Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000906553 | |
Entity Registrant Name | BOYD GAMING CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-12882 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0242733 | |
Entity Address, Address Line One | 3883 Howard Hughes Parkway, Ninth Floor | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89169 | |
City Area Code | 702 | |
Local Phone Number | 792-7200 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | BYD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 111,540,103 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 506,046 | $ 249,977 |
Restricted cash | 15,024 | 20,471 |
Accounts receivable, net | 43,778 | 54,864 |
Inventories | 22,769 | 22,101 |
Prepaid expenses and other current assets | 52,665 | 46,481 |
Income taxes receivable | 340 | 5,600 |
Total current assets | 640,622 | 399,494 |
Property and equipment, net | 2,533,897 | 2,672,553 |
Operating lease right-of-use assets | 931,797 | 936,170 |
Other assets, net | 99,435 | 91,750 |
Intangible assets, net | 1,390,605 | 1,466,891 |
Goodwill, net | 971,287 | 1,083,287 |
Total assets | 6,567,643 | 6,650,145 |
Current liabilities | ||
Accounts payable | 67,383 | 91,003 |
Current maturities of long-term debt | 29,165 | 26,994 |
Accrued liabilities | 424,626 | 438,896 |
Total current liabilities | 521,174 | 556,893 |
Long-term debt, net of current maturities and debt issuance costs | 3,958,367 | 3,738,937 |
Operating lease liabilities, net of current portion | 855,559 | 840,285 |
Deferred income taxes | 121,901 | 162,695 |
Other long-term tax liabilities | 0 | 3,840 |
Other liabilities | 66,731 | 82,253 |
Commitments and contingencies (Notes 6 and 8) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value, 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 111,539,603 and 111,542,108 shares outstanding | 1,115 | 1,115 |
Additional paid-in capital | 879,450 | 883,715 |
Retained earnings | 162,955 | 380,942 |
Accumulated other comprehensive income (loss) | 391 | (530) |
Total stockholders' equity | 1,043,911 | 1,265,242 |
Total liabilities and stockholders' equity | $ 6,567,643 | $ 6,650,145 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares outstanding (in shares) | 111,539,603 | 111,542,108 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | ||||
Total revenues | $ 652,238 | $ 819,568 | $ 1,542,622 | $ 2,492,988 |
Operating costs and expenses | ||||
Selling, general and administrative | 86,983 | 116,899 | 260,681 | 349,011 |
Master lease rent expense | 25,914 | 24,665 | 75,992 | 73,058 |
Maintenance and utilities | 33,751 | 41,351 | 88,551 | 119,158 |
Depreciation and amortization | 69,320 | 65,092 | 205,498 | 200,396 |
Corporate expense | 19,605 | 21,411 | 58,526 | 79,501 |
Project development, preopening and writedowns | 2,249 | 5,297 | 9,582 | 14,243 |
Impairment of assets | 0 | 0 | 171,100 | 0 |
Other operating items, net | 14,928 | 1,260 | 23,570 | 1,564 |
Total operating costs and expenses | 525,165 | 706,177 | 1,639,658 | 2,135,279 |
Operating income (loss) | 127,073 | 113,391 | (97,036) | 357,709 |
Other expense (income) | ||||
Interest income | (468) | (434) | (1,476) | (1,356) |
Interest expense, net of amounts capitalized | 62,387 | 59,661 | 173,440 | 182,224 |
Loss on early extinguishments and modifications of debt | 413 | 242 | 1,000 | 750 |
Other, net | (4,977) | 113 | (5,206) | (227) |
Total other expense, net | 57,355 | 59,582 | 167,758 | 181,391 |
Income (loss) before income taxes | 69,718 | 53,809 | (264,794) | 176,318 |
Income tax benefit (provision) | (31,602) | (14,404) | 46,807 | (42,978) |
Net income (loss) | $ 38,116 | $ 39,405 | $ (217,987) | $ 133,340 |
Basic net income (loss) per common share (in dollars per share) | $ 0.34 | $ 0.35 | $ (1.92) | $ 1.18 |
Weighted average basic shares outstanding (in shares) | 113,520 | 113,526 | 113,495 | 113,395 |
Diluted net income (loss) per common share (in dollars per share) | $ 0.33 | $ 0.35 | $ (1.92) | $ 1.17 |
Weighted average diluted shares outstanding (in shares) | 113,862 | 113,971 | 113,495 | 113,879 |
Casino [Member] | ||||
Revenues | ||||
Total revenues | $ 565,965 | $ 613,487 | $ 1,260,841 | $ 1,867,399 |
Operating costs and expenses | ||||
Cost of Revenue | 214,984 | 276,302 | 530,445 | 835,511 |
Food and Beverage [Member] | ||||
Revenues | ||||
Total revenues | 38,778 | 108,069 | 139,323 | 331,206 |
Operating costs and expenses | ||||
Cost of Revenue | 38,691 | 101,981 | 145,275 | 307,609 |
Occupancy [Member] | ||||
Revenues | ||||
Total revenues | 26,925 | 60,705 | 80,570 | 179,046 |
Operating costs and expenses | ||||
Cost of Revenue | 12,931 | 28,393 | 41,013 | 83,074 |
Product and Service, Other [Member] | ||||
Revenues | ||||
Total revenues | 20,570 | 37,307 | 61,888 | 115,337 |
Operating costs and expenses | ||||
Cost of Revenue | $ 5,809 | $ 23,526 | $ 29,425 | $ 72,154 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unauidted) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income (loss) | $ 38,116 | $ 39,405 | $ (217,987) | $ 133,340 |
Other comprehensive income (loss), net of tax: | ||||
Fair value adjustments to available-for-sale securities, net of tax | 239 | 543 | 921 | 996 |
Comprehensive income (loss) | $ 38,355 | $ 39,948 | $ (217,066) | $ 134,336 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balances (in shares) at Dec. 31, 2018 | 111,757,105 | ||||||
Balances at Dec. 31, 2018 | $ 1,118 | $ 892,331 | $ 253,357 | $ (1,065) | $ 1,145,741 | ||
Net income (loss) | 0 | 0 | 45,451 | 0 | 45,451 | ||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 465 | 465 | ||
Stock options exercised (in shares) | 137,063 | ||||||
Stock options exercised | $ 1 | 1,261 | 0 | 0 | 1,262 | ||
Release of restricted stock units, net of tax (in shares) | 46,958 | ||||||
Release of restricted stock units, net of tax | $ 0 | (418) | 0 | 0 | (418) | ||
Release of performance stock units, net of tax (in shares) | 270,960 | ||||||
Release of performance stock units, net of tax | $ 3 | (3,768) | 0 | 0 | (3,765) | ||
Shares repurchased and retired (in shares) | (830,100) | ||||||
Shares repurchased and retired | $ (8) | (21,645) | 0 | 0 | (21,653) | ||
Share-based compensation costs | 0 | 9,709 | 0 | 0 | 9,709 | ||
Dividends declared | $ 0 | 0 | (6,683) | 0 | (6,683) | ||
Balances (in shares) at Mar. 31, 2019 | 111,381,986 | ||||||
Balances at Mar. 31, 2019 | $ 1,114 | 877,470 | 292,125 | (600) | 1,170,109 | ||
Balances (in shares) at Dec. 31, 2018 | 111,757,105 | ||||||
Balances at Dec. 31, 2018 | $ 1,118 | 892,331 | 253,357 | (1,065) | 1,145,741 | ||
Net income (loss) | $ 133,340 | ||||||
Shares repurchased and retired (in shares) | [1] | (1,087,000) | |||||
Balances (in shares) at Sep. 30, 2019 | 111,144,780 | ||||||
Balances at Sep. 30, 2019 | $ 1,111 | 882,652 | 364,453 | (69) | $ 1,248,147 | ||
Balances (in shares) at Mar. 31, 2019 | 111,381,986 | ||||||
Balances at Mar. 31, 2019 | $ 1,114 | 877,470 | 292,125 | (600) | 1,170,109 | ||
Net income (loss) | 0 | 0 | 48,484 | 0 | 48,484 | ||
Comprehensive income (loss), net of tax | 0 | 0 | 0 | (12) | (12) | ||
Stock options exercised | $ 0 | 0 | 0 | 0 | 0 | ||
Release of restricted stock units, net of tax (in shares) | 13,075 | ||||||
Release of restricted stock units, net of tax | $ 1 | (136) | 0 | 0 | (135) | ||
Release of performance stock units, net of tax | $ 0 | 0 | 0 | 0 | 0 | ||
Shares repurchased and retired (in shares) | (245,221) | ||||||
Shares repurchased and retired | $ (4) | (6,104) | 0 | 0 | (6,108) | ||
Share-based compensation costs | 0 | 8,158 | 0 | 0 | 8,158 | ||
Dividends declared | $ 0 | 0 | (7,781) | 0 | (7,781) | ||
Balances (in shares) at Jun. 30, 2019 | 111,149,840 | ||||||
Balances at Jun. 30, 2019 | $ 1,111 | 879,388 | 332,828 | (612) | 1,212,715 | ||
Net income (loss) | 0 | 0 | 39,405 | 0 | 39,405 | ||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 543 | 543 | ||
Stock options exercised (in shares) | 3,416 | ||||||
Stock options exercised | $ 0 | 27 | 0 | 0 | 27 | ||
Release of restricted stock units, net of tax (in shares) | 2,878 | ||||||
Release of restricted stock units, net of tax | $ 0 | (38) | 0 | 0 | (38) | ||
Release of performance stock units, net of tax (in shares) | 0 | ||||||
Release of performance stock units, net of tax | $ 0 | 0 | 0 | 0 | $ 0 | ||
Shares repurchased and retired (in shares) | (11,354) | (11,000) | [1] | ||||
Shares repurchased and retired | $ 0 | (284) | 0 | 0 | $ (284) | ||
Share-based compensation costs | 0 | 3,559 | 0 | 0 | 3,559 | ||
Dividends declared | $ 0 | 0 | (7,780) | 0 | (7,780) | ||
Balances (in shares) at Sep. 30, 2019 | 111,144,780 | ||||||
Balances at Sep. 30, 2019 | $ 1,111 | 882,652 | 364,453 | (69) | $ 1,248,147 | ||
Balances (in shares) at Dec. 31, 2019 | 111,542,108 | 111,542,108 | |||||
Balances at Dec. 31, 2019 | $ 1,115 | 883,715 | 380,942 | (530) | $ 1,265,242 | ||
Net income (loss) | 0 | 0 | (147,559) | 0 | (147,559) | ||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 1,127 | 1,127 | ||
Stock options exercised (in shares) | 3,000 | ||||||
Stock options exercised | $ 0 | 25 | 0 | 0 | 25 | ||
Release of restricted stock units, net of tax (in shares) | 76,502 | ||||||
Release of restricted stock units, net of tax | $ 1 | (767) | 0 | 0 | (766) | ||
Release of performance stock units, net of tax (in shares) | 241,118 | ||||||
Release of performance stock units, net of tax | $ 2 | (3,372) | 0 | 0 | (3,370) | ||
Shares repurchased and retired (in shares) | (682,596) | ||||||
