Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000906553 | |
Entity Registrant Name | BOYD GAMING CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-12882 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0242733 | |
Entity Address, Address Line One | 6465 South Rainbow Boulevard | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89118 | |
City Area Code | 702 | |
Local Phone Number | 792-7200 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | BYD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 97,862,123 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 269,155 | $ 283,472 |
Restricted cash | 2,479 | 11,593 |
Accounts receivable, net | 103,577 | 109,053 |
Inventories | 20,640 | 22,173 |
Prepaid expenses and other current assets | 72,174 | 49,379 |
Income taxes receivable | 1,223 | 2,558 |
Total current assets | 469,248 | 478,228 |
Property and equipment, net | 2,499,725 | 2,394,236 |
Operating lease right-of-use assets | 798,932 | 830,345 |
Other assets, net | 97,257 | 147,439 |
Intangible assets, net | 1,417,230 | 1,427,135 |
Goodwill, net | 1,029,219 | 1,033,744 |
Total assets | 6,311,611 | 6,311,127 |
Current liabilities | ||
Accounts payable | 105,664 | 129,946 |
Current maturities of long-term debt | 44,275 | 44,275 |
Accrued liabilities | 433,480 | 411,913 |
Total current liabilities | 583,419 | 586,134 |
Long-term debt, net of current maturities and debt issuance costs | 2,864,850 | 3,005,134 |
Operating lease liabilities, net of current portion | 722,229 | 758,440 |
Deferred income taxes | 308,608 | 318,609 |
Other liabilities | 64,024 | 52,185 |
Commitments and contingencies (Notes 6 and 7) | ||
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; 98,386,239 and 102,816,110 shares outstanding | 984 | 1,028 |
Additional paid-in capital | 3,355 | 305,152 |
Retained earnings | 1,765,111 | 1,285,827 |
Accumulated other comprehensive loss | (969) | (1,382) |
Total stockholders' equity | 1,768,481 | 1,590,625 |
Total liabilities and stockholders' equity | $ 6,311,611 | $ 6,311,127 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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) | 98,386,239 | 102,816,110 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Total revenues | $ 903,164 | $ 877,263 | [1] | $ 2,784,080 | $ 2,632,456 | [1] |
Operating costs and expenses | ||||||
Selling, general and administrative | 99,944 | 92,950 | 299,333 | 280,659 | ||
Master lease rent expense | 27,236 | 26,828 | 81,163 | 79,788 | ||
Maintenance and utilities | 41,720 | 40,789 | 115,337 | 108,196 | ||
Depreciation and amortization | 64,797 | 64,956 | 188,577 | 194,191 | ||
Corporate expense | 27,872 | 26,375 | 88,232 | 90,251 | ||
Project development, preopening and writedowns | 2,405 | 9,645 | (11,268) | 528 | ||
Non-cash impairment of assets | 0 | 5,575 | 4,537 | 5,575 | ||
Other operating items, net | 301 | (12,610) | 959 | (12,324) | ||
Total operating costs and expenses | 685,292 | 639,804 | 2,037,300 | 1,898,869 | ||
Operating income | 217,872 | 237,459 | 746,780 | 733,587 | ||
Other expense (income) | ||||||
Interest income | (1,585) | (2,073) | (22,445) | (2,976) | ||
Interest expense, net of amounts capitalized | 42,352 | 36,001 | 128,933 | 110,125 | ||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | 19,809 | ||
Other, net | (30) | 170 | 596 | 3,667 | ||
Total other expense, net | 40,737 | 34,098 | 107,084 | 130,625 | ||
Income before income taxes | 177,135 | 203,361 | 639,696 | 602,962 | ||
Income tax provision | (41,902) | (46,359) | (112,278) | (136,269) | ||
Net income | $ 135,233 | $ 157,002 | $ 527,418 | $ 466,693 | ||
Basic net income per common share (in dollars per share) | $ 1.34 | $ 1.46 | $ 5.16 | $ 4.24 | ||
Weighted average basic shares outstanding (in shares) | 100,804 | 107,743 | 102,139 | 110,002 | ||
Diluted net income per common share (in dollars per share) | $ 1.34 | $ 1.46 | $ 5.16 | $ 4.24 | ||
Weighted average diluted shares outstanding (in shares) | 100,850 | 107,840 | 102,187 | 110,135 | ||
Casino [Member] | ||||||
Total revenues | $ 641,168 | $ 667,975 | [1] | $ 1,966,205 | $ 2,020,854 | [1] |
Operating costs and expenses | ||||||
Cost of Revenue | 251,536 | 251,814 | 751,330 | 756,356 | ||
Food and Beverage [Member] | ||||||
Total revenues | 70,986 | 67,792 | [1] | 212,936 | 201,834 | [1] |
Operating costs and expenses | ||||||
Cost of Revenue | 59,672 | 58,502 | 177,623 | 169,892 | ||
Occupancy [Member] | ||||||
Total revenues | 48,720 | 46,672 | [1] | 148,546 | 138,985 | [1] |
Operating costs and expenses | ||||||
Cost of Revenue | 19,180 | 17,783 | 54,880 | 51,058 | ||
Online [Member] | ||||||
Total revenues | 90,288 | 52,353 | [1] | 298,153 | 164,203 | [1] |
Operating costs and expenses | ||||||
Cost of Revenue | 79,080 | 45,827 | 252,478 | 140,715 | ||
Management Service [Member] | ||||||
Total revenues | 17,153 | 10,159 | 54,629 | 10,159 | ||
Product and Service, Other [Member] | ||||||
Total revenues | 34,849 | 32,312 | [1] | 103,611 | 96,421 | [1] |
Operating costs and expenses | ||||||
Cost of Revenue | $ 11,549 | $ 11,370 | $ 34,119 | $ 33,984 | ||
[1]Revenues for the three and six months ended June 30, 2022 have been recast to reflect the breakout of online revenue and management fee revenue from other revenue and the segment changes made during first quarter 2023. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 135,233 | $ 157,002 | $ 527,418 | $ 466,693 |
Other comprehensive income (loss), net of tax: | ||||
Fair value adjustments to available-for-sale securities | (119) | (151) | 467 | (954) |
Foreign currency translation adjustments | (254) | 0 | (54) | 0 |
Comprehensive income | $ 134,860 | $ 156,851 | $ 527,831 | $ 465,739 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | ||
Balances (in shares) at Dec. 31, 2021 | 111,303,140 | ||||||
Balances at Dec. 31, 2021 | $ 1,113 | $ 827,725 | $ 710,088 | $ (180) | $ 1,538,746 | ||
Net income | 0 | 0 | 162,928 | 0 | 162,928 | ||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (184) | (184) | ||
Release of restricted stock units, net of tax (in shares) | 115,686 | ||||||
Release of restricted stock units, net of tax | $ 1 | (2,720) | 0 | 0 | (2,719) | ||
Release of performance stock units, net of tax (in shares) | 294,344 | ||||||
Release of performance stock units, net of tax | $ 3 | (8,113) | 0 | 0 | (8,110) | ||
Shares repurchased and retired (in shares) | (2,096,660) | ||||||
