99% | |||
Employee Stock Option [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 6.83 | $ 31.95 | $ 22.11 | $ 19.94 | ||
Employee Stock Option [Member] | Executive Officer [Member] | Common Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,687,205 | |||||
Restricted Stock [Member] | Common Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 176,877 | |||||
Restricted Stock [Member] | Common Class A [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years | |||||
Restricted Stock [Member] | Common Class A [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | |||||
Restricted Stock [Member] | Director [Member] | Common Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | |||||
FE Profit Interests [Member] | Fertitta Entertainment [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period, profit units | 4 years | |||||
FE Profit Interests [Member] | Fertitta Entertainment [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period, profit units | 5 years | |||||
Property, Plant and Equipment [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 100 | $ 100 |
Share-based Compensation Weight
Share-based Compensation Weighted Average Assumptions (Details) - Employee Stock Option [Member] - Common Class A [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.63% | 2.06% | 1.35% |
Expected volatility | 33.25% | 35.55% | 41.26% |
Expected life (in years) | 4 years 10 months 13 days | 4 years 11 months 13 days | 4 years 9 months |
Dividend yield | 1.52% | 1.79% | 1.99% |
Share-based Compensation Alloca
Share-based Compensation Allocation of Recognized Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | $ 11,289 | $ 7,922 | $ 6,893 |
Property, Plant and Equipment [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 100 | 100 | |
Casino | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 250 | 228 | 340 |
Food and beverage [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 36 | 40 | 21 |
Room [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 0 | 11 | 75 |
Selling, general and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | $ 11,003 | $ 7,643 | $ 6,457 |
Share-based Compensation Share
Share-based Compensation Share Unit Awards Activity (Details) - Common Class A [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,166,565 | 4,248,465 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 612 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (273,030) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 19.70 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,204,155 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 32.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (1,013,025) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 23.92 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 25.60 | $ 21.29 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 5 months 1 day | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 4,675,084 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 26.12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 6 months 14 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 377 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 491,481 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 20.69 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 3 months 11 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 235 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested units, beginning balance | 308,310 | |
Granted | 176,877 | |
Vested | (55,798) | |
Forfeited | (55,625) | |
Nonvested units, ending balance | 373,764 | 308,310 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Nonvested units, Weighted-average grant date fair value, beginning balance | $ 21.60 | |
Units granted, Weighted-average grant date fair value | 31.95 | |
Vested, Weighted-average grant date fair value | 21.41 | |
Forfeited, Weighted-average grant date fair value | 24.53 | |
Nonvested units, Weighted-average grant date fair value, ending balance | $ 26.09 | $ 21.60 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 85,300 | |||
Effective Income Tax Rate Reconciliation, Percent | 9.81% | 67.96% | 5.02% | |
Tax Receivable Agreement, Realized Tax Benefits Payable to Subsidiary, Percent | 85.00% | |||
Operating Loss Carryforwards | $ 250,100 | |||
Tax Credit Carryforward, Amount | 3,700 | |||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | 2,528 | $ 22,761 | $ 213,247 | |
Net deferred tax assets resulting from exchanges of noncontrolling interests | 2,675 | 24,291 | 223,000 | |
Tax Receivable Agreement, Estimated Tax Liability | 24,900 | 141,900 | ||
Payments on tax receivable agreement liability | (28,865) | 0 | 0 | |