Shares repurchased and retired | $ (6) | (11,114) | 0 | 0 | (11,120) | ||
Share-based compensation costs | $ 0 | 8,191 | 0 | 0 | 8,191 | ||
Balances (in shares) at Mar. 31, 2020 | 111,180,132 | ||||||
Balances at Mar. 31, 2020 | $ 1,112 | 876,678 | 233,383 | 597 | $ 1,111,770 | ||
Balances (in shares) at Dec. 31, 2019 | 111,542,108 | 111,542,108 | |||||
Balances at Dec. 31, 2019 | $ 1,115 | 883,715 | 380,942 | (530) | $ 1,265,242 | ||
Net income (loss) | $ (217,987) | ||||||
Shares repurchased and retired (in shares) | [1] | (683,000) | |||||
Balances (in shares) at Sep. 30, 2020 | 111,539,603 | 111,539,603 | |||||
Balances at Sep. 30, 2020 | $ 1,115 | 879,450 | 162,955 | 391 | $ 1,043,911 | ||
Balances (in shares) at Mar. 31, 2020 | 111,180,132 | ||||||
Balances at Mar. 31, 2020 | $ 1,112 | 876,678 | 233,383 | 597 | 1,111,770 | ||
Net income (loss) | 0 | 0 | (108,544) | 0 | (108,544) | ||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (445) | (445) | ||
Stock options exercised (in shares) | 1,000 | ||||||
Stock options exercised | $ 0 | 8 | 0 | 0 | 8 | ||
Release of restricted stock units, net of tax (in shares) | 183,741 | ||||||
Release of restricted stock units, net of tax | $ 2 | (6) | 0 | 0 | (4) | ||
Release of performance stock units, net of tax (in shares) | 20,082 | ||||||
Release of performance stock units, net of tax | $ 1 | 0 | 0 | 0 | 1 | ||
Shares repurchased and retired | (1) | 0 | 0 | 0 | (1) | ||
Share-based compensation costs | $ 0 | 2,693 | 0 | 0 | 2,693 | ||
Balances (in shares) at Jun. 30, 2020 | 111,384,955 | ||||||
Balances at Jun. 30, 2020 | $ 1,114 | 879,373 | 124,839 | 152 | 1,005,478 | ||
Net income (loss) | 0 | 0 | 38,116 | 0 | 38,116 | ||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 239 | 239 | ||
Stock options exercised (in shares) | 139,065 | ||||||
Stock options exercised | $ 1 | 1,159 | 0 | 0 | 1,160 | ||
Release of restricted stock units, net of tax (in shares) | 15,583 | ||||||
Release of restricted stock units, net of tax | $ 0 | (224) | 0 | 0 | (224) | ||
Release of performance stock units, net of tax | 0 | 0 | 0 | 0 | $ 0 | ||
Shares repurchased and retired (in shares) | [1] | 0 | |||||
Shares repurchased and retired | 0 | 0 | 0 | 0 | $ 0 | ||
Share-based compensation costs | $ 0 | (858) | 0 | 0 | $ (858) | ||
Balances (in shares) at Sep. 30, 2020 | 111,539,603 | 111,539,603 | |||||
Balances at Sep. 30, 2020 | $ 1,115 | $ 879,450 | $ 162,955 | $ 391 | $ 1,043,911 | ||
[1] | All shares repurchased have been retired and constitute authorized but unissued shares. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Dividends per share (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.06 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ (217,987) | $ 133,340 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 205,498 | 200,396 |
Amortization of debt financing costs and discounts on debt | 9,066 | 6,974 |
Non-cash operating lease expense | 43,806 | 23,972 |
Share-based compensation expense | 10,026 | 21,426 |
Deferred income taxes | (40,794) | 40,279 |
Impairment of assets | 171,100 | 0 |
Loss on early extinguishments and modifications of debt | 1,000 | 750 |
Other operating activities | (27) | 1,363 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 11,086 | 3,710 |
Inventories | (668) | 9 |
Prepaid expenses and other current assets | (7,560) | (10,436) |
Income taxes (receivable) payable, net | 5,260 | (532) |
Other assets, net | (1,788) | (3,546) |
Accounts payable and accrued liabilities | 29,316 | (16,840) |
Operating lease liabilities | (43,806) | (23,972) |
Other long-term tax liabilities | (3,840) | 153 |
Other liabilities | 12,957 | 4,663 |
Net cash provided by operating activities | 124,013 | 415,389 |
Cash Flows from Investing Activities | ||
Capital expenditures | (105,077) | (166,797) |
Cash paid for acquisitions, net of cash received | (11,201) | (5,535) |
Other investing activities | 0 | (23,259) |
Net cash used in investing activities | (116,278) | (195,591) |
Cash Flows from Financing Activities | ||
Borrowings under bank credit facility | 965,100 | 1,061,929 |
Payments under bank credit facility | (1,281,421) | (1,240,950) |
Proceeds from issuance of senior notes | 600,000 | 0 |
Debt financing costs, net | (17,142) | (44) |
Share-based compensation activities, net | (3,170) | (3,067) |
Shares repurchased and retired | (11,121) | (28,045) |
Dividends paid | (7,808) | (21,169) |
Other financing activities | (1,551) | (215) |
Net cash provided by (used in) financing activities | 242,887 | (231,561) |
Change in cash, cash equivalents and restricted cash | 250,622 | (11,763) |
Cash, cash equivalents and restricted cash, beginning of period | 270,448 | 273,202 |
Cash, cash equivalents and restricted cash, end of period | 521,070 | 261,439 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 131,568 | 161,028 |
Cash paid for (received from) income taxes | (6,846) | 3,458 |
Supplemental Schedule of Non-cash Investing and Financing Activities | ||
Payables incurred for capital expenditures | 3,774 | 1,586 |
Mortgage settlement in exchange for real estate | $ 57,684 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 1975. We are a geographically diversified operator of 29 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. Going Concern Matters and Management's Assessment As a result of the COVID- 19 March 2020 19 September 30, 2020, No The closures of our properties had a material impact on our business, and the COVID- 19 19 19 may 19 may may We have taken significant measures in response to the impact of the COVID- 19 On May 8, 2020, March 30, 2020 x June 30, 2021, May 21, 2020, 2025 August 2020, September 2023. ( 5, Long-Term Debt Due to the adverse impacts of COVID- 19 12 first first 2020. not may second third 2020 no Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10 10 X not December 31, 2019, February 27, 2020. The results for the periods indicated are unaudited, but reflect all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its wholly owned subsidiaries. Investments in unconsolidated affiliates, which do not Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three not may Restricted Cash Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. September 30, December 31, September 30, December 31, (In thousands) 2020 2019 2019 2018 Cash and cash equivalents $ 506,046 $ 249,977 $ 235,084 $ 249,417 Restricted cash 15,024 20,471 26,355 23,785 Total cash, cash equivalents and restricted cash $ 521,070 $ 270,448 $ 261,439 $ 273,202 Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. For our operating leases for which the rate implicit in the lease is not may Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers, hotel room sales, food & beverage offerings and other amenity transactions. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not Gaming wager contracts involve two not not no 4, Accrued Liabilities The Company collects advanced deposits from hotel customers for future reservations representing obligations of the Company until the hotel room stay is provided to the customer. See Note 4, Accrued Liabilities The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one 4, Accrued Liabilities The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our slot bonus program such as cash and the estimated retail value of goods and services (such as complimentary hotel rooms and food & beverage). We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time for complimentary slot play, food & beverage, and to a lesser extent for other goods or services, depending upon the property. The estimated retail value related to goods and services provided to customers without charge or upon redemption of points under our player loyalty programs, included in departmental revenues and therefore reducing our gaming revenues, are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Food & beverage $ 20,055 $ 52,924 $ 69,470 $ 159,966 Rooms 12,007 24,482 34,162 71,798 Other 1,211 3,753 4,265 10,983 Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $114.8 million three September 30, 2020 2019 nine September 30, 2020 2019 Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not not not" 50%. not Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two not not not Tax positions failing to qualify for initial recognition are recognized in the first not" no not" Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates, especially given that the full impact of COVID- 19 not Recently Adopted Accounting Pronouncement In March 2020, 3 10 3 16 X, January 4, 2021 three June 30, 2020. Accounting Standards Update ("ASU") Reference Rate Reform, Topic 848 2020 04" In March 2020, 2020 04 2020 04 may December 31, 2022. 2020 04 not ASU 2018 13, 2018 13" In August 2018, 2018 13 820, Fair Value Measurement December 15, 2019. 2018 13 first 2020 not Recently Issued Accounting Pronouncements ASU 2020 01, 321, 323, 815 2020 01" In January 2020, 2020 01 321, 323, 815, 2020 01 December 15, 2020, 2020 01 A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not |
Note 2 - Property and Equipment