Shares repurchased and retired | $ (21) | (131,768) | 0 | 0 | (131,789) | ||
Dividends declared | 0 | 0 | (16,480) | 0 | (16,480) | ||
Share-based compensation costs | $ 0 | 8,734 | 0 | 0 | 8,734 | ||
Balances (in shares) at Mar. 31, 2022 | 109,616,510 | ||||||
Balances at Mar. 31, 2022 | $ 1,096 | 693,858 | 856,536 | (364) | 1,551,126 | ||
Balances (in shares) at Dec. 31, 2021 | 111,303,140 | ||||||
Balances at Dec. 31, 2021 | $ 1,113 | 827,725 | 710,088 | (180) | 1,538,746 | ||
Net income | 466,693 | ||||||
Foreign currency translation adjustments | $ 0 | ||||||
Shares repurchased and retired (in shares) | [1],[2] | (7,588,000) | |||||
Foreign currency translation adjustments | $ 0 | ||||||
Balances (in shares) at Sep. 30, 2022 | 104,375,084 | ||||||
Balances at Sep. 30, 2022 | $ 1,044 | 412,267 | 1,128,619 | (1,134) | 1,540,796 | ||
Balances (in shares) at Mar. 31, 2022 | 109,616,510 | ||||||
Balances at Mar. 31, 2022 | $ 1,096 | 693,858 | 856,536 | (364) | 1,551,126 | ||
Net income | 0 | 0 | 146,763 | 0 | 146,763 | ||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (619) | (619) | ||
Stock options exercised (in shares) | 101,675 | ||||||
Stock options exercised | $ 1 | 1,804 | 0 | 0 | 1,805 | ||
Release of restricted stock units, net of tax (in shares) | 140,899 | ||||||
Release of restricted stock units, net of tax | $ 1 | (2) | 0 | 0 | (1) | ||
Release of performance stock units, net of tax (in shares) | 307 | ||||||
Release of performance stock units, net of tax | $ 0 | (8) | 0 | 0 | (8) | ||
Shares repurchased and retired (in shares) | (3,018,031) | ||||||
Shares repurchased and retired | $ (30) | (167,954) | 0 | 0 | (167,984) | ||
Dividends declared | 0 | 0 | (16,026) | 0 | (16,026) | ||
Share-based compensation costs | $ 0 | 14,099 | 0 | 0 | 14,099 | ||
Balances (in shares) at Jun. 30, 2022 | 106,841,360 | ||||||
Balances at Jun. 30, 2022 | $ 1,068 | 541,797 | 987,273 | (983) | 1,529,155 | ||
Net income | 0 | 0 | 157,002 | 0 | 157,002 | ||
Comprehensive income (loss), net of tax | $ 0 | 0 | 0 | (151) | (151) | ||
Foreign currency translation adjustments | 0 | ||||||
Release of restricted stock units, net of tax (in shares) | 7,407 | ||||||
Release of restricted stock units, net of tax | $ 1 | (212) | 0 | 0 | $ (211) | ||
Shares repurchased and retired (in shares) | (2,473,683) | (2,474,000) | [1],[2] | ||||
Shares repurchased and retired | $ (25) | (134,971) | 0 | 0 | $ (134,996) | ||
Dividends declared | 0 | 0 | (15,656) | 0 | (15,656) | ||
Share-based compensation costs | $ 0 | 5,653 | 0 | 0 | 5,653 | ||
Foreign currency translation adjustments | 0 | ||||||
Balances (in shares) at Sep. 30, 2022 | 104,375,084 | ||||||
Balances at Sep. 30, 2022 | $ 1,044 | 412,267 | 1,128,619 | (1,134) | $ 1,540,796 | ||
Balances (in shares) at Dec. 31, 2022 | 102,816,110 | 102,816,110 | |||||
Balances at Dec. 31, 2022 | $ 1,028 | 305,152 | 1,285,827 | (1,382) | $ 1,590,625 | ||
Net income | 0 | 0 | 199,731 | 0 | 199,731 | ||
Comprehensive income (loss), net of tax | 0 | 0 | 0 | 474 | 474 | ||
Foreign currency translation adjustments | $ 0 | 0 | 0 | 4 | 4 | ||
Stock options exercised (in shares) | 32,000 | ||||||
Stock options exercised | $ 0 | 315 | 0 | 0 | 315 | ||
Release of restricted stock units, net of tax (in shares) | 45,942 | ||||||
Release of restricted stock units, net of tax | $ 1 | (1,926) | 0 | 0 | (1,925) | ||
Release of performance stock units, net of tax (in shares) | 318,878 | ||||||
Release of performance stock units, net of tax | $ 3 | (12,777) | 0 | 0 | (12,774) | ||
Shares repurchased and retired (in shares) | (1,726,308) | ||||||
Shares repurchased and retired | $ (17) | (106,994) | 0 | 0 | (107,011) | ||
Dividends declared | 0 | 0 | (16,289) | 0 | (16,289) | ||
Share-based compensation costs | 0 | 7,819 | 0 | 0 | 7,819 | ||
Foreign currency translation adjustments | $ 0 | 0 | 0 | 4 | 4 | ||
Balances (in shares) at Mar. 31, 2023 | 101,486,622 | ||||||
Balances at Mar. 31, 2023 | $ 1,015 | 191,589 | 1,469,269 | (904) | $ 1,660,969 | ||
Balances (in shares) at Dec. 31, 2022 | 102,816,110 | 102,816,110 | |||||
Balances at Dec. 31, 2022 | $ 1,028 | 305,152 | 1,285,827 | (1,382) | $ 1,590,625 | ||
Net income | 527,418 | ||||||
Foreign currency translation adjustments | $ (54) | ||||||
Shares repurchased and retired (in shares) | [1],[2] | (4,847,000) | |||||
Foreign currency translation adjustments | $ (54) | ||||||
Balances (in shares) at Sep. 30, 2023 | 98,386,239 | 98,386,239 | |||||
Balances at Sep. 30, 2023 | $ 984 | 3,355 | 1,765,111 | (969) | $ 1,768,481 | ||
Balances (in shares) at Mar. 31, 2023 | 101,486,622 | ||||||
Balances at Mar. 31, 2023 | $ 1,015 | 191,589 | 1,469,269 | (904) | 1,660,969 | ||
Net income | 0 | 0 | 192,454 | 0 | 192,454 | ||
Comprehensive income (loss), net of tax | 0 | 0 | 0 | 112 | 112 | ||
Foreign currency translation adjustments | $ 0 | 0 | 0 | 196 | 196 | ||
Release of restricted stock units, net of tax (in shares) | 17,871 | ||||||
Release of restricted stock units, net of tax | $ 0 | (63) | 0 | 0 | (63) | ||
Shares repurchased and retired (in shares) | (1,492,451) | ||||||
Shares repurchased and retired | $ (15) | (101,001) | 0 | 0 | (101,016) | ||
Dividends declared | 0 | 0 | (16,041) | 0 | (16,041) | ||
Share-based compensation costs | 0 | 12,198 | 0 | 0 | 12,198 | ||
Foreign currency translation adjustments | $ 0 | 0 | 0 | 196 | 196 | ||
Balances (in shares) at Jun. 30, 2023 | 100,012,042 | ||||||
Balances at Jun. 30, 2023 | $ 1,000 | 102,723 | 1,645,682 | (596) | 1,748,809 | ||
Net income | 0 | 0 | 135,233 | 0 | 135,233 | ||
Comprehensive income (loss), net of tax | 0 | 0 | 0 | (119) | (119) | ||
Foreign currency translation adjustments | $ 0 | 0 | 0 | (254) | (254) | ||
Release of restricted stock units, net of tax (in shares) | 1,974 | ||||||
Release of restricted stock units, net of tax | $ 0 | (56) | 0 | 0 | $ (56) | ||
Shares repurchased and retired (in shares) | (1,627,777) | (1,628,000) | [1],[2] | ||||
Shares repurchased and retired | $ (16) | (107,345) | 0 | 0 | $ (107,361) | ||
Dividends declared | 0 | 0 | (15,804) | 0 | (15,804) | ||
Share-based compensation costs | 0 | 8,033 | 0 | 0 | 8,033 | ||
Foreign currency translation adjustments | $ 0 | 0 | 0 | (254) | $ (254) | ||
Balances (in shares) at Sep. 30, 2023 | 98,386,239 | 98,386,239 | |||||
Balances at Sep. 30, 2023 | $ 984 | $ 3,355 | $ 1,765,111 | $ (969) | $ 1,768,481 | ||