Tax receivable agreement liability adjustment | $ (73,500) | 90,638 | 139,300 | (739) |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Federal | 0 | (1,330) | 1,239 | |
State and local | 15 | 66 | 17 | |
Total current income taxes | 15 | (1,264) | 1,256 | |
Federal | 23,817 | 133,246 | 6,639 | |
State and local | 43 | 2,804 | 348 | |
Total deferred income taxes | 23,860 | 136,050 | 6,987 | |
Total income tax expense | 23,875 | 134,786 | 8,243 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Expected U.S. federal income taxes at statutory rate | 51,105 | 69,411 | 57,472 | |
Income attributable to noncontrolling interests | (13,007) | (9,839) | (44,682) | |
State and local income taxes, net of federal benefit | 43 | 474 | 100 | |
Non-deductible expenses | 1,525 | (1,361) | 236 | |
Tax credits | (1,985) | (1,062) | (250) | |
Impact of tax rate change due to tax reform | 0 | 85,348 | 0 | |
Other | 2,759 | 482 | 1,822 | |
Valuation allowance | (16,565) | (8,667) | (6,455) | |
Income tax expense | 23,875 | 134,786 | 8,243 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Tax credit carryforwards | 3,737 | 1,496 | ||
Net operating loss carryforwards and other attributes | 52,785 | 20,452 | ||
Investment in partnership | 90,035 | 138,094 | ||
Payable pursuant to tax receivable agreement | 5,244 | 30,296 | ||
Total gross deferred tax assets | 151,801 | 190,338 | ||
Valuation allowance | (39,968) | (57,607) | ||
Total deferred tax assets, net of valuation allowance | $ 111,833 | 132,731 | ||
Parent Company [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Tax Receivable Agreement Basis Spread on Variable Rate Late Payments | 5.00% | |||
Tax Receivable Agreement Liability Assigned [Member] | ||||
Tax Receivable Agreement, Estimated Tax Liability | $ (119,200) | |||
Payments on tax receivable agreement liability | (28,900) | |||
Tax receivable agreement liability adjustment | 90,400 | |||
Additional Paid-in Capital [Member] | ||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | 2,528 | 22,761 | 213,247 | |
Net deferred tax assets resulting from exchanges of noncontrolling interests | 2,675 | $ 24,291 | $ 223,000 | |
Pre-tax Attributes [Member] | ||||
Tax Credit Carryforward, Amount | 1,100 | |||
Subject to Expiration [Member] | ||||
Operating Loss Carryforwards | 101,600 | |||
Not Subject to Expiration [Member] | ||||
Operating Loss Carryforwards | $ 148,500 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 700 | |||
Defined Benefit Plan, Benefit Obligation | $ 13,728 | 13,357 | $ 14,130 | $ 13,728 |
Defined Benefit Plan, Interest Cost | 131 | 475 | 536 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (506) | 940 | ||
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (742) | (464) | ||
Defined Benefit Plan, Other Cost (Credit) | 0 | (610) | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9,228 | 8,725 | 9,217 | 9,228 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (668) | 813 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 918 | 250 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | (742) | (464) | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (4,632) | (4,913) | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 671 | $ 300 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,770 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 610 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,550 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,260 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 630 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 4,110 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.85% | 3.60% | 4.15% | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | $ (86) | $ (209) | $ (192) | |
Defined contribution 401(k) plan, employer matching contribution, percent of match | 50.00% | |||
Defined contribution 401(k) plan, employee contributions subject to employer match (percent) | 4.00% | |||
401(k) plan, expense for matching contributions | $ 4,100 | 4,100 | 3,400 | |
Defined Benefit Plan, Net Periodic Pension Benefit Cost | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 13 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 45 | 266 | 357 | $ 45 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (6) | 371 | 319 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | 0 | 0 | (13) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ (6) | $ 371 | $ 306 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.30% | 5.80% | 5.80% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.15% | 3.60% | ||
Liability, Defined Benefit Plan, Noncurrent | $ 4,632 | $ 4,913 | ||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | $ 39 | 637 | 663 | |
Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 8,725 | 9,217 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,942 | 6,761 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,783 | 2,456 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | 0 | ||
Real Assets [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 8.00% | |||
Real Assets [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 672 | 462 | ||
Real Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 260 | 0 | ||
Real Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 412 | 462 | ||
Real Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | 0 | ||
Hedge Funds, Equity [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 10.00% | |||
Hedge Funds, Equity [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 880 | 919 | ||
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 880 | 919 | ||
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Hedge Funds, Equity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | 0 | ||
International Equity [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 14.00% | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 12.00% | |||
International Equity [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,059 | 1,387 | ||
International Equity [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,059 | 1,106 | ||
International Equity [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 281 | ||
International Equity [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | 0 | ||
Domestic Income [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 18.00% | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 17.00% | |||
Domestic Income [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,468 | 1,902 | ||
Domestic Income [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 120 | 189 | ||
Domestic Income [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,348 | 1,713 | ||
Domestic Income [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | 0 | ||
Fixed Income Investments [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 53.00% | |||
Fixed Income Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,646 | 4,547 | ||
Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,623 | 4,547 | ||
Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 23 | 0 | ||
Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||
May 31, 2016 | Apr. 30, 2016 | Jun. 30, 2017 | Apr. 30, 2017 | Apr. 27, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||||
Tax Receivable Agreement, Estimated Tax Liability | $ 141,900,000 | $ 24,900,000 | $ 141,900,000 | ||||||
Payments to Acquire Additional Interest in Subsidiaries | 0 | 4,484,000 | $ 0 | ||||||
Payments to related party under operating leases | $ 2,300,000 | 7,100,000 | |||||||
Payments of Distributions to Affiliates | 0 | 0 | 389,149,000 | ||||||
Related party lease termination | $ 100,300,000 | 0 | 100,343,000 | 0 | |||||
Ground Lease, Lifetime Rental Payments | $ 300,000,000 | ||||||||
Provision for income tax | 23,875,000 | 134,786,000 | 8,243,000 | ||||||
Frank J. Fertitta and Victoria K. Fertitta Revocable Family Trust [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Transaction, Purchases from Related Party | 120,000,000 | ||||||||
Fertitta Entertainment [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,100,000 | ||||||||
Payments of Distributions to Affiliates | 389,100,000 | ||||||||
Station Holdco [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 112,500,000 | ||||||||
Frank J. Fertitta III and Lorenzo J Fertitta [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Tax Receivable Agreement, Estimated Tax Liability | 9,200,000 | $ 9,000,000 | $ 9,200,000 | ||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 44,600,000 | ||||||||
LLC Unit Holder [Member] | Frank J. Fertitta and Victoria K. Fertitta Revocable Family Trust [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Provision for income tax | $ (35,000,000) | ||||||||
Station Holdco [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 460,000,000 | ||||||||
Fertitta Entertainment [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 8,000,000 | ||||||||
Payments of Distributions to Affiliates | $ 500,000 | ||||||||
Boulder Station Lease [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ground Lease, Monthly Rental Payments | $ 14,000 | ||||||||
Minimum [Member] | Boulder Station Lease [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ground Lease, Annual Rent Increase | 3.00% | ||||||||
Maximum [Member] | Boulder Station Lease [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ground Lease, Annual Rent Increase | 6.00% | ||||||||