Note 2 - Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2. Property and equipment, net consists of the following: September 30, December 31, (In thousands) 2020 2019 Land $ 322,406 $ 324,501 Buildings and improvements 3,053,179 3,090,974 Furniture and equipment 1,650,189 1,596,395 Riverboats and barges 241,043 241,036 Construction in progress 72,936 56,069 Total property and equipment 5,339,753 5,308,975 Less accumulated depreciation 2,805,856 2,636,422 Property and equipment, net $ 2,533,897 $ 2,672,553 Depreciation expense is as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Depreciation expense $ 64,478 $ 57,278 $ 190,975 $ 178,175 |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 3. Intangible assets, net consist of the following: September 30, 2020 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 2.7 $ 68,100 $ (51,197 ) $ — $ 16,903 Host agreements 12.7 58,000 (9,022 ) — 48,978 Development agreement — 21,373 — — 21,373 147,473 (60,219 ) — 87,254 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (21,200 ) 182,800 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,580,685 (33,960 ) (243,374 ) 1,303,351 Balances, September 30, 2020 $ 1,728,158 $ (94,179 ) $ (243,374 ) $ 1,390,605 December 31, 2019 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 3.5 $ 68,100 $ (39,598 ) $ — $ 28,502 Host agreements 13.4 58,000 (6,122 ) — 51,878 Development agreement — 21,373 — — 21,373 147,473 (45,720 ) — 101,753 Indefinite lived intangible assets Trademarks Indefinite 206,687 — (4,300 ) 202,387 Gaming license rights Indefinite 1,376,685 (33,960 ) (179,974 ) 1,162,751 1,583,372 (33,960 ) (184,274 ) 1,365,138 Balances, December 31, 2019 $ 1,730,845 $ (79,680 ) $ (184,274 ) $ 1,466,891 Goodwill, net consists of the following: Gross Accumulated Carrying Accumulated Impairment Goodwill, (In thousands) Value Amortization Losses Net Goodwill, net by Reportable Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — 863 Midwest & South 666,798 — (101,862 ) 564,936 Balances, September 30, 2020 $ 1,267,362 $ (6,134 ) $ (289,941 ) $ 971,287 The following table sets forth the changes in our goodwill, net, during the nine September 30, 2020 (In thousands) Goodwill, Net Balance, January 1, 2020 $ 1,083,287 Additions — Impairments (112,000 ) Balance, September 30, 2020 $ 971,287 The Company has evaluated whether events or circumstances had occurred that would indicate it is more likely than not October 1, 2019, 19 first 2020. first 2020 second third 2020 no |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 4. Accrued liabilities consist of the following: September 30, December 31, (In thousands) 2020 2019 Payroll and related expenses $ 67,523 $ 99,602 Interest 65,102 32,239 Gaming liabilities 63,812 64,465 Player loyalty program liabilities 34,210 32,983 Advance deposits 15,214 22,854 Outstanding chip liabilities 6,049 7,394 Dividend payable — 7,808 Operating lease liabilities 87,402 87,686 Other accrued liabilities 85,314 83,865 Total accrued liabilities $ 424,626 $ 438,896 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 5. Long-term debt, net of current maturities and debt issuance costs, consists of the following: September 30, 2020 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) September 30, 2020 Principal Discount Costs Debt, Net Bank credit facility 2.558 % $ 989,313 $ (517 ) $ (14,703 ) $ 974,093 6.375% senior notes due 2026 6.375 % 750,000 — (7,278 ) 742,722 6.000% senior notes due 2026 6.000 % 700,000 — (8,197 ) 691,803 4.750% senior notes due 2027 4.750 % 1,000,000 — (14,123 ) 985,877 8.625% senior notes due 2025 8.625 % 600,000 — (11,108 ) 588,892 Other 6.124 % 4,145 — — 4,145 Total long-term debt 4,043,458 (517 ) (55,409 ) 3,987,532 Less current maturities 29,165 — — 29,165 Long-term debt, net $ 4,014,293 $ (517 ) $ (55,409 ) $ 3,958,367 December 31, 2019 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) December 31, 2019 Principal Discount Costs Debt, Net Bank credit facility 3.753 % $ 1,305,634 $ (671 ) $ (14,255 ) $ 1,290,708 6.375% senior notes due 2026 6.375 % 750,000 — (8,271 ) 741,729 6.000% senior notes due 2026 6.000 % 700,000 — (9,244 ) 690,756 4.750% senior notes due 2027 4.750 % 1,000,000 — (15,584 ) 984,416 Other 11.138 % 58,322 — — 58,322 Total long-term debt 3,813,956 (671 ) (47,354 ) 3,765,931 Less current maturities 26,994 — — 26,994 Long-term debt, net $ 3,786,962 $ (671 ) $ (47,354 ) $ 3,738,937 The outstanding principal amounts under our bank credit facility are comprised of the following: September 30, December 31, (In thousands) 2020 2019 Revolving Credit Facility $ — $ 235,000 Term A Loan 223,762 234,300 Refinancing Term B Loans 765,551 795,034 Swing Loan — 41,300 Total outstanding principal amounts under the bank credit facility $ 989,313 $ 1,305,634 With a total revolving credit commitment of $945.5 million available under the bank credit facility, no September 30, 2020 Bank Credit Agreement Amendments The Company is party to a Third Amended and Restated Credit Agreement, dated as of August 14, 2013 ( The calculations used to determine the Company’s compliance with the Financial Covenants are dependent on its Consolidated EBITDA, as defined by the Boyd Credit Agreement. Due to the closure in first 2020 may On May 8, 2020 ( No. 3 The Credit Agreement Amendment provides that during the period (the "Covenant Relief Period") beginning on March 30, 2020 x June 30, 2021, not no 1.00, not 19 On August 6, 2020, No. 4 No. 4" No. 4 No. 4, June 30, 2021 September 30, 2021 December 31, 2021 September 15, 2023, not 91 No. 4 October 8, 2020. Belterra Park Agreement On May 6, 2020 October 2018. Prior to the Merger, PNK (Ohio), LLC ("BP OpCo"), which owns the business operations of Belterra Park, leased the Real Estate from BP PropCo pursuant to a master lease that is the same in all material respects as the Master Lease between Boyd TCIV, LLC and Gold Merger Sub (the "BP Master Lease" and "GLP Master Lease," respectively). Rent paid under the BP Master Lease to BP PropCo by BP OpCo was then paid by BP PropCo to Gold Merger Sub as interest on the Note. As a result of the Merger, Gold Merger Sub has become the Landlord under the BP Master Lease and now receives rent payable under the BP Master Lease (equal to, and in lieu of, the interest payments on the Note received prior to consummation of the Merger). As an additional step in connection with the Merger, we expect to add BP OpCo as a subtenant to the GLP Master Lease (in connection with the termination of the BP Master Lease), resulting in a single Master Lease with GLP, subject to the prior receipt of all required governmental approvals. As a result of the transaction, the Company recorded an operating lease right-of-use-asset and operating lease liability of $40.9 April 30, 2031. nine September 30, 2020, 8.625% June 2025 On May 21, 2020, June 2025 ( "8.625% 8.625% June 1 December 1 December 1, 2020. 8.625% June 1, 2025 100% 8.625% In conjunction with the issuance of the 8.625% 8.625% At any time prior to June 1, 2022, may 8.625% June 1, 2022, may 8.625% 2022 2024 4.750% December 2027 On December 3, 2019, December 2027 ( "4.750% 4.750% 4.750% July 20 20. August 20, 2020 Covenant Compliance As of September 30, 2020 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6. Commitments As of September 30, 2020 no 9, Commitments and Contingencies 10 December 31, 2019 February 27, 2020. Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not |
Note 7 - Stockholders' Equity a
Note 7 - Stockholders' Equity and Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 7. Share Repurchase Program On December 12, 2018, September 30, 2020 March 16, 2020, 19 The following table provides information regarding share repurchases during the referenced periods. Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2020 2019 2020 2019 Shares repurchased (1) — 11 683 1,087 Total cost, including brokerage fees $ — $ 284 $ 11,121 $ 28,044 Average repurchase price per share (2) $ — $ 25.01 $ 16.29 $ 25.81 ( 1 ( 2 may not Dividends The dividends declared by the Board of Directors and reflected in the periods presented are: Declaration date Record date Payment date Amount per share December 7, 2018 December 28, 2018 January 15, 2019 $ 0.06 March 4, 2019 March 15, 2019 April 15, 2019 0.06 June 7, 2019 June 17, 2019 July 15, 2019 0.07 September 17, 2019 September 27, 2019 October 15, 2019 0.07 December 17, 2019 December 27, 2019 January 15, 2020 0.07 On March 25, 2020, 19 Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Gaming $ 92 $ 127 $ 445 $ 488 Food & beverage 18 24 85 93 Room 8 12 40 45 Selling, general and administrative 466 644 2,262 2,481 Corporate expense (1,442 ) 2,752 7,194 18,319 Total share-based compensation expense $ (858 ) $ 3,559 $ 10,026 $ 21,426 The share-based compensation credit for the three September 30, 2020 19 Performance Shares Our stock incentive plan provides for the issuance of PSU grants which may The PSU grants awarded in fourth 2016 2015 first 2020 2019, three The PSU grant awarded in November 2016 first 2020, 364,810 2016 2019; not 2020 The PSU grant awarded in October 2015 first 2019, 395,964 2015 2018; not 2019 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8. The authoritative accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These inputs create the following fair value hierarchy: Level 1 Level 2 not Level 3 one Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may 1 2 3 may Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: September 30, 2020 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 506,046 $ 506,046 $ — $ — Restricted cash 15,024 15,024 — — Investment available for sale 17,227 — — 17,227 Liabilities Contingent payments $ 1,146 $ — $ — $ 1,146 December 31, 2019 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 249,977 $ 249,977 $ — $ — Restricted cash 20,471 20,471 — — Investment available for sale 16,151 — — 16,151 Liabilities Contingent payments $ 1,712 $ — $ — $ 1,712 Cash and Cash