[1]All shares repurchased have been retired and constitute authorized but unissued shares.[2]Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2023 and 2022. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2023 and 2022, respectively. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Dividends per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 527,418 | $ 466,693 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 188,577 | 194,191 |
Amortization of debt financing costs and discounts on debt | 5,854 | 6,307 |
Non-cash operating lease expense | 59,302 | 46,892 |
Non-cash expected credit loss (income) on note receivable | (34,371) | 0 |
Share-based compensation expense | 28,050 | 28,486 |
Deferred income taxes | (9,995) | 26,777 |
Non-cash impairment of assets | 4,537 | 5,575 |
Gain on sale of assets | 0 | (12,800) |
Loss on early extinguishments and modifications of debt | 0 | 19,809 |
Other operating activities | (516) | 8,422 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 5,473 | 2,965 |
Inventories | 1,533 | (2,233) |
Prepaid expenses and other current assets | (22,086) | (19,333) |
Income taxes (receivable) payable, net | 1,335 | 3,930 |
Other assets, net | 3,262 | 1,896 |
Accounts payable and accrued liabilities | 2,876 | 3,932 |
Operating lease liabilities | (59,302) | (46,892) |
Other liabilities | 1,057 | 1,281 |
Net cash provided by operating activities | 697,252 | 728,034 |
Cash Flows from Investing Activities | ||
Capital expenditures | (279,023) | (173,032) |
Payments received on note receivable | 82,459 | 0 |
Insurance proceeds received from hurricane losses | 0 | 530 |
Proceeds received from disposition of assets | 0 | 21,350 |
Other investing activities | (3,022) | 0 |
Net cash used in investing activities | (199,586) | (151,152) |
Cash Flows from Financing Activities | ||
Borrowings under credit facilities | 1,086,700 | 1,554,400 |
Payments under credit facilities | (1,232,700) | (1,412,897) |
Retirements of senior notes | 0 | (300,000) |
Premium fees | 0 | (12,939) |
Debt financing costs | 0 | (15,315) |
Share-based compensation activities | (14,503) | (9,244) |
Shares repurchased and retired | (312,656) | (434,769) |
Dividends paid | (47,805) | (32,506) |
Other financing activities | (138) | (1,211) |
Net cash used in financing activities | (521,102) | (664,481) |
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | 5 | 0 |
Change in cash, cash equivalents and restricted cash | (23,431) | (87,599) |
Cash, cash equivalents and restricted cash, beginning of period | 295,065 | 357,128 |
Cash, cash equivalents and restricted cash, end of period | 271,634 | 269,529 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | 124,132 | 102,553 |
Cash received for interest | 10,804 | 0 |
Cash paid for income taxes | 120,449 | 105,158 |
Supplemental Schedule of Non-cash Investing and Financing Activities | ||
Payables incurred for capital expenditures | 8,091 | 3,786 |
Dividends declared not yet paid | 15,804 | 15,656 |
Expected credit loss (income) on note receivable | (34,371) | 0 |
Operating lease right-of-use asset and liability remeasurements | $ 0 | $ (11,224) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1. Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company", "Boyd", "Boyd Gaming", "we" or "us") was incorporated in the state of Nevada in 1988 1975. We are a geographically diversified operator of 28 wholly owned gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ( "B2B" "B2C" Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10 10 X not December 31, 2022 February 24, 2023. The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% not Recasted Condensed Consolidated Statements of Operations (Unaudited) In the first 2023, two 10, Segment Information three nine September 30, 2022 not three nine September 30, 2022. Additionally, during the first 2023, four three nine September 30, 2022 10, Segment Information Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three not may Restricted Cash Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. September 30, December 31, September 30, December 31, (In thousands) 2023 2022 2022 2021 Cash and cash equivalents $ 269,155 $ 283,472 $ 252,344 $ 344,557 Restricted cash 2,479 11,593 17,185 12,571 Total cash, cash equivalents and restricted cash $ 271,634 $ 295,065 $ 269,529 $ 357,128 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may not Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C Collaborative Arrangements not We have established a player loyalty program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services. Gaming wager contracts involve two not not no 5, Accrued Liabilities The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 5, Accrued Liabilities The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one 5, Accrued Liabilities The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program such as cash and the estimated retail value of goods and services (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program included in departmental revenues, and therefore reducing our gaming revenues, are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Food & beverage $ 29,978 $ 29,062 $ 87,573 $ 85,970 Room 15,873 16,879 46,367 48,668 Other 2,328 2,371 6,265 6,718 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $128.1 million three September 30, 2023 2022 nine September 30, 2023 2022 Collaborative Arrangements million and $3.9 million three nine September 30, 2023 not three nine September 30, 2022. 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 In performing our second twelve twelve June 30, 2023. not three June 30, 2023 not second 2023, three September 30, 2023, not Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two not not not Tax positions failing to qualify for initial recognition are recognized in the first not" no not" Collaborative Arrangements We hold a five one third Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third million three September 30, 2023 2022 nine September 30, 2023 2022 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ Currency Translation The Company translates the financial statements of its foreign subsidiary that are not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recently Issued Accounting Pronouncements A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not |
Note 2 - Acquisition
