Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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, par value of $0.01 per share | ||
Trading Symbol | BYD | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,700,000,000 | ||
Entity Common Stock, Shares Outstanding | 111,862,004 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 519,182 | $ 249,977 |
Restricted cash | 15,817 | 20,471 |
Accounts receivable, net | 53,456 | 54,864 |
Inventories | 22,616 | 22,101 |
Prepaid expenses and other current assets | 39,198 | 46,481 |
Income taxes receivable | 8 | 5,600 |
Total current assets | 650,277 | 399,494 |
Property and equipment, net | 2,525,887 | 2,672,553 |
Operating lease right-of-use assets | 928,814 | 936,170 |
Other assets, net | 100,510 | 91,750 |
Intangible assets, net | 1,382,173 | 1,466,891 |
Goodwill, net | 971,287 | 1,083,287 |
Total assets | 6,558,948 | 6,650,145 |
Current liabilities | ||
Accounts payable | 96,863 | 91,003 |
Current maturities of long-term debt | 30,740 | 26,994 |
Accrued liabilities | 396,419 | 438,896 |
Total current liabilities | 524,022 | 556,893 |
Long-term debt, net of current maturities and debt issuance costs | 3,866,743 | 3,738,937 |
Operating lease liabilities, net of current portion | 848,825 | 840,285 |
Deferred income taxes | 131,052 | 162,695 |
Other long-term tax liabilities | 0 | 3,840 |
Other liabilities | 64,363 | 82,253 |
Commitments and contingencies (Notes 2, 7 and 9) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value, 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized; 111,830,857 and 111,542,108 shares outstanding | 1,118 | 1,115 |
Additional paid-in capital | 876,433 | 883,715 |
Retained earnings | 246,242 | 380,942 |
Accumulated other comprehensive loss | 150 | (530) |
Total stockholders' equity | 1,123,943 | 1,265,242 |
Total liabilities and stockholders' equity | $ 6,558,948 | $ 6,650,145 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 111,830,857 | 111,542,108 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Total revenues | $ 2,178,490 | $ 3,326,119 | $ 2,626,730 |
Operating costs and expenses | |||
Selling, general and administrative | 350,358 | 459,583 | 369,313 |
Master lease rent expense | 101,907 | 97,723 | 20,682 |
Maintenance and utilities | 115,097 | 154,673 | 127,027 |
Depreciation and amortization | 281,031 | 276,569 | 229,979 |
Corporate expense | 76,143 | 105,139 | 104,201 |
Project development, preopening and writedowns | (661) | 21,728 | 45,698 |
Impairment of assets | 174,700 | 0 | 993 |
Other operating items, net | 28,564 | 1,919 | 2,174 |
Total operating costs and expenses | 2,164,227 | 2,853,551 | 2,271,446 |
Operating income | 14,263 | 472,568 | 355,284 |
Other expense (income) | |||
Interest income | (1,900) | (1,858) | (3,721) |
Interest expense, net of amounts capitalized | 230,484 | 237,465 | 204,188 |
Loss on early extinguishments and modifications of debt | 1,791 | 34,949 | 61 |
Other, net | (45,098) | (114) | (276) |
Total other expense, net | 185,277 | 270,442 | 200,252 |
Income (loss) before income taxes | (171,014) | 202,126 | 155,032 |
Income tax benefit (provision) | 36,314 | (44,490) | (40,331) |
Income (loss) from continuing operations, net of tax | (134,700) | 157,636 | 114,701 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 347 |
Net income (loss) | $ (134,700) | $ 157,636 | $ 115,048 |
Basic net income (loss) per common share | |||
Continuing operations (in dollars per share) | $ (1.19) | $ 1.39 | $ 1.01 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 |
Basic net income (loss) per common share (in dollars per share) | $ (1.19) | $ 1.39 | $ 1.01 |
Weighted average basic shares outstanding (in shares) | 113,515 | 113,474 | 114,401 |
Diluted net income (loss) per common share | |||
Continuing operations (in dollars per share) | $ (1.19) | $ 1.38 | $ 1 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 |
Diluted net income (loss) per common share (in dollars per share) | $ (1.19) | $ 1.38 | $ 1 |
Weighted average diluted shares outstanding (in shares) | 113,515 | 113,947 | 115,071 |
Casino [Member] | |||
Revenues | |||
Total revenues | $ 1,775,358 | $ 2,483,293 | $ 1,925,424 |
Operating costs and expenses | |||
Cost of Revenue | 734,254 | 1,116,448 | 845,486 |
Food and Beverage [Member] | |||
Revenues | |||
Total revenues | 178,878 | 447,853 | 367,888 |
Operating costs and expenses | |||
Cost of Revenue | 182,666 | 412,949 | 347,624 |
Occupancy [Member] | |||
Revenues | |||
Total revenues | 104,968 | 237,187 | 199,500 |
Operating costs and expenses | |||
Cost of Revenue | 53,208 | 110,680 | 90,915 |
Product and Service, Other [Member] | |||
Revenues | |||
Total revenues | 119,286 | 157,786 | 133,918 |
Operating costs and expenses | |||
Cost of Revenue | $ 66,960 | $ 96,140 | $ 87,354 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ (134,700) | $ 157,636 | $ 115,048 |
Other comprehensive income (loss), net of tax: | |||
Fair value adjustments to available-for-sale securities, net of tax | 680 | 535 | (1,195) |
Comprehensive income (loss) | $ (134,020) | $ 158,171 | $ 113,853 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balances (in shares) at Dec. 31, 2017 | 112,634,418 | ||||||||||
Balances (Accounting Standards Update 2018-02 [Member]) at Dec. 31, 2017 | $ 0 | $ 0 | $ (312) | $ 312 | $ 0 | ||||||
Balances at Dec. 31, 2017 | $ 1,126 | $ 931,858 | $ 164,425 | $ (182) | $ 1,097,227 | ||||||
Net income (loss) | 0 | 0 | 115,048 | 0 | 115,048 | ||||||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (1,195) | $ (1,195) | ||||||
Stock options exercised (in shares) | 338,426 | 338,426 | |||||||||
Stock options exercised | $ 3 | 3,539 | 0 | 0 | $ 3,542 | ||||||
Release of restricted stock units, net of tax (in shares) | 300,177 | ||||||||||
Release of restricted stock units, net of tax | $ 3 | (3,619) | 0 | 0 | (3,616) | ||||||
Release of performance stock units, net of tax (in shares) | 337,537 | ||||||||||
Release of performance stock units, net of tax | $ 4 | (5,274) | 0 | 0 | $ (5,270) | ||||||
Shares repurchased and retired (in shares) | (1,853,453) | (1,853,000) | [1],[2] | ||||||||
Shares repurchased and retired | $ (18) | (59,552) | 0 | 0 | $ (59,570) | [2] | |||||
Dividends declared | 0 | 0 | (25,804) | 0 | (25,804) | ||||||
Share-based compensation costs | $ 0 | 25,379 | 0 | 0 | 25,379 | ||||||
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 | 157,636 | 0 | 157,636 | ||||||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 535 | $ 535 | ||||||
Stock options exercised (in shares) | 242,357 | 242,357 | |||||||||
Stock options exercised | $ 2 | 2,375 | 0 | 0 | $ 2,377 | ||||||
Release of restricted stock units, net of tax (in shares) | 358,361 | ||||||||||
Release of restricted stock units, net of tax | $ 4 | (4,391) | 0 | 0 | (4,387) | ||||||
Release of performance stock units, net of tax (in shares) | 270,960 | ||||||||||
Release of performance stock units, net of tax | $ 3 | (3,769) | 0 | 0 | $ (3,766) | ||||||
Shares repurchased and retired (in shares) | (1,086,675) | (1,087,000) | [1],[2] | ||||||||
Shares repurchased and retired | $ (12) | (28,033) | 0 | 0 | $ (28,045) | [2] | |||||
Dividends declared | 0 | 0 | (30,051) | 0 | (30,051) | ||||||
Share-based compensation costs | $ 0 | 25,202 | 0 | 0 | $ 25,202 | ||||||
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 | (134,700) | 0 | (134,700) | ||||||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | 680 | $ 680 | ||||||
Stock options exercised (in shares) | 240,380 | 240,380 | |||||||||
Stock options exercised | $ 2 | 1,977 | 0 | 0 | $ 1,979 | ||||||
Release of restricted stock units, net of tax (in shares) | 469,765 | ||||||||||
Release of restricted stock units, net of tax | $ 5 | (3,975) | 0 | 0 | (3,970) | ||||||
Release of performance stock units, net of tax (in shares) | 261,200 | ||||||||||
Release of performance stock units, net of tax | $ 3 | (3,372) | 0 | 0 | $ (3,369) | ||||||
Shares repurchased and retired (in shares) | (682,596) | (683,000) | [1],[2] | ||||||||
Shares repurchased and retired | $ (7) | (11,114) | 0 | 0 | $ (11,121) | [2] | |||||
Share-based compensation costs | $ 0 | 9,202 | 0 | 0 | $ 9,202 | ||||||
Balances (in shares) at Dec. 31, 2020 | 111,830,857 | 111,830,857 | |||||||||
Balances at Dec. 31, 2020 | $ 1,118 | $ 876,433 | $ 246,242 | $ 150 | $ 1,123,943 | ||||||
[1] | All shares repurchased have been retired and constitute authorized but unissued shares. | ||||||||||
[2] | Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2020, 2019 and 2018. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31, 2020, 2019 and 2018. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends per share (in dollars per share) | $ 0.27 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ (134,700) | $ 157,636 | $ 115,048 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income from discontinued operations, net of tax | 0 | 0 | (347) |
Depreciation and amortization | 281,031 | 276,569 | 229,979 |
Amortization of debt financing costs and discounts on debt | 12,095 | 9,227 | 9,158 |
Non-cash operating lease expense | 55,578 | 31,524 | 0 |
Share-based compensation expense | 9,202 | 25,202 | 25,379 |
Deferred income taxes | (31,643) | 41,433 | 34,470 |
Asset Impairment Charges, Total | 174,700 | 0 | 993 |
Gain on sale of assets | (13,888) | 0 | 0 |
Loss on early extinguishments and modifications of debt | 1,791 | 34,949 | 61 |
Other operating activities | 4,183 | 2,645 | 887 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 1,339 | (315) | (772) |
Inventories | (515) | (2,032) | 1,699 |
Prepaid expenses and other current assets | 5,892 | (1,423) | 4,224 |
Income taxes (receivable) payable, net | 5,592 | (296) | (140) |
Other long-term tax assets, net | 0 | 5,475 | (292) |
Other assets, net | (3,110) | (4,508) | (4,094) |
Accounts payable and accrued liabilities | 29,639 | 1,052 | (18,494) |
Operating lease liabilities | (55,578) | (31,524) | 0 |
Other long-term tax liabilities | (3,840) | 204 | 189 |
Other liabilities | 10,542 | 5,278 | (409) |
Net cash provided by operating activities | 289,032 | 548,992 | 434,527 |
Cash Flows from Investing Activities | |||
Capital expenditures | (175,030) | (207,637) | (161,544) |
Cash paid for acquisitions, net of cash received | (11,201) | (5,535) | (934,073) |
Proceeds received from disposition of assets | 15,050 | 0 | 0 |
Other investing activities | 0 | (18,259) | (39,710) |
Net cash used in investing activities | (171,181) | (231,431) | (1,135,327) |
Cash Flows from Financing Activities | |||
Borrowings under bank credit facility | 965,100 | 1,666,329 | 1,114,600 |
Payments under bank credit facility | (1,374,548) | (2,132,024) | (964,322) |
Proceeds from issuance of senior notes | 600,000 | 1,000,000 | 700,000 |
Retirement of senior notes | 0 | (750,000) | 0 |
Premium and consent fees | 0 | (25,785) | 0 |
Debt financing costs, net | (17,390) | (15,500) | (14,215) |
Share-based compensation activities, net | (5,360) | (5,776) | (5,344) |
Shares repurchased and retired | (11,121) | (28,045) | (59,570) |
Dividends paid | (7,808) | (28,949) | (24,730) |
Other financing activities | (2,173) | (565) | (178) |
Net cash provided by (used in) financing activities | 146,700 | (320,315) | 746,241 |
Cash Flows from Discontinued Operations | |||
Cash flows from operating activities | 0 | 0 | 0 |
Cash flows from investing activities | 0 | 0 | 482 |
Cash flows from financing activities | 0 | 0 | 0 |
Net cash provided by discontinued operations | 0 | 0 | 482 |
Change in cash, cash equivalents and restricted cash | 264,551 | (2,754) | 45,923 |
Cash, cash equivalents and restricted cash, beginning of year | 270,448 | 273,202 | 227,279 |
Cash, cash equivalents and restricted cash, end of year | 534,999 | 270,448 | 273,202 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid for interest, net of amounts capitalized | 214,686 | 231,734 | 179,154 |
Cash paid for (received from) income taxes | (6,168) | (2,120) | 5,657 |
Supplemental Schedule of Non-cash Investing and Financing Activities | |||
Payables incurred for capital expenditures | 1,653 | 1,897 | 4,930 |
Mortgage settlement in exchange for real estate | $ 57,684 | $ 0 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "we" or "us") was incorporated in the state of Nevada in 1988 1975. As of December 31, 2020 28 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 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 and 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 Report Spa St. Charles St. Charles, Missouri Belterra Park Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania Our Midwest & South segment includes the results of Valley Forge Convention Center, L.P. ("Valley Forge"), which was acquired in September 2018, October 2018, June 2018, 2, Acquisitions and Divestitures) In addition to these properties, we own and operate a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii. Going Concern Matters and Management's Assessment As a result of the COVID- 19 March 2020 19 December 31, 2020, one November second December 2020. January 2021. 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, 8.625% 2025 August 2020, September 2023. ( 7, Long-Term Debt We currently anticipate funding our operations over the next 12 first first 2020. second third 2020 no fourth 2020. not may Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% not All significant intercompany accounts and transactions have been eliminated in consolidation. Discontinued Operations On August 1, 2016, May 31, 2016, July 19, 2016 2, Acquisitions and Divestitures Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three not may Restricted Cash Restricted cash consists primarily of advance payments related to: (i) amounts restricted by regulation for gaming and racing purposes; and (ii) future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the consolidated balance sheets to the total balance shown in the consolidated statements of cash flows. December 31, December 31, December 31, December 31, (In thousands) 2020 2019 2018 2017 Cash and cash equivalents $ 519,182 $ 249,977 $ 249,417 $ 203,104 Restricted cash 15,817 20,471 23,785 24,175 Total cash, cash equivalents and restricted cash $ 534,999 $ 270,448 $ 273,202 $ 227,279 Accounts Receivable, net Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. The activity comprising our allowance for doubtful accounts is as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Beginning balance, January 1, $ 4,474 $ 3,607 $ 2,072 Additions due to Acquisitions — — 1,425 Additions 440 929 180 Deductions (808 ) (62 ) (70 ) Ending balance, December 31, $ 4,106 $ 4,474 $ 3,607 Inventories Inventories consist primarily of food & beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. Property and Equipment, net Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 12 years Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not not Capitalized Interest Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no December 31, 2020 no December 31 , 2019 2018 Investment in Available for Sale Securities We have an investment in $19.0 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 December 31, 2020 2019 December 31, 2020 2019 December 31, 2020 2019 Future maturities of the City Bonds, excluding the discount, for the years ending December 31 (In thousands) For the year ending December 31, 2021 $ 590 2022 635 2023 680 2024 730 2025 785 Thereafter 15,565 Total $ 18,985 Intangible Assets Intangible assets include customer relationships, host agreements, development agreements, gaming license rights and trademarks. Amortizing Intangible Assets Customer relationships represent the value of repeat business associated with our customer loyalty programs and are being amortized on an accelerated method over their approximate useful life. Host agreements represent the value associated with our host establishment relationships and are being amortized on a straight-line basis over 15 two Indefinite-Lived Intangible Assets Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not G oodwill Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not not We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonably similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject reporting unit. Player Loyalty Point Program We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, and other free goods and services. We record points earned based on the value of a point that can be redeemed for a hotel room, food & beverage or other items. The player loyalty point program accrual is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, for food & beverage or for other amenities and is included in accrued liabilities on our consolidated balance sheets. Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt. Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not not not" 50%. not Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two not not not Tax positions failing to qualify for initial recognition are recognized in the first not" no not" Self-Insurance Reserves We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not The activity comprising our self-insurance reserves is as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Beginning balance, January 1, $ 43,604 $ 37,501 $ 33,995 Additions Charged to costs and expenses 105,739 121,075 90,299 Due to acquisitions — — 3,279 Payments made (103,907 ) (114,972 ) (90,072 ) Ending balance, December 31, $ 45,436 $ 43,604 $ 37,501 Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income. The accumulated other comprehensive income (loss) at December 31, 2020 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 6, 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 6, Accrued Liabilities The Company's outstanding chip liability represents the amounts owned in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one 6, Accrued Liabilities The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our slot bonus program such as cash and the estimated retail value of goods and services (such as complimentary rooms and food & beverages). 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: Year Ended December 31, (In thousands) 2020 2019 2018 Food & beverage $ 90,714 $ 215,989 $ 182,960 Rooms 46,841 96,296 81,671 Other 5,508 14,908 11,939 Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $388.0 million, $546.7 million and $367.5 million for the years ended December 31, 2020 , 2019 2018 Advertising Expense Direct advertising costs are expensed the first December 31, 2020 , 2019 2018 Corporate Expense Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not Project Development, Preopening and Writedowns Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, strategic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not Share-Based Compensation Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not six The Company did not 2020 2019 2018 Other, Net In 2020, Net Income (Loss) per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. Collaborative Arrangements In August 2018, two 45 Subject to state law and regulatory approvals, we have established a presence in the online gaming and sports wagering industry by leveraging FanDuel's technology and related services to operate Boyd Gaming-branded mobile and online sports-betting and gaming services. In turn, FanDuel has established and operates mobile and online sports-betting and gaming services under the FanDuel brand in the states where we are licensed. During 2018, 2019, 2020, We have also entered into agreements with other companies for the operation of online gaming offerings under a market-access agreement with MGM Resorts. The activities related to these collaborative arrangements are recorded in other revenue and other expense on the consolidated statements of operations. Concentration of Credit Risk Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable. Our policy is to limit the amount of credit exposure to any one may Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recently Adopted Accounting Pronouncements Accounting Standards Update ("ASU") 2020 09, 470 2020 09" In October 2020, 2020 09 470, 3 10 3 16 X, In March 2020, 3 10 3 16 X, January 4, 2021 three June 30, 2020. ASU 2020 04, 848 2020 04" In March 2020, 2020 04 2020 04 may December 31, 2022. 2020 04 not ASU 2018 13, 2018 13" In August 2018, 2018 13 820, Fair Value Measurement December 15, 2019. 2018 13 first 2020 not ASU 2016 02, 2016 02" 2018 10, 2018 10" 2018 01, 842 2018 01" 2018 11, 842, 2018 11" 2019 01, 842, 1901 01" The Lease Standard provides for transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the Lease Standard effective January 1, 2019, not 12 not not See Note 10, Leases 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 - Acquisitions and Dives