Equivalents and Restricted Cash The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, September 30, 2020 December 31, 2019 Investment Available for Sale We have an investment in a single municipal bond issuance of $19.0 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 June 1, 2037 no 3 September 30, 2020 December 31, 2019 not September 30, 2020 December 31, 2019 $0.6 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Contingent Payments In connection with the development of the Kansas Star Casino ("Kansas Star"), Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star's EBITDA each month for a period of ten December 20, 2011. September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 The following tables summarize the changes in fair value of the Company's Level 3 Three Months Ended September 30, 2020 September 30, 2019 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,867 $ (1,275 ) $ 15,963 $ (2,072 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 38 (18 ) 37 (33 ) Included in other comprehensive income (loss) 322 — 751 — Included in other items, net — (59 ) — 40 Purchases, sales, issuances and settlements: Settlements — 206 — 207 Balance at end of reporting period $ 17,227 $ (1,146 ) $ 16,751 $ (1,858 ) Nine Months Ended September 30, 2020 September 30, 2019 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,151 $ (1,712 ) $ 15,772 $ (2,407 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 116 (66 ) 112 (109 ) Included in other comprehensive income (loss) 1,510 — 1,377 — Included in other items, net — 162 — (21 ) Purchases, sales, issuances and settlements: Settlements (550 ) 470 (510 ) 679 Balance at end of reporting period $ 17,227 $ (1,146 ) $ 16,751 $ (1,858 ) We are exposed to valuation risk on our Level 3 3 100 not Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: September 30, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 26,654 $ 22,310 $ 27,087 Level 3 December 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 28,118 $ 23,300 $ 28,780 Level 3 The following tables provide the fair value measurement information about our long-term debt: September 30, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 989,313 $ 974,093 $ 962,990 Level 2 6.375% senior notes due 2026 750,000 742,722 778,125 Level 1 6.000% senior notes due 2026 700,000 691,803 722,750 Level 1 4.750% senior notes due 2027 1,000,000 985,877 978,750 Level 1 8.625% senior notes due 2025 600,000 588,892 655,500 Level 1 Other 4,145 4,145 4,145 Level 3 Total debt $ 4,043,458 $ 3,987,532 $ 4,102,260 December 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,305,634 $ 1,290,708 $ 1,308,846 Level 2 6.375% senior notes due 2026 750,000 741,729 806,250 Level 1 6.000% senior notes due 2026 700,000 690,756 750,750 Level 1 4.750% senior notes due 2027 1,000,000 984,416 1,038,750 Level 1 Other 58,322 58,322 58,322 Level 3 Total debt $ 3,813,956 $ 3,765,931 $ 3,962,918 The estimated fair value of our bank credit facility is based on a relative value analysis performed on or about September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 2018 May 2020; ( 2 2020 2026; 3 July 2022. not not There were no 1, 2 3 nine September 30, 2020 2019 |
Note 9 - Segment Information
Note 9 - Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9. We aggregate certain of our gaming entertainment properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest & South. The table below lists the classification of each of our properties. Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside Cannery Casino and Hotel Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North Las Vegas, Nevada Eldorado Casino Henderson, Nevada Jokers Wild Casino Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel and Casino Las Vegas, Nevada Main Street Station Casino, Brewery and Hotel Las Vegas, Nevada Midwest & South Par-A-Dice Hotel Casino East Peoria, Illinois Belterra Casino Resort Florence, Indiana Blue Chip Casino, Hotel & Spa Michigan City, Indiana Diamond Jo Dubuque Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Casino & Hotel Vinton, Louisiana Evangeline Downs Racetrack and Casino Opelousas, Louisiana Sam's Town Hotel and Casino Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica, Mississippi Ameristar Casino Hotel Kansas City Kansas City, Missouri Ameristar Casino Resort Spa St. Charles St. Charles, Missouri Belterra Park Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania Total Reportable Segment Departmental Revenues and Adjusted EBITDAR We evaluate each of our property's profitability based upon Property Adjusted EBITDAR, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedowns expenses, impairments of assets, other operating items, net, gain or loss on early retirements of debt, and master lease rent expense, as applicable. Total Reportable Segment Adjusted EBITDAR is the aggregate sum of the Property Adjusted EBITDAR for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest & South segments. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company. Results for Lattner, our Illinois distributed gaming operator, are included in our Midwest & South segment. The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments: Three Months Ended September 30, 2020 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 141,143 $ 12,501 $ 10,914 $ 6,518 $ 171,076 Downtown Las Vegas 12,678 2,992 1,350 519 17,539 Midwest & South 412,144 23,285 14,661 13,533 463,623 Total Revenues $ 565,965 $ 38,778 $ 26,925 $ 20,570 $ 652,238 Three Months Ended September 30, 2019 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 137,839 $ 37,415 $ 25,809 $ 12,223 $ 213,286 Downtown Las Vegas 32,054 13,925 7,240 7,405 60,624 Midwest & South 443,594 56,729 27,656 17,679 545,658 Total Revenues $ 613,487 $ 108,069 $ 60,705 $ 37,307 $ 819,568 Nine Months Ended September 30, 2020 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 298,307 $ 47,039 $ 35,278 $ 19,907 $ 400,531 Downtown Las Vegas 45,663 15,599 7,825 7,229 76,316 Midwest & South 916,871 76,685 37,467 34,752 1,065,775 Total Revenues $ 1,260,841 $ 139,323 $ 80,570 $ 61,888 $ 1,542,622 Nine Months Ended September 30, 2019 (In thousands) Gaming Food & Beverage Revenue Room Other Total Revenues Las Vegas Locals $ 424,238 $ 115,441 $ 78,458 $ 38,947 $ 657,084 Downtown Las Vegas 100,807 42,463 21,541 23,305 188,116 Midwest & South 1,342,354 173,302 79,047 53,085 1,647,788 Total Revenues $ 1,867,399 $ 331,206 $ 179,046 $ 115,337 $ 2,492,988 The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR to operating income, as reported in our accompanying condensed consolidated statements of operations: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Adjusted EBITDAR Las Vegas Locals $ 78,900 $ 64,062 $ 128,520 $ 209,745 Downtown Las Vegas (1,511 ) 11,903 1,225 42,830 Midwest & South 182,502 156,202 320,986 477,737 Corporate expense (21,048 ) (18,658 ) (51,333 ) (61,182 ) Adjusted EBITDAR 238,843 213,509 399,398 669,130 Other operating costs and expenses Deferred rent 217 245 666 734 Master lease rent expense 25,914 24,665 75,992 73,058 Depreciation and amortization 69,320 65,092 205,498 200,396 Share-based compensation expense (858 ) 3,559 10,026 21,426 Project development, preopening and writedowns 2,249 5,297 9,582 14,243 Impairment of assets — — 171,100 — Other operating items, net 14,928 1,260 23,570 1,564 Total other operating costs and expenses 111,770 100,118 496,434 311,421 Operating income (loss) $ 127,073 $ 113,391 $ (97,036 ) $ 357,709 For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not Total Reportable Segment Assets The Company's assets by Reportable Segment consisted of the following amounts: September 30, December 31, (In thousands) 2020 2019 Assets Las Vegas Locals $ 1,707,799 $ 1,804,476 Downtown Las Vegas 202,311 212,936 Midwest & South 3,974,476 4,229,174 Total Reportable Segment Assets 5,884,586 6,246,586 Corporate 683,057 403,559 Total Assets $ 6,567,643 $ 6,650,145 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 10. We have evaluated all events or transactions that occurred after September 30, 2020 not No. 4 5, Long-Term Debt |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 1975. We are a geographically diversified operator of 29 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. |
Going Concern Matters and Management's Assessment, Policy [Policy Text Block] | Going Concern Matters and Management's Assessment As a result of the COVID- 19 March 2020 19 September 30, 2020, No The closures of our properties had a material impact on our business, and the COVID- 19 19 19 may 19 may may We have taken significant measures in response to the impact of the COVID- 19 On May 8, 2020, March 30, 2020 x June 30, 2021, May 21, 2020, 2025 August 2020, September 2023. ( 5, Long-Term Debt Due to the adverse impacts of COVID- 19 12 first first 2020. not may second third 2020 no |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10 10 X not December 31, 2019, February 27, 2020. The results for the periods indicated are unaudited, but reflect all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its wholly owned subsidiaries. Investments in unconsolidated affiliates, which do not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three not may |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. September 30, December 31, September 30, December 31, (In thousands) 2020 2019 2019 2018 Cash and cash equivalents $ 506,046 $ 249,977 $ 235,084 $ 249,417 Restricted cash 15,024 20,471 26,355 23,785 Total cash, cash equivalents and restricted cash $ 521,070 $ 270,448 $ 261,439 $ 273,202 |