Note 2 - Acquisition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 2. Pala Interactive On November 1, 2022, March 28, 2022, Pala Interactive is an innovative online gaming technology company that provides proprietary solutions on both a B2B B2C 10, Segment Information Consideration Transferred The fair value of the consideration transferred on the date of the Merger included the purchase price of the net assets transferred. The total gross cash consideration was $175.2 million (with $7.3 million of cash acquired, for total cash paid for acquisitions, net of cash received of $167.9 million). Status of Purchase Price Allocation The Company followed the acquisition method of accounting pursuant to FASB Accounting Standards Codification Topic 805 805" third second 2023, no December 31, 2022, September 30, 2023 The following table summarizes the purchase price allocation as of the acquisition date of November 1, 2022, December 31, 2022 September 30, 2023 (In thousands) As Recorded Current assets $ 10,456 Property and equipment 445 Other assets 740 Intangible assets 77,000 Total acquired assets 88,641 Current liabilities 4,462 Other liabilities 3,007 Total liabilities assumed 7,469 Net identifiable assets acquired 81,172 Goodwill 94,037 Net assets acquired $ 175,209 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ The following table summarizes the values assigned to acquired property and equipment and estimated useful lives: Useful Lives (In thousands) (in years) As Recorded Buildings and improvements 5 $ 22 Furniture and equipment 2 - 5 423 Property and equipment acquired $ 445 The following table summarizes the values assigned to acquired intangible assets and weighted average useful lives of definite-lived intangible assets: Useful Lives (In thousands) (in years) As Recorded Developed technology 10 $ 36,000 B2B relationships 7 - 10 28,000 B2C relationships 12 13,000 Total intangible assets acquired $ 77,000 The goodwill recognized is the excess of the purchase price over the values assigned to the assets acquired and liabilities assumed. All of the goodwill was assigned to reporting units included in the Online reportable segment. All of the goodwill, except $7.8 million allocated to Pala Canada, is expected to be deductible for income tax purposes. The Company expensed acquisition related costs of less than $0.1 million and $0.3 million for the three September 30, 2023 2022 million and $2.6 million for the nine September 30, 2023 and 2022 The revenue and earnings from the Merger are not December 31, 2022 . January 1, 2022 not December 31, 2022. |
Note 3 - Property and Equipment
Note 3 - Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3. Property and equipment, net consists of the following: September 30, December 31, (In thousands) 2023 2022 Land $ 333,899 $ 334,368 Buildings and improvements 3,213,915 3,172,676 Furniture and equipment 1,823,169 1,707,212 Riverboats and barges 241,980 241,898 Construction in progress 174,964 87,612 Total property and equipment 5,787,927 5,543,766 Less accumulated depreciation (3,288,202 ) (3,149,530 ) Property and equipment, net $ 2,499,725 $ 2,394,236 Depreciation expense is as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Depreciation expense $ 60,586 $ 62,771 $ 176,051 $ 188,399 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 4. Intangible assets, net consist of the following: September 30, 2023 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining Carrying Accumulated Impairment Currency Intangible (In thousands) (in years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.4 $ 35,050 $ (34,776 ) $ — $ — $ 274 Host agreements 9.7 58,000 (20,622 ) — — 37,378 Development agreement 5.9 21,373 (3,434 ) — — 17,939 Developed technology 8.8 39,068 (3,464 ) — 35 35,639 B2B relationships 6.3 28,000 (3,588 ) — 9 24,421 B2C relationships 11.1 13,000 (993 ) — — 12,007 194,491 (66,877 ) — 44 127,658 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (36,375 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (222,174 ) — 1,121,947 1,582,081 (33,960 ) (258,549 ) — 1,289,572 Balances, September 30, 2023 $ 1,776,572 $ (100,837 ) $ (258,549 ) $ 44 $ 1,417,230 December 31, 2022 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining Carrying Accumulated Impairment Currency Intangible (In thousands) (in years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.6 $ 63,050 $ (62,070 ) $ — $ — $ 980 Host agreements 10.4 58,000 (17,722 ) — — 40,278 Development agreement 6.6 21,373 (1,145 ) — — 20,228 Developed technology 9.8 36,445 (600 ) — 53 35,898 B2B relationships 7.0 28,000 (652 ) — 12 27,360 B2C relationships 11.8 13,000 (181 ) — — 12,819 219,868 (82,370 ) — 65 137,563 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (36,375 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (222,174 ) — 1,121,947 1,582,081 (33,960 ) (258,549 ) — 1,289,572 Balances, December 31, 2022 $ 1,801,949 $ (116,330 ) $ (258,549 ) $ 65 $ 1,427,135 The following table presents the future amortization expense for our amortizing intangible assets as of September 30, 2023 (In thousands) Customer Relationships Host Agreements Development Agreement Developed Technology B2B Relationships B2C Relationships Total For the year ending December 31, 2023 (excluding nine months ended September 30, 2023) $ 234 $ 967 $ 764 $ 1,058 $ 975 $ 271 $ 4,269 2024 40 3,867 3,053 4,208 3,914 1,083 16,165 2025 — 3,867 3,053 4,208 3,914 1,083 16,125 2026 — 3,867 3,053 4,208 3,914 1,083 16,125 2027 — 3,867 3,053 4,208 3,914 1,083 16,125 Thereafter — 20,943 4,963 17,749 7,790 7,404 58,849 Total future amortization $ 274 $ 37,378 $ 17,939 $ 35,639 $ 24,421 $ 12,007 $ 127,658 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ Goodwill consists of the following: September 30, 2023 Effect of Gross Accumulated Foreign Carrying Accumulated Impairment Currency Goodwill, (In thousands) Value Amortization Losses Exchange Net Goodwill, net by Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ — $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — — 863 Midwest & South 636,269 — (107,470 ) — 528,799 Online 94,037 — — 32 94,069 Managed & Other 30,529 — (30,529 ) — — Balances, September 30, 2023 $ 1,361,399 $ (6,134 ) $ (326,078 ) $ 32 $ 1,029,219 December 31, 2022 Effect of Gross Accumulated Foreign Carrying Accumulated Impairment Currency Goodwill, (In thousands) Value Amortization Losses Exchange Net Goodwill, net by Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ — $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — — 863 Midwest & South 636,269 — (107,470 ) — 528,799 Online 94,037 — — 20 94,057 Managed & Other 30,529 — (25,992 ) — 4,537 Balances, December 31, 2022 $ 1,361,399 $ (6,134 ) $ (321,541 ) $ 20 $ 1,033,744 Goodwill as of December 31, 2022 first 2023 December 31, 2022 not 10, Segment Information During the nine September 30, 2023 |