Note 2 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 2. Ameristar Casino Hotel Kansas City; Ameristar Casino Resort Spa St. Charles; Belterra Casino Resort; Belterra Park On October 15, 2018, December 17, 2017, January 29, 2018 ( No. 1" October 15, 2018 ( No. 2" Pursuant to the Pinnacle Purchase Agreement, Boyd Gaming acquired from Pinnacle all of the issued and outstanding membership interests of the Pinnacle Properties as well as certain other assets (and assumed certain other liabilities) of Pinnacle related to the Pinnacle Properties (collectively, the "Pinnacle Acquisition"). Each of the Pinnacle Properties is now a wholly owned subsidiary of Boyd Gaming. The Pinnacle Properties are aggregated into our Midwest & South segment (See Note 14, Segment Information . Pursuant to the Pinnacle Purchase Agreement, Boyd TCIV entered into a Master Lease, dated October 15, 2018 ( October 15, 2018 April 30, 2026 The Pinnacle Acquisition occurred substantially concurrently with the acquisition of Pinnacle Entertainment by Penn pursuant to the Merger Agreement, dated December 17, 2017, Concurrently with the Pinnacle Acquisition, Boyd (Ohio) PropCo, LLC, a wholly owned subsidiary of Boyd TCIV ("Boyd PropCo"), acquired the real estate associated with Belterra Park in Cincinnati, Ohio (the "Belterra Park Real Property Sale") utilizing mortgage financing from a subsidiary of Gaming and Leisure Properties, Inc. ("GLPI"), pursuant to a purchase agreement, dated December 17, 2017 ( October 15, 2018 ( On May 6, 2020 October 2018. Prior to the Merger, PNK (Ohio), LLC ("BP OpCo"), which owns the business operations of Belterra Park, leased the Real Estate from Boyd PropCo pursuant to a master lease that is the same in all material respects as the Master Lease between Boyd TCIV, LLC and Gold Merger Sub (the "BP Master Lease" and "GLP Master Lease," respectively). Rent paid under the BP Master Lease to Boyd PropCo by BP OpCo was then paid by Boyd PropCo to Gold Merger Sub as interest on the 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 GLPI, subject to the prior receipt of all required governmental approvals. Consideration Transferred The total gross cash consideration paid to acquire the Pinnacle Properties was $615.1 million. Purchase Price Allocation The Company followed the acquisition method of accounting per FASB Accounting Standards Codification Topic 805 805" 805, third October 15, 2018, 10 December 31, 2018. September 30, 2019, The following table presents the components of the allocation of the purchase price as of the acquisition date, including the measurement period adjustments: (In thousands) Final Purchase Price Allocation Current assets $ 64,161 Property and equipment 130,306 Other assets (28 ) Intangible assets 454,400 Total acquired assets 648,839 Current liabilities 54,434 Other liabilities 57,832 Total liabilities assumed 112,266 Net identifiable assets acquired 536,573 Goodwill 78,560 Net assets acquired $ 615,133 The following table summarizes the final values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives (in years) As Recorded Land $ 4,395 Buildings and improvements 15 - 40 56,054 Furniture and equipment 2 - 10 69,857 Property and equipment acquired $ 130,306 The following table summarizes the acquired intangible assets and weighted average useful lives of definite-lived intangible assets. (In thousands) Useful Lives (in years) As Recorded Customer relationship 4 $ 42,600 Trademark Indefinite 42,300 Gaming license right Indefinite 369,500 Total intangible assets acquired $ 454,400 The goodwill recognized is the excess of the purchase price over the final values assigned to the assets acquired and liabilities assumed. All of the goodwill was assigned to the Midwest & South reportable segment and is expected to be deductible for income tax purposes. The Company recognized $0.2 million, $2.4 million and $14.5 million of acquisition related costs that were expensed for the years ended December 31, 2020 , 2019 2018 Condensed Consolidated Statement of Operations for the years ended December 31, 2020 2019 October 15, 2018 December 31, 2018 The following supplemental information presents the financial results of the Pinnacle Properties included in the Company's consolidated statement of operations for the years ended December 31, 2020, 2019 October 15, 2018 December 31, 2018: Period from Year Ended Year Ended October 15 to (In thousands) December 31, 2020 December 31, 2019 December 31, 2018 Total revenues $ 476,188 $ 671,900 $ 138,189 Net income (loss) $ (48,878 ) $ 59,740 $ 1,641 Valley Forge Convention Center Partners On September 17, 2018, December 20, 2017, September 17, 2018, Pursuant to the Valley Forge Merger Agreement, Boyd TCV merged with and into Valley Forge (the "Valley Forge Merger"), with Valley Forge surviving the merger. Valley Forge is now a wholly owned subsidiary of Boyd. Valley Forge is a modern casino and hotel in King of Prussia, Pennsylvania that offers premium accommodations, gaming, dining, entertainment and retail services, and is aggregated into our Midwest & South segment (See Note 14, Segment Information . Consideration Transferred The total gross cash consideration paid to acquire Valley Forge was $289.1 million. Purchase Price Allocation The Company followed the acquisition method of accounting per ASC 805 805, third September 17, 2018, 10 December 31, 2018. September 1, 2019, The following table presents the components of the allocation of the purchase price as of the acquisition date, including the measurement period adjustments: (In thousands) Final Purchase Price Allocation Current assets $ 29,280 Property and equipment 57,118 Other assets 2,872 Intangible assets 136,600 Total acquired assets 225,870 Current liabilities 12,968 Other liabilities 9,803 Total liabilities assumed 22,771 Net identifiable assets acquired 203,099 Goodwill 85,966 Net assets acquired $ 289,065 The following table summarizes the final values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives (in years) As Recorded Land $ 15,150 Buildings and improvements 15 - 40 32,908 Furniture and equipment 2 - 6 9,060 Property and equipment acquired $ 57,118 The following table summarizes the acquired intangible assets and weighted average useful lives of definite-lived intangible assets. (In thousands) Useful Lives (in years) As Recorded Customer relationship 5 $ 16,100 Trademark Indefinite 12,500 Gaming license right Indefinite 108,000 Total intangible assets acquired $ 136,600 The goodwill recognized is the excess of the purchase price over the final values assigned to the assets acquired and liabilities assumed. All of the goodwill was assigned to the Midwest & South reportable segment and is expected to be deductible for income tax purposes. The Company recognized $0.2 million, $0.6 million and million o December 31, 2020 , 2019 2018 Condensed Consolidated Statement of Operations for the years ended December 31, 2020 2019 September 17, 2018 December 31, 2018 The following supplemental information presents the financial results of Valley Forge included in the Company's consolidated statement of operations for the years ended December 31, 2020, 2019 September 17, 2018 December 31, 2018: Period from Year Ended Year Ended September 17 to (In thousands) December 31, 2020 December 31, 2019 December 31, 2018 Total revenues $ 88,699 $ 168,610 $ 43,499 Net income $ 3,342 $ 31,286 $ 4,450 Lattner Entertainment Group Illinois On June 1, 2018, May 1, 2018, Pursuant to the Lattner Merger Agreement, Boyd TCVI merged with and into Lattner (the "Lattner Merger"), with Lattner surviving the Lattner Merger and becoming a wholly owned subsidiary of Boyd. Lattner currently operates approximately 1,100 210 14, Segment Information . Consideration Transferred The total gross cash consideration paid to acquire Lattner was $110.5 million. Purchase Price Allocation The Company followed the acquisition method of accounting per ASC 805 805, third June 1, 2018, 10 December 31, 2018. March 31, 2019, The following table presents the components of the allocation of the purchase price as of the acquisition date, including the measurement period adjustments: (In thousands) Final Purchase Price Allocation Current assets $ 10,638 Property and equipment 9,496 Other assets 2,933 Intangible and other assets 58,000 Total acquired assets 81,067 Current liabilities 1,062 Total liabilities assumed 1,062 Net identifiable assets acquired 80,005 Goodwill 30,529 Net assets acquired $ 110,534 The following table summarizes the final values assigned to acquired property and equipment and estimated useful lives: (In thousands) Useful Lives (in years) As Recorded Buildings and improvements 10 - 45 $ 66 Furniture and equipment 3 - 7 9,430 Property and equipment acquired $ 9,496 The following table summarizes the acquired intangible asset and weighted average useful lives of the definite-lived intangible asset. (In thousands) Useful Lives (in years) As Recorded Host agreements 15 $ 58,000 Total intangible assets acquired $ 58,000 The goodwill recognized is the excess of the purchase price over the final values assigned to the assets acquired and liabilities assumed. All of the goodwill was assigned to the Midwest & South reportable segment and is expected to be deductible for income tax purposes. The Company recognized $0.4 million and $0.7 million of acqui December 31, 2019 2018, December 31, 2020. We have not not December 31, 2020 2019 June 1, 2018 December 31, 2018. Supplemental Unaudited Pro Forma Information The following table presents pro forma results of the Company, as though Lattner, Valley Forge and the Pinnacle Properties (the "Acquired Companies") had been acquired as of January 1, 2017. not may Year Ended December 31, 2018 (In thousands) Boyd Gaming Corporation (As Reported) Acquired Companies Boyd Gaming Corporation (Pro Forma) Total revenues $ 2,626,730 $ 666,928 $ 3,293,658 Net income from continuing operations, net of tax $ 114,701 $ 16,589 $ 131,290 Basic net income per share $ 1.01 $ 1.15 Diluted net income per share $ 1.00 $ 1.14 Pro Forma and Other Adjustments The unaudited pro forma results, as presented above, include adjustments to record: (i) rent expense under the Master Lease; (ii) the net incremental depreciation expense for the adjustment of property and equipment to fair value and the allocation of a portion of the purchase price to amortizing intangible assets; (iii) the increase in interest expense incurred on the incremental borrowings incurred by Boyd to fund the acquisition along with the Belterra Park Mortgage; (iv) the estimated tax effect of the pro forma adjustments and on the historical taxable income of the Acquired Companies; and (v) miscellaneous adjustments as a result of the preliminary purchase price allocation on the amortization of certain assets and liabilities. Divestiture of Eldorado On December 10, 2020, Divestiture of Borgata On August 1, 2016, May 31, 2016, July 19, 2016, December 31, 2018, |
Note 3 - Property and Equipment
Note 3 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3. Property and equipment, net consists of the following: December 31, (In thousands) 2020 2019 Land $ 346,485 $ 324,501 Buildings and improvements 3,074,896 3,090,974 Furniture and equipment 1,609,637 1,596,395 Riverboats and barges 241,043 241,036 Construction in progress 43,883 56,069 Total property and equipment 5,315,944 5,308,975 Less accumulated depreciation (2,790,057 ) (2,636,422 ) Property and equipment, net $ 2,525,887 $ 2,672,553 Construction in progress primarily relates to costs capitalized in conjunction with major improvements that have not not Depreciation expense for the years ended December 31, 2020 , 2019 2018 |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 4. Intangible assets consist of the following: December 31, 2020 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 2.5 $ 68,100 $ (55,062 ) $ — $ 13,038 Host agreements 12.4 58,000 (9,989 ) — 48,011 Development agreement — 21,373 — — 21,373 147,473 (65,051 ) — 82,422 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (24,800 ) 179,200 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,580,685 (33,960 ) (246,974 ) 1,299,751 Balances, December 31, 2020 $ 1,728,158 $ (99,011 ) $ (246,974 ) $ 1,382,173 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 Amortizing Intangible Assets Customer Relationships Customer relationships represent the value of repeat business associated with our customer loyalty programs. The value of customer relationships is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these customers, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: revenue of our rated customers, based on expected level of play; promotional allowances provided to these existing customers; attrition rate related to these customers; operating expenses; general and administrative expenses; trademark expense; discount rate; and the present value of tax benefit. Host Agreements Host agreements represent the value associated with our host establishment relationships. The value of host agreements is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to these establishments, discounted to present value at a risk-adjusted rate of return. Development Agreement Development agreement is an acquired contract with Wilton Rancheria under which the Company has the right to assist Wilton Rancheria in the development and management of a gaming facility on the Wilton Rancheria's land. The design and project budget have been finalized and Wilton Rancheria has secured third not Indefinite Lived Intangible Assets Trademarks Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Trademarks are valued using the relief from royalty method, which presumes that without ownership of such trademark, we would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, we avoid any such payments and record the related intangible value of our ownership of the trade name. We used the following significant projections and assumptions to determine value under the relief from royalty method: revenue from gaming and hotel activities; royalty rate; tax expense; terminal growth rate; discount rate; and the present value of tax benefit. Gaming License Rights Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. In the majority of cases, the value of our gaming licenses is determined using a multi-period excess earnings method, which is a specific discounted cash flow model. The value is determined at an amount equal to the present value of the incremental after-tax cash flows attributable only to future gaming revenue, discounted to present value at a risk-adjusted rate of return. With respect to the application of this methodology, we used the following significant projections and assumptions: gaming revenues; gaming operating expenses; general and administrative expenses; tax expense; terminal value; and discount rate. In two Activity for the Years Ended December 31, 2020 2019 2018 The following table sets forth the changes in these intangible assets: (In thousands) Customer Relationships Host Agreements Favorable Lease Rates Development Agreement Trademarks Gaming License Rights Intangible Assets, Net Balance, January 1, 2018 $ 5,930 $ — $ 8,655 $ 21,373 $ 147,587 $ 659,401 $ 842,946 Additions 56,000 58,000 — — 55,500 468,350 637,850 Amortization (11,643 ) (2,256 ) (227 ) — — — (14,126 ) Balance, December 31, 2018 50,287 55,744 8,428 21,373 203,087 1,127,751 1,466,670 Purchase price adjustments 2,700 — — — (700 ) 35,000 37,000 Amortization (24,485 ) (3,866 ) — — — — (28,351 ) Other (1) — — (8,428 ) — — — (8,428 ) Balance, December 31, 2019 28,502 51,878 — 21,373 202,387 1,162,751 1,466,891 Impairments — — — — (20,500 ) (42,200 ) (62,700 ) Amortization (15,464 ) (3,867 ) — — — — (19,331 ) Other (2) — — — — (2,687 ) — (2,687 ) Balance, December 31, 2020 $ 13,038 $ 48,011 $ — $ 21,373 $ 179,200 $ 1,120,551 $ 1,382,173 ( 1 January 1, 2019. ( 2 second 2020. Future Amortization Customer relationships are being amortized on an accelerated basis over a weighted average original life of five (In thousands) Customer Relationships Host Agreements Total For the year ending December 31, 2021 $ 8,737 $ 3,867 $ 12,604 2022 3,322 3,867 7,189 2023 939 3,867 4,806 2024 40 3,867 3,907 2025 — 3,867 3,867 Thereafter — 28,676 28,676 Total future amortization $ 13,038 $ 48,011 $ 61,049 Trademarks and gaming license rights are not Impairment Considerations The Company recorded impairment charges of $16.9 million for trademarks, of which $8.0 million related to our Las Vegas Locals segment and $8.9 million related to our Midwest & South segment, and $42.2 million for gaming license rights related to our Midwest & South segment as part of the first 2020 2020 No 2019 2018 |
Note 5 - Goodwill
Note 5 - Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | NOTE 5. Goodwill consists of the following: (In thousands) Gross Carrying Value Accumulated Amortization Accumulated Impairment Losses Goodwill, Net Goodwill, net by Reportable Segment: Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — 863 Midwest & South 666,798 — (101,862 ) 564,936 Balance, December 31, 2020 $ 1,267,362 $ (6,134 ) $ (289,941 ) $ 971,287 Changes in Goodwill During the year ended December 31, 2020 December 31, 2019 2019 2, Acquisitions and Divestitures December 31, 2018 The following table sets forth the changes in our goodwill, net, during the years ended December 31, 2020 , 2019 2018 (In thousands) Goodwill, Net Balance, January 1, 2018 $ 888,224 Additions 173,878 Balance, December 31, 2018 1,062,102 Final purchase price adjustments 21,185 Balance, December 31, 2019 1,083,287 Impairments (112,000 ) Balance, December 31, 2020 $ 971,287 |
Note 6 - Accrued Liabilities
Note 6 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6. Accrued liabilities consist of the following: December 31, December 31, (In thousands) 2020 2019 Payroll and related expenses $ 73,802 $ 99,602 Interest 36,055 32,239 Gaming liabilities 72,655 64,465 Player loyalty program liabilities 27,935 32,983 Advance deposits 16,037 22,854 Outstanding chip liabilities 6,021 7,394 Dividend payable — 7,808 Operating lease liabilities 90,478 87,686 Other accrued liabilities 73,436 83,865 Total accrued liabilities $ 396,419 $ 438,896 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7. Long-term debt, net of current maturities and debt issuance costs consists of the following: December 31, 2020 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2020 Principal Discount Costs Debt, Net Bank credit facility 2.486 % $ 896,185 $ (472 ) $ (12,924 ) $ 882,789 6.375% senior notes due 2026 6.375 % 750,000 — (6,947 ) 743,053 6.000% senior notes due 2026 6.000 % 700,000 — (7,849 ) 692,151 4.750% senior notes due 2027 4.750 % 1,000,000 — (13,636 ) 986,364 8.625% senior notes due 2025 8.625 % 600,000 — (10,512 ) 589,488 Other 6.137 % 3,638 — — 3,638 Total long-term debt 3,949,823 (472 ) (51,868 ) 3,897,483 Less current maturities 30,740 — — 30,740 Long-term debt, net $ 3,919,083 $ (472 ) $ (51,868 ) $ 3,866,743 December 31, 2019 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 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 Bank Credit Facility Credit Agreement 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 19 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. Amounts Outstanding The outstanding principal amounts under the Credit Facility are comprised of the following: December 31, December 31, (In thousands) 2020 2019 Revolving Credit Facility $ — $ 235,000 Term A Loan 133,796 234,300 Refinancing Term B Loans 762,389 795,034 Swing Loan — 41,300 Total outstanding principal amounts under the bank credit facility $ 896,185 $ 1,305,634 The Revolving Credit Facility, the Term A Loan and Refinancing Term B Loans mature on September 15, 2023 With a total revolving credit commitment of $1,033.7 million available under the bank credit facility, no borrowings outstanding on the Revolving Credit Facility and on the Swing Loan and $12.6 million allocated to support various letters of credit, there is a remaining contractual availability of $1,021.1 million at December 31, 2020 Interest and Fees The interest rate on the outstanding balance from time to time of the Revolving Credit Facility and the Term A Loan is based upon, at the Company’s option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with a specified pricing grid based on the total leverage ratio and ranges from 1.75% to 2.75% (if using the Eurodollar rate) and from 0.75% to 1.75% (if using the base rate). A fee of a percentage per annum (which ranges from 0.25% to 0.50% determined in accordance with a specified pricing grid based on the total leverage ratio) will be payable on the unused portions of the Revolving Credit Facility. The interest rate on the outstanding balance of the Refinancing Term B Loans under the Amended Credit Agreement is based upon, at the Company’s option, either: (i) the Eurodollar rate or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with the Company’s secured leverage ratio and ranges from 2.25% to 2.50% (if using the Eurodollar rate) and from 1.25% to 1.50% (if using the base rate). The "base rate" under the Credit Agreement remains the highest of ( x one Optional and Mandatory Prepayments Pursuant to the terms of the Credit Facility (i) the loans under the Term A Loan amortizes in an annual amount equal to 5.00% of the original principal amount thereof, commencing December 31, 2020, June 30, 2021 September 30, 2021 December 31, 2021 June 30, 2017 December 31, 2016 Amounts outstanding under the Amendment No. 4 may may Subject to certain exceptions, the Company may Guarantees and Collateral The Company's obligations under the Credit Facility, subject to certain exceptions, are guaranteed by certain of the Company's subsidiaries and are secured by the capital stock of certain subsidiaries. In addition, subject to certain exceptions, the Company and each of the guarantors will grant the administrative agent first The Credit Facility includes an accordion feature which permits an increase in the Revolving Credit Facility and the issuance and increase of senior secured term loans in an amount up to (i) $550.0 million, plus (ii) certain voluntary permanent reductions of the Revolving Credit Facility and certain voluntary prepayments of the senior secured term loans, plus (iii) certain reductions in the outstanding principal amounts under the term loans or the Revolving Credit Facility, plus (iv) any additional amount if, after giving effect thereto, the First Lien Leverage Ratio (as defined in the Credit Agreement) would not 1.00 No. 3, Financial and Other Covenants The Credit Facility contains certain financial and other covenants, including, without limitation, various covenants: (i) requiring the maintenance of a minimum consolidated interest coverage ratio 1.75 to 1.00 The maximum permitted consolidated Total Leverage Ratio, during the Covenant Relief Period, is calculated as Consolidated Funded Indebtedness to twelve Maximum Total For the Trailing Four Quarters Ending Leverage Ratio March 31, 2020 through December 31, 2020 6.00 to 1.00 March 31, 2021 5.75 to 1.00 June 30, 2021 through December 31, 2021 7.75 to 1.00 March 31, 2022 7.00 to 1.00 June 30, 2022 6.75 to 1.00 September 30, 2022 6.50 to 1.00 December 31, 2022 6.00 to 1.00 March 31, 2023 and thereafter 5.50 to 1.00 The maximum permitted Secured Leverage Ratio is calculated as Secured Indebtedness to twelve 1.00. Current Maturities of Our Indebtedness We classified certain non-extending balances under our Credit Facility as a current maturity, as such amounts come due within the next twelve Senior Notes 8.625% June 2025 On May 21, 2020, 8.625% 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% The 8.625% 8.625% "8.625% 8.625% 8.625% 8.625% 8.625% not 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% June 1 December 1 June 1, 2020 December 1, 2027 4.750% 6.875% 2023 In conjunction with the issuance of the 4.750% 4.750% The 4.750% 4.750% 4.750% 4.750% 4.750% 4.750% 4.750% not 4.750% At any time prior to December 1, 2022 may 4.750% December 1, 2022 may 4.750% 2022 2024 In connection with the private placement of the 4.750% 4.750% July 2020. August 20, 2020 6.000% August 2026 On June 25, 2018 August 2026 6.000% 6.000% February 15 August 15 August 15, 2018 6.000% August 15, 2026 100% four In conjunction with the issuance of the 6.000% 6.000% The 6.000% 6.000% 6.000% 6.000% 6.000% 6.000% 6.000% not 6.000% At any time prior to August 15, 2021 may 6.000% 6.000% August 15, 2021 may 6.000% 2021 2024 6.375% April 2026 On March 28, 2016 April 2026 6.375% 