Lessee, Leases [Policy Text Block] | Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. For our operating leases for which the rate implicit in the lease is not may |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers, hotel room sales, food & beverage offerings and other amenity transactions. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not Gaming wager contracts involve two not not no 4, Accrued Liabilities The Company collects advanced deposits from hotel customers for future reservations representing obligations of the Company until the hotel room stay is provided to the customer. See Note 4, Accrued Liabilities The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one 4, Accrued Liabilities The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our slot bonus program such as cash and the estimated retail value of goods and services (such as complimentary hotel rooms and food & beverage). We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time for complimentary slot play, food & beverage, and to a lesser extent for other goods or services, depending upon the property. The estimated retail value related to goods and services provided to customers without charge or upon redemption of points under our player loyalty programs, included in departmental revenues and therefore reducing our gaming revenues, are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Food & beverage $ 20,055 $ 52,924 $ 69,470 $ 159,966 Rooms 12,007 24,482 34,162 71,798 Other 1,211 3,753 4,265 10,983 |
Gaming Taxes [Policy Text Block] | Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $114.8 million three September 30, 2020 2019 nine September 30, 2020 2019 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not not not" 50%. not Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two not not not Tax positions failing to qualify for initial recognition are recognized in the first not" no not" |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates, especially given that the full impact of COVID- 19 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncement In March 2020, 3 10 3 16 X, January 4, 2021 three June 30, 2020. Accounting Standards Update ("ASU") Reference Rate Reform, Topic 848 2020 04" In March 2020, 2020 04 2020 04 may December 31, 2022. 2020 04 not ASU 2018 13, 2018 13" In August 2018, 2018 13 820, Fair Value Measurement December 15, 2019. 2018 13 first 2020 not Recently Issued Accounting Pronouncements ASU 2020 01, 321, 323, 815 2020 01" In January 2020, 2020 01 321, 323, 815, 2020 01 December 15, 2020, 2020 01 A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | September 30, December 31, September 30, December 31, (In thousands) 2020 2019 2019 2018 Cash and cash equivalents $ 506,046 $ 249,977 $ 235,084 $ 249,417 Restricted cash 15,024 20,471 26,355 23,785 Total cash, cash equivalents and restricted cash $ 521,070 $ 270,448 $ 261,439 $ 273,202 |
Schedule Of Promotional Allowances [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Food & beverage $ 20,055 $ 52,924 $ 69,470 $ 159,966 Rooms 12,007 24,482 34,162 71,798 Other 1,211 3,753 4,265 10,983 |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, (In thousands) 2020 2019 Land $ 322,406 $ 324,501 Buildings and improvements 3,053,179 3,090,974 Furniture and equipment 1,650,189 1,596,395 Riverboats and barges 241,043 241,036 Construction in progress 72,936 56,069 Total property and equipment 5,339,753 5,308,975 Less accumulated depreciation 2,805,856 2,636,422 Property and equipment, net $ 2,533,897 $ 2,672,553 |
Depreciation Expense [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Depreciation expense $ 64,478 $ 57,278 $ 190,975 $ 178,175 |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2020 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 2.7 $ 68,100 $ (51,197 ) $ — $ 16,903 Host agreements 12.7 58,000 (9,022 ) — 48,978 Development agreement — 21,373 — — 21,373 147,473 (60,219 ) — 87,254 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (21,200 ) 182,800 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,580,685 (33,960 ) (243,374 ) 1,303,351 Balances, September 30, 2020 $ 1,728,158 $ (94,179 ) $ (243,374 ) $ 1,390,605 December 31, 2019 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 3.5 $ 68,100 $ (39,598 ) $ — $ 28,502 Host agreements 13.4 58,000 (6,122 ) — 51,878 Development agreement — 21,373 — — 21,373 147,473 (45,720 ) — 101,753 Indefinite lived intangible assets Trademarks Indefinite 206,687 — (4,300 ) 202,387 Gaming license rights Indefinite 1,376,685 (33,960 ) (179,974 ) 1,162,751 1,583,372 (33,960 ) (184,274 ) 1,365,138 Balances, December 31, 2019 $ 1,730,845 $ (79,680 ) $ (184,274 ) $ 1,466,891 |
Schedule of Goodwill [Table Text Block] | Gross Accumulated Carrying Accumulated Impairment Goodwill, (In thousands) Value Amortization Losses Net Goodwill, net by Reportable Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — 863 Midwest & South 666,798 — (101,862 ) 564,936 Balances, September 30, 2020 $ 1,267,362 $ (6,134 ) $ (289,941 ) $ 971,287 |
Goodwill Rollforward [Table Text Block] | (In thousands) Goodwill, Net Balance, January 1, 2020 $ 1,083,287 Additions — Impairments (112,000 ) Balance, September 30, 2020 $ 971,287 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, (In thousands) 2020 2019 Payroll and related expenses $ 67,523 $ 99,602 Interest 65,102 32,239 Gaming liabilities 63,812 64,465 Player loyalty program liabilities 34,210 32,983 Advance deposits 15,214 22,854 Outstanding chip liabilities 6,049 7,394 Dividend payable — 7,808 Operating lease liabilities 87,402 87,686 Other accrued liabilities 85,314 83,865 Total accrued liabilities $ 424,626 $ 438,896 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2020 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) September 30, 2020 Principal Discount Costs Debt, Net Bank credit facility 2.558 % $ 989,313 $ (517 ) $ (14,703 ) $ 974,093 6.375% senior notes due 2026 6.375 % 750,000 — (7,278 ) 742,722 6.000% senior notes due 2026 6.000 % 700,000 — (8,197 ) 691,803 4.750% senior notes due 2027 4.750 % 1,000,000 — (14,123 ) 985,877 8.625% senior notes due 2025 8.625 % 600,000 — (11,108 ) 588,892 Other 6.124 % 4,145 — — 4,145 Total long-term debt 4,043,458 (517 ) (55,409 ) 3,987,532 Less current maturities 29,165 — — 29,165 Long-term debt, net $ 4,014,293 $ (517 ) $ (55,409 ) $ 3,958,367 December 31, 2019 Unamortized Interest Origination Rates at Outstanding Unamortized Fees and Long-Term (In thousands) December 31, 2019 Principal Discount Costs Debt, Net Bank credit facility 3.753 % $ 1,305,634 $ (671 ) $ (14,255 ) $ 1,290,708 6.375% senior notes due 2026 6.375 % 750,000 — (8,271 ) 741,729 6.000% senior notes due 2026 6.000 % 700,000 — (9,244 ) 690,756 4.750% senior notes due 2027 4.750 % 1,000,000 — (15,584 ) 984,416 Other 11.138 % 58,322 — — 58,322 Total long-term debt 3,813,956 (671 ) (47,354 ) 3,765,931 Less current maturities 26,994 — — 26,994 Long-term debt, net $ 3,786,962 $ (671 ) $ (47,354 ) $ 3,738,937 |
Schedule of Line of Credit Facilities [Table Text Block] | September 30, December 31, (In thousands) 2020 2019 Revolving Credit Facility $ — $ 235,000 Term A Loan 223,762 234,300 Refinancing Term B Loans 765,551 795,034 Swing Loan — 41,300 Total outstanding principal amounts under the bank credit facility $ 989,313 $ 1,305,634 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity and Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Share Repurchase Program [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2020 2019 2020 2019 Shares repurchased (1) — 11 683 1,087 Total cost, including brokerage fees $ — $ 284 $ 11,121 $ 28,044 Average repurchase price per share (2) $ — $ 25.01 $ 16.29 $ 25.81 |
Dividends Declared [Table Text Block] | Declaration date Record date Payment date Amount per share December 7, 2018 December 28, 2018 January 15, 2019 $ 0.06 March 4, 2019 March 15, 2019 April 15, 2019 0.06 June 7, 2019 June 17, 2019 July 15, 2019 0.07 September 17, 2019 September 27, 2019 October 15, 2019 0.07 December 17, 2019 December 27, 2019 January 15, 2020 0.07 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Gaming $ 92 $ 127 $ 445 $ 488 Food & beverage 18 24 85 93 Room 8 12 40 45 Selling, general and administrative 466 644 2,262 2,481 Corporate expense (1,442 ) 2,752 7,194 18,319 Total share-based compensation expense $ (858 ) $ 3,559 $ 10,026 $ 21,426 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2020 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 506,046 $ 506,046 $ — $ — Restricted cash 15,024 15,024 — — Investment available for sale 17,227 — — 17,227 Liabilities Contingent payments $ 1,146 $ — $ — $ 1,146 December 31, 2019 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 249,977 $ 249,977 $ — $ — Restricted cash 20,471 20,471 — — Investment available for sale 16,151 — — 16,151 Liabilities Contingent payments $ 1,712 $ — $ — $ 1,712 |