Note 5 - Accrued Liabilities
Note 5 - Accrued Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 5. Accrued liabilities consist of the following: September 30, December 31, (In thousands) 2023 2022 Payroll and related $ 73,011 $ 73,619 Interest 18,739 17,864 Gaming 69,890 77,638 Player loyalty program 22,588 25,852 Advance deposits 19,315 20,792 Outstanding chips 7,778 7,704 Dividends payable 15,804 15,476 Operating leases 94,458 88,776 Other 111,897 84,192 Total accrued liabilities $ 433,480 $ 411,913 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 6. Long-term debt, net of current maturities and debt issuance costs, consists of the following: September 30, 2023 Interest Unamortized Rates at Origination September 30, Outstanding Unamortized Fees and Long-Term (In thousands) 2023 Principal Discount Costs Debt, Net Credit facility 6.901 % $ 1,041,800 $ — $ (14,485 ) $ 1,027,315 4.750% senior notes due 2027 4.750 % 1,000,000 — (8,279 ) 991,721 4.750% senior notes due 2031 4.750 % 900,000 — (10,449 ) 889,551 Other 5.208 % 538 — — 538 Total long-term debt 2,942,338 — (33,213 ) 2,909,125 Less current maturities 44,275 — — 44,275 Long-term debt, net $ 2,898,063 $ — $ (33,213 ) $ 2,864,850 December 31, 2022 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2022 Principal Discount Costs Debt, Net Credit facility 6.166 % $ 1,187,800 $ — $ (17,865 ) $ 1,169,935 4.750% senior notes due 2027 4.750 % 1,000,000 — (9,740 ) 990,260 4.750% senior notes due 2031 4.750 % 900,000 — (11,460 ) 888,540 Other 5.208 % 674 — — 674 Total long-term debt 3,088,474 — (39,065 ) 3,049,409 Less current maturities 44,275 — — 44,275 Long-term debt, net $ 3,044,199 $ — $ (39,065 ) $ 3,005,134 The outstanding principal amounts under the Credit Facility are comprised of the following: September 30, December 31, (In thousands) 2023 2022 Revolving credit facility $ 175,000 $ 285,000 Term A loan 814,000 847,000 Swing loan 52,800 55,800 Total outstanding principal amounts $ 1,041,800 $ 1,187,800 With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $175.0 million and $52.8 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,208.8 million as of September 30, 2023 Early Extinguishments and Modifications of Debt During the nine September 30, 2022 2025 "8.625% nine September 30, 2022 Covenant Compliance As of September 30, 2023 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7. Wilton Rancheria Agreements In 2012, third 10 August 15, 2022 fourth 2022. third March 2023 first 2023, first 2023, nine September 30, 2023 $82.5 mi $10.8 nine September 30, 2023 September 30, 2023 $32.5 m seven $17.2 $10.2 three September 30, 2023 2022 $54.6 $10.2 nine September 30, 2023 2022 Commitments As of September 30, 2023 no 9, Commitments and Contingencies 10 December 31, 2022 February 24, 2023. Contingencies Legal Matters We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not |
Note 8 - Stockholders' Equity a
Note 8 - Stockholders' Equity and Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 8. Share Repurchase Program On October 21, 2021, June 1, 2022, May 4, 2023. September 30, 2023 may may 10b5 1 not may The following table provides information regarding share repurchases during the referenced periods ( 1 Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2023 2022 2023 2022 Shares repurchased (2) 1,628 2,474 4,847 7,588 Total cost, including brokerage fees (3) $ 106,302 $ 134,996 $ 312,656 $ 434,769 Average repurchase price per share (4) $ 65.30 $ 54.57 $ 64.51 $ 57.29 ( 1 three nine September 30, 2023 2022. not September 30, 2023 2022, ( 2 ( 3 1% 2022 January 1, 2023. ( 4 may not 1% BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ Dividends The dividends declared by the Board of Directors and reflected in the periods presented are: Declaration date Record date Payment date Amount per share February 3, 2022 March 15, 2022 April 15, 2022 $ 0.15 June 1, 2022 June 30, 2022 July 15, 2022 0.15 September 15, 2022 September 30, 2022 October 15, 2022 0.15 December 8, 2022 December 19, 2022 January 15, 2023 0.15 February 14, 2023 March 15, 2023 April 15, 2023 0.16 May 4, 2023 June 15, 2023 July 15, 2023 0.16 August 15, 2023 September 15, 2023 October 15, 2023 0.16 Share-Based Compensation We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period. The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations. Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Gaming $ 278 $ 191 $ 806 $ 712 Food & beverage 53 36 154 136 Room 26 18 74 65 Selling, general and administrative 1,415 967 4,098 3,618 Corporate expense 6,261 4,441 22,918 23,955 Total share-based compensation expense $ 8,033 $ 5,653 $ 28,050 $ 28,486 Performance Shares Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may The PSU grants awarded in fourth 2019 2018 first 2023 2022, 2019 2018 three The PSU grant awarded in December 2019 first 2023, 2019 2022; not 2023 The PSU grant awarded in November 2018 first 2022, 2018 2021; not 2022 Unamortized Stock Compensation Expense and Recognition Period As of September 30, 2023 September 30, 2023 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. We have adopted the authoritative accounting guidance for fair value measurements, which does not BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ 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: September 30, 2023 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 269,155 $ 269,155 $ — $ — Restricted cash 2,479 2,479 — — Investment available for sale 13,098 — — 13,098 December 31, 2022 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 283,472 $ 283,472 $ — $ — Restricted cash 11,593 11,593 — — Investment available for sale 13,670 — — 13,670 Cash and Cash Equivalents and Restricted Cash The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, September 30, 2023 December 31, 2022 Investment Available for Sale We have an investment in a single municipal bond issuance of $17.1 million aggregate principal amount of 7.5% Urban Renewal Tax Increment Revenue Bonds, Taxable Series 2007 June 1, 2037. no 3 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 not