6.375% April 1 October 1 October 1, 2016 6.375% April 1, 2026 100% 6.375% In conjunction with the issuance of the 6.375% 6.375% The 6.375% 6.375% 6.375% 6.375% 6.375% 6.375% 6.375% not 6.375% 6.375% At any time prior to April 1, 2021 may 6.375% April 1, 2021 may 6.375% 2021 2024 Redemption of 6.875% May 2023 On December 3, 2019 , May 2023 ( 6.875% 103.438% 4.750% . The Company used borrowings under its revolving credit facility to pay the redemption premium accrued and unpaid interest, fees, expenses and commissions related to this redemption. Other Notes On October 15, 2018 The total Belterra Park Note payable to Gold Merger Sub was $57.7 million. The Belterra Park Note provides for interest at a per annum for any monthly period equal to (a) the sum of (i) the building base rent, as defined in the master lease agreement, payable for such period annualized, plus (ii) the land base rent, as defined in the master lease agreement, payable for such period annualized, plus (iii) the percentage rent, as defined in the master lease agreement, payable for such period annualized divided by (b) the outstanding principal balance of this Belterra Park Note, divided by (c) the number twelve. Interest payments are due monthly with a balloon payment for the outstanding principal due at the maturity date. The maturity date is the earlier to occur of (a) the expiration of the master lease term and (b) the termination of the master lease agreement. On May 6, 2020 $57.7 October 2018. Prior to the Merger, BP OpCo, which owns the business operations of Belterra Park, leased the Real Estate from Boyd PropCo pursuant to a master lease that is the same in all material respects as the Master Lease between Boyd TCIV, LLC and Gold Merger Sub (the "BP Master Lease" and "GLP Master Lease," respectively). Rent paid under the BP Master Lease to Boyd PropCo by BP OpCo was then paid by Boyd PropCo to Gold Merger Sub as interest on the 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 GLPI 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. December 31, 2020 Loss on Early Extinguishments and Modifications of Debt The components of the loss on early extinguishments and modifications of debt are as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Boyd Gaming Credit Facility debt modification fees $ 984 $ 3,072 $ 61 Amendment No. 3 and 4 807 — — 6.875% Senior Notes premium and consent fees — 25,785 — 6.875% Senior Notes deferred finance charges — 6,092 — Total loss on early extinguishments and modifications of debt $ 1,791 $ 34,949 $ 61 Covenant Compliance As of December 31, 2020 The indentures governing the notes issued by the Company contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the coverage ratio (as defined in the respective indentures, essentially a ratio of the Company's consolidated EBITDA to fixed charges, including interest) for the Company's trailing four 1.0. may December 31, 2020 Scheduled Maturities of Long-Term Debt The scheduled maturities of long-term debt are as follows: (In thousands) Total For the year ending December 31, 2021 $ 30,740 2022 41,639 2023 827,444 2024 — 2025 600,000 Thereafter 2,450,000 Total outstanding principal of long-term debt $ 3,949,823 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8. Deferred Income Tax Assets and Liabilities Deferred income tax assets and liabilities are provided to record the effects of temporary differences between the tax basis of an asset or liability and its amount as reported in our consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The components comprising our deferred income tax assets and liabilities are as follows: December 31, (In thousands) 2020 2019 Deferred income tax assets Federal net operating loss carryforwards $ 117,564 $ 95,861 State net operating loss carryforwards 68,925 67,357 Operating lease liability 199,083 198,800 Share-based compensation 11,276 15,029 Other 60,895 60,540 Gross deferred income tax assets 457,743 437,587 Valuation allowance (50,548 ) (41,281 ) Deferred income tax assets, net of valuation allowance 407,195 396,306 Deferred income tax liabilities Difference between book and tax basis of property and intangible assets 295,343 311,365 State tax liability 41,028 45,314 Right of use asset 195,038 194,874 Other 6,838 7,448 Gross deferred income tax liabilities 538,247 559,001 Deferred income tax liabilities, net $ 131,052 $ 162,695 At December 31, 2020 may 2036 may 2034 no may 2021 2040 not Valuation Allowance on Deferred Tax Assets Management assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. In evaluating our ability to recover deferred tax assets, we consider whether it is more likely than not not We have maintained a valuation allowance against certain federal and state deferred tax assets as of December 31, 2020 December 31, 2020 Provision (Benefit) for Income Taxes A summary of the provision (benefit) for income taxes is as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Current Federal $ — $ — $ (584 ) State (58 ) 3,475 5,897 Total current taxes provision (benefit) (58 ) 3,475 5,313 Deferred Federal (35,231 ) 44,877 29,434 State (1,025 ) (3,862 ) 5,584 Total deferred taxes provision (benefit) (36,256 ) 41,015 35,018 Provision (benefit) for income taxes from continuing operations $ (36,314 ) $ 44,490 $ 40,331 Provision (benefit) for income taxes included on the consolidated statement of operations Provision (benefit) for income taxes from continuing operations $ (36,314 ) $ 44,490 $ 40,331 Provision for income taxes from discontinued operations — — 136 Provision (benefit) for income taxes from continuing operations and discontinued operations $ (36,314 ) $ 44,490 $ 40,467 The following table provides a reconciliation between the federal statutory rate and the effective income tax rate, expressed as a percentage of income (loss) from continuing operations before income taxes: Year Ended December 31, (In thousands) 2020 2019 2018 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 0.5 % (0.2 )% 5.9 % Compensation-based credits 0.6 % (1.2 )% (1.9 )% Nondeductible expenses (0.4 )% 0.4 % 0.7 % Tax exempt interest 0.2 % (0.2 )% (0.2 )% Company provided benefits (1.3 )% 1.6 % 0.1 % Other, net 0.6 % 0.4 % 0.4 % Effective tax rate 21.2 % 21.8 % 26.0 % Our tax benefit for the year ended December 31, 2020 Our tax provision for the year ended December 31, 2019 Our tax provision for the year ended December 31, 2018 Status of Examinations We generated net operating losses on our federal income tax returns for years 2011 2013 We are also currently under examination for various state income tax matters. As it relates to our material state returns, we are subject to examination for tax years ended on or after December 31, 2011. October 2021 October 2024 We believe that we have adequately reserved for any tax liability; however, the ultimate resolution of these examinations may not Other Long-Term Tax Liabilities The impact of an uncertain income tax position taken in our income tax return is recognized at the largest amount that is more-likely-than- not not 50% A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Unrecognized tax benefit, beginning of year $ 2,482 $ 2,482 $ 2,482 Additions: Tax positions related to current year — — — Reductions: Tax positions related to prior years (2,482 ) — — Unrecognized tax benefit, end of year $ — $ 2,482 $ 2,482 During the third 2020, 2001 2009. December 31, 2020 December 31, 2019 We do not twelve |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9. Commitments Capital Spending and Development We continually perform on-going refurbishment and maintenance at our facilities to maintain our standards of quality. Certain of these maintenance costs are capitalized, if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not Kansas Management Contract As part of the Kansas Management Contract approved by the Kansas Racing and Gaming Commission on January 11, 2011, Mulvane Development Agreement On March 7, 2011, All infrastructure improvements to the Kansas Star site under the Mulvane Development Agreement are complete and the City of Mulvane issued $19.7 million in general obligation bonds related to these infrastructure improvements. At both December 31, 2020 2019 December 31, 2020 2019 2028. three Contingent Payments In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s earnings before interest expense, taxes, depreciation and amortization ("EBITDA") each month for a period of 10 years commencing December 20, 2011. Minimum Assessment Agreement In 2007, not Interest costs under the Minimum Assessment Agreement obligation are expensed as incurred. As of December 31, 2020 2019 2036. Public Parking Facility Agreement Diamond Jo Dubuque has an agreement with the City for use of the public parking facility adjacent to Diamond Jo Dubuque's casino and owned and operated by the City (the "Parking Facility Agreement"). The Parking Facility Agreement calls for: (i) the payment by the Company for the reasonable and necessary actual operating costs incurred by the City for the operation, security, repair and maintenance of the public parking facility; and (ii) the payment by the Company to the City of $80 per parking space in the public parking facility per year, subject to annual increases based on any increase in the Consumer Price Index, which funds will be deposited into a special sinking fund and used by the City for capital expenditures necessary to maintain the public parking facility. Operating costs of the parking facility incurred by Diamond Jo Dubuque are expensed as incurred. Deposits to the sinking fund are recorded as other assets. When the sinking fund is used for capital improvements, such amounts are capitalized and amortized over their remaining useful life. Iowa Qualified Sponsoring Organization Agreements Diamond Jo Dubuque and Diamond Jo Worth are required to pay their respective qualified sponsoring organization, who hold a joint gaming license with Diamond Jo Dubuque and Diamond Jo Worth, 4.50% and 5.76%, respectively, of the casino’s adjusted gross receipts on an ongoing basis. Diamond Jo Dubuque expensed $2.3 million, $3.2 million and $3.1 million, during the years ended December 31, 2020 2019 2018 December 31, 2020 2019 2018 December 31, 2030. March 31, 2025, ten Development Agreement In September 2011, In July 2012, In January 2017, February 2017, The Agreements provide that the Company will receive future revenue for its services to Wilton Rancheria contingent upon successful development of the gaming facility and based on future revenues at the gaming facility. In September 2017, October 2018, third first 2021, second 2022. Master Lease Agreements On October 15, 2018, October 15, 2018 April 30, 2026 may five five third On May 6, 2020 October 2018. Prior to the Merger, BP OpCo, which owns the business operations of Belterra Park, leased the Real Estate from Boyd PropCo pursuant to a master lease that is the same in all material respects as the Master Lease between Boyd TCIV, LLC and Gold Merger Sub (the "BP Master Lease" and "GLP Master Lease," respectively). Rent paid under the BP Master Lease to Boyd PropCo by BP OpCo was then paid by Boyd PropCo to Gold Merger Sub as interest on the 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 GLPI, subject to the prior receipt of all required governmental approvals. Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. We believe that not |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 10. We have operating and finance leases primarily for four one one December 31, 2020 not The components of lease expense were as follows: Year Ended December 31, (In thousands) 2020 2019 Operating lease cost $ 156,280 $ 163,027 Short-term lease cost (275 ) 481 Supplemental cash flow information related to leases was as follows: Year Ended December 31, (In thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 147,560 $ 160,333 Right-of-use assets obtained in exchange for lease obligations: Operating leases 57,221 13,204 Supplemental balance sheet information related to leases was as follows: December 31, (In thousands, except lease term and discount rate) 2020 2019 Operating Leases Operating lease right-of-use assets, including favorable lease rates asset $ 928,814 $ 936,170 Current lease liabilities (included in accrued liabilities) $ 90,478 $ 87,686 Operating lease liabilities 848,825 840,285 Total operating lease liabilities $ 939,303 $ 927,971 Weighted Average Remaining Lease Term Operating leases (in years) 17.7 18.2 Weighted Average Discount Rate Operating leases 8.8 % 8.9 % Maturities of lease liabilities were as follows: (In thousands) Operating Leases For the period ending December 31, 2021 $ 163,576 2022 151,560 2023 119,116 2024 118,927 2025 119,000 Thereafter 1,248,846 Total lease payments 1,921,025 Less imputed interest (981,722 ) Less current portion (included in accrued liabilities) (90,478 ) Long-term portion of operating lease liabilities $ 848,825 Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows: (In thousands) Minimum Rental Income For the Year Ended December 31, 2021 $ 2,531 2022 2,307 2023 2,109 2024 1,655 2025 196 Thereafter 38 Total $ 8,836 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity and Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 11. Share Repurchase Program We have in the past, and may may July 2008, $100 not May 2, 2017 "2008 December 12, 2018, "2018 December 31, 2020 , 2019 2018 December 31, 2020 2008 2018 On March 16, 2020, 19 The following table provides information regarding share repurchases during the referenced periods. ( 1 For the Year Ended December 31, (In thousands, except per share data) 2020 2019 2018 Shares repurchased (2) 683 1,087 1,853 Total cost, including brokerage fees $ 11,121 $ 28,045 $ 59,570 Average repurchase price per share (3) $ 16.29 $ 25.80 $ 32.14 ( 1 twelve December 31, 2020 , 2019 2018 not December 31, 2020 , 2019 2018 ( 2 ( 3 may not Subject to applicable corporate securities laws, repurchases under our stock repurchase program may not Dividends Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding the payment of dividends, such as restricted payment limitations contained in our Credit Facility and the indentures for our outstanding notes. On May 2, 2017, Declaration date Record date Payment date Amount per share December 7, 2017 December 28, 2017 January 15, 2018 $ 0.05 March 2, 2018 March 16, 2018 April 15, 2018 0.05 June 8, 2018 June 29, 2018 July 15, 2018 0.06 September 14, 2018 September 28, 2018 October 15, 2018 0.06 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 Stock Incentive Plan In April 2020, 2020 "2020 2012 "2012 ten 2020 2012 2012 2012 2012 2012 2020 December 31, 2020 2020 December 31, 2020 Grants made under the 2020 Stock Options Options granted under the 2020 three 2012 2020 no ten Summarized stock option plan activity is as follows: Weighted- Weighted- Average Average Remaining Aggregate Options Option Price Term Intrinsic Value (In years) (In thousands) Outstanding at January 1, 2018 1,542,452 $ 11.99 Granted — — Canceled (25,000 ) 3.31 Exercised (338,426 ) 10.47 Outstanding at December 31, 2018 1,179,026 11.98 Granted — — Canceled (48,941 ) 13.72 Exercised (242,357 ) 9.81 Outstanding at December 31, 2019 887,728 12.48 Granted — — Canceled (2,000 ) 8.34 Exercised (240,380 ) 8.23 Outstanding at December 31, 2020 645,348 $ 14.07 4.2 $ 18,619 Exercisable at December 31, 2019 887,728 $ 12.48 4.2 $ 15,504 Exercisable at December 31, 2020 645,348 $ 14.07 4.2 $ 18,619 Share-based compensation costs related to stock option awards are calculated based on the fair value of each option grant on the date of the grant using the Black-Scholes option pricing model. The following table summarizes the information about stock options outstanding and exercisable at December 31, 2020 Options Outstanding Options Exercisable Weighted- Average Remaining Weighted- Weighted- Number Contractual Average Number Average Range of Exercise Prices Outstanding Life (Years) Exercise Price Exercisable Exercise Price $5.22 25,510 1.9 $ 5.22 25,510 $ 5.22 9.86 202,068 2.9 9.86 202,068 9.86 11.57 123,849 3.9 11.57 123,849 11.57 17.75 157,895 5.9 17.75 157,895 17.75 19.98 136,026 4.8 19.98 136,026 19.98 $5.22-$19.98 645,348 4.2 14.07 645,348 14.07 The total intrinsic value of in-the-money options exercised during the years ended December 31, 2020 , 2019 2018 December 31, 2019 2018 December 31, 2020 December 31, 2020 Restricted Stock Units Our 2020 may may not not 2020 We grant RSUs to members of management of the Company, which represents a contingent right to receive one third We also annually award RSUs to certain members of our Board of Directors. Each RSU is to be paid in shares of common stock upon the director’s cessation of service to the Company. These RSUs are issued for past service; therefore, they are expensed on the date of issuance. Summarized RSU activity is as follows: Weighted- Restricted Average Grant Stock Units Date Fair Value Outstanding at January 1, 2018 1,637,212 Granted 510,989 $ 25.05 Canceled (18,250 ) Awarded (416,084 ) Outstanding at December 31, 2018 1,713,867 Granted 555,749 $ 28.46 Canceled (10,100 ) Awarded (490,759 ) Outstanding at December 31, 2019 1,768,757 Granted 45,150 $ 29.17 Canceled (54,752 ) Awarded (531,402 ) Outstanding at December 31, 2020 1,227,753 As of December 31, 2020 Performance Stock Units Our 2020 may may not not 2020 Each PSU represents a contingent right to receive a share of Boyd Gaming Corporation common stock; however, the actual number of common shares awarded is dependent upon the occurrence of: (i) a requisite service period; and (ii) an evaluation of specific performance conditions. The performance conditions are based on Company metrics for net revenue growth, EBITDA growth and customer service scores, all of which are determined on a comprehensive annual three no These PSUs will vest three Performance Shares Vesting The PSU grants awarded in fourth 2016, 2015 2014 first 2020 2019 2018 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 The PSU grant awarded in December 2014 first 2018 486,805 2014 2017 not 2018 Summarized PSU activity is as follows: Weighted- Performance Average Grant Stock Units Date Fair Value Outstanding at January 1, 2018 1,062,547 Granted 287,374 $ 24.42 Performance Adjustment 176,754 Canceled (2,450 ) Awarded (486,805 ) Outstanding at December 31, 2018 1,037,420 Granted 269,495 $ 28.67 Performance Adjustment 158,858 Canceled — Awarded (395,964 ) Outstanding at December 31, 2019 1,069,809 Granted — $ — Performance Adjustment 126,375 Canceled (11,328 ) Awarded (388,611 ) Outstanding at December 31, 2020 796,245 As of December 31, 2020 December 31, 2020 Career Shares Our Career Shares Program is a stock incentive award program for certain executive officers to provide for additional capital accumulation opportunities for retirement. The program incentivizes and rewards executives for their period of service. Our Career Shares Program was adopted in December 2006, October 2010, not not 2020 Summarized Career Shares activity is as follows: Weighted- Restricted Average Grant Stock Units Date Fair Value Outstanding at January 1, 2018 1,013,459 Granted 40,492 $ 34.48 Canceled (5,335 ) Awarded (27,331 ) Outstanding at December 31, 2018 1,021,285 Granted 67,719 $ 21.27 Canceled — Awarded (26,693 ) Outstanding at December 31, 2019 1,062,311 Granted 51,262 $ 30.05 Canceled (5,816 ) Awarded (70,437 ) Outstanding at December 31, 2020 1,037,320 As of December 31, 2020 Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table summarizes our share-based compensation costs by award type: For the Year Ended December 31, (In thousands) 2020 2019 2018 Stock Options $ — $ 52 $ 154 Restricted Stock Units 11,131 14,301 10,219 Performance Stock Units (3,166 ) 9,525 13,647 Career Shares 1,237 1,324 1,359 Total share-based compensation costs $ 9,202 $ 25,202 $ 25,379 The PSU share based compensation credit for the year ended December 31, 2020 19 The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our consolidated statements of operations: For the Year Ended December 31, (In thousands) 2020 2019 2018 Gaming $ 539 $ 628 $ 490 Food & beverage 103 120 94 Room 49 57 44 Selling, general and administrative 2,738 3,195 2,488 Corporate expense 5,773 21,202 22,263 Total share-based compensation expense $ 9,202 $ 25,202 $ 25,379 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 12. We have adopted the authoritative accounting guidance for fair value measurements, which does not These inputs create the following fair value hierarchy: Level 1 Level 2 not Level 3 one As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may 1 2 3 may Balances Measured at Fair Value The following tables show the fair values of certain of our financial instruments: December 31, 2020 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 519,182 $ 519,182 $ — $ — Restricted cash 15,817 15,817 — — Investment available for sale 16,692 — — 16,692 Liabilities Contingent payments $ 924 $ — $ — $ 924 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 value of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, December 31, 2020 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 December 31, 2020 2019 December 31, 2020 2019 not December 31, 2020 2019 December 31, 2020 2019 December 31, 2020 2019 Contingent Payments In connection with securing the Kansas Management Contract, Kansas Star agreed to pay a former casino project promoter 1% of Kansas Star’s EBITDA each month for a period of 10 years commencing December 20, 2011. December 31, 2020 2019 December 31, 2020 2019 December 31, 2020 December 31, 2019, The following tables summarize the changes in fair value of the Company’s Level 3 December 31, 2020 Assets Liability (In thousands) Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,151 $ (1,712 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 156 (82 ) Included in other comprehensive income (loss) 935 — Included in other items, net — 192 Purchases, sales, issuances and settlements: Settlements (550 ) 678 Balance at end of reporting period $ 16,692 $ (924 ) December 31, 2019 Assets Liability (In thousands) Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 15,772 $ (2,407 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 150 (140 ) Included in other comprehensive income (loss) 739 — Included in other items, net — (42 ) Purchases, sales, issuances and settlements: Settlements (510 ) 877 Balance at end of reporting period $ 16,151 $ (1,712 ) We are exposed to valuation risk on our Level 3 3 100 not The fair value of intangible assets, classified in the fair value hierarchy as Level 3, 4, Intangible Assets Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our