Fair Value Asset (Liability) Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | Three Months Ended September 30, 2020 September 30, 2019 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,867 $ (1,275 ) $ 15,963 $ (2,072 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 38 (18 ) 37 (33 ) Included in other comprehensive income (loss) 322 — 751 — Included in other items, net — (59 ) — 40 Purchases, sales, issuances and settlements: Settlements — 206 — 207 Balance at end of reporting period $ 17,227 $ (1,146 ) $ 16,751 $ (1,858 ) Nine Months Ended September 30, 2020 September 30, 2019 Assets Liability Assets Liability (In thousands) Investment Available for Sale Contingent Payments Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,151 $ (1,712 ) $ 15,772 $ (2,407 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 116 (66 ) 112 (109 ) Included in other comprehensive income (loss) 1,510 — 1,377 — Included in other items, net — 162 — (21 ) Purchases, sales, issuances and settlements: Settlements (550 ) 470 (510 ) 679 Balance at end of reporting period $ 17,227 $ (1,146 ) $ 16,751 $ (1,858 ) |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | September 30, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 26,654 $ 22,310 $ 27,087 Level 3 December 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 28,118 $ 23,300 $ 28,780 Level 3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | September 30, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 989,313 $ 974,093 $ 962,990 Level 2 6.375% senior notes due 2026 750,000 742,722 778,125 Level 1 6.000% senior notes due 2026 700,000 691,803 722,750 Level 1 4.750% senior notes due 2027 1,000,000 985,877 978,750 Level 1 8.625% senior notes due 2025 600,000 588,892 655,500 Level 1 Other 4,145 4,145 4,145 Level 3 Total debt $ 4,043,458 $ 3,987,532 $ 4,102,260 December 31, 2019 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 1,305,634 $ 1,290,708 $ 1,308,846 Level 2 6.375% senior notes due 2026 750,000 741,729 806,250 Level 1 6.000% senior notes due 2026 700,000 690,756 750,750 Level 1 4.750% senior notes due 2027 1,000,000 984,416 1,038,750 Level 1 Other 58,322 58,322 58,322 Level 3 Total debt $ 3,813,956 $ 3,765,931 $ 3,962,918 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, 2020 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 141,143 $ 12,501 $ 10,914 $ 6,518 $ 171,076 Downtown Las Vegas 12,678 2,992 1,350 519 17,539 Midwest & South 412,144 23,285 14,661 13,533 463,623 Total Revenues $ 565,965 $ 38,778 $ 26,925 $ 20,570 $ 652,238 Three Months Ended September 30, 2019 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 137,839 $ 37,415 $ 25,809 $ 12,223 $ 213,286 Downtown Las Vegas 32,054 13,925 7,240 7,405 60,624 Midwest & South 443,594 56,729 27,656 17,679 545,658 Total Revenues $ 613,487 $ 108,069 $ 60,705 $ 37,307 $ 819,568 Nine Months Ended September 30, 2020 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 298,307 $ 47,039 $ 35,278 $ 19,907 $ 400,531 Downtown Las Vegas 45,663 15,599 7,825 7,229 76,316 Midwest & South 916,871 76,685 37,467 34,752 1,065,775 Total Revenues $ 1,260,841 $ 139,323 $ 80,570 $ 61,888 $ 1,542,622 Nine Months Ended September 30, 2019 (In thousands) Gaming Food & Beverage Revenue Room Other Total Revenues Las Vegas Locals $ 424,238 $ 115,441 $ 78,458 $ 38,947 $ 657,084 Downtown Las Vegas 100,807 42,463 21,541 23,305 188,116 Midwest & South 1,342,354 173,302 79,047 53,085 1,647,788 Total Revenues $ 1,867,399 $ 331,206 $ 179,046 $ 115,337 $ 2,492,988 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2020 2019 2020 2019 Adjusted EBITDAR Las Vegas Locals $ 78,900 $ 64,062 $ 128,520 $ 209,745 Downtown Las Vegas (1,511 ) 11,903 1,225 42,830 Midwest & South 182,502 156,202 320,986 477,737 Corporate expense (21,048 ) (18,658 ) (51,333 ) (61,182 ) Adjusted EBITDAR 238,843 213,509 399,398 669,130 Other operating costs and expenses Deferred rent 217 245 666 734 Master lease rent expense 25,914 24,665 75,992 73,058 Depreciation and amortization 69,320 65,092 205,498 200,396 Share-based compensation expense (858 ) 3,559 10,026 21,426 Project development, preopening and writedowns 2,249 5,297 9,582 14,243 Impairment of assets — — 171,100 — Other operating items, net 14,928 1,260 23,570 1,564 Total other operating costs and expenses 111,770 100,118 496,434 311,421 Operating income (loss) $ 127,073 $ 113,391 $ (97,036 ) $ 357,709 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, December 31, (In thousands) 2020 2019 Assets Las Vegas Locals $ 1,707,799 $ 1,804,476 Downtown Las Vegas 202,311 212,936 Midwest & South 3,974,476 4,229,174 Total Reportable Segment Assets 5,884,586 6,246,586 Corporate 683,057 403,559 Total Assets $ 6,567,643 $ 6,650,145 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jul. 01, 2020 | May 21, 2020USD ($) | |
Number of Gaming Entertainment Properties | 29 | 29 | 29 | |||||
Asset Impairment Charges, Total | $ 0 | $ 0 | $ 171,100 | $ 0 | ||||
Casino [Member] | Gaming [Member] | ||||||||
Taxes, Other | $ 114,800 | $ 136,200 | $ 259,700 | $ 411,000 | ||||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | ||||||||
Debt Instrument, Face Amount | $ 600,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | 8.625% | 8.625% | |||||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Increase in Available Borrowing Capacity | $ 88,200 | |||||||
COVID 19 [Member] | ||||||||
Number of Re-opened Gaming Entertainment Properties | 26 | |||||||
COVID-19 Pandemic [Member] | ||||||||
Asset Impairment Charges, Total | $ 171,100 | $ 171,100 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 506,046 | $ 249,977 | $ 235,084 | $ 249,417 |
Restricted cash | 15,024 | 20,471 | 26,355 | 23,785 |
Total cash, cash equivalents and restricted cash | $ 521,070 | $ 270,448 | $ 261,439 | $ 273,202 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Food and Beverage [Member] | ||||
Promotional allowance | $ 20,055 | $ 52,924 | $ 69,470 | $ 159,966 |
Occupancy [Member] | ||||
Promotional allowance | 12,007 | 24,482 | 34,162 | 71,798 |
Product and Service, Other [Member] | ||||
Promotional allowance | $ 1,211 | $ 3,753 | $ 4,265 | $ 10,983 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 5,339,753 | $ 5,308,975 |
Less accumulated depreciation | 2,805,856 | 2,636,422 |
Property and equipment, net | 2,533,897 | 2,672,553 |
Land [Member] | ||
Property and equipment, gross | 322,406 | 324,501 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,053,179 | 3,090,974 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,650,189 | 1,596,395 |
Riverboats And Barges [Member] | ||
Property and equipment, gross | 241,043 | 241,036 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 72,936 | $ 56,069 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Depreciation expense | $ 64,478 | $ 57,278 | $ 190,975 | $ 178,175 |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Asset Impairment Charges, Total | $ 0 | $ 0 | $ 171,100 | $ 0 | |
Goodwill, Impairment Loss | 112,000 | ||||
COVID-19 Pandemic [Member] | |||||
Asset Impairment Charges, Total | $ 171,100 | 171,100 | |||
Goodwill, Impairment Loss | 112,000 | ||||
COVID-19 Pandemic [Member] | Gaming License Right [Member] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 42,200 | ||||
COVID-19 Pandemic [Member] | Trademarks [Member] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 16,900 |
Note 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Intangible assets, gross carrying value | $ 147,473 | $ 147,473 |
Intangible assets, cumulative amortization | (60,219) | (45,720) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | 87,254 | 101,753 |
Intangible assets, gross carrying value | 1,580,685 | 1,583,372 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (243,374) | (184,274) |
Intangible assets, net | 1,303,351 | 1,365,138 |
Intangible assets, gross carrying value | 1,728,158 | 1,730,845 |
Intangible assets, cumulative amortization | (94,179) | (79,680) |
Intangible assets, cumulative impairment losses | (243,374) | (184,274) |
Intangible assets, net | 1,390,605 | 1,466,891 |
Trademarks [Member] | ||
Intangible assets, gross carrying value | 204,000 | 206,687 |
Intangible assets, cumulative amortization | 0 | 0 |
Intangible assets, cumulative impairment losses | (21,200) | (4,300) |
Intangible assets, net | 182,800 | 202,387 |
Gaming License Right [Member] | ||
Intangible assets, gross carrying value | 1,376,685 | 1,376,685 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (222,174) | (179,974) |
Intangible assets, net | $ 1,120,551 | $ 1,162,751 |
Customer Relationships [Member] | ||
Intangible assets, weighted average life remaining (Year) | 2 years 8 months 12 days | 3 years 6 months |
Intangible assets, gross carrying value | $ 68,100 | $ 68,100 |
Intangible assets, cumulative amortization | (51,197) | (39,598) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 16,903 | $ 28,502 |
Host Agreements [Member] | ||
Intangible assets, weighted average life remaining (Year) | 12 years 8 months 12 days | 13 years 4 months 24 days |
Intangible assets, gross carrying value | $ 58,000 | $ 58,000 |
Intangible assets, cumulative amortization | (9,022) | (6,122) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | 48,978 | 51,878 |
Development Agreements [Member] | ||
Intangible assets, gross carrying value | 21,373 | 21,373 |
Intangible assets, cumulative amortization | 0 | 0 |
Intangible assets, cumulative impairment losses | 0 | 0 |
Intangible assets, net | $ 21,373 | $ 21,373 |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill, gross | $ 1,267,362 | |
Goodwill, cumulative amortization | (6,134) | |
Goodwill, cumulative impairment losses | (289,941) | |
Goodwill, net | 971,287 | $ 1,083,287 |
Las Vegas Locals [Member] | ||
Goodwill, gross | 593,567 | |
Goodwill, cumulative amortization | 0 | |
Goodwill, cumulative impairment losses | (188,079) | |
Goodwill, net | 405,488 | |
Downtown Las Vegas [Member] | ||
Goodwill, gross | 6,997 | |
Goodwill, cumulative amortization | (6,134) | |
Goodwill, cumulative impairment losses | 0 | |