September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 The following table summarizes the changes in fair value of the Company's Level 3 Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Balance at beginning of reporting period $ 13,215 $ 14,116 $ 13,670 $ 15,822 Total gains (losses) (realized or unrealized): Included in interest income 41 40 128 125 Included in other comprehensive income (loss) (158 ) (203 ) (20 ) (1,359 ) Purchases, sales, issuances and settlements: Settlements — — (680 ) (635 ) Balance at end of reporting period $ 13,098 $ 13,953 $ 13,098 $ 13,953 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ We are exposed to valuation risk on our Level 3 3 100 not The fair value of indefinite-lived intangible assets, classified in the fair value hierarchy as Level 3, Balances Disclosed at Fair Value The following tables provide the fair value measurement information about our note receivable and obligation under assessment agreements: September 30, 2023 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Asset Note receivable $ 32,498 $ 32,498 $ 32,498 Level 3 Liabilities Obligation under assessment arrangements 20,659 18,079 23,835 Level 3 December 31, 2022 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Asset Note receivable $ 118,162 $ 83,791 $ 82,338 Level 3 Liabilities Obligation under assessment arrangements 22,293 19,304 25,738 Level 3 The following tables provide the fair value measurement information about our long-term debt: September 30, 2023 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Credit facility $ 1,041,800 $ 1,027,315 $ 1,019,415 Level 2 4.750% senior notes due 2027 1,000,000 991,721 917,500 Level 1 4.750% senior notes due 2031 900,000 889,551 762,750 Level 1 Other 538 538 538 Level 3 Total debt $ 2,942,338 $ 2,909,125 $ 2,700,203 December 31, 2022 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Credit facility $ 1,187,800 $ 1,169,935 $ 1,183,565 Level 2 4.750% senior notes due 2027 1,000,000 990,260 928,750 Level 1 4.750% senior notes due 2031 900,000 888,540 784,125 Level 1 Other 674 674 674 Level 3 Total debt $ 3,088,474 $ 3,049,409 $ 2,897,114 The estimated fair value of our obligation under assessment arrangements and the estimated fair value of our note receivable as of December 31, 2022, September 30, 2023 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 2024 2025. not not Other than the retirement of the 8.625% 1 nine September 30, 2022 2 no 1, 2 3 three September 30, 2023 2022 no nine September 30, 2023 BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ |
Note 10 - Segment Information
Note 10 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 10. During the first 2023, three third November 1, 2022, Las Vegas Locals Gold Coast Hotel and Casino Las Vegas, Nevada The Orleans Hotel and Casino Las Vegas, Nevada Sam's Town Hotel and Gambling Hall Las Vegas, Nevada Suncoast Hotel and Casino Las Vegas, Nevada Eastside (1) Las Vegas, Nevada Aliante Casino + Hotel + Spa North Las Vegas, Nevada Cannery Casino Hotel North Las Vegas, Nevada Jokers Wild Henderson, Nevada Downtown Las Vegas California Hotel and Casino Las Vegas, Nevada Fremont Hotel & Casino Las Vegas, Nevada Main Street Station Hotel and Casino Las Vegas, Nevada Midwest & South Par-A-Dice Casino East Peoria, Illinois Belterra Casino Resort (2) Florence, Indiana Blue Chip Casino Hotel Spa Michigan City, Indiana Diamond Jo Casino Dubuque, Iowa Diamond Jo Worth Northwood, Iowa Kansas Star Casino Mulvane, Kansas Amelia Belle Casino Amelia, Louisiana Delta Downs Racetrack Hotel & Casino Vinton, Louisiana Evangeline Downs Racetrack & Casino Opelousas, Louisiana Sam's Town Shreveport Shreveport, Louisiana Treasure Chest Casino Kenner, Louisiana IP Casino Resort Spa Biloxi, Mississippi Sam's Town Hotel and Gambling Hall Tunica Tunica, Mississippi Ameristar Casino * Hotel Kansas City (2) Kansas City, Missouri Ameristar Casino * Resort * Spa St. Charles (2) St. Charles, Missouri Belterra Park (2) Cincinnati, Ohio Valley Forge Casino Resort King of Prussia, Pennsylvania ( 1 March 18, 2020, 19 ( 2 Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR We evaluate profitability based on Adjusted EBITDAR, which represents earnings before interest expense, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, other items, net and master lease rent expense, as applicable. Total Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and Adjusted EBITDAR related to the online operations in our Online segment. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties cater to the Hawaiian market. BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments and our Managed & Other category to reconcile to total revenues: Three Months Ended September 30, 2023 Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 165,153 $ 21,454 $ 21,324 $ — $ — $ 13,902 $ 221,833 Downtown Las Vegas 31,916 9,876 5,312 — — 2,441 49,545 Midwest & South 433,650 39,656 22,084 — — 17,638 513,028 Online — — — 90,288 — — 90,288 Managed & Other 10,449 — — — 17,153 868 28,470 Total Revenues $ 641,168 $ 70,986 $ 48,720 $ 90,288 $ 17,153 $ 34,849 $ 903,164 Three Months Ended September 30, 2022 (1) Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 172,263 $ 21,120 $ 19,982 $ — $ — $ 12,426 $ 225,791 Downtown Las Vegas 31,872 9,583 5,552 — — 2,500 49,507 Midwest & South 452,052 37,089 21,138 — — 17,257 527,536 Online — — — 52,353 — — 52,353 Managed & Other 11,788 — — — 10,159 129 22,076 Total Revenues $ 667,975 $ 67,792 $ 46,672 $ 52,353 $ 10,159 $ 32,312 $ 877,263 Nine Months Ended September 30, 2023 Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 513,460 $ 66,436 $ 70,000 $ — $ — $ 43,147 $ 693,043 Downtown Las Vegas 102,765 30,515 17,797 — — 8,016 159,093 Midwest & South 1,317,175 115,985 60,749 — — 50,138 1,544,047 Online — — — 298,153 — — 298,153 Managed & Other 32,805 — — — 54,629 2,310 89,744 Total Revenues $ 1,966,205 $ 212,936 $ 148,546 $ 298,153 $ 54,629 $ 103,611 $ 2,784,080 Nine Months Ended September 30, 2022 (1) Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 522,728 $ 64,257 $ 62,528 $ — $ — $ 40,301 $ 689,814 Downtown Las Vegas 99,249 29,865 17,152 — — 6,624 152,890 Midwest & South 1,363,445 107,712 59,305 — — 49,072 1,579,534 Online — — — 164,203 — — 164,203 Managed & Other 35,432 — — — 10,159 424 46,015 Total Revenues $ 2,020,854 $ 201,834 $ 138,985 $ 164,203 $ 10,159 $ 96,421 $ 2,632,456 ( 1 three nine September 30, 2022 