Parent Company [Member] | Red Rock Resorts [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Tax Receivable Agreement Realized Tax Benefits Payable To Related Parties, Percent | 85.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
May 31, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 49,956,000 | ||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||||||||||||||
Net income | $ 13,181 | $ 25,067 | $ 99,102 | $ 82,130 | $ 45,969 | $ 22,316 | $ (50,171) | $ 45,419 | $ 66,499 | $ 89,465 | $ 219,480 | $ 63,533 | $ 155,964 | ||
Income attributable to noncontrolling interests, basic, hypothetical allocation | [1] | (61,939) | (28,110) | (120,545) | |||||||||||
Income attributable to Parent, basic, hypothetical allocation | [1] | 157,541 | 35,423 | 35,419 | |||||||||||
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | |||||||||||||||
Income attributable to Parent, basic, hypothetical allocation | [1] | 157,541 | 35,423 | 35,419 | |||||||||||
Effect of dilutive securities | (48,864) | (13,813) | 102 | ||||||||||||
Net income attributable to Parent, diluted | $ 206,405 | $ 49,236 | $ 35,317 | ||||||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||||||
Basic | 69,115,000 | 67,397,000 | 34,141,000 | ||||||||||||
Effect of dilutive securities | 47,744,000 | 48,533,000 | 144,000 | ||||||||||||
Diluted | 116,859,000 | 115,930,000 | 34,285,000 | ||||||||||||
Employee Stock Option [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,966,000 | 3,677,000 | 1,637,000 | ||||||||||||
Restricted Stock [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 64,000 | 11,000 | 5,000 | ||||||||||||
IPO [Member] | Common Class A [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 29,511,828 | ||||||||||||||
Station Holdco [Member] | Common Class A [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Conversion of Stock, Shares Issued | 10,137,209 | ||||||||||||||
[1] | (a)Amounts for the year ended December 31, 2016 include the retrospective allocation of net income as if the Reorganization Transactions had occurred at the beginning of the year. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Other Commitments [Line Items] | |||||
Area of land | a | 391 | ||||
Rent expense | $ 20,200,000 | $ 19,300,000 | $ 21,500,000 | ||
Boulder Station Lease [Member] | |||||
Other Commitments [Line Items] | |||||
Ground Lease, Monthly Rental Payments | $ 14,000 | ||||
Wild Wild West Lease [Member] | |||||
Other Commitments [Line Items] | |||||
Land Subject to Ground Leases | a | 20 | ||||
Ground Lease, Monthly Rental Payments | $ 139,000 | ||||
Purchase Obligation | $ 57,300,000 | ||||
Subsequent Event [Member] | Wild Wild West Lease [Member] | |||||
Other Commitments [Line Items] | |||||
Ground Lease, Monthly Rental Payments | $ 142,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Future Operating Lease Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 5,387 |
Operating Leases, Future Minimum Payments, Due in Two Years | 3,351 |
Operating Leases, Future Minimum Payments, Due in Three Years | 2,256 |
Operating Leases, Future Minimum Payments, Due in Four Years | 937 |
Operating Leases, Future Minimum Payments, Due in Five Years | 854 |
Thereafter | 44,598 |
Total | $ 57,383 |
Segments (Details)
Segments (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | ||
Segment Reporting Information [Line Items] | ||||||||||||||
Casino | $ 940,483 | $ 886,206 | $ 814,218 | |||||||||||
Food and beverage | 381,197 | 365,448 | 330,488 | |||||||||||
Room | 170,824 | 179,041 | 145,810 | |||||||||||
Other | 100,912 | 92,967 | 73,724 | |||||||||||
Management fees | 87,614 | 118,477 | 111,520 | |||||||||||
Net revenues | $ 431,471 | $ 412,332 | $ 416,188 | $ 421,039 | $ 400,310 | $ 405,948 | $ 410,143 | $ 425,738 | 1,681,030 | 1,642,139 | 1,475,760 | |||
Net income | 13,181 | $ 25,067 | 99,102 | $ 82,130 | 45,969 | $ 22,316 | (50,171) | $ 45,419 | $ 66,499 | $ 89,465 | 219,480 | 63,533 | 155,964 | |
Depreciation and amortization | 180,255 | 178,217 | 156,668 | |||||||||||
Share-based compensation | $ 3,500 | 11,289 | 7,922 | 6,893 | ||||||||||
Write-downs and other charges, net | 34,650 | 29,584 | 24,591 | |||||||||||
Tax receivable agreement liability adjustment | $ 73,500 | (90,638) | (139,300) | 739 | ||||||||||
Related party lease termination | $ 100,300 | 0 | 100,343 | 0 | ||||||||||
Asset impairment | 0 | 1,829 | 0 | |||||||||||
Interest expense, net | 143,099 | 131,442 | 140,189 | |||||||||||
Loss on extinguishment/modification of debt, net | 0 | 16,907 | 7,270 | |||||||||||
Change in fair value of derivative instruments | (12,415) | (14,112) | (87) | |||||||||||
Adjusted EBITDA attributable to MPM noncontrolling interest | (962) | (15,262) | (14,675) | |||||||||||