Goodwill, net | 863 | |
Midwest and South [Member] | ||
Goodwill, gross | 666,798 | |
Goodwill, cumulative amortization | 0 | |
Goodwill, cumulative impairment losses | (101,862) | |
Goodwill, net | $ 564,936 |
Note 3 - Goodwill and Intangi_6
Note 3 - Goodwill and Intangible Assets, Net - Goodwill Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Balance, goodwill | $ 1,083,287 |
Additions, goodwill | 0 |
Impairments, goodwill | (112,000) |
Balance, goodwill | $ 971,287 |
Note 4 - Accrued Liabilities -
Note 4 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payroll and related expenses | $ 67,523 | $ 99,602 |
Interest | 65,102 | 32,239 |
Gaming liabilities | 63,812 | 64,465 |
Player loyalty program liabilities | 34,210 | 32,983 |
Advance deposits | 15,214 | 22,854 |
Outstanding chip liabilities | 6,049 | 7,394 |
Dividend payable | 0 | 7,808 |
Other accrued liabilities | 85,314 | 83,865 |
Total accrued liabilities | 424,626 | 438,896 |
Accrued Liabilities [Member] | ||
Operating lease liabilities | $ 87,402 | $ 87,686 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) $ in Thousands | May 21, 2020USD ($) | May 08, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Aug. 05, 2020 | May 06, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 03, 2019USD ($) |
Long-term Line of Credit, Total | $ 989,313 | $ 1,305,634 | ||||||||
Operating Lease, Right-of-Use Asset | 931,797 | $ 936,170 | ||||||||
Operating Lease, Payments | $ 2,700 | |||||||||
Gold Merger Sub [Member] | ||||||||||
Operating Lease, Right-of-Use Asset | $ 40,900 | |||||||||
Operating Lease, Liability, Total | $ 40,900 | |||||||||
Lessee, Operating Lease, Discount Rate | 11.10% | |||||||||
Revolving Credit Facility and Term Loan A [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
Debt Instrument, Interest Rate Floor | 1.50% | |||||||||
Revolving Credit Facility and Term Loan A [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||
Debt Instrument, Interest Rate Floor | 0.50% | |||||||||
Promissory Note [Member] | Gold Merger Sub [Member] | ||||||||||
Notes Payable, Total | $ 57,700 | |||||||||
Term A Loan [Member] | Revolving Credit Facility and Term Loan A [Member] | ||||||||||
Debt Instrument, Fixed Quarterly Amortization of Principal Percentage | 5.00% | |||||||||
Term A Loan [Member] | Revolving Credit Facility and Term Loan A [Member] | Forecast [Member] | ||||||||||
Debt Instrument, Fixed Quarterly Amortization of Principal Percentage | 20.00% | |||||||||
Debt Instrument, Fixed Annual Amortization of Principal Percentage | 10.00% | 10.00% | ||||||||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | ||||||||||
Debt Instrument, Face Amount | $ 600,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | 8.625% | ||||||||
Debt Issuance Costs, Gross | $ 12,000 | |||||||||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 104.313% | |||||||||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | ||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | 4.75% | |||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 945,500 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 932,900 | |||||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Long-term Line of Credit, Total | 0 | $ 235,000 | ||||||||
Debt Instrument, Covenant, Minimum Level of Liquidity | $ 250,000 | |||||||||
Debt Instrument, Covenant, Total Net Leverage Ratio | 6 | |||||||||
Letter of Credit [Member] | Line of Credit [Member] | ||||||||||
Long-term Line of Credit, Total | $ 12,600 |
Note 5 - Long-term Debt - Sched
Note 5 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | May 21, 2020 | Dec. 31, 2019 | Dec. 03, 2019 |
Long-term debt, outstanding principal | $ 4,043,458 | $ 3,813,956 | ||
Long-term debt, unamortized discount | (517) | (671) | ||
Long-term debt, unamortized original fees and costs | (55,409) | (47,354) | ||
Long-term debt, net | 3,987,532 | 3,765,931 | ||
Long-term debt, outstanding principal, current | 29,165 | 26,994 | ||
Long-term debt, unamortized discount, current | 0 | 0 | ||
Long-term debt, unamortized original fees and costs, current | 0 | 0 | ||
Current maturities of long-term debt | 29,165 | 26,994 | ||
Long-term debt, outstanding principal, noncurrent | 4,014,293 | 3,786,962 | ||
Long-term debt, unamortized discount, noncurrent | (517) | (671) | ||
Long-term debt, unamortized original fees and costs, noncurrent | (55,409) | (47,354) | ||
Long-term debt, net of current maturities and debt issuance costs | $ 3,958,367 | $ 3,738,937 | ||
Line of Credit [Member] | Bank Credit Facility [Member] | ||||
Long-term debt, interest rate | 2.558% | 3.753% | ||
Long-term debt, outstanding principal | $ 989,313 | $ 1,305,634 | ||
Long-term debt, unamortized discount | (517) | (671) | ||
Long-term debt, unamortized original fees and costs | (14,703) | (14,255) | ||
Long-term debt, net | $ 974,093 | $ 1,290,708 | ||
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | ||||
Long-term debt, interest rate | 6.375% | 6.375% | ||
Long-term debt, outstanding principal | $ 750,000 | $ 750,000 | ||
Long-term debt, unamortized discount | 0 | 0 | ||
Long-term debt, unamortized original fees and costs | (7,278) | (8,271) | ||
Long-term debt, net | $ 742,722 | $ 741,729 | ||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | ||||
Long-term debt, interest rate | 6.00% | 6.00% | ||
Long-term debt, outstanding principal | $ 700,000 | $ 700,000 | ||
Long-term debt, unamortized discount | 0 | 0 | ||
Long-term debt, unamortized original fees and costs | (8,197) | (9,244) | ||
Long-term debt, net | $ 691,803 | $ 690,756 | ||
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | ||||
Long-term debt, interest rate | 4.75% | 4.75% | 4.75% | |
Long-term debt, outstanding principal | $ 1,000,000 | $ 1,000,000 | ||
Long-term debt, unamortized discount | 0 | 0 | ||
Long-term debt, unamortized original fees and costs | (14,123) | (15,584) | ||
Long-term debt, net | $ 985,877 | $ 984,416 | ||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | ||||
Long-term debt, interest rate | 8.625% | 8.625% | ||
Long-term debt, outstanding principal | $ 600,000 | |||
Long-term debt, unamortized discount | 0 | |||
Long-term debt, unamortized original fees and costs | (11,108) | |||
Long-term debt, net | $ 588,892 | |||
Other Long-Term Debt [Member] | ||||
Long-term debt, interest rate | 6.124% | 11.138% | ||
Long-term debt, outstanding principal | $ 4,145 | $ 58,322 | ||
Long-term debt, unamortized discount | 0 | 0 | ||
Long-term debt, unamortized original fees and costs | 0 | 0 | ||
Long-term debt, net | $ 4,145 | $ 58,322 |
Note 5 - Long-term Debt - Outst
Note 5 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Outstanding principal amounts | $ 989,313 | $ 1,305,634 |
Line of Credit [Member] | Term A Loan [Member] | ||
Outstanding principal amounts | 223,762 | 234,300 |
Line of Credit [Member] | Refinancing Term B Loan [Member] | ||
Outstanding principal amounts | 765,551 | 795,034 |
Line of Credit [Member] | Swing Loan [Member] | ||
Outstanding principal amounts | 0 | 41,300 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Outstanding principal amounts | $ 0 | $ 235,000 |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2020 | Dec. 12, 2018 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 364,810 | 395,964 | ||
Shares Issued Per Unit (in shares) | 1.53 | 1.67 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 126,465 | 125,004 | ||
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares) | 238,345 | 270,960 | ||
The 2018 Plan [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 100 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 61.4 |
Note 7 - Stockholders' Equity_4
Note 7 - Stockholders' Equity and Stock Incentive Plans - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Shares repurchased (1) (in shares) | [1] | 0 | 11 | 683 | 1,087 |
Total cost, including brokerage fees | $ 0 | $ 284 | $ 11,121 | $ 28,044 | |
Average repurchase price per share (2) (in dollars per share) | [2] | $ 0 | $ 25.01 | $ 16.29 | $ 25.81 |
[1] | All shares repurchased have been retired and constitute authorized but unissued shares. | ||||
[2] | Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. |
Note 7 - Stockholders' Equity_5
Note 7 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) | 9 Months Ended |
Sep. 30, 2020$ / shares | |
Dividend Declared Dec 7, 2018 [Member] | |
Dividends, record date | Dec. 28, 2018 |
Dividends, payment date | Jan. 15, 2019 |
Dividends, amount per share (in dollars per share) | $ 0.06 |
Dividend Declared Mar 4, 2019 [Member] | |
Dividends, record date | Mar. 15, 2019 |
Dividends, payment date | Apr. 15, 2019 |
Dividends, amount per share (in dollars per share) | $ 0.06 |
Dividend Declared June 7, 2019 [Member] | |
Dividends, record date | Jun. 17, 2019 |
Dividends, payment date | Jul. 15, 2019 |
Dividends, amount per share (in dollars per share) | $ 0.07 |
Dividend Declared September 17, 2019 [Member] | |
Dividends, record date | Sep. 27, 2019 |
Dividends, payment date | Oct. 15, 2019 |
Dividends, amount per share (in dollars per share) | $ 0.07 |
Dividend Declared Dec 17, 2019 [Member] | |
Dividends, record date | Dec. 27, 2019 |
Dividends, payment date | Jan. 15, 2020 |
Dividends, amount per share (in dollars per share) | $ 0.07 |
Note 7 - Stockholders' Equity_6
Note 7 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based compensation expense | $ (858) | $ 3,559 | $ 10,026 | $ 21,426 |
Gaming [Member] | ||||
Share-based compensation expense | 92 | 127 | 445 | 488 |
Food & Beverage [Member] | ||||