first 2023. BOYD GAMING CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued) as of September 30, 2023 December 31, 2022 three nine September 30, 2023 2022 ______________________________________________________________________________________________________ The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income, as reported in our accompanying condensed consolidated statements of operations with Adjusted EBITDAR for the three nine September 30, 2022 first 2023: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 (1) 2023 2022 (1) Adjusted EBITDAR Las Vegas Locals $ 105,985 $ 111,733 $ 350,540 $ 355,762 Downtown Las Vegas 15,857 17,704 57,876 58,216 Midwest & South 190,588 211,292 591,105 642,351 Online 11,005 6,350 45,028 22,916 Managed & Other 18,997 12,553 60,094 17,458 Corporate expense (21,611 ) (21,934 ) (65,314 ) (66,296 ) Adjusted EBITDAR 320,821 337,698 1,039,329 1,030,407 Other operating costs and expenses Deferred rent 177 192 531 576 Master lease rent expense 27,236 26,828 81,163 79,788 Depreciation and amortization 64,797 64,956 188,577 194,191 Share-based compensation expense 8,033 5,653 28,050 28,486 Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Total other operating costs and expenses 102,949 100,239 292,549 296,820 Operating income 217,872 237,459 746,780 733,587 Other expense (income) Interest income (1,585 ) (2,073 ) (22,445 ) (2,976 ) Interest expense, net of amounts capitalized 42,352 36,001 128,933 110,125 Loss on early extinguishments and modifications of debt — — — 19,809 Other, net (30 ) 170 596 3,667 Total other expense, net 40,737 34,098 107,084 130,625 Income before income taxes 177,135 203,361 639,696 602,962 Income tax provision (41,902 ) (46,359 ) (112,278 ) (136,269 ) Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 ( 1 three nine September 30, 2022 first 2023. For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not Total Reportable Segment Assets The Company's assets by Reportable Segment and Managed & Other category consisted of the following amounts with assets as of December 31, 2022 first 2023: September 30, December 31, (In thousands) 2023 2022 Assets Las Vegas Locals $ 1,612,047 $ 1,613,553 Downtown Las Vegas 291,815 265,876 Midwest & South 3,759,733 3,745,476 Online 223,566 226,800 Managed & Other 154,187 207,962 Corporate 270,263 251,460 Total Assets $ 6,311,611 $ 6,311,127 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11. We have evaluated all events or transactions that occurred after September 30, 2023 not |
Item 5. Other Information
Item 5. Other Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | 5. Other Information None 10b5 1 10b5 1 September 30, 2023 408 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization Boyd Gaming Corporation (and together with its subsidiaries, the "Company", "Boyd", "Boyd Gaming", "we" or "us") was incorporated in the state of Nevada in 1988 1975. We are a geographically diversified operator of 28 wholly owned gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ( "B2B" "B2C" |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10 10 X not December 31, 2022 February 24, 2023. The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% not |
Reclassification, Comparability Adjustment [Policy Text Block] | Recasted Condensed Consolidated Statements of Operations (Unaudited) In the first 2023, two 10, Segment Information three nine September 30, 2022 not three nine September 30, 2022. Additionally, during the first 2023, four three nine September 30, 2022 10, Segment Information |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three not may |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows. September 30, December 31, September 30, December 31, (In thousands) 2023 2022 2022 2021 Cash and cash equivalents $ 269,155 $ 283,472 $ 252,344 $ 344,557 Restricted cash 2,479 11,593 17,185 12,571 Total cash, cash equivalents and restricted cash $ 271,634 $ 295,065 $ 269,529 $ 357,128 |
Lessee, Leases [Policy Text Block] | Leases Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may not |
Revenue [Policy Text Block] | Revenue Recognition The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C Collaborative Arrangements not We have established a player loyalty program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services. Gaming wager contracts involve two not not no 5, Accrued Liabilities The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 5, Accrued Liabilities The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one 5, Accrued Liabilities The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program such as cash and the estimated retail value of goods and services (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program included in departmental revenues, and therefore reducing our gaming revenues, are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Food & beverage $ 29,978 $ 29,062 $ 87,573 $ 85,970 Room 15,873 16,879 46,367 48,668 Other 2,328 2,371 6,265 6,718 |
Gaming Taxes [Policy Text Block] | Gaming Taxes We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $128.1 million three September 30, 2023 2022 nine September 30, 2023 2022 Collaborative Arrangements million and $3.9 million three nine September 30, 2023 not three nine September 30, 2022. |
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 In performing our second twelve twelve June 30, 2023. not three June 30, 2023 not second 2023, three September 30, 2023, not Other Long-Term Tax Liabilities The Company's income tax returns are subject to examination by the Internal Revenue Service and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two not not not Tax positions failing to qualify for initial recognition are recognized in the first not" no not" |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Collaborative Arrangements We hold a five one third Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third million three September 30, 2023 2022 nine September 30, 2023 2022 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Currency Translation The Company translates the financial statements of its foreign subsidiary that are not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents and Restricted Cash [Table Text Block] | September 30, December 31, September 30, December 31, (In thousands) 2023 2022 2022 2021 Cash and cash equivalents $ 269,155 $ 283,472 $ 252,344 $ 344,557 Restricted cash 2,479 11,593 17,185 12,571 Total cash, cash equivalents and restricted cash $ 271,634 $ 295,065 $ 269,529 $ 357,128 |