obligation under minimum assessment agreements and other financial instruments: December 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 26,246 $ 22,062 $ 26,542 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: December 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 896,185 $ 882,789 $ 888,511 Level 2 6.375% senior notes due 2026 750,000 743,053 778,125 Level 1 6.000% senior notes due 2026 700,000 692,151 728,000 Level 1 4.750% senior notes due 2027 1,000,000 986,364 1,038,750 Level 1 8.625% senior notes due 2025 600,000 589,488 667,500 Level 1 Other 3,638 3,638 3,638 Level 3 Total debt $ 3,949,823 $ 3,897,483 $ 4,104,524 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 the Credit Facility is based on a relative value analysis performed on or about December 31, 2020 2019 December 31, 2020 2019 2018 May 2020; ( 2 2020 2022 3 July 2022. not not There were no 1, 2 3 December 31, 2020 2019 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 13. We contribute to multiemployer pension defined benefit plans under terms of collective-bargaining agreements that cover our union-represented employees. Contributions, based on wages paid to covered employees, totaled approximately $1.0 million, $1.8 million and $1.7 million for the years ended December 31, 2020 2019 2018 not not not We have retirement savings plans under Section 401 100% 401 December 31, 2020 2019 2018 |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14. We have aggregated our properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest & South. The table in Note 1, Summary of Significant Accounting Policies, Results of Operations - Total Reportable Segment Total 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, and for our online gaming initiatives are included in our Midwest & South segment. The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments: Year Ended December 31, 2020 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 430,303 $ 59,564 $ 45,446 $ 26,676 $ 561,989 Downtown Las Vegas 58,468 18,647 9,369 8,019 94,503 Midwest & South 1,286,587 100,667 50,153 84,591 1,521,998 Total Revenues $ 1,775,358 $ 178,878 $ 104,968 $ 119,286 $ 2,178,490 Year Ended December 31, 2019 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 566,443 $ 156,932 $ 105,619 $ 51,941 $ 880,935 Downtown Las Vegas 138,623 57,732 28,784 32,528 257,667 Midwest & South 1,778,227 233,189 102,784 73,317 2,187,517 Total Revenues $ 2,483,293 $ 447,853 $ 237,187 $ 157,786 $ 3,326,119 Year Ended December 31, 2018 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 565,579 $ 155,107 $ 100,110 $ 52,708 $ 873,504 Downtown Las Vegas 132,870 55,767 26,943 32,530 248,110 Midwest & South 1,226,975 157,014 72,447 48,680 1,505,116 Total Revenues $ 1,925,424 $ 367,888 $ 199,500 $ 133,918 $ 2,626,730 The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR to operating income, as reported in our accompanying consolidated statements of operations: Year Ended December 31, (In thousands) 2020 2019 2018 Adjusted EBITDAR Las Vegas Locals $ 198,744 $ 283,030 $ 274,344 Downtown Las Vegas 1,075 62,413 56,517 Midwest & South 480,446 635,182 432,366 Corporate expense (70,371 ) (83,937 ) (81,938 ) Adjusted EBITDAR 609,894 896,688 681,289 Other operating costs and expenses Deferred rent 888 979 1,100 Master lease rent expense 101,907 97,723 20,682 Depreciation and amortization 281,031 276,569 229,979 Share-based compensation expense 9,202 25,202 25,379 Project development, preopening and writedowns (661 ) 21,728 45,698 Impairment of assets 174,700 — 993 Other operating items, net 28,564 1,919 2,174 Total other operating costs and expenses 595,631 424,120 326,005 Operating income $ 14,263 $ 472,568 $ 355,284 For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not Total Reportable Segment Assets The Company's assets by Reportable Segment consisted of the following amounts: December 31, December 31, (In thousands) 2020 2019 Assets Las Vegas Locals $ 1,690,511 $ 1,804,476 Downtown Las Vegas 213,507 212,936 Midwest & South 3,984,063 4,229,174 Total Reportable Segment Assets 5,888,081 6,246,586 Corporate 670,867 403,559 Total Assets $ 6,558,948 $ 6,650,145 Capital Expenditures The Company's capital expenditures by Reportable Segment consisted of the following: Year Ended December 31, (In thousands) 2020 2019 2018 Capital Expenditures: Las Vegas Locals $ 23,936 $ 26,207 $ 33,503 Downtown Las Vegas 15,150 8,881 12,885 Midwest & South 68,933 80,883 69,285 Total Reportable Segment Capital Expenditures 108,019 115,971 115,673 Corporate 66,767 88,633 50,238 Total Capital Expenditures 174,786 204,604 165,911 Change in Accrued Property Additions 244 3,033 (4,367 ) Cash-Based Capital Expenditures $ 175,030 $ 207,637 $ 161,544 The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries. |
Note 15 - Selected Quarterly Fi
Note 15 - Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 15. The following table presents selected quarterly financial information: Year Ended December 31, 2020 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Total revenues $ 680,525 $ 209,859 $ 652,238 $ 635,868 $ 2,178,490 Operating income (loss) (137,761 ) (86,348 ) 127,073 111,299 14,263 Net income (loss) (147,559 ) (108,544 ) 38,116 83,287 (134,700 ) Basic net income (loss) per common share $ (1.30 ) $ (0.96 ) $ 0.34 $ 0.73 $ (1.19 ) Diluted net income (loss) per common share $ (1.30 ) $ (0.96 ) $ 0.33 $ 0.73 $ (1.19 ) Year Ended December 31, 2019 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Total revenues $ 827,288 $ 846,132 $ 819,568 $ 833,131 $ 3,326,119 Operating income 117,626 126,692 113,391 114,859 472,568 Net income 45,451 48,484 39,405 24,296 157,636 Basic net income per common share $ 0.40 $ 0.43 $ 0.35 $ 0.21 $ 1.39 Diluted net income per common share $ 0.40 $ 0.43 $ 0.35 $ 0.21 $ 1.38 Since income (loss) per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four may not In 2020, 19 2020 2020 2019 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 16. Boyd Percentage Ownership William S. Boyd, our Co-Executive Chair of the Board of Directors, together with his immediate family, beneficially owned approximately 26% December 31, 2020 December 31, 2020 2019 2018 no |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17. We have evaluated all events or transactions that occurred after December 31, 2020 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company", the "Registrant", "Boyd Gaming", "Boyd", "we" or "us") was incorporated in the state of Nevada in 1988 1975. As of December 31, 2020 28 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 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 and 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 Report Spa St. Charles St. Charles, Missouri Belterra Park Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania Our Midwest & South segment includes the results of Valley Forge Convention Center, L.P. ("Valley Forge"), which was acquired in September 2018, October 2018, June 2018, 2, Acquisitions and Divestitures) In addition to these properties, we own and operate a travel agency and a captive insurance company that underwrites travel-related insurance, each located in Hawaii. Financial results for our travel agency and our captive insurance company are included in our Downtown Las Vegas segment, as our Downtown Las Vegas properties concentrate significant marketing efforts on gaming customers from Hawaii. |
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 December 31, 2020, one November second December 2020. January 2021. 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, 8.625% 2025 August 2020, September 2023. ( 7, Long-Term Debt We currently anticipate funding our operations over the next 12 first first 2020. second third 2020 no fourth 2020. not may |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% not All significant intercompany accounts and transactions have been eliminated in consolidation. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations On August 1, 2016, May 31, 2016, July 19, 2016 2, Acquisitions and Divestitures |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three not may |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash consists primarily of advance payments related to: (i) amounts restricted by regulation for gaming and racing purposes; and (ii) future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the consolidated balance sheets to the total balance shown in the consolidated statements of cash flows. December 31, December 31, December 31, December 31, (In thousands) 2020 2019 2018 2017 Cash and cash equivalents $ 519,182 $ 249,977 $ 249,417 $ 203,104 Restricted cash 15,817 20,471 23,785 24,175 Total cash, cash equivalents and restricted cash $ 534,999 $ 270,448 $ 273,202 $ 227,279 |
Accounts Receivable [Policy Text Block] | Accounts Receivable, net Accounts receivable consist primarily of casino, hotel and other receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible, based upon historical collection experience, the age of the receivable and other relevant economic factors. An estimated allowance for doubtful accounts is maintained to reduce our receivables to their carrying amount. As a result, the net carrying value approximates fair value. The activity comprising our allowance for doubtful accounts is as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Beginning balance, January 1, $ 4,474 $ 3,607 $ 2,072 Additions due to Acquisitions — — 1,425 Additions 440 929 180 Deductions (808 ) (62 ) (70 ) Ending balance, December 31, $ 4,106 $ 4,474 $ 3,607 |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist primarily of food & beverage and retail items and are stated at the lower of cost or market. Cost is determined using the weighted-average inventory method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or, for leasehold improvements, over the shorter of the asset's useful life or term of the lease. The estimated useful lives of our major components of property and equipment are: Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 12 years Gains or losses on disposals of assets are recognized as incurred. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. For an asset that is held for sale, we recognize the asset at the lower of carrying value or fair market value, less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For a long-lived asset to be held and used, we review the asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not not |
Interest Capitalization, Policy [Policy Text Block] | Capitalized Interest Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no December 31, 2020 no December 31 , 2019 2018 |
Marketable Securities, Policy [Policy Text Block] | Investment in Available for Sale Securities We have an investment in $19.0 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 December 31, 2020 2019 December 31, 2020 2019 December 31, 2020 2019 Future maturities of the City Bonds, excluding the discount, for the years ending December 31 (In thousands) For the year ending December 31, 2021 $ 590 2022 635 2023 680 2024 730 2025 785 Thereafter 15,565 Total $ 18,985 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets include customer relationships, host agreements, development agreements, gaming license rights and trademarks. Amortizing Intangible Assets Customer relationships represent the value of repeat business associated with our customer loyalty programs and are being amortized on an accelerated method over their approximate useful life. Host agreements represent the value associated with our host establishment relationships and are being amortized on a straight-line basis over 15 two Indefinite-Lived Intangible Assets Trademarks are based on the value of our brands, which reflect the level of service and quality we provide and from which we generate repeat business. Gaming license rights represent the value of the license to conduct gaming in certain jurisdictions, which is subject to highly extensive regulatory oversight, and a limitation on the number of licenses available for issuance therein. These assets, considered indefinite-lived intangible assets, are not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | G oodwill Goodwill is an asset representing the future economic benefits arising from other assets in a business combination that are not not We evaluate goodwill using a weighted average allocation of both the income and market approach models. The income approach is based upon a discounted cash flow method, whereas the market approach uses the guideline public company method. Specifically, the income approach focuses on the expected cash flow of the subject reporting unit, considering the available cash flow for a finite period of years. Available cash flow is defined as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The underlying premise of the income approach is that the value of goodwill can be measured by the present value of the net economic benefit to be received over the life of the reporting unit. The market approach focuses on comparing the reporting unit to selected reasonably similar (or "guideline") publicly-traded companies. Under this method, valuation multiples are: (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of our reporting unit relative to the selected guideline companies; and (iii) applied to the operating data of our reporting unit to arrive at an indication of value. The application of the market approach results in an estimate of the price reasonably expected to be realized from the sale of the subject reporting unit. |
Revenue Recognition, Loyalty Programs [Policy Text Block] | Player Loyalty Point Program We have established promotional programs to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, and other free goods and services. We record points earned based on the value of a point that can be redeemed for a hotel room, food & beverage or other items. The player loyalty point program accrual is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, for food & beverage or for other amenities and is included in accrued liabilities on our consolidated balance sheets. |
Debt, Policy [Policy Text Block] | Long-Term Debt, Net Long-term debt, net is reported as the outstanding debt amount net of amortized cost. Any unamortized debt issuance costs, which include legal and other direct costs related to the issuance of our outstanding debt, or discount granted to the initial purchasers or lenders upon issuance of our debt instruments is recorded as a direct reduction to the face amount of our outstanding debt. The debt issuance costs and discount are accreted to interest expense using the effective interest method over the contractual term of the underlying debt. In the event that our debt is modified, repurchased or otherwise reduced prior to its original maturity date, we ratably reduce the unamortized debt issuance costs and discount and record a loss on extinguishment of debt. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence it is more likely than not not not" 50%. not Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two not not not Tax positions failing to qualify for initial recognition are recognized in the first not" no not" |
Self Insurance Reserves Policy [Policy Text Block] | Self-Insurance Reserves We are self-insured for various insurance coverages such as property, general liability, employee health and workers' compensation costs with the appropriate levels of deductibles and retentions. Insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not The activity comprising our self-insurance reserves is as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Beginning balance, January 1, $ 43,604 $ 37,501 $ 33,995 Additions Charged to costs and expenses 105,739 121,075 90,299 Due to acquisitions — — 3,279 Payments made (103,907 ) (114,972 ) (90,072 ) Ending balance, December 31, $ 45,436 $ 43,604 $ 37,501 |
Stockholders' Equity, Policy [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of comprehensive income. The accumulated other comprehensive income (loss) at December 31, 2020 |
Lessee, Leases [Policy Text Block] | Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. For our operating leases for which the rate implicit in the lease is not may |
Revenue [Policy Text Block] | Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers, hotel room sales, food & beverage offerings and other amenity transactions. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not Gaming wager contracts involve two not not no 6, 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 6, Accrued Liabilities The Company's outstanding chip liability represents the amounts owned in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one 6, Accrued Liabilities The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our slot bonus program such as cash and the estimated retail value of goods and services (such as complimentary rooms and food & beverages). 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: Year Ended December 31, (In thousands) 2020 2019 2018 Food & beverage $ 90,714 $ 215,989 $ 182,960 Rooms 46,841 96,296 81,671 Other 5,508 14,908 11,939 |
Gaming Taxes [Policy Text Block] | Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded as a gaming expense in the consolidated statements of operations. These taxes totaled approximately $388.0 million, $546.7 million and $367.5 million for the years ended December 31, 2020 , 2019 2018 |
Advertising Cost [Policy Text Block] | Advertising Expense Direct advertising costs are expensed the first December 31, 2020 , 2019 2018 |
Corporate Expense Policy [Policy Text Block] | Corporate Expense Corporate expense represents unallocated payroll, professional fees, aircraft costs and various other expenses that are not |
Start-up Activities, Cost Policy [Policy Text Block] | Project Development, Preopening and Writedowns Project development, preopening and writedowns represent: (i) certain costs incurred and recoveries realized related to the activities associated with various acquisition opportunities, strategic initiatives, dispositions and other business development activities in the ordinary course of business; (ii) certain costs of start-up activities that are expensed as incurred and do not |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation Share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The requisite service period can be impacted by the provisions of the Company’s stock compensation programs that provide for automatic vesting acceleration upon retirement (including as a result of death or disability) for those long-service participants achieving defined age and years of service criteria. These acceleration provisions do not six The Company did not 2020 2019 2018 |
Other Income, Net [Policy Text Block] | Other, Net In 2020, |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities, such as stock options. |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Collaborative Arrangements In August 2018, two 45 Subject to state law and regulatory approvals, we have established a presence in the online gaming and sports wagering industry by leveraging FanDuel's technology and related services to operate Boyd Gaming-branded mobile and online sports-betting and gaming services. In turn, FanDuel has established and operates mobile and online sports-betting and gaming services under the FanDuel brand in the states where we are licensed. During 2018, 2019, 2020, We have also entered into agreements with other companies for the operation of online gaming offerings under a market-access agreement with MGM Resorts. The activities related to these collaborative arrangements are recorded in other revenue and other expense on the consolidated statements of operations. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that subject us to credit risk consist of cash equivalents and accounts receivable. Our policy is to limit the amount of credit exposure to any one may Concentration of credit risk, with respect to gaming receivables, is limited through our credit evaluation process. We issue markers to approved gaming customers only following credit checks and investigations of creditworthiness. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Accounting Standards Update ("ASU") 2020 09, 470 2020 09" In October 2020, 2020 09 470, 3 10 3 16 X, In March 2020, 3 10 3 16 X, January 4, 2021 three June 30, 2020. ASU 2020 04, 848 2020 04" In March 2020, 2020 04 2020 04 may December 31, 2022. 2020 04 not ASU 2018 13, 2018 13" In August 2018, 2018 13 820, Fair Value Measurement December 15, 2019. 2018 13 first 2020 not ASU 2016 02, 2016 02" 2018 10, 2018 10" 2018 01, 842 2018 01" 2018 11, 842, 2018 11" 2019 01, 842, 1901 01" The Lease Standard provides for transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the Lease Standard effective January 1, 2019, not 12 not not See Note 10, Leases 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) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | December 31, December 31, December 31, December 31, (In thousands) 2020 2019 2018 2017 Cash and cash equivalents $ 519,182 $ 249,977 $ 249,417 $ 203,104 Restricted cash 15,817 20,471 23,785 24,175 Total cash, cash equivalents and restricted cash $ 534,999 $ 270,448 $ 273,202 $ 227,279 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Beginning balance, January 1, $ 4,474 $ 3,607 $ 2,072 Additions due to Acquisitions — — 1,425 Additions 440 929 180 Deductions (808 ) (62 ) (70 ) Ending balance, December 31, $ 4,106 $ 4,474 $ 3,607 |
Property, Plant and Equipment, Useful Life [Table Text Block] | Building and improvements 3 through 40 years Riverboats and barges 5 through 40 years Furniture and equipment 1 through 12 years |
Investments Classified by Contractual Maturity Date [Table Text Block] | (In thousands) For the year ending December 31, 2021 $ 590 2022 635 2023 680 2024 730 2025 785 Thereafter 15,565 Total $ 18,985 |
Schedule of Changes in Self Insurance Reserves [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Beginning balance, January 1, $ 43,604 $ 37,501 $ 33,995 Additions Charged to costs and expenses 105,739 121,075 90,299 Due to acquisitions — — 3,279 Payments made (103,907 ) (114,972 ) (90,072 ) Ending balance, December 31, $ 45,436 $ 43,604 $ 37,501 |
Schedule Of Promotional Allowances [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Food & beverage $ 90,714 $ 215,989 $ 182,960 Rooms 46,841 96,296 81,671 Other 5,508 14,908 11,939 |
Note 2 - Acquisitions and Div_2