Share-based compensation expense | 18 | 24 | 85 | 93 |
Room [Member] | ||||
Share-based compensation expense | 8 | 12 | 40 | 45 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based compensation expense | 466 | 644 | 2,262 | 2,481 |
Corporate Expense [Member] | ||||
Share-based compensation expense | $ (1,442) | $ 2,752 | $ 7,194 | $ 18,319 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) $ in Millions | Dec. 20, 2011 | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 15, 2018 |
Debt Securities, Available-for-sale, Total | $ 19 | |||
Debt Security Interest Rate Stated Percentage | 7.50% | |||
Debt Security, Available-For-Sale, Fair Value Discount Amount | $ 2.5 | $ 2.7 | ||
Business Combination Contingent Consideration Arrangements, Payment To Option Holder Percentage Of Ebitda | 1.00% | |||
Other Long-Term Debt [Member] | ||||
Long-term Debt, Term (Month) | 96 months | |||
Prepaid Expenses and Other Current Assets [Member] | ||||
Debt Securities, Available-for-sale, Current, Total | 0.6 | 0.6 | ||
Other Noncurrent Assets [Member] | ||||
Debt Securities, Available-for-sale, Noncurrent | 16.6 | 15.6 | ||
Accounts Payable and Accrued Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | 0.9 | 0.9 | ||
Other Noncurrent Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 0.2 | $ 0.8 | ||
Measurement Input, Discount Rate [Member] | ||||
Debt Securities, Available-for-sale, Measurement Input | 0.094 | 0.105 | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.062 | 0.062 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investment available for sale | $ 19,000 | |
Fair Value, Recurring [Member] | ||
Cash and cash equivalents | 506,046 | $ 249,977 |
Restricted cash | 15,024 | 20,471 |
Investment available for sale | 17,227 | 16,151 |
Contingent payments | 1,146 | 1,712 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 506,046 | 249,977 |
Restricted cash | 15,024 | 20,471 |
Investment available for sale | 0 | 0 |
Contingent payments | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | 0 | 0 |
Contingent payments | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | 17,227 | 16,151 |
Contingent payments | $ 1,146 | $ 1,712 |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Contingent Payments [Member] | ||||
Balance at beginning of reporting period, liability | $ (1,275) | $ (2,072) | $ (1,712) | $ (2,407) |
Included in interest income (expense), liability | (18) | (33) | (66) | (109) |
Included in other comprehensive income (loss), liability | 0 | 0 | 0 | 0 |
Included in other items, net, liability | (59) | 40 | 162 | (21) |
Settlements, liability | 206 | 207 | 470 | 679 |
Balance at end of reporting period, liability | (1,146) | (1,858) | (1,146) | (1,858) |
Investment, Available-For-Sale [Member] | ||||
Balance at beginning of reporting period, asset | 16,867 | 15,963 | 16,151 | 15,772 |
Included in interest income (expense), asset | 38 | 37 | 116 | 112 |
Included in other comprehensive income (loss), asset | 322 | 751 | 1,510 | 1,377 |
Included in other items, net, asset | 0 | 0 | 0 | 0 |
Settlements, asset | 0 | 0 | (550) | (510) |
Balance at end of reporting period, asset | $ 17,227 | $ 16,751 | $ 17,227 | $ 16,751 |
Note 8 - Fair Value Measureme_6
Note 8 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Obligation under assessment arrangements | $ 26,654 | $ 28,118 |
Reported Value Measurement [Member] | ||
Obligation under assessment arrangements | 22,310 | 23,300 |
Estimate of Fair Value Measurement [Member] | ||
Obligation under assessment arrangements | $ 27,087 | $ 28,780 |
Note 8 - Fair Value Measureme_7
Note 8 - Fair Value Measurements - Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | ||
Long-term debt | $ 600,000 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 588,892 | |
Fair Value, Inputs, Level 1 [Member] | Senior Note 8.625% Due 2025 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 655,500 | |
Fair Value, Nonrecurring [Member] | ||
Long-term debt | 4,043,458 | $ 3,813,956 |
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 3,987,532 | 3,765,931 |
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 4,102,260 | 3,962,918 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | ||
Long-term debt | 989,313 | 1,305,634 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 974,093 | 1,290,708 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 962,990 | 1,308,846 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.375% Due 2026 [Member] | Senior Notes [Member] | ||
Long-term debt | 750,000 | 750,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.375% Due 2026 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 742,722 | 741,729 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.375% Due 2026 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 778,125 | 806,250 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | ||
Long-term debt | 700,000 | 700,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 691,803 | 690,756 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes 6.000% Due 2026 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 722,750 | 750,750 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | ||
Long-term debt | 1,000,000 | 1,000,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 985,877 | 984,416 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 978,750 | 1,038,750 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | ||
Long-term debt | 4,145 | 58,322 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 4,145 | 58,322 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 4,145 | $ 58,322 |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Number of Reportable Segments | 3 |
Note 9 - Segment Information -
Note 9 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Total Revenues | $ 652,238 | $ 819,568 | $ 1,542,622 | $ 2,492,988 |
Casino [Member] | ||||
Total Revenues | 565,965 | 613,487 | 1,260,841 | 1,867,399 |
Food and Beverage [Member] | ||||
Total Revenues | 38,778 | 108,069 | 139,323 | 331,206 |
Occupancy [Member] | ||||
Total Revenues | 26,925 | 60,705 | 80,570 | 179,046 |
Product and Service, Other [Member] | ||||
Total Revenues | 20,570 | 37,307 | 61,888 | 115,337 |
Las Vegas Locals [Member] | ||||
Total Revenues | 171,076 | 213,286 | 400,531 | 657,084 |
Las Vegas Locals [Member] | Casino [Member] | ||||
Total Revenues | 141,143 | 137,839 | 298,307 | 424,238 |
Las Vegas Locals [Member] | Food and Beverage [Member] | ||||
Total Revenues | 12,501 | 37,415 | 47,039 | 115,441 |
Las Vegas Locals [Member] | Occupancy [Member] | ||||
Total Revenues | 10,914 | 25,809 | 35,278 | 78,458 |
Las Vegas Locals [Member] | Product and Service, Other [Member] | ||||
Total Revenues | 6,518 | 12,223 | 19,907 | 38,947 |
Downtown Las Vegas [Member] | ||||
Total Revenues | 17,539 | 60,624 | 76,316 | 188,116 |
Downtown Las Vegas [Member] | Casino [Member] | ||||
Total Revenues | 12,678 | 32,054 | 45,663 | 100,807 |
Downtown Las Vegas [Member] | Food and Beverage [Member] | ||||
Total Revenues | 2,992 | 13,925 | 15,599 | 42,463 |
Downtown Las Vegas [Member] | Occupancy [Member] | ||||
Total Revenues | 1,350 | 7,240 | 7,825 | 21,541 |
Downtown Las Vegas [Member] | Product and Service, Other [Member] | ||||
Total Revenues | 519 | 7,405 | 7,229 | 23,305 |
Midwest and South [Member] | ||||
Total Revenues | 463,623 | 545,658 | 1,065,775 | 1,647,788 |
Midwest and South [Member] | Casino [Member] | ||||
Total Revenues | 412,144 | 443,594 | 916,871 | 1,342,354 |
Midwest and South [Member] | Food and Beverage [Member] | ||||
Total Revenues | 23,285 | 56,729 | 76,685 | 173,302 |
Midwest and South [Member] | Occupancy [Member] | ||||
Total Revenues | 14,661 | 27,656 | 37,467 | 79,047 |
Midwest and South [Member] | Product and Service, Other [Member] | ||||
Total Revenues | $ 13,533 | $ 17,679 | $ 34,752 | $ 53,085 |
Note 9 - Segment Information _2
Note 9 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Corporate expense | $ 19,605 | $ 21,411 | $ 58,526 | $ 79,501 |
Adjusted EBITDAR | 238,843 | 213,509 | 399,398 | 669,130 |
Deferred rent | 217 | 245 | 666 | 734 |
Master lease rent expense | 25,914 | 24,665 | 75,992 | 73,058 |
Depreciation and amortization | 69,320 | 65,092 | 205,498 | 200,396 |
Share-based compensation expense | (858) | 3,559 | 10,026 | 21,426 |
Project development, preopening and writedowns | 2,249 | 5,297 | 9,582 | 14,243 |
Impairment of assets | 0 | 0 | 171,100 | 0 |
Other operating items, net | 14,928 | 1,260 | 23,570 | 1,564 |
Total other operating costs and expenses | 111,770 | 100,118 | 496,434 | 311,421 |
Operating income (loss) | 127,073 | 113,391 | (97,036) | 357,709 |
Las Vegas Locals [Member] | ||||
Total Reportable Segment Adjusted EBITDAR | 78,900 | 64,062 | 128,520 | 209,745 |
Downtown Las Vegas [Member] | ||||
Total Reportable Segment Adjusted EBITDAR | (1,511) | 11,903 | 1,225 | 42,830 |
Midwest and South [Member] | ||||
Total Reportable Segment Adjusted EBITDAR | 182,502 | 156,202 | 320,986 | 477,737 |
Corporate Segment [Member] | ||||
Corporate expense | $ (21,048) | $ (18,658) | $ (51,333) | $ (61,182) |
Note 9 - Segment Information _3
Note 9 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | $ 6,567,643 | $ 6,650,145 |
Las Vegas Locals [Member] | ||
Assets | 1,707,799 | 1,804,476 |
Downtown Las Vegas [Member] | ||
Assets | 202,311 | 212,936 |
Midwest and South [Member] | ||
Assets | 3,974,476 | 4,229,174 |
Total Reportable Segment [Member] | ||
Assets | 5,884,586 | 6,246,586 |
Corporate Segment [Member] | ||
Assets | $ 683,057 | $ 403,559 |