Provision for income tax | 23,875 | 134,786 | 8,243 | |||||||||||
Other | 329 | 1,357 | 1,088 | |||||||||||
Adjusted EBITDA | [1] | 508,962 | 497,246 | 484,707 | ||||||||||
Assets | 4,009,526 | 3,620,121 | 4,009,526 | 3,620,121 | ||||||||||
Operating Leases, Income Statement, Lease Revenue | 24,300 | 23,500 | 20,100 | |||||||||||
Payments to Acquire Productive Assets | $ 579,287 | 248,427 | 162,377 | |||||||||||
Las Vegas Operations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of Reportable Segments | Segment | 1 | |||||||||||||
Casino | $ 940,483 | 886,206 | 814,218 | |||||||||||
Food and beverage | 381,197 | 365,448 | 330,488 | |||||||||||
Room | 170,824 | 179,041 | 145,810 | |||||||||||
Other | [2] | 94,894 | 87,238 | 68,436 | ||||||||||
Management fees | 605 | 509 | 558 | |||||||||||
Net revenues | 1,588,003 | 1,518,442 | 1,359,510 | |||||||||||
Adjusted EBITDA | 457,379 | 433,640 | 423,957 | |||||||||||
Assets | 3,501,705 | 3,017,323 | $ 3,501,705 | 3,017,323 | ||||||||||
Native American Management [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of Reportable Segments | Segment | 1 | |||||||||||||
Management fees | $ 87,009 | 117,968 | 110,962 | |||||||||||
Adjusted EBITDA | 80,795 | 95,897 | 87,259 | |||||||||||
Assets | 37,274 | 47,495 | 37,274 | 47,495 | ||||||||||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net revenues | 1,675,012 | 1,636,410 | 1,470,472 | |||||||||||
Adjusted EBITDA | 538,174 | 529,537 | 511,216 | |||||||||||
Corporate, Non-Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net revenues | 6,018 | 5,729 | 5,288 | |||||||||||
Adjusted EBITDA | (29,212) | (32,291) | $ (26,509) | |||||||||||
Assets | $ 470,547 | $ 555,303 | $ 470,547 | $ 555,303 | ||||||||||
[1] | (b)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other charges, net, tax receivable agreement liability adjustment, related party lease termination, asset impairment, interest expense, net, loss on extinguishment/modification of debt, net, change in fair value of derivative instruments, provision for income tax and other, and excludes Adjusted EBITDA attributable to the noncontrolling interests of MPM. | |||||||||||||
[2] | (a)Other revenue included revenue from tenant leases of $24.3 million, $23.5 million and $20.1 million, respectively, for the years ended December 31, 2018, 2017 and 2016. Revenue from tenant leases is accounted for under the lease accounting guidance and does not represent revenue recognized from contracts with customers. |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Net revenues | $ 431,471 | $ 412,332 | $ 416,188 | $ 421,039 | $ 400,310 | $ 405,948 | $ 410,143 | $ 425,738 | $ 1,681,030 | $ 1,642,139 | $ 1,475,760 | ||
Operating income (loss) | 71,958 | 54,618 | 137,791 | 107,841 | 212,851 | 56,557 | (30,820) | 92,693 | 372,208 | 331,281 | 309,711 | ||
Net income (loss) | 13,181 | 25,067 | 99,102 | 82,130 | 45,969 | 22,316 | (50,171) | 45,419 | $ 66,499 | $ 89,465 | 219,480 | 63,533 | 155,964 |
Net income (loss) attributable to Red Rock Resorts, Inc. | $ 8,946 | $ 14,680 | $ 82,735 | $ 51,180 | $ 29,472 | $ 11,785 | $ (25,734) | $ 19,900 | $ 157,541 | $ 35,423 | $ 91,952 | ||
Earnings per share of Class A common stock, basic | $ 0.13 | $ 0.21 | $ 1.20 | $ 0.74 | $ 0.43 | $ 0.17 | $ (0.38) | $ 0.30 | $ 2.28 | $ 0.53 | $ 1.04 | ||
Earnings per share of Class A common stock, diluted | $ 0.11 | $ 0.20 | $ 0.82 | $ 0.65 | $ 0.35 | $ 0.16 | $ (0.38) | $ 0.30 | $ 1.77 | $ 0.42 | $ 1.03 | ||
Tax receivable agreement liability adjustment | $ (73,500) | $ 90,638 | $ 139,300 | $ (739) | |||||||||
Related party lease termination | $ 100,300 | $ 0 | $ 100,343 | $ 0 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 57,607 | $ 104,125 | $ 0 |
Additions | 0 | 0 | 109,398 |
Deductions | (17,639) | (46,518) | (5,273) |
Balance at End of Year | $ 39,968 | $ 57,607 | $ 104,125 |
Uncategorized Items - stn-20181
Label | Element | Value |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | $ 542,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 3,423,000 |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (2,000) |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (1,000) |
Common Class B [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 1,000 |
Common Class A [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 531,949,000 |
Common Class A [Member] | Common Stock [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | 2,000 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | $ 1,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures | 190,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures | (19,000) |