Note 2 - Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2018 (In thousands) Boyd Gaming Corporation (As Reported) Acquired Companies Boyd Gaming Corporation (Pro Forma) Total revenues $ 2,626,730 $ 666,928 $ 3,293,658 Net income from continuing operations, net of tax $ 114,701 $ 16,589 $ 131,290 Basic net income per share $ 1.01 $ 1.15 Diluted net income per share $ 1.00 $ 1.14 |
Lattner Entertainment Group Illinois, LLC [Member] | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (In thousands) Final Purchase Price Allocation Current assets $ 10,638 Property and equipment 9,496 Other assets 2,933 Intangible and other assets 58,000 Total acquired assets 81,067 Current liabilities 1,062 Total liabilities assumed 1,062 Net identifiable assets acquired 80,005 Goodwill 30,529 Net assets acquired $ 110,534 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) Useful Lives (in years) As Recorded Buildings and improvements 10 - 45 $ 66 Furniture and equipment 3 - 7 9,430 Property and equipment acquired $ 9,496 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | (In thousands) Useful Lives (in years) As Recorded Host agreements 15 $ 58,000 Total intangible assets acquired $ 58,000 |
Valley Forge Convention Center Partners, L.P. [Member] | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (In thousands) Final Purchase Price Allocation Current assets $ 29,280 Property and equipment 57,118 Other assets 2,872 Intangible assets 136,600 Total acquired assets 225,870 Current liabilities 12,968 Other liabilities 9,803 Total liabilities assumed 22,771 Net identifiable assets acquired 203,099 Goodwill 85,966 Net assets acquired $ 289,065 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) Useful Lives (in years) As Recorded Land $ 15,150 Buildings and improvements 15 - 40 32,908 Furniture and equipment 2 - 6 9,060 Property and equipment acquired $ 57,118 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | (In thousands) Useful Lives (in years) As Recorded Customer relationship 5 $ 16,100 Trademark Indefinite 12,500 Gaming license right Indefinite 108,000 Total intangible assets acquired $ 136,600 |
Business Acquisition, Pro Forma Information [Table Text Block] | Period from Year Ended Year Ended September 17 to (In thousands) December 31, 2020 December 31, 2019 December 31, 2018 Total revenues $ 88,699 $ 168,610 $ 43,499 Net income $ 3,342 $ 31,286 $ 4,450 |
Pinnacle Acquisition [Member] | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (In thousands) Final Purchase Price Allocation Current assets $ 64,161 Property and equipment 130,306 Other assets (28 ) Intangible assets 454,400 Total acquired assets 648,839 Current liabilities 54,434 Other liabilities 57,832 Total liabilities assumed 112,266 Net identifiable assets acquired 536,573 Goodwill 78,560 Net assets acquired $ 615,133 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) Useful Lives (in years) As Recorded Land $ 4,395 Buildings and improvements 15 - 40 56,054 Furniture and equipment 2 - 10 69,857 Property and equipment acquired $ 130,306 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | (In thousands) Useful Lives (in years) As Recorded Customer relationship 4 $ 42,600 Trademark Indefinite 42,300 Gaming license right Indefinite 369,500 Total intangible assets acquired $ 454,400 |
Business Acquisition, Pro Forma Information [Table Text Block] | Period from Year Ended Year Ended October 15 to (In thousands) December 31, 2020 December 31, 2019 December 31, 2018 Total revenues $ 476,188 $ 671,900 $ 138,189 Net income (loss) $ (48,878 ) $ 59,740 $ 1,641 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, (In thousands) 2020 2019 Land $ 346,485 $ 324,501 Buildings and improvements 3,074,896 3,090,974 Furniture and equipment 1,609,637 1,596,395 Riverboats and barges 241,043 241,036 Construction in progress 43,883 56,069 Total property and equipment 5,315,944 5,308,975 Less accumulated depreciation (2,790,057 ) (2,636,422 ) Property and equipment, net $ 2,525,887 $ 2,672,553 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2020 Weighted Gross Accumulated Useful Life Carrying Accumulated Impairment Intangible (In thousands) Remaining (in years) Value Amortization Losses Assets, Net Amortizing intangibles Customer relationships 2.5 $ 68,100 $ (55,062 ) $ — $ 13,038 Host agreements 12.4 58,000 (9,989 ) — 48,011 Development agreement — 21,373 — — 21,373 147,473 (65,051 ) — 82,422 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (24,800 ) 179,200 Gaming license rights Indefinite 1,376,685 (33,960 ) (222,174 ) 1,120,551 1,580,685 (33,960 ) (246,974 ) 1,299,751 Balances, December 31, 2020 $ 1,728,158 $ (99,011 ) $ (246,974 ) $ 1,382,173 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 Changes in Intangible Assets [Table Text Block] | (In thousands) Customer Relationships Host Agreements Favorable Lease Rates Development Agreement Trademarks Gaming License Rights Intangible Assets, Net Balance, January 1, 2018 $ 5,930 $ — $ 8,655 $ 21,373 $ 147,587 $ 659,401 $ 842,946 Additions 56,000 58,000 — — 55,500 468,350 637,850 Amortization (11,643 ) (2,256 ) (227 ) — — — (14,126 ) Balance, December 31, 2018 50,287 55,744 8,428 21,373 203,087 1,127,751 1,466,670 Purchase price adjustments 2,700 — — — (700 ) 35,000 37,000 Amortization (24,485 ) (3,866 ) — — — — (28,351 ) Other (1) — — (8,428 ) — — — (8,428 ) Balance, December 31, 2019 28,502 51,878 — 21,373 202,387 1,162,751 1,466,891 Impairments — — — — (20,500 ) (42,200 ) (62,700 ) Amortization (15,464 ) (3,867 ) — — — — (19,331 ) Other (2) — — — — (2,687 ) — (2,687 ) Balance, December 31, 2020 $ 13,038 $ 48,011 $ — $ 21,373 $ 179,200 $ 1,120,551 $ 1,382,173 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) Customer Relationships Host Agreements Total For the year ending December 31, 2021 $ 8,737 $ 3,867 $ 12,604 2022 3,322 3,867 7,189 2023 939 3,867 4,806 2024 40 3,867 3,907 2025 — 3,867 3,867 Thereafter — 28,676 28,676 Total future amortization $ 13,038 $ 48,011 $ 61,049 |
Note 5 - Goodwill (Tables)
Note 5 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) Gross Carrying Value Accumulated Amortization Accumulated Impairment Losses Goodwill, Net Goodwill, net by Reportable Segment: Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — 863 Midwest & South 666,798 — (101,862 ) 564,936 Balance, December 31, 2020 $ 1,267,362 $ (6,134 ) $ (289,941 ) $ 971,287 |
Goodwill Rollforward [Table Text Block] | (In thousands) Goodwill, Net Balance, January 1, 2018 $ 888,224 Additions 173,878 Balance, December 31, 2018 1,062,102 Final purchase price adjustments 21,185 Balance, December 31, 2019 1,083,287 Impairments (112,000 ) Balance, December 31, 2020 $ 971,287 |
Note 6 - Accrued Liabilities (T
Note 6 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, December 31, (In thousands) 2020 2019 Payroll and related expenses $ 73,802 $ 99,602 Interest 36,055 32,239 Gaming liabilities 72,655 64,465 Player loyalty program liabilities 27,935 32,983 Advance deposits 16,037 22,854 Outstanding chip liabilities 6,021 7,394 Dividend payable — 7,808 Operating lease liabilities 90,478 87,686 Other accrued liabilities 73,436 83,865 Total accrued liabilities $ 396,419 $ 438,896 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2020 Principal Discount Costs Debt, Net Bank credit facility 2.486 % $ 896,185 $ (472 ) $ (12,924 ) $ 882,789 6.375% senior notes due 2026 6.375 % 750,000 — (6,947 ) 743,053 6.000% senior notes due 2026 6.000 % 700,000 — (7,849 ) 692,151 4.750% senior notes due 2027 4.750 % 1,000,000 — (13,636 ) 986,364 8.625% senior notes due 2025 8.625 % 600,000 — (10,512 ) 589,488 Other 6.137 % 3,638 — — 3,638 Total long-term debt 3,949,823 (472 ) (51,868 ) 3,897,483 Less current maturities 30,740 — — 30,740 Long-term debt, net $ 3,919,083 $ (472 ) $ (51,868 ) $ 3,866,743 December 31, 2019 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 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] | December 31, December 31, (In thousands) 2020 2019 Revolving Credit Facility $ — $ 235,000 Term A Loan 133,796 234,300 Refinancing Term B Loans 762,389 795,034 Swing Loan — 41,300 Total outstanding principal amounts under the bank credit facility $ 896,185 $ 1,305,634 |
Schedule of Maximum Total Leverage Ratio [Table Text Block] | Maximum Total For the Trailing Four Quarters Ending Leverage Ratio March 31, 2020 through December 31, 2020 6.00 to 1.00 March 31, 2021 5.75 to 1.00 June 30, 2021 through December 31, 2021 7.75 to 1.00 March 31, 2022 7.00 to 1.00 June 30, 2022 6.75 to 1.00 September 30, 2022 6.50 to 1.00 December 31, 2022 6.00 to 1.00 March 31, 2023 and thereafter 5.50 to 1.00 |
Schedule of Extinguishment of Debt [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Boyd Gaming Credit Facility debt modification fees $ 984 $ 3,072 $ 61 Amendment No. 3 and 4 807 — — 6.875% Senior Notes premium and consent fees — 25,785 — 6.875% Senior Notes deferred finance charges — 6,092 — Total loss on early extinguishments and modifications of debt $ 1,791 $ 34,949 $ 61 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) Total For the year ending December 31, 2021 $ 30,740 2022 41,639 2023 827,444 2024 — 2025 600,000 Thereafter 2,450,000 Total outstanding principal of long-term debt $ 3,949,823 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (In thousands) 2020 2019 Deferred income tax assets Federal net operating loss carryforwards $ 117,564 $ 95,861 State net operating loss carryforwards 68,925 67,357 Operating lease liability 199,083 198,800 Share-based compensation 11,276 15,029 Other 60,895 60,540 Gross deferred income tax assets 457,743 437,587 Valuation allowance (50,548 ) (41,281 ) Deferred income tax assets, net of valuation allowance 407,195 396,306 Deferred income tax liabilities Difference between book and tax basis of property and intangible assets 295,343 311,365 State tax liability 41,028 45,314 Right of use asset 195,038 194,874 Other 6,838 7,448 Gross deferred income tax liabilities 538,247 559,001 Deferred income tax liabilities, net $ 131,052 $ 162,695 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Current Federal $ — $ — $ (584 ) State (58 ) 3,475 5,897 Total current taxes provision (benefit) (58 ) 3,475 5,313 Deferred Federal (35,231 ) 44,877 29,434 State (1,025 ) (3,862 ) 5,584 Total deferred taxes provision (benefit) (36,256 ) 41,015 35,018 Provision (benefit) for income taxes from continuing operations $ (36,314 ) $ 44,490 $ 40,331 Provision (benefit) for income taxes included on the consolidated statement of operations Provision (benefit) for income taxes from continuing operations $ (36,314 ) $ 44,490 $ 40,331 Provision for income taxes from discontinued operations — — 136 Provision (benefit) for income taxes from continuing operations and discontinued operations $ (36,314 ) $ 44,490 $ 40,467 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 0.5 % (0.2 )% 5.9 % Compensation-based credits 0.6 % (1.2 )% (1.9 )% Nondeductible expenses (0.4 )% 0.4 % 0.7 % Tax exempt interest 0.2 % (0.2 )% (0.2 )% Company provided benefits (1.3 )% 1.6 % 0.1 % Other, net 0.6 % 0.4 % 0.4 % Effective tax rate 21.2 % 21.8 % 26.0 % |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Unrecognized tax benefit, beginning of year $ 2,482 $ 2,482 $ 2,482 Additions: Tax positions related to current year — — — Reductions: Tax positions related to prior years (2,482 ) — — Unrecognized tax benefit, end of year $ — $ 2,482 $ 2,482 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 Operating lease cost $ 156,280 $ 163,027 Short-term lease cost (275 ) 481 |
Lessee, Leases, Supplemental Cash Flow Information [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 147,560 $ 160,333 Right-of-use assets obtained in exchange for lease obligations: Operating leases 57,221 13,204 |
Lessee, Leases, Supplemental Balance Sheet Information [Table Text Block] | December 31, (In thousands, except lease term and discount rate) 2020 2019 Operating Leases Operating lease right-of-use assets, including favorable lease rates asset $ 928,814 $ 936,170 Current lease liabilities (included in accrued liabilities) $ 90,478 $ 87,686 Operating lease liabilities 848,825 840,285 Total operating lease liabilities $ 939,303 $ 927,971 Weighted Average Remaining Lease Term Operating leases (in years) 17.7 18.2 Weighted Average Discount Rate Operating leases 8.8 % 8.9 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Operating Leases For the period ending December 31, 2021 $ 163,576 2022 151,560 2023 119,116 2024 118,927 2025 119,000 Thereafter 1,248,846 Total lease payments 1,921,025 Less imputed interest (981,722 ) Less current portion (included in accrued liabilities) (90,478 ) Long-term portion of operating lease liabilities $ 848,825 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | (In thousands) Minimum Rental Income For the Year Ended December 31, 2021 $ 2,531 2022 2,307 2023 2,109 2024 1,655 2025 196 Thereafter 38 Total $ 8,836 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity and Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share Repurchase Program [Table Text Block] | For the Year Ended December 31, (In thousands, except per share data) 2020 2019 2018 Shares repurchased (2) 683 1,087 1,853 Total cost, including brokerage fees $ 11,121 $ 28,045 $ 59,570 Average repurchase price per share (3) $ 16.29 $ 25.80 $ 32.14 |
Dividends Declared [Table Text Block] | Declaration date Record date Payment date Amount per share December 7, 2017 December 28, 2017 January 15, 2018 $ 0.05 March 2, 2018 March 16, 2018 April 15, 2018 0.05 June 8, 2018 June 29, 2018 July 15, 2018 0.06 September 14, 2018 September 28, 2018 October 15, 2018 0.06 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, Option, Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Aggregate Options Option Price Term Intrinsic Value (In years) (In thousands) Outstanding at January 1, 2018 1,542,452 $ 11.99 Granted — — Canceled (25,000 ) 3.31 Exercised (338,426 ) 10.47 Outstanding at December 31, 2018 1,179,026 11.98 Granted — — Canceled (48,941 ) 13.72 Exercised (242,357 ) 9.81 Outstanding at December 31, 2019 887,728 12.48 Granted — — Canceled (2,000 ) 8.34 Exercised (240,380 ) 8.23 Outstanding at December 31, 2020 645,348 $ 14.07 4.2 $ 18,619 Exercisable at December 31, 2019 887,728 $ 12.48 4.2 $ 15,504 Exercisable at December 31, 2020 645,348 $ 14.07 4.2 $ 18,619 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted- Average Remaining Weighted- Weighted- Number Contractual Average Number Average Range of Exercise Prices Outstanding Life (Years) Exercise Price Exercisable Exercise Price $5.22 25,510 1.9 $ 5.22 25,510 $ 5.22 9.86 202,068 2.9 9.86 202,068 9.86 11.57 123,849 3.9 11.57 123,849 11.57 17.75 157,895 5.9 17.75 157,895 17.75 19.98 136,026 4.8 19.98 136,026 19.98 $5.22-$19.98 645,348 4.2 14.07 645,348 14.07 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted- Restricted Average Grant Stock Units Date Fair Value Outstanding at January 1, 2018 1,637,212 Granted 510,989 $ 25.05 Canceled (18,250 ) Awarded (416,084 ) Outstanding at December 31, 2018 1,713,867 Granted 555,749 $ 28.46 Canceled (10,100 ) Awarded (490,759 ) Outstanding at December 31, 2019 1,768,757 Granted 45,150 $ 29.17 Canceled (54,752 ) Awarded (531,402 ) Outstanding at December 31, 2020 1,227,753 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted- Performance Average Grant Stock Units Date Fair Value Outstanding at January 1, 2018 1,062,547 Granted 287,374 $ 24.42 Performance Adjustment 176,754 Canceled (2,450 ) Awarded (486,805 ) Outstanding at December 31, 2018 1,037,420 Granted 269,495 $ 28.67 Performance Adjustment 158,858 Canceled — Awarded (395,964 ) Outstanding at December 31, 2019 1,069,809 Granted — $ — Performance Adjustment 126,375 Canceled (11,328 ) Awarded (388,611 ) Outstanding at December 31, 2020 796,245 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted- Restricted Average Grant Stock Units Date Fair Value Outstanding at January 1, 2018 1,013,459 Granted 40,492 $ 34.48 Canceled (5,335 ) Awarded (27,331 ) Outstanding at December 31, 2018 1,021,285 Granted 67,719 $ 21.27 Canceled — Awarded (26,693 ) Outstanding at December 31, 2019 1,062,311 Granted 51,262 $ 30.05 Canceled (5,816 ) Awarded (70,437 ) Outstanding at December 31, 2020 1,037,320 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | For the Year Ended December 31, (In thousands) 2020 2019 2018 Stock Options $ — $ 52 $ 154 Restricted Stock Units 11,131 14,301 10,219 Performance Stock Units (3,166 ) 9,525 13,647 Career Shares 1,237 1,324 1,359 Total share-based compensation costs $ 9,202 $ 25,202 $ 25,379 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Year Ended December 31, (In thousands) 2020 2019 2018 Gaming $ 539 $ 628 $ 490 Food & beverage 103 120 94 Room 49 57 44 Selling, general and administrative 2,738 3,195 2,488 Corporate expense 5,773 21,202 22,263 Total share-based compensation expense $ 9,202 $ 25,202 $ 25,379 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2020 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 519,182 $ 519,182 $ — $ — Restricted cash 15,817 15,817 — — Investment available for sale 16,692 — — 16,692 Liabilities Contingent payments $ 924 $ — $ — $ 924 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] | December 31, 2020 Assets Liability (In thousands) Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 16,151 $ (1,712 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 156 (82 ) Included in other comprehensive income (loss) 935 — Included in other items, net — 192 Purchases, sales, issuances and settlements: Settlements (550 ) 678 Balance at end of reporting period $ 16,692 $ (924 ) December 31, 2019 Assets Liability (In thousands) Investment Available for Sale Contingent Payments Balance at beginning of reporting period $ 15,772 $ (2,407 ) Total gains (losses) (realized or unrealized): Included in interest income (expense) 150 (140 ) Included in other comprehensive income (loss) 739 — Included in other items, net — (42 ) Purchases, sales, issuances and settlements: Settlements (510 ) 877 Balance at end of reporting period $ 16,151 $ (1,712 ) |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | December 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Liabilities Obligation under assessment arrangements $ 26,246 $ 22,062 $ 26,542 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] | December 31, 2020 (In thousands) Outstanding Face Amount Carrying Value Estimated Fair Value Fair Value Hierarchy Bank credit facility $ 896,185 $ 882,789 $ 888,511 Level 2 6.375% senior notes due 2026 750,000 743,053 778,125 Level 1 6.000% senior notes due 2026 700,000 692,151 728,000 Level 1 4.750% senior notes due 2027 1,000,000 986,364 1,038,750 Level 1 8.625% senior notes due 2025 600,000 589,488 667,500 Level 1 Other 3,638 3,638 3,638 Level 3 Total debt $ 3,949,823 $ 3,897,483 $ 4,104,524 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 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2020 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 430,303 $ 59,564 $ 45,446 $ 26,676 $ 561,989 Downtown Las Vegas 58,468 18,647 9,369 8,019 94,503 Midwest & South 1,286,587 100,667 50,153 84,591 1,521,998 Total Revenues $ 1,775,358 $ 178,878 $ 104,968 $ 119,286 $ 2,178,490 Year Ended December 31, 2019 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 566,443 $ 156,932 $ 105,619 $ 51,941 $ 880,935 Downtown Las Vegas 138,623 57,732 28,784 32,528 257,667 Midwest & South 1,778,227 233,189 102,784 73,317 2,187,517 Total Revenues $ 2,483,293 $ 447,853 $ 237,187 $ 157,786 $ 3,326,119 Year Ended December 31, 2018 (In thousands) Gaming Revenue Food & Beverage Revenue Room Revenue Other Revenue Total Revenue Revenues Las Vegas Locals $ 565,579 $ 155,107 $ 100,110 $ 52,708 $ 873,504 Downtown Las Vegas 132,870 55,767 26,943 32,530 248,110 Midwest & South 1,226,975 157,014 72,447 48,680 1,505,116 Total Revenues $ 1,925,424 $ 367,888 $ 199,500 $ 133,918 $ 2,626,730 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Adjusted EBITDAR Las Vegas Locals $ 198,744 $ 283,030 $ 274,344 Downtown Las Vegas 1,075 62,413 56,517 Midwest & South 480,446 635,182 432,366 Corporate expense (70,371 ) (83,937 ) (81,938 ) Adjusted EBITDAR 609,894 896,688 681,289 Other operating costs and expenses Deferred rent 888 979 1,100 Master lease rent expense 101,907 97,723 20,682 Depreciation and amortization 281,031 276,569 229,979 Share-based compensation expense 9,202 25,202 25,379 Project development, preopening and writedowns (661 ) 21,728 45,698 Impairment of assets 174,700 — 993 Other operating items, net 28,564 1,919 2,174 Total other operating costs and expenses 595,631 424,120 326,005 Operating income $ 14,263 $ 472,568 $ 355,284 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, December 31, (In thousands) 2020 2019 Assets Las Vegas Locals $ 1,690,511 $ 1,804,476 Downtown Las Vegas 213,507 212,936 Midwest & South 3,984,063 4,229,174 Total Reportable Segment Assets 5,888,081 6,246,586 Corporate 670,867 403,559 Total Assets $ 6,558,948 $ 6,650,145 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Year Ended December 31, (In thousands) 2020 2019 2018 Capital Expenditures: Las Vegas Locals $ 23,936 $ 26,207 $ 33,503 Downtown Las Vegas 15,150 8,881 12,885 Midwest & South 68,933 80,883 69,285 Total Reportable Segment Capital Expenditures 108,019 115,971 115,673 Corporate 66,767 88,633 50,238 Total Capital Expenditures 174,786 204,604 165,911 Change in Accrued Property Additions 244 3,033 (4,367 ) Cash-Based Capital Expenditures $ 175,030 $ 207,637 $ 161,544 |
Note 15 - Selected Quarterly _2
Note 15 - Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2020 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Total revenues $ 680,525 $ 209,859 $ 652,238 $ 635,868 $ 2,178,490 Operating income (loss) (137,761 ) (86,348 ) 127,073 111,299 14,263 Net income (loss) (147,559 ) (108,544 ) 38,116 83,287 (134,700 ) Basic net income (loss) per common share $ (1.30 ) $ (0.96 ) $ 0.34 $ 0.73 $ (1.19 ) Diluted net income (loss) per common share $ (1.30 ) $ (0.96 ) $ 0.33 $ 0.73 $ (1.19 ) Year Ended December 31, 2019 (In thousands, except per share data) First Second Third Fourth Year Summary Operating Results: Total revenues $ 827,288 $ 846,132 $ 819,568 $ 833,131 $ 3,326,119 Operating income 117,626 126,692 113,391 114,859 472,568 Net income 45,451 48,484 39,405 24,296 157,636 Basic net income per common share $ 0.40 $ 0.43 $ 0.35 $ 0.21 $ 1.39 Diluted net income per common share $ 0.40 $ 0.43 $ 0.35 $ 0.21 $ 1.38 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | May 21, 2020USD ($) | Jan. 01, 2019USD ($) | Apr. 01, 2016 | |
Number of Reportable Segments | 3 | ||||||||
Number of Gaming Entertainment Properties | 28 | 28 | |||||||
Asset Impairment Charges, Total | $ 174,700 | $ 0 | $ 993 | ||||||
Interest Costs Capitalized | 100 | 0 | 0 | ||||||
Debt Securities, Available-for-sale, Amortized Cost, Total | $ 19,000 | $ 19,000 | |||||||
Debt Security Interest Rate Stated Percentage | 7.50% | 7.50% | |||||||
Debt Securities, Available-for-sale, Total | $ 16,700 | $ 16,700 | 16,200 | ||||||
Debt Securities, Available-for-sale, Current, Total | 600 | 600 | 600 | ||||||
Debt Securities, Available-for-sale, Noncurrent | 16,100 | 16,100 | 15,600 | ||||||
Taxes, Other | 388,000 | 546,700 | 367,500 | ||||||
Advertising Expense | $ 20,200 | $ 44,700 | $ 33,700 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 0 | 0 | 0 | ||||||
Nonrecurring Gain Related to Property Closures | $ 40,000 | ||||||||
Operating Lease, Right-of-Use Asset | $ 928,814 | $ 928,814 | $ 936,170 | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||||
Operating Lease, Right-of-Use Asset | $ 935,100 | ||||||||
Operating Lease, Liability, Total | 921,800 | ||||||||
Accrued Rent, Current | $ 13,300 | ||||||||
Borgata [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||||||||
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% | 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 Gaming Entertainment Properties, Open and Operating | 24 | 24 | |||||||
Asset Impairment Charges, Total | $ 3,600 | $ 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 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 519,182 | $ 249,977 | $ 249,417 | $ 203,104 |
Restricted cash | 15,817 | 20,471 | 23,785 | 24,175 |
Total cash, cash equivalents and restricted cash | $ 534,999 | $ 270,448 | $ 273,202 | $ 227,279 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance, January 1, | $ 4,474 | $ 3,607 | $ 2,072 |
Additions due to Acquisitions | 0 | 0 | 1,425 |
Additions | 440 | 929 | 180 |
Deductions | (808) | (62) | (70) |
Ending balance, December 31, | $ 4,106 | $ 4,474 | $ 3,607 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment, Useful Life (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Riverboats And Barges [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Riverboats And Barges [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 1 year |
Furniture and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 12 years |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Investment Maturity (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2025 | $ 785 |
Total | 19,000 |
The 7.5% City Bonds [Member] | |
2021 | 590 |
2022 | 635 |
2023 | 680 |
2024 | 730 |
Thereafter | 15,565 |
Total | $ 18,985 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Self-insurance Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance, January 1, | $ 43,604 | $ 37,501 | $ 33,995 |
Charged to costs and expenses | 105,739 | 121,075 | 90,299 |
Due to acquisitions | 0 | 0 | 3,279 |
Payments made | (103,907) | (114,972) | (90,072) |
Ending balance, December 31, | $ 45,436 | $ 43,604 | $ 37,501 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Food and Beverage [Member] | |||
Promotional allowance | $ 90,714 | $ 215,989 | $ 182,960 |
Occupancy [Member] | |||
Promotional allowance | 46,841 | 96,296 | 81,671 |
Product and Service, Other [Member] | |||
Promotional allowance | $ 5,508 | $ 14,908 | $ 11,939 |
Note 2 - Acquisitions and Div_3
Note 2 - Acquisitions and Divestitures (Details Textual) $ in Thousands | Oct. 15, 2018USD ($) | Sep. 17, 2018USD ($) | Jun. 01, 2018USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 01, 2019USD ($) | Dec. 31, 2018USD ($) | May 06, 2020USD ($) | Aug. 01, 2016 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 11,201 | $ 5,535 | $ 934,073 | ||||||||
Goodwill, Purchase Accounting Adjustments | 21,185 | ||||||||||
Borgata [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 300 | ||||||||||
Promissory Note [Member] | Gold Merger Sub [Member] | |||||||||||
Notes Payable, Total | $ 57,700 | ||||||||||
Pinnacle Acquisition [Member] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 576,100 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 615,100 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets | $ (400) | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (36,700) | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 39,000 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Liabilities | (200) | ||||||||||
Goodwill, Purchase Accounting Adjustments | $ 5,800 | ||||||||||
Pinnacle Acquisition [Member] | Project Development, Preopening, and Writedowns Expense [Member] | |||||||||||
Business Combination, Acquisition Related Costs | 200 | 2,400 | 14,500 | ||||||||
Pinnacle Acquisition [Member] | Promissory Note [Member] | Gold Merger Sub [Member] | |||||||||||
Notes Payable, Total | $ 57,700 | ||||||||||
Valley Forge Convention Center Partners, L.P. [Member] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 264,300 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 289,100 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets | $ (600) | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 600 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (12,000) | ||||||||||
Goodwill, Purchase Accounting Adjustments | 16,500 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Assets | 2,400 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Liabilities | $ 9,200 | ||||||||||
Valley Forge Convention Center Partners, L.P. [Member] | Project Development, Preopening, and Writedowns Expense [Member] | |||||||||||
Business Combination, Acquisition Related Costs | 200 | 600 | 3,600 | ||||||||
Lattner Entertainment Group Illinois, LLC [Member] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 100,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 110,500 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets | $ 1,000 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 200 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 1,200 | ||||||||||
Number of Gaming Units | 1,100 | ||||||||||
Number of Locations | 210 | ||||||||||
Lattner Entertainment Group Illinois, LLC [Member] | Project Development, Preopening, and Writedowns Expense [Member] | |||||||||||
Business Combination, Acquisition Related Costs | $ 0 | $ 400 | $ 700 |
Note 2 - Acquisitions and Div_4
Note 2 - Acquisitions and Divestitures - Schedule of Business Acquisition Assets and Liabilities of Pinnacle Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 15, 2018 | Dec. 31, 2017 |
Goodwill | $ 971,287 | $ 1,083,287 | $ 1,062,102 | $ 888,224 | |
Pinnacle Acquisition [Member] | |||||
Property and equipment | 130,306 | ||||
Intangible assets | 454,400 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 615,100 | ||||
Pinnacle Acquisition [Member] | Revision of Prior Period, Adjustment [Member] | |||||
Current assets | 64,161 | ||||
Property and equipment | 130,306 | ||||
Other assets | (28) | ||||
Intangible assets | 454,400 | ||||
Total acquired assets | 648,839 | ||||
Current liabilities | 54,434 | ||||
Other liabilities | 57,832 | ||||
Total liabilities assumed | 112,266 | ||||
Net identifiable assets acquired | 536,573 | ||||
Goodwill | 78,560 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 615,133 |
Note 2 - Acquisitions and Div_5
Note 2 - Acquisitions and Divestitures - Schedule of Acquired Property and Equipment of Pinnacle Acquisition (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Pinnacle Acquisition [Member] | |
Property and Equipment, Recorded Amount | $ 130,306 |
Land [Member] | Pinnacle Acquisition [Member] | |
Property and Equipment, Recorded Amount | $ 4,395 |
Building and Building Improvements [Member] | Minimum [Member] | |
Property and Equipment, Useful Life (Year) | 3 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property and Equipment, Useful Life (Year) | 40 years |
Building and Building Improvements [Member] | Pinnacle Acquisition [Member] | |
Property and Equipment, Recorded Amount | $ 56,054 |
Building and Building Improvements [Member] | Pinnacle Acquisition [Member] | Minimum [Member] | |
Property and Equipment, Useful Life (Year) | 15 years |
Building and Building Improvements [Member] | Pinnacle Acquisition [Member] | Maximum [Member] | |
Property and Equipment, Useful Life (Year) | 40 years |
Furniture and Fixtures [Member] | Pinnacle Acquisition [Member] | |
Property and Equipment, Recorded Amount | $ 69,857 |
Furniture and Fixtures [Member] | Pinnacle Acquisition [Member] | Minimum [Member] | |
Property and Equipment, Useful Life (Year) | 2 years |
Furniture and Fixtures [Member] | Pinnacle Acquisition [Member] | Maximum [Member] | |
Property and Equipment, Useful Life (Year) | 10 years |
Note 2 - Acquisitions and Div_6
Note 2 - Acquisitions and Divestitures - Schedule of Acquired Intangible Assets of Pinnacle Acquisition (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pinnacle Acquisition [Member] | ||
Intangible Assets, Recorded Amount | $ 454.4 | |
Pinnacle Acquisition [Member] | Trademarks [Member] | ||
Intangible Assets, Recorded Amount | 42.3 | |
Pinnacle Acquisition [Member] | Gaming License Right [Member] | ||
Intangible Assets, Recorded Amount | $ 369.5 | |
Customer Relationships [Member] | ||
Intangible Assets, Useful Life (Year) | 2 years 6 months | 3 years 6 months |
Customer Relationships [Member] | Pinnacle Acquisition [Member] | ||
Intangible Assets, Useful Life (Year) | 4 years | |
Intangible Assets, Recorded Amount | $ 42.6 |
Note 2 - Acquisitions and Div_7
Note 2 - Acquisitions and Divestitures - Business Acquisition Income Statement Supplemental Information of Pinnacle Acquisition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income from continuing operations, net of tax | $ 83,287 | $ 38,116 | $ (108,544) | $ (147,559) | $ 24,296 | $ 39,405 | $ 48,484 | $ 45,451 | $ (134,700) | $ 157,636 | $ 115,048 | |
Pinnacle Acquisition [Member] | ||||||||||||
Total revenues | $ 138,189 | 476,188 | 671,900 | |||||||||
Net income from continuing operations, net of tax | $ 1,641 | $ (48,878) | $ 59,740 |
Note 2 - Acquisitions and Div_8
Note 2 - Acquisitions and Divestitures - Schedule of Business Acquisition Assets and Liabilities of Valley Forge Convention Center Partners (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 17, 2018 | Dec. 31, 2017 |
Goodwill | $ 971,287 | $ 1,083,287 | $ 1,062,102 | $ 888,224 | |
Valley Forge Convention Center Partners, L.P. [Member] | |||||
Property and equipment | 57,118 | ||||
Intangible assets | 136,600 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 289,100 | ||||
Revision of Prior Period, Adjustment [Member] | Valley Forge Convention Center Partners, L.P. [Member] | |||||
Current assets | 29,280 | ||||
Property and equipment | 57,118 | ||||
Other assets | 2,872 | ||||
Intangible assets | 136,600 | ||||
Total acquired assets | 225,870 | ||||
Current liabilities | 12,968 | ||||
Other liabilities | 9,803 | ||||
Total liabilities assumed | 22,771 | ||||
Net identifiable assets acquired | 203,099 | ||||
Goodwill | 85,966 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 289,065 |
Note 2 - Acquisitions and Div_9
Note 2 - Acquisitions and Divestitures - Schedule of Acquired Property and Equipment of Valley Forge Convention Center Partners (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Furniture and Equipment [Member] | Minimum [Member] | |
Property and Equipment, Useful Life (Year) | 1 year |
Furniture and Equipment [Member] | Maximum [Member] | |
Property and Equipment, Useful Life (Year) | 12 years |
Valley Forge Convention Center Partners, L.P. [Member] | |
Property and Equipment, Recorded Amount | $ 57,118 |
Valley Forge Convention Center Partners, L.P. [Member] | Land [Member] | |
Property and Equipment, Recorded Amount | 15,150 |
Valley Forge Convention Center Partners, L.P. [Member] | Building Improvements [Member] | |
Property and Equipment, Recorded Amount | $ 32,908 |
Valley Forge Convention Center Partners, L.P. [Member] | Building Improvements [Member] | Minimum [Member] | |
Property and Equipment, Useful Life (Year) | 15 years |
Valley Forge Convention Center Partners, L.P. [Member] | Building Improvements [Member] | Maximum [Member] | |
Property and Equipment, Useful Life (Year) | 40 years |
Valley Forge Convention Center Partners, L.P. [Member] | Furniture and Equipment [Member] | |
Property and Equipment, Recorded Amount | $ 9,060 |
Valley Forge Convention Center Partners, L.P. [Member] | Furniture and Equipment [Member] | Minimum [Member] | |
Property and Equipment, Useful Life (Year) | 2 years |
Valley Forge Convention Center Partners, L.P. [Member] | Furniture and Equipment [Member] | Maximum [Member] | |
Property and Equipment, Useful Life (Year) | 6 years |
Note 2 - Acquisitions and Di_10
Note 2 - Acquisitions and Divestitures - Schedule of Acquired Intangible Assets of Valley Forge Convention Center Partners (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Valley Forge Convention Center Partners, L.P. [Member] | ||
Intangible Assets, Recorded Amount | $ 136.6 | |
Valley Forge Convention Center Partners, L.P. [Member] | Trademarks [Member] | ||
Intangible Assets, Recorded Amount | 12.5 | |
Valley Forge Convention Center Partners, L.P. [Member] | Gaming License Right [Member] | ||
Intangible Assets, Recorded Amount | $ 108 | |
Customer Relationships [Member] | ||
Intangible Assets, Useful Life (Year) | 2 years 6 months | 3 years 6 months |
Customer Relationships [Member] | Valley Forge Convention Center Partners, L.P. [Member] | ||
Intangible Assets, Useful Life (Year) | 5 years | |
Intangible Assets, Recorded Amount | $ 16.1 |
Note 2 - Acquisitions and Di_11
Note 2 - Acquisitions and Divestitures - Business Acquisition Income Statement Supplemental Information of Valley Forge Convention Center Partners (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income from continuing operations, net of tax | $ 83,287 | $ 38,116 | $ (108,544) | $ (147,559) | $ 24,296 | $ 39,405 | $ 48,484 | $ 45,451 | $ (134,700) | $ 157,636 | $ 115,048 | |
Valley Forge Convention Center Partners, L.P. [Member] | ||||||||||||
Total revenues | $ 43,499 | 88,699 | 168,610 | |||||||||
Net income from continuing operations, net of tax | $ 4,450 | $ 3,342 | $ 31,286 |
Note 2 - Acquisitions and Di_12
Note 2 - Acquisitions and Divestitures - Schedule of Business Acquisition Assets and Liabilities of Lattner Entertainment Group Illinois (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2018 | Dec. 31, 2017 |
Goodwill | $ 971,287 | $ 1,083,287 | $ 1,062,102 | $ 888,224 | |
Lattner Entertainment Group Illinois, LLC [Member] | |||||
Property and equipment | 9,496 | ||||
Intangible assets | 58,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 110,500 | ||||
Revision of Prior Period, Adjustment [Member] | Lattner Entertainment Group Illinois, LLC [Member] | |||||
Current assets | 10,638 | ||||
Property and equipment | 9,496 | ||||
Other assets | 2,933 | ||||
Intangible assets | 58,000 | ||||
Total acquired assets | 81,067 | ||||
Current liabilities | 1,062 | ||||
Total liabilities assumed | 1,062 | ||||
Net identifiable assets acquired | 80,005 | ||||
Goodwill | 30,529 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net, Total | $ 110,534 |
Note 2 - Acquisitions and Di_13
Note 2 - Acquisitions and Divestitures - Schedule of Acquired Property and Equipment of Lattner Entertainment Group Illinois (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Minimum [Member] | Furniture and Equipment [Member] | |
Property and Equipment, Useful Life (Year) | 1 year |
Maximum [Member] | Furniture and Equipment [Member] | |
Property and Equipment, Useful Life (Year) | 12 years |
Lattner Entertainment Group Illinois, LLC [Member] | |
Property and Equipment, Recorded Amount | $ 9,496 |
Lattner Entertainment Group Illinois, LLC [Member] | Building Improvements [Member] | |
Property and Equipment, Recorded Amount | 66 |
Lattner Entertainment Group Illinois, LLC [Member] | Furniture and Equipment [Member] | |
Property and Equipment, Recorded Amount | $ 9,430 |
Lattner Entertainment Group Illinois, LLC [Member] | Minimum [Member] | Building Improvements [Member] | |
Property and Equipment, Useful Life (Year) | 10 years |
Lattner Entertainment Group Illinois, LLC [Member] | Minimum [Member] | Furniture and Equipment [Member] | |
Property and Equipment, Useful Life (Year) | 3 years |
Lattner Entertainment Group Illinois, LLC [Member] | Maximum [Member] | Building Improvements [Member] | |
Property and Equipment, Useful Life (Year) | 45 years |
Lattner Entertainment Group Illinois, LLC [Member] | Maximum [Member] | Furniture and Equipment [Member] | |
Property and Equipment, Useful Life (Year) | 7 years |
Note 2 - Acquisitions and Di_14
Note 2 - Acquisitions and Divestitures - Schedule of Acquired Intangible Assets of Lattner Entertainment Group Illinois (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lattner Entertainment Group Illinois, LLC [Member] | ||
Intangible Assets, Recorded Amount | $ 58 | |
Host Agreements [Member] | ||
Intangible Assets, Useful Life (Year) | 12 years 4 months 24 days | 13 years 4 months 24 days |
Host Agreements [Member] | Lattner Entertainment Group Illinois, LLC [Member] | ||
Intangible Assets, Useful Life (Year) | 15 years | |
Intangible Assets, Recorded Amount | $ 58 |
Note 2 - Acquisitions & Divesti
Note 2 - Acquisitions & Divestitures - Business Acquisition Income Statement Supplemental Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenues, pro forma | $ 3,293,658 | ||||||||||
Net income from continuing operations, net of tax | $ 83,287 | $ 38,116 | $ (108,544) | $ (147,559) | $ 24,296 | $ 39,405 | $ 48,484 | $ 45,451 | $ (134,700) | $ 157,636 | 115,048 |
Net income from continuing operations, net of tax, pro forma | $ 131,290 | ||||||||||
Basic net income per share (in dollars per share) | $ 0.73 | $ 0.34 | $ (0.96) | $ (1.30) | $ 0.21 | $ 0.35 | $ 0.43 | $ 0.40 | $ (1.19) | $ 1.39 | $ 1.01 |
Basic net income per share, pro forma (in dollars per share) | 1.15 | ||||||||||
Diluted net income per share (in dollars per share) | $ 0.73 | $ 0.33 | $ (0.96) | $ (1.30) | $ 0.21 | $ 0.35 | $ 0.43 | $ 0.40 | $ (1.19) | $ 1.38 | 1 |
Diluted net income per share, pro forma (in dollars per share) | $ 1.14 | ||||||||||
Parent Company [Member] | |||||||||||
Total revenues | $ 2,626,730 | ||||||||||
Net income from continuing operations, net of tax | $ 114,701 | ||||||||||
Basic net income per share (in dollars per share) | $ 1.01 | ||||||||||
Diluted net income per share (in dollars per share) | $ 1 | ||||||||||
Subsidiaries [Member] | |||||||||||
Total revenues | $ 666,928 | ||||||||||
Net income from continuing operations, net of tax | $ 16,589 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 261.7 | $ 247 | $ 212.1 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 5,315,944 | $ 5,308,975 |
Less accumulated depreciation | (2,790,057) | (2,636,422) |
Property and equipment, net | 2,525,887 | 2,672,553 |
Land [Member] | ||
Property and equipment, gross | 346,485 | 324,501 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,074,896 | 3,090,974 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,609,637 | 1,596,395 |
Riverboats And Barges [Member] | ||
Property and equipment, gross | 241,043 | 241,036 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 43,883 | $ 56,069 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 62,700 | $ 0 | $ 0 | |
Customer Relationships [Member] | ||||
Finite-Lived Intangible Asset, Original Life (Year) | 5 years | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years 6 months | 3 years 6 months | ||
Host Relationships [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Trademarks [Member] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 16,900 | $ 3,600 | ||
Trademarks [Member] | Las Vegas Locals [Member] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 8,000 | 2,500 | ||
Trademarks [Member] | Midwest and South [Member] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 8,900 | $ 1,100 | ||
Licensing Agreements [Member] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 42,200 |
Note 4 - Intangible Assets - Sc
Note 4 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible assets, gross carrying value | $ 147,473 | $ 147,473 | ||
Intangible assets, cumulative amortization | (65,051) | (45,720) | ||
Intangible assets, cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | 82,422 | 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 | (246,974) | (184,274) | ||
Intangible assets, net | 1,299,751 | 1,365,138 | ||
Intangible assets, gross carrying value | 1,728,158 | 1,730,845 | ||
Intangible assets, cumulative amortization | (99,011) | (79,680) | ||
Intangible assets, cumulative impairment losses | (246,974) | (184,274) | ||
Intangible assets, net | 1,382,173 | 1,466,891 | $ 1,466,670 | $ 842,946 |
Trademarks [Member] | ||||
Intangible assets, gross carrying value | 204,000 | 206,687 | ||
Intangible assets, cumulative amortization | 0 | 0 | ||
Intangible assets, cumulative impairment losses | (24,800) | (4,300) | ||
Intangible assets, net | 179,200 | 202,387 | 203,087 | 147,587 |
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 | 1,127,751 | 659,401 |
Customer Relationships [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years 6 months | 3 years 6 months | ||
Intangible assets, gross carrying value | $ 68,100 | $ 68,100 | ||
Intangible assets, cumulative amortization | (55,062) | (39,598) | ||
Intangible assets, cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | $ 13,038 | $ 28,502 | 50,287 | 5,930 |
Host Agreements [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years 4 months 24 days | 13 years 4 months 24 days | ||
Intangible assets, gross carrying value | $ 58,000 | $ 58,000 | ||
Intangible assets, cumulative amortization | (9,989) | (6,122) | ||
Intangible assets, cumulative impairment losses | 0 | 0 | ||
Intangible assets, net | 48,011 | 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 | $ 21,373 | $ 21,373 |
Note 4 - Intangible Assets - Ch
Note 4 - Intangible Assets - Changes in Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Balance, finite lived | $ 101,753 | |||||
Balance, indefinite lived | 1,365,138 | |||||
Balance, total | 1,466,891 | $ 1,466,670 | $ 842,946 | |||
Additions, total | 637,850 | |||||
Amortization, finite lived | (19,331) | (28,351) | (14,126) | |||
Purchase price adjustments, total | 37,000 | |||||
Other, total | (2,687) | [1] | (8,428) | [2] | ||
Impairments, total | (62,700) | 0 | 0 | |||
Balance, finite lived | 82,422 | 101,753 | ||||
Balance, indefinite lived | 1,299,751 | 1,365,138 | ||||
Balance, total | 1,382,173 | 1,466,891 | 1,466,670 | |||
Trademarks [Member] | ||||||
Balance, indefinite lived | 202,387 | 203,087 | 147,587 | |||
Additions, indefinite lived | 55,500 | |||||
Purchase price adjustments, indefinite lived | (700) | |||||
Other, finite lived | [1] | (2,687) | ||||
Impairments, indefinite lived | (20,500) | |||||
Balance, indefinite lived | 179,200 | 202,387 | 203,087 | |||
Gaming License Right [Member] | ||||||
Balance, indefinite lived | 1,162,751 | 1,127,751 | 659,401 | |||
Additions, indefinite lived | 468,350 | |||||
Purchase price adjustments, indefinite lived | 35,000 | |||||
Other, finite lived | [1] | 0 | ||||
Impairments, indefinite lived | (42,200) | |||||
Balance, indefinite lived | 1,120,551 | 1,162,751 | 1,127,751 | |||
Customer Relationships [Member] | ||||||
Balance, finite lived | 28,502 | 50,287 | 5,930 | |||
Additions, finite lived | 56,000 | |||||
Amortization, finite lived | (15,464) | (24,485) | (11,643) | |||
Purchase price adjustments, finite lived | 2,700 | |||||
Other, finite lived | 0 | [1] | 0 | [2] | ||
Impairments, finite lived | 0 | |||||
Balance, finite lived | 13,038 | 28,502 | 50,287 | |||
Host Relationships [Member] | ||||||
Balance, finite lived | 51,878 | 55,744 | 0 | |||
Additions, finite lived | 58,000 | |||||
Amortization, finite lived | (3,867) | (3,866) | (2,256) | |||
Purchase price adjustments, finite lived | 0 | |||||
Other, finite lived | 0 | [1] | 0 | [2] | ||
Impairments, finite lived | 0 | |||||
Balance, finite lived | 48,011 | 51,878 | 55,744 | |||
Favorable Lease Rates [Member] | ||||||
Balance, finite lived | 0 | 8,428 | 8,655 | |||
Additions, finite lived | 0 | |||||
Amortization, finite lived | 0 | 0 | (227) | |||
Purchase price adjustments, finite lived | 0 | |||||
Other, finite lived | 0 | [1] | (8,428) | [2] | ||
Impairments, finite lived | 0 | |||||
Balance, finite lived | 0 | 0 | 8,428 | |||
Development Agreements [Member] | ||||||
Balance, finite lived | 21,373 | 21,373 | 21,373 | |||
Additions, finite lived | 0 | |||||
Amortization, finite lived | 0 | 0 | 0 | |||
Purchase price adjustments, finite lived | 0 | |||||
Other, finite lived | 0 | [1] | 0 | [2] | ||
Impairments, finite lived | 0 | |||||
Balance, finite lived | $ 21,373 | $ 21,373 | $ 21,373 | |||
[1] | A domain rights asset was written off in second quarter 2020. | |||||
[2] | The remaining balance of the favorable lease rates intangible asset was reclassified and added to the operating lease right-of-use asset upon the adoption of the Lease Standard effective January 1, 2019. |
Note 4 - Intangible Assets - Fu
Note 4 - Intangible Assets - Future Amortization (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 12,604 |
2022 | 7,189 |
2023 | 4,806 |
2024 | 3,907 |
2025 | 3,867 |
Thereafter | 28,676 |
Total future amortization | 61,049 |
Customer Relationships [Member] | |
2021 | 8,737 |
2022 | 3,322 |
2023 | 939 |
2024 | 40 |
2025 | 0 |
Thereafter | 0 |
Total future amortization | 13,038 |
Host Relationships [Member] | |
2021 | 3,867 |
2022 | 3,867 |
2023 | 3,867 |
2024 | 3,867 |
2025 | 3,867 |
Thereafter | 28,676 |
Total future amortization | $ 48,011 |
Note 5 - Goodwill (Details Text
Note 5 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | |
Goodwill, Purchase Accounting Adjustments | $ 21,185 | ||
Las Vegas Locals [Member] | Acquired Companies [Member] | |||
Goodwill, Purchase Accounting Adjustments | $ 22,600 | ||
Midwest and South [Member] | Acquired Companies [Member] | |||
Goodwill, Purchase Accounting Adjustments | $ 89,400 | $ 21,200 | $ 173,900 |
Note 5 - Goodwill - Goodwill (D
Note 5 - Goodwill - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill, gross | $ 1,267,362 | |||
Goodwill, cumulative amortization | (6,134) | |||
Goodwill, cumulative impairment losses | (289,941) | |||
Goodwill, net | 971,287 | $ 1,083,287 | $ 1,062,102 | $ 888,224 |
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 5 - Goodwill - Goodwill Ac
Note 5 - Goodwill - Goodwill Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Balance, goodwill | $ 1,083,287 | $ 1,062,102 | $ 888,224 | $ 888,224 |
Additions, goodwill | 173,878 | |||
Final purchase price adjustments, goodwill | 21,185 | |||
Impairments, goodwill | (112,000) | |||
Balance, goodwill | $ 971,287 | $ 1,083,287 | $ 1,062,102 | $ 1,083,287 |
Note 6 - Accrued Liabilities -
Note 6 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payroll and related expenses | $ 73,802 | $ 99,602 |
Interest | 36,055 | 32,239 |
Gaming liabilities | 72,655 | 64,465 |
Player loyalty program liabilities | 27,935 | 32,983 |
Advance deposits | 16,037 | 22,854 |
Outstanding chip liabilities | 6,021 | 7,394 |
Dividend payable | 0 | 7,808 |
Other accrued liabilities | 73,436 | 83,865 |
Total accrued liabilities | 396,419 | 438,896 |
Accrued Liabilities [Member] | ||
Operating lease liabilities | $ 90,478 | $ 87,686 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) $ in Thousands | May 21, 2020USD ($) | May 08, 2020USD ($) | Dec. 03, 2019USD ($) | Jun. 25, 2018USD ($) | Mar. 28, 2016USD ($) | Dec. 31, 2021 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Aug. 05, 2020 |
Long-term Line of Credit, Total | $ 896,185 | $ 1,305,634 | |||||||||
Long-term Debt, Gross | 3,949,823 | 3,813,956 | |||||||||
Operating Lease, Right-of-Use Asset | 928,814 | 936,170 | |||||||||
Operating Lease, Payments | 147,560 | $ 160,333 | |||||||||
Gold Merger Sub [Member] | |||||||||||
Operating Lease, Liability, Total | 40,900 | ||||||||||
Operating Lease, Right-of-Use Asset | $ 40,900 | ||||||||||
Lessee, Operating Lease, Discount Rate | 11.10% | ||||||||||
Operating Lease, Payments | $ 3,900 | ||||||||||
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% | ||||||||||
Bank Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Permitted Secured Leverage Ratio | 3.50 | ||||||||||
Line of Credit [Member] | Bank Credit Facility [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.486% | 3.753% | |||||||||
Long-term Debt, Gross | $ 896,185 | $ 1,305,634 | |||||||||
Term A Loan [Member] | |||||||||||
Debt Instrument, Fixed Quarterly Amortization of Principal Percentage | 5.00% | ||||||||||
Term A Loan [Member] | Forecast [Member] | |||||||||||
Debt Instrument, Fixed Quarterly Amortization of Principal Percentage | 10.00% | ||||||||||
Debt Instrument, Fixed Annual Amortization of Principal Percentage | 20.00% | ||||||||||
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% | ||||||||||
Bank Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,033,700 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,021,100 | ||||||||||
Bank Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||
Bank Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||||||||
Refinancing Term B Loans [Member] | |||||||||||
Debt Instrument Prepayment Fee, Percentage | 1.00% | ||||||||||
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 | ||||||||||
Debt Instrument, Conditional Repurchase Price Percent of Principal | 101.00% | ||||||||||
Long-term Debt, Gross | $ 600,000 | ||||||||||
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% | ||||||||
Debt Issuance Costs, Gross | $ 15,700 | ||||||||||
Debt Instrument, Conditional Repurchase Price Percent of Principal | 101.00% | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Long-term Debt, Gross | $ 1,000,000 | $ 1,000,000 | |||||||||
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Prior to December 1, 2022 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | In 2022 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 102.375% | ||||||||||
Senior Notes [Member] | The 4.750% Senior NotesDue December 2027 [Member] | In 2024 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 700,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | ||||||||
Debt Issuance Costs, Gross | $ 11,300 | ||||||||||
Debt Instrument, Conditional Repurchase Price Percent of Principal | 101.00% | ||||||||||
Long-term Debt, Gross | $ 700,000 | $ 700,000 | |||||||||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | In 2024 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | Prior to August 15, 2021 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | In 2021 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 103.00% | ||||||||||
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 750,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | 6.375% | 6.375% | ||||||||
Debt Issuance Costs, Gross | $ 13,000 | ||||||||||
Debt Instrument, Conditional Repurchase Price Percent of Principal | 101.00% | ||||||||||
Long-term Debt, Gross | $ 750,000 | $ 750,000 | |||||||||
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | In 2024 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | In 2021 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 103.188% | ||||||||||
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | Prior to April 1, 2021 [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Senior Notes [Member] | Senior Notes 6.875% Due 2023 [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||||||||||
Debt Instrument, Redemption Price, Percentage | 103.438% | ||||||||||
Long-term Debt, Gross | $ 57,700 | ||||||||||
Senior Secured Notes [Member] | |||||||||||
Debt Instrument Covenant Terms, Minimum Required Coverage Ratio | 2 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,021,100 | ||||||||||
Line of Credit Facility Covenant Terms, Maximum Secured Leverage Ratio Allowed | 4.25 | ||||||||||
Line of Credit Facility Covenant Terms, Minimum Consolidated Interest Coverage Ratio Required | 1.75 | ||||||||||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | |||||||||||
Line of Credit Facility, Additional Available Borrowing Capacity | $ 550,000 | ||||||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||||||
Debt Instrument, Covenant, Minimum Level of Liquidity | $ 250,000 | ||||||||||
Debt Instrument, Covenant, Total Net Leverage Ratio | 6 | ||||||||||
Long-term Line of Credit, Total | 0 | $ 235,000 | |||||||||
Revolving Credit Facility [Member] | Bank Credit Facility [Member] | |||||||||||
Long-term Line of Credit, Total | 0 | ||||||||||
Letter of Credit [Member] | Line of Credit [Member] | |||||||||||
Long-term Line of Credit, Total | $ 12,600 | ||||||||||
Revolving Credit Facility, Swing Loan and Term Loan A [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||
Revolving Credit Facility, Swing Loan and Term Loan A [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
Revolving Credit Facility, Swing Loan and Term Loan A [Member] | Eurodollar [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
Revolving Credit Facility, Swing Loan and Term Loan A [Member] | Eurodollar [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
Refinancing Term B Loans [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||
Refinancing Term B Loans [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||||
Refinancing Term B Loans [Member] | Eurodollar [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||
Refinancing Term B Loans [Member] | Eurodollar [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||
Bank Credit Facility [Member] | Eurodollar [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||
Bank Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 7 - Long-term Debt - Sched
Note 7 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | May 21, 2020 | Dec. 31, 2019 | Dec. 03, 2019 | Jun. 25, 2018 | Mar. 28, 2016 |
Long-term debt, outstanding principal | $ 3,949,823 | $ 3,813,956 | ||||
Long-term debt, unamortized discount | (472) | (671) | ||||
Long-term debt, unamortized original fees and costs | (51,868) | (47,354) | ||||
Long-term debt, net | 3,897,483 | 3,765,931 | ||||
Long-term debt, outstanding principal, current | 30,740 | 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 | 30,740 | 26,994 | ||||
Long-term debt, outstanding principal, noncurrent | 3,919,083 | 3,786,962 | ||||
Long-term debt, unamortized discount, noncurrent | (472) | (671) | ||||
Long-term debt, unamortized original fees and costs, noncurrent | (51,868) | (47,354) | ||||
Long-term debt, net of current maturities and debt issuance costs | $ 3,866,743 | $ 3,738,937 | ||||
Line of Credit [Member] | Bank Credit Facility [Member] | ||||||
Long-term debt, interest rate | 2.486% | 3.753% | ||||
Long-term debt, outstanding principal | $ 896,185 | $ 1,305,634 | ||||
Long-term debt, unamortized discount | (472) | (671) | ||||
Long-term debt, unamortized original fees and costs | (12,924) | (14,255) | ||||
Long-term debt, net | $ 882,789 | $ 1,290,708 | ||||
Senior Notes [Member] | Senior Notes 6.375% Due 2026 [Member] | ||||||
Long-term debt, interest rate | 6.375% | 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 | (6,947) | (8,271) | ||||
Long-term debt, net | $ 743,053 | $ 741,729 | ||||
Senior Notes [Member] | Senior Notes 6.000% Due 2026 [Member] | ||||||
Long-term debt, interest rate | 6.00% | 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 | (7,849) | (9,244) | ||||
Long-term debt, net | $ 692,151 | $ 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 | (13,636) | (15,584) | ||||
Long-term debt, net | $ 986,364 | $ 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 | (10,512) | |||||
Long-term debt, net | $ 589,488 | |||||
Other Long-Term Debt [Member] | ||||||
Long-term debt, interest rate | 6.137% | 11.138% | ||||
Long-term debt, outstanding principal | $ 3,638 | $ 58,322 | ||||
Long-term debt, unamortized discount | 0 | 0 | ||||
Long-term debt, unamortized original fees and costs | 0 | 0 | ||||
Long-term debt, net | $ 3,638 | $ 58,322 |
Note 7 - Long-term Debt - Outst
Note 7 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Outstanding principal amounts | $ 896,185 | $ 1,305,634 |
Line of Credit [Member] | Term A Loan [Member] | ||
Outstanding principal amounts | 133,796 | 234,300 |
Line of Credit [Member] | Refinancing Term B Loan [Member] | ||
Outstanding principal amounts | 762,389 | 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 - Long-term Debt - Maxim
Note 7 - Long-term Debt - Maximum Total Leverage Ratio (Details) - Bank Credit Facility [Member] | Dec. 31, 2020 |
Four Fiscal Quarters Ended March 31, 2019 through December 31, 2019 [Member] | |
Maximum total leverage ratio | 6 |
Four Fiscal Quarters Ended March 31, 2021 [Member] | |
Maximum total leverage ratio | 5.75 |
Four Fiscal Quarters Ended June 30, 2021 through December 31, 2021[Member] | |
Maximum total leverage ratio | 7.75 |
Four Fiscal Quarters Ended March 31, 2022 [Member] | |
Maximum total leverage ratio | 7 |
Four Fiscal Quarters Ended June 30, 2022 [Member] | |
Maximum total leverage ratio | 6.75 |
Four Fiscal Quarters Ended September 30, 2022 [Member] | |
Maximum total leverage ratio | 6.50 |
Four Fiscal Quarters Ended December 31, 2022 [Member] | |
Maximum total leverage ratio | 6 |
Four Fiscal Quarters Ended March 31, 2023 and Thereafter [Member] | |
Maximum total leverage ratio | 5.50 |
Note 7 - Long-term Debt - Early
Note 7 - Long-term Debt - Early Extinguishment of Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss on early extinguishments and modifications of debt | $ 34,200 | $ 1,791 | $ 34,949 | $ 61 |
Bank Credit Facility [Member] | ||||
Loss on early extinguishments and modifications of debt | 984 | 3,072 | 61 | |
Amended Credit Facility [Member] | ||||
Loss on early extinguishments and modifications of debt | 807 | 0 | 0 | |
Senior Notes 6.875% Due 2023 [Member] | Premium and Consent Fees [Member] | ||||
Loss on early extinguishments and modifications of debt | 0 | 25,785 | 0 | |
Senior Notes 6.875% Due 2023 [Member] | Deferred Finance Charges [Member] | ||||
Loss on early extinguishments and modifications of debt | $ 0 | $ 6,092 | $ 0 |
Note 7 - Long-term Debt - Matur
Note 7 - Long-term Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 30,740 | |
2022 | 41,639 | |
2023 | 827,444 | |
2024 | 0 | |
2025 | 600,000 | |
Thereafter | 2,450,000 | |
Total outstanding principal of long-term debt | $ 3,949,823 | $ 3,813,956 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 50,548 | $ 41,281 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 9,200 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 2,500 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 1,100 |
Domestic Tax Authority [Member] | ||
Tax Credit Carryforward, Amount | 15,600 | |
Operating Loss Carryforwards, Total | $ 559,800 | |
Open Tax Year | 2011 2012 2013 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 1,088,500 | |
Open Tax Year | 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Federal net operating loss carryforwards | $ 117,564 | $ 95,861 |
State net operating loss carryforwards | 68,925 | 67,357 |
Operating lease liability | 199,083 | 198,800 |
Share-based compensation | 11,276 | 15,029 |
Other | 60,895 | 60,540 |
Gross deferred income tax assets | 457,743 | 437,587 |
Valuation allowance | (50,548) | (41,281) |
Deferred income tax assets, net of valuation allowance | 407,195 | 396,306 |
Difference between book and tax basis of property and intangible assets | 295,343 | 311,365 |
State tax liability | 41,028 | 45,314 |
Right of use asset | 195,038 | 194,874 |
Other | 6,838 | 7,448 |
Gross deferred income tax liabilities | 538,247 | 559,001 |
Deferred income tax liabilities, net | $ 131,052 | $ 162,695 |
Note 8 - Income Taxes - Provisi
Note 8 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Federal | $ 0 | $ 0 | $ (584) |
State | (58) | 3,475 | 5,897 |
Total current taxes provision (benefit) | (58) | 3,475 | 5,313 |
Deferred | |||
Federal | (35,231) | 44,877 | 29,434 |
State | (1,025) | (3,862) | 5,584 |
Total deferred taxes provision (benefit) | (36,256) | 41,015 | 35,018 |
Provision (benefit) for income taxes from continuing operations | (36,314) | 44,490 | 40,331 |
Provision (benefit) for income taxes from continuing operations | (36,314) | 44,490 | 40,331 |
Provision for income taxes from discontinued operations | 0 | 0 | 136 |
Provision (benefit) for income taxes from continuing operations and discontinued operations | $ (36,314) | $ 44,490 | $ 40,467 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax at federal statutory rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal benefit | 0.50% | (0.20%) | 5.90% |
Compensation-based credits | 0.60% | (1.20%) | (1.90%) |
Nondeductible expenses | (0.40%) | 0.40% | 0.70% |
Tax exempt interest | 0.20% | (0.20%) | (0.20%) |
Company provided benefits | (1.30%) | 1.60% | 0.10% |
Other, net | 0.60% | 0.40% | 0.40% |
Effective tax rate | 21.20% | 21.80% | 26.00% |
Note 8 - Income Taxes - Unrecog
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized tax benefit, beginning of year | $ 2,482 | $ 2,482 | $ 2,482 |
Tax positions related to current year | 0 | 0 | 0 |
Tax positions related to prior years | (2,482) | 0 | 0 |
Unrecognized tax benefit, end of year | $ 0 | $ 2,482 | $ 2,482 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 20, 2011 | Jul. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 06, 2020 | Oct. 15, 2018 | Jan. 11, 2011 |
Accrued Liabilities, Current, Total | $ 396,419,000 | $ 438,896,000 | |||||||
Business Combination Contingent Consideration Arrangements, Payment To Option Holder Percentage Of Ebitda | 1.00% | ||||||||
Parking Fee Per Space | $ 80 | ||||||||
Lessee, Operating Lease, Renewal Term (Year) | 65 years | ||||||||
Gold Merger Sub [Member] | Promissory Note [Member] | |||||||||
Notes Payable, Total | $ 57,700,000 | ||||||||
Development Agreement [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 24,500,000 | ||||||||
Project Development Preopening and Writedowns | $ 5,500,000 | ||||||||
Development Agreement [Member] | Minimum [Member] | |||||||||
Unrecorded Commitment to Fund Pre Development Costs, Annual Amount | 1,000,000 | ||||||||
Development Agreement [Member] | Maximum [Member] | |||||||||
Unrecorded Commitment to Fund Pre Development Costs, Annual Amount | $ 2,000,000 | ||||||||
Kansas Star [Member] | |||||||||
Business Combination Contingent Consideration Arrangements, Payment To Option Holder Percentage Of Ebitda | 1.00% | ||||||||
Business Combination, Contingent Consideration, Arrangements Payment to Option Holder Term (Year) | 10 years | ||||||||
Diamond Jo Dubuque [Member] | |||||||||
Sponsor Fee Percentage | 4.50% | ||||||||
Sponsor Fees | $ 2,300,000 | $ 3,200,000 | $ 3,100,000 | ||||||
Diamond Jo Worth [Member] | |||||||||
Other Commitment Time Period (Year) | 10 years | ||||||||
Sponsor Fee Percentage | 5.76% | ||||||||
Sponsor Fees | $ 3,800,000 | $ 4,900,000 | $ 4,900,000 | ||||||
Master Lease for Pinnacle Purchase Agreement [Member] | |||||||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||||||||
Annual Donations for Education in Operating Area [Member] | Kansas Star [Member] | |||||||||
Other Commitment, Total | $ 1,500,000 | ||||||||
Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star [Member] | |||||||||
Other Commitment Time Period (Year) | 15 years | ||||||||
Debt Issued By Counterparty | $ 19,700,000 | ||||||||
Special Tax Assessment | 1,600,000 | 1,600,000 | |||||||
Accrued Liabilities, Current, Total | 5,900,000 | 6,700,000 | |||||||
Mulvane Special Tax Assessment for Utilities, Discount [Member] | Kansas Star [Member] | |||||||||
Accrued Liabilities, Current, Total | 2,000,000 | 2,500,000 | |||||||
Additional Mulvane Special Tax Assessment for Utilities [Member] | Kansas Star [Member] | |||||||||
Debt Issued By Counterparty | 5,000,000 | ||||||||
Special Tax Assessment | 1,600,000 | ||||||||
Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque [Member] | |||||||||
Property Taxes Minimum Agreed Taxable Value | 57,900,000 | ||||||||
Other Commitment, Minimum Annual Payments | 1,900,000 | 1,900,000 | |||||||
Dubuque Minimum Assessment Agreement [Member] | Diamond Jo Dubuque [Member] | Other Liabilities [Member] | |||||||||
Other Commitment Obligation | 12,700,000 | 13,100,000 | |||||||
Other Commitment, Discount on Obligation | $ 2,200,000 | $ 2,300,000 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) | Dec. 31, 2020 |
Lessee, Operating Lease, Renewal Term (Year) | 65 years |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 56 years |
Note 10 - Leases - Lease Cost (
Note 10 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 156,280 | $ 163,027 |
Short-term lease cost | $ (275) | $ 481 |
Note 10 - Leases - Supplemental
Note 10 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating cash flows from operating leases | $ 147,560 | $ 160,333 |
Operating leases | $ 57,221 | $ 13,204 |
Note 10 - Leases - Supplement_2
Note 10 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating lease right-of-use assets, including favorable lease rates asset | $ 928,814 | $ 936,170 |
Long-term portion of operating lease liabilities | $ 848,825 | $ 840,285 |
Operating leases (in years) (Year) | 17 years 8 months 12 days | 18 years 2 months 12 days |
Operating leases | 8.80% | 8.90% |
Accrued Liabilities [Member] | ||
Current lease liabilities (included in accrued liabilities) | $ 90,478 | $ 87,686 |
Accrued Liabilities and Operating Lease Liabilities, Net of Current Portion [Member] | ||
Total operating lease liabilities | $ 939,303 | $ 927,971 |
Note 10 - Leases - Maturity of
Note 10 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 163,576 | |
2022 | 151,560 | |
2023 | 119,116 | |
2024 | 118,927 | |
2025 | 119,000 | |
Thereafter | 1,248,846 | |
Total lease payments | 1,921,025 | |
Less imputed interest | (981,722) | |
Long-term portion of operating lease liabilities | 848,825 | $ 840,285 |
Accrued Liabilities [Member] | ||
Less current portion (included in accrued liabilities) | $ (90,478) | $ (87,686) |
Note 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Rental Income (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 2,531 |
2022 | 2,307 |
2023 | 2,109 |
2024 | 1,655 |
2025 | 196 |
Thereafter | 38 |
Total | $ 8,836 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 12, 2018 | ||
Stock Repurchased and Retired During Period, Shares (in shares) | [1],[2] | 683,000 | 1,087,000 | 1,853,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 5,700 | $ 4,700 | $ 7,800 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 0 | $ 600 | $ 1,200 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,800 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | ||||||||
Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,400 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Evaluation of Performance Conditions Period (Year) | 3 years | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Awards if Only Threshhold Performance Met, Percentage | 50.00% | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Awards for Target Performance, Percentage | 100.00% | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Awards for Maximum Performance, Percentage | 200.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 364,810 | 395,964 | 486,805 | ||||||
Shares Issued Per Unit (in shares) | 1.53 | 1.67 | 1.57 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 126,465 | 125,004 | 149,268 | ||||||
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares) | 238,345 | 270,960 | 337,537 | ||||||
Shares to be Issued to Settle PSUs (in shares) | 600,000 | ||||||||
Career Shares [Member] | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,200 | ||||||||
Career Shares [Member] | Executive Officer [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Award Eligibility Minimum Age (Year) | 55 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 10 years | ||||||||
Career Shares [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Service Period (Year) | 10 years | ||||||||
Career Shares [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Service Period (Year) | 15 years | ||||||||
Career Shares [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Service Period (Year) | 20 years | ||||||||
The 2020 Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Expiration of Plan (Year) | 10 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,300,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 7,600,000 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 11,300,000 | ||||||||
The 2020 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
The 2018 Plan [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 61,400 | ||||||||
[1] | All shares repurchased have been retired and constitute authorized but unissued shares. | ||||||||
[2] | Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2020, 2019 and 2018. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31, 2020, 2019 and 2018. |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity and Stock Incentive Plans - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Shares repurchased (2) (in shares) | [1],[2] | 683 | 1,087 | 1,853 |
Total cost, including brokerage fees | [2] | $ 11,121 | $ 28,045 | $ 59,570 |
Average repurchase price per share (3) (in dollars per share) | [2],[3] | $ 16.29 | $ 25.80 | $ 32.14 |
[1] | All shares repurchased have been retired and constitute authorized but unissued shares. | |||
[2] | Shares repurchased reflect repurchases settled during the twelve months ended December 31, 2020, 2019 and 2018. These amounts exclude repurchases, if any, traded but not yet settled on or before December 31, 2020, 2019 and 2018. | |||
[3] | Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) | 12 Months Ended |
Dec. 31, 2020$ / shares | |
Dividend Declared December 7, 2017 [Member] | |
Dividends, record date | Dec. 28, 2017 |
Dividends, payment date | Jan. 15, 2018 |
Dividends, amount per share (in dollars per share) | $ 0.05 |
Dividend Declared March 2, 2018 [Member] | |
Dividends, record date | Mar. 16, 2018 |
Dividends, payment date | Apr. 15, 2018 |
Dividends, amount per share (in dollars per share) | $ 0.05 |
Dividend Declared June 8, 2018 [Member] | |
Dividends, record date | Jun. 29, 2018 |
Dividends, payment date | Jul. 15, 2018 |
Dividends, amount per share (in dollars per share) | $ 0.06 |
Dividend Declared Sept 14, 2018 [Member] | |
Dividends, record date | Sep. 28, 2018 |
Dividends, payment date | Oct. 15, 2018 |
Dividends, amount per share (in dollars per share) | $ 0.06 |
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 11 - Stockholders' Equit_6
Note 11 - Stockholders' Equity and Stock Incentive Plans - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, options (in shares) | 887,728 | 1,179,026 | 1,542,452 |
Outstanding, weighted average option price (in dollars per share) | $ 12.48 | $ 11.98 | $ 11.99 |
Granted, options (in shares) | 0 | 0 | 0 |
Granted, weighted average option price (in dollars per share) | $ 0 | $ 0 | $ 0 |
Canceled, options (in shares) | (2,000) | (48,941) | (25,000) |
Canceled, weighted average option price (in dollars per share) | $ 8.34 | $ 13.72 | $ 3.31 |
Exercised, options (in shares) | (240,380) | (242,357) | (338,426) |
Exercised, weighted average option price (in dollars per share) | $ 8.23 | $ 9.81 | $ 10.47 |
Outstanding, options (in shares) | 645,348 | 887,728 | 1,179,026 |
Outstanding, weighted average option price (in dollars per share) | $ 14.07 | $ 12.48 | $ 11.98 |
Outstanding, weighted average remaining term (Year) | 4 years 2 months 12 days | ||
Outstanding, aggregate intrinsic value | $ 18,619 | ||
Exercisable, options (in shares) | 645,348 | 887,728 | |
Exercisable, weighted average option price (in dollars per share) | $ 14.07 | $ 12.48 | |
Exercisable, weighted average remaining term (Year) | 4 years 2 months 12 days | 4 years 2 months 12 days | |
Exercisable, aggregate intrinsic value | $ 18,619 | $ 15,504 |
Note 11 - Stockholders' Equit_7
Note 11 - Stockholders' Equity and Stock Incentive Plans - Stock Options Outstanding Exercisable (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Options outstanding, number outstanding (in shares) | shares | 645,348 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 2 months 12 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 14.07 |
Options exercisable, number exercisable (in shares) | shares | 645,348 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 14.07 |
Range One [Member] | |
Options outstanding, number outstanding (in shares) | shares | 25,510 |
Options outstanding, weighted average remaining contractual life (Year) | 1 year 10 months 24 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 5.22 |
Options exercisable, number exercisable (in shares) | shares | 25,510 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 5.22 |
Range Four [Member] | |
Options outstanding, number outstanding (in shares) | shares | 202,068 |
Options outstanding, weighted average remaining contractual life (Year) | 2 years 10 months 24 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 9.86 |
Options exercisable, number exercisable (in shares) | shares | 202,068 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 9.86 |
Range Five [Member] | |
Options outstanding, number outstanding (in shares) | shares | 123,849 |
Options outstanding, weighted average remaining contractual life (Year) | 3 years 10 months 24 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 11.57 |
Options exercisable, number exercisable (in shares) | shares | 123,849 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 11.57 |
Range Six [Member] | |
Options outstanding, number outstanding (in shares) | shares | 157,895 |
Options outstanding, weighted average remaining contractual life (Year) | 5 years 10 months 24 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 17.75 |
Options exercisable, number exercisable (in shares) | shares | 157,895 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 17.75 |
Range 7 [Member] | |
Options outstanding, number outstanding (in shares) | shares | 136,026 |
Options outstanding, weighted average remaining contractual life (Year) | 4 years 9 months 18 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 19.98 |
Options exercisable, number exercisable (in shares) | shares | 136,026 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 19.98 |
Note 11 - Stockholders' Equit_8
Note 11 - Stockholders' Equity and Stock Incentive Plans - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, units (in shares) | 1,768,757 | 1,713,867 | 1,637,212 |
Granted, units (in shares) | 45,150 | 555,749 | 510,989 |
Granted, weighted average grant date fair value, units (in dollars per share) | $ 29.17 | $ 28.46 | $ 25.05 |
Canceled, units (in shares) | (54,752) | (10,100) | (18,250) |
Awarded, units (in shares) | (531,402) | (490,759) | (416,084) |
Outstanding, units (in shares) | 1,227,753 | 1,768,757 | 1,713,867 |
Note 11 - Stockholders' Equit_9
Note 11 - Stockholders' Equity and Stock Incentive Plans - PSU Activity (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, units (in shares) | 1,069,809 | 1,037,420 | 1,062,547 |
Granted, units (in shares) | 0 | 269,495 | 287,374 |
Granted, weighted average grant date fair value, units (in dollars per share) | $ 0 | $ 28.67 | $ 24.42 |
Performance Adjustment, units (in shares) | 126,375 | 158,858 | 176,754 |
Canceled, units (in shares) | (11,328) | 0 | (2,450) |
Awarded, units (in shares) | (388,611) | (395,964) | (486,805) |
Outstanding, units (in shares) | 796,245 | 1,069,809 | 1,037,420 |
Note 11 - Stockholders' Equi_10
Note 11 - Stockholders' Equity and Stock Incentive Plans - Career Share Activity (Details) - Career Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, units (in shares) | 1,062,311 | 1,021,285 | 1,013,459 |
Granted, units (in shares) | 51,262 | 67,719 | 40,492 |
Granted, weighted average grant date fair value, units (in dollars per share) | $ 30.05 | $ 21.27 | $ 34.48 |
Canceled, units (in shares) | (5,816) | 0 | (5,335) |
Awarded, units (in shares) | (70,437) | (26,693) | (27,331) |
Outstanding, units (in shares) | 1,037,320 | 1,062,311 | 1,021,285 |
Note 11 - Stockholders' Equi_11
Note 11 - Stockholders' Equity and Stock Incentive Plans - Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expense | $ 9,202 | $ 25,202 | $ 25,379 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based compensation expense | 0 | 52 | 154 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based compensation expense | 11,131 | 14,301 | 10,219 |
Performance Shares [Member] | |||
Share-based compensation expense | (3,166) | 9,525 | 13,647 |
Career Shares [Member] | |||
Share-based compensation expense | $ 1,237 | $ 1,324 | $ 1,359 |
Note 11 - Stockholders' Equi_12
Note 11 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expense | $ 9,202 | $ 25,202 | $ 25,379 |
Gaming [Member] | |||
Share-based compensation expense | 539 | 628 | 490 |
Food & Beverage [Member] | |||
Share-based compensation expense | 103 | 120 | 94 |
Room [Member] | |||
Share-based compensation expense | 49 | 57 | 44 |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation expense | 2,738 | 3,195 | 2,488 |
Corporate Expense [Member] | |||
Share-based compensation expense | $ 5,773 | $ 21,202 | $ 22,263 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) $ in Thousands | Dec. 20, 2011 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 15, 2018 |
Debt Securities, Available-for-sale, Amortized Cost, Total | $ 19,000 | |||
Debt Security Interest Rate Stated Percentage | 7.50% | |||
Debt Securities, Available-for-sale, Current, Total | $ 600 | $ 600 | ||
Debt Securities, Available-for-sale, Noncurrent | 16,100 | 15,600 | ||
Debt Security, Available-For-Sale, Fair Value Discount Amount | 2,500 | 2,700 | ||
Business Combination Contingent Consideration Arrangements, Payment To Option Holder Percentage Of Ebitda | 1.00% | |||
Business Combination Contingent Consideration, Period of Monthly Payments | 10.00% | |||
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 | 600 | 600 | ||
Other Noncurrent Assets [Member] | ||||
Debt Securities, Available-for-sale, Noncurrent | 16,100 | 15,600 | ||
Accounts Payable and Accrued Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Current | 900 | 900 | ||
Other Noncurrent Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 0 | $ 800 | ||
Measurement Input, Discount Rate [Member] | ||||
Debt Securities, Available-for-sale, Measurement Input | 0.096 | 0.105 | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.061 | 0.062 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment available for sale | $ 16,700 | $ 16,200 |
Fair Value, Recurring [Member] | ||
Cash and cash equivalents | 519,182 | 249,977 |
Restricted cash | 15,817 | 20,471 |
Investment available for sale | 16,692 | 16,151 |
Contingent payments | 924 | 1,712 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 519,182 | 249,977 |
Restricted cash | 15,817 | 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 | 16,692 | 16,151 |
Contingent payments | $ 924 | $ 1,712 |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Contingent Payments [Member] | ||
Balance at beginning of reporting period, liability | $ (1,712) | $ (2,407) |
Included in interest income (expense), liability | (82) | (140) |
Included in other comprehensive income (loss), liability | 0 | 0 |
Included in other items, net, liability | 192 | (42) |
Settlements, liability | 678 | 877 |
Balance at end of reporting period, liability | (924) | (1,712) |
Investment, Available-For-Sale [Member] | ||
Balance at beginning of reporting period, asset | 16,151 | 15,772 |
Included in interest income (expense), asset | 156 | 150 |
Included in other comprehensive income (loss), asset | 935 | 739 |
Included in other items, net, asset | 0 | 0 |
Settlements, asset | (550) | (510) |
Balance at end of reporting period, asset | $ 16,692 | $ 16,151 |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Obligation under assessment arrangements | $ 26,246 | $ 28,118 |
Reported Value Measurement [Member] | ||
Obligation under assessment arrangements | 22,062 | 23,300 |
Estimate of Fair Value Measurement [Member] | ||
Obligation under assessment arrangements | $ 26,542 | $ 28,780 |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurements - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 589,488 | |
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 | 667,500 | |
Fair Value, Nonrecurring [Member] | ||
Long-term debt | 3,949,823 | $ 3,813,956 |
Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 3,897,483 | 3,765,931 |
Fair Value, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 4,104,524 | 3,962,918 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | ||
Long-term debt | 896,185 | 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 | 882,789 | 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 | 888,511 | 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 | 743,053 | 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 | 692,151 | 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 | 728,000 | 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 | 986,364 | 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 | 1,038,750 | 1,038,750 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | ||
Long-term debt | 3,638 | 58,322 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 3,638 | 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 | $ 3,638 | $ 58,322 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1 | $ 1.8 | $ 1.7 |
Defined Contribution Plan, Cost | $ 4 | $ 6.3 | $ 4.3 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 3 |
Note 14 - Segment Information -
Note 14 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total Revenues | $ 635,868 | $ 652,238 | $ 209,859 | $ 680,525 | $ 833,131 | $ 819,568 | $ 846,132 | $ 827,288 | $ 2,178,490 | $ 3,326,119 | $ 2,626,730 |
Casino [Member] | |||||||||||
Total Revenues | 1,775,358 | 2,483,293 | 1,925,424 | ||||||||
Food and Beverage [Member] | |||||||||||
Total Revenues | 178,878 | 447,853 | 367,888 | ||||||||
Occupancy [Member] | |||||||||||
Total Revenues | 104,968 | 237,187 | 199,500 | ||||||||
Product and Service, Other [Member] | |||||||||||
Total Revenues | 119,286 | 157,786 | 133,918 | ||||||||
Las Vegas Locals [Member] | |||||||||||
Total Revenues | 561,989 | 880,935 | 873,504 | ||||||||
Las Vegas Locals [Member] | Casino [Member] | |||||||||||
Total Revenues | 430,303 | 566,443 | 565,579 | ||||||||
Las Vegas Locals [Member] | Food and Beverage [Member] | |||||||||||
Total Revenues | 59,564 | 156,932 | 155,107 | ||||||||
Las Vegas Locals [Member] | Occupancy [Member] | |||||||||||
Total Revenues | 45,446 | 105,619 | 100,110 | ||||||||
Las Vegas Locals [Member] | Product and Service, Other [Member] | |||||||||||
Total Revenues | 26,676 | 51,941 | 52,708 | ||||||||
Downtown Las Vegas [Member] | |||||||||||
Total Revenues | 94,503 | 257,667 | 248,110 | ||||||||
Downtown Las Vegas [Member] | Casino [Member] | |||||||||||
Total Revenues | 58,468 | 138,623 | 132,870 | ||||||||
Downtown Las Vegas [Member] | Food and Beverage [Member] | |||||||||||
Total Revenues | 18,647 | 57,732 | 55,767 | ||||||||
Downtown Las Vegas [Member] | Occupancy [Member] | |||||||||||
Total Revenues | 9,369 | 28,784 | 26,943 | ||||||||
Downtown Las Vegas [Member] | Product and Service, Other [Member] | |||||||||||
Total Revenues | 8,019 | 32,528 | 32,530 | ||||||||
Midwest and South [Member] | |||||||||||
Total Revenues | 1,521,998 | 2,187,517 | 1,505,116 | ||||||||
Midwest and South [Member] | Casino [Member] | |||||||||||
Total Revenues | 1,286,587 | 1,778,227 | 1,226,975 | ||||||||
Midwest and South [Member] | Food and Beverage [Member] | |||||||||||
Total Revenues | 100,667 | 233,189 | 157,014 | ||||||||
Midwest and South [Member] | Occupancy [Member] | |||||||||||
Total Revenues | 50,153 | 102,784 | 72,447 | ||||||||
Midwest and South [Member] | Product and Service, Other [Member] | |||||||||||
Total Revenues | $ 84,591 | $ 73,317 | $ 48,680 |
Note 14 - Segment Information_3
Note 14 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Corporate expense | $ 76,143 | $ 105,139 | $ 104,201 | ||||||||
Adjusted EBITDAR | 609,894 | 896,688 | 681,289 | ||||||||
Deferred rent | 888 | 979 | 1,100 | ||||||||
Master lease rent expense | 101,907 | 97,723 | 20,682 | ||||||||
Depreciation and amortization | 281,031 | 276,569 | 229,979 | ||||||||
Share-based compensation expense | 9,202 | 25,202 | 25,379 | ||||||||
Project development, preopening and writedowns | (661) | 21,728 | 45,698 | ||||||||
Impairment of assets | 174,700 | 0 | 993 | ||||||||
Other operating items, net | 28,564 | 1,919 | 2,174 | ||||||||
Total other operating costs and expenses | 595,631 | 424,120 | 326,005 | ||||||||
Operating income | $ 111,299 | $ 127,073 | $ (86,348) | $ (137,761) | $ 114,859 | $ 113,391 | $ 126,692 | $ 117,626 | 14,263 | 472,568 | 355,284 |
Las Vegas Locals [Member] | |||||||||||
Total Reportable Segment Adjusted EBITDAR | 198,744 | 283,030 | 274,344 | ||||||||
Downtown Las Vegas [Member] | |||||||||||
Total Reportable Segment Adjusted EBITDAR | 1,075 | 62,413 | 56,517 | ||||||||
Midwest and South [Member] | |||||||||||
Total Reportable Segment Adjusted EBITDAR | 480,446 | 635,182 | 432,366 | ||||||||
Corporate Segment [Member] | |||||||||||
Corporate expense | $ (70,371) | $ (83,937) | $ (81,938) |
Note 14 - Segment Information_4
Note 14 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | $ 6,558,948 | $ 6,650,145 |
Las Vegas Locals [Member] | ||
Assets | 1,690,511 | 1,804,476 |
Downtown Las Vegas [Member] | ||
Assets | 213,507 | 212,936 |
Midwest and South [Member] | ||
Assets | 3,984,063 | 4,229,174 |
Total Reportable Segment [Member] | ||
Assets | 5,888,081 | 6,246,586 |
Corporate Segment [Member] | ||
Assets | $ 670,867 | $ 403,559 |
Note 14 - Segment Information_5
Note 14 - Segment Information - Reconciliation of Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capital expenditures | $ 174,786 | $ 204,604 | $ 165,911 |
Change in Accrued Property Additions | 244 | 3,033 | (4,367) |
Cash-Based Capital Expenditures | 175,030 | 207,637 | 161,544 |
Las Vegas Locals [Member] | |||
Capital expenditures | 23,936 | 26,207 | 33,503 |
Downtown Las Vegas [Member] | |||
Capital expenditures | 15,150 | 8,881 | 12,885 |
Midwest and South [Member] | |||
Capital expenditures | 68,933 | 80,883 | 69,285 |
Total Reportable Segment [Member] | |||
Capital expenditures | 108,019 | 115,971 | 115,673 |
Corporate Segment [Member] | |||
Capital expenditures | $ 66,767 | $ 88,633 | $ 50,238 |
Note 15 - Selected Quarterly _3
Note 15 - Selected Quarterly Financial Information (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Impairment Charges, Total | $ 174,700 | $ 0 | $ 993 | |||
Gain (Loss) on Disposition of Business, Including Nonrecurring Gain Related to Property Closures | $ 53,900 | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ (34,200) | $ (1,791) | $ (34,949) | $ (61) | ||
COVID-19 Pandemic [Member] | ||||||
Asset Impairment Charges, Total | $ 171,100 |
Note 15 - Selected Quarterly _4
Note 15 - Selected Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenues | $ 635,868 | $ 652,238 | $ 209,859 | $ 680,525 | $ 833,131 | $ 819,568 | $ 846,132 | $ 827,288 | $ 2,178,490 | $ 3,326,119 | $ 2,626,730 |
Operating income (loss) | 111,299 | 127,073 | (86,348) | (137,761) | 114,859 | 113,391 | 126,692 | 117,626 | 14,263 | 472,568 | 355,284 |
Net income (loss) | $ 83,287 | $ 38,116 | $ (108,544) | $ (147,559) | $ 24,296 | $ 39,405 | $ 48,484 | $ 45,451 | $ (134,700) | $ 157,636 | $ 115,048 |
Basic net income (loss) per common share (in dollars per share) | $ 0.73 | $ 0.34 | $ (0.96) | $ (1.30) | $ 0.21 | $ 0.35 | $ 0.43 | $ 0.40 | $ (1.19) | $ 1.39 | $ 1.01 |
Diluted net income (loss) per common share (in dollars per share) | $ 0.73 | $ 0.33 | $ (0.96) | $ (1.30) | $ 0.21 | $ 0.35 | $ 0.43 | $ 0.40 | $ (1.19) | $ 1.38 | $ 1 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) | Dec. 31, 2020 |
William S. Boyd and His Immediate Family [Member] | |
Equity Method Investment, Ownership Percentage | 26.00% |