Schedule Of Promotional Allowances [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Food & beverage $ 29,978 $ 29,062 $ 87,573 $ 85,970 Room 15,873 16,879 46,367 48,668 Other 2,328 2,371 6,265 6,718 |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (In thousands) As Recorded Current assets $ 10,456 Property and equipment 445 Other assets 740 Intangible assets 77,000 Total acquired assets 88,641 Current liabilities 4,462 Other liabilities 3,007 Total liabilities assumed 7,469 Net identifiable assets acquired 81,172 Goodwill 94,037 Net assets acquired $ 175,209 |
Business Combination, Assets Acquired, Property, Plant, and Equipment [Table Text Block] | Useful Lives (In thousands) (in years) As Recorded Buildings and improvements 5 $ 22 Furniture and equipment 2 - 5 423 Property and equipment acquired $ 445 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Useful Lives (In thousands) (in years) As Recorded Developed technology 10 $ 36,000 B2B relationships 7 - 10 28,000 B2C relationships 12 13,000 Total intangible assets acquired $ 77,000 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, (In thousands) 2023 2022 Land $ 333,899 $ 334,368 Buildings and improvements 3,213,915 3,172,676 Furniture and equipment 1,823,169 1,707,212 Riverboats and barges 241,980 241,898 Construction in progress 174,964 87,612 Total property and equipment 5,787,927 5,543,766 Less accumulated depreciation (3,288,202 ) (3,149,530 ) Property and equipment, net $ 2,499,725 $ 2,394,236 |
Depreciation Expense [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Depreciation expense $ 60,586 $ 62,771 $ 176,051 $ 188,399 |
Note 4 - Goodwill and Intangi_2
Note 4 - Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2023 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining Carrying Accumulated Impairment Currency Intangible (In thousands) (in years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.4 $ 35,050 $ (34,776 ) $ — $ — $ 274 Host agreements 9.7 58,000 (20,622 ) — — 37,378 Development agreement 5.9 21,373 (3,434 ) — — 17,939 Developed technology 8.8 39,068 (3,464 ) — 35 35,639 B2B relationships 6.3 28,000 (3,588 ) — 9 24,421 B2C relationships 11.1 13,000 (993 ) — — 12,007 194,491 (66,877 ) — 44 127,658 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (36,375 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (222,174 ) — 1,121,947 1,582,081 (33,960 ) (258,549 ) — 1,289,572 Balances, September 30, 2023 $ 1,776,572 $ (100,837 ) $ (258,549 ) $ 44 $ 1,417,230 December 31, 2022 Weighted Useful Life Gross Accumulated Effect of Foreign Remaining Carrying Accumulated Impairment Currency Intangible (In thousands) (in years) Value Amortization Losses Exchange Assets, Net Amortizing intangibles Customer relationships 0.6 $ 63,050 $ (62,070 ) $ — $ — $ 980 Host agreements 10.4 58,000 (17,722 ) — — 40,278 Development agreement 6.6 21,373 (1,145 ) — — 20,228 Developed technology 9.8 36,445 (600 ) — 53 35,898 B2B relationships 7.0 28,000 (652 ) — 12 27,360 B2C relationships 11.8 13,000 (181 ) — — 12,819 219,868 (82,370 ) — 65 137,563 Indefinite lived intangible assets Trademarks Indefinite 204,000 — (36,375 ) — 167,625 Gaming license rights Indefinite 1,378,081 (33,960 ) (222,174 ) — 1,121,947 1,582,081 (33,960 ) (258,549 ) — 1,289,572 Balances, December 31, 2022 $ 1,801,949 $ (116,330 ) $ (258,549 ) $ 65 $ 1,427,135 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) Customer Relationships Host Agreements Development Agreement Developed Technology B2B Relationships B2C Relationships Total For the year ending December 31, 2023 (excluding nine months ended September 30, 2023) $ 234 $ 967 $ 764 $ 1,058 $ 975 $ 271 $ 4,269 2024 40 3,867 3,053 4,208 3,914 1,083 16,165 2025 — 3,867 3,053 4,208 3,914 1,083 16,125 2026 — 3,867 3,053 4,208 3,914 1,083 16,125 2027 — 3,867 3,053 4,208 3,914 1,083 16,125 Thereafter — 20,943 4,963 17,749 7,790 7,404 58,849 Total future amortization $ 274 $ 37,378 $ 17,939 $ 35,639 $ 24,421 $ 12,007 $ 127,658 |
Schedule of Goodwill [Table Text Block] | September 30, 2023 Effect of Gross Accumulated Foreign Carrying Accumulated Impairment Currency Goodwill, (In thousands) Value Amortization Losses Exchange Net Goodwill, net by Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ — $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — — 863 Midwest & South 636,269 — (107,470 ) — 528,799 Online 94,037 — — 32 94,069 Managed & Other 30,529 — (30,529 ) — — Balances, September 30, 2023 $ 1,361,399 $ (6,134 ) $ (326,078 ) $ 32 $ 1,029,219 December 31, 2022 Effect of Gross Accumulated Foreign Carrying Accumulated Impairment Currency Goodwill, (In thousands) Value Amortization Losses Exchange Net Goodwill, net by Segment Las Vegas Locals $ 593,567 $ — $ (188,079 ) $ — $ 405,488 Downtown Las Vegas 6,997 (6,134 ) — — 863 Midwest & South 636,269 — (107,470 ) — 528,799 Online 94,037 — — 20 94,057 Managed & Other 30,529 — (25,992 ) — 4,537 Balances, December 31, 2022 $ 1,361,399 $ (6,134 ) $ (321,541 ) $ 20 $ 1,033,744 |
Note 5 - Accrued Liabilities (T
Note 5 - Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, (In thousands) 2023 2022 Payroll and related $ 73,011 $ 73,619 Interest 18,739 17,864 Gaming 69,890 77,638 Player loyalty program 22,588 25,852 Advance deposits 19,315 20,792 Outstanding chips 7,778 7,704 Dividends payable 15,804 15,476 Operating leases 94,458 88,776 Other 111,897 84,192 Total accrued liabilities $ 433,480 $ 411,913 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, 2023 Interest Unamortized Rates at Origination September 30, Outstanding Unamortized Fees and Long-Term (In thousands) 2023 Principal Discount Costs Debt, Net Credit facility 6.901 % $ 1,041,800 $ — $ (14,485 ) $ 1,027,315 4.750% senior notes due 2027 4.750 % 1,000,000 — (8,279 ) 991,721 4.750% senior notes due 2031 4.750 % 900,000 — (10,449 ) 889,551 Other 5.208 % 538 — — 538 Total long-term debt 2,942,338 — (33,213 ) 2,909,125 Less current maturities 44,275 — — 44,275 Long-term debt, net $ 2,898,063 $ — $ (33,213 ) $ 2,864,850 December 31, 2022 Interest Unamortized Rates at Origination December 31, Outstanding Unamortized Fees and Long-Term (In thousands) 2022 Principal Discount Costs Debt, Net Credit facility 6.166 % $ 1,187,800 $ — $ (17,865 ) $ 1,169,935 4.750% senior notes due 2027 4.750 % 1,000,000 — (9,740 ) 990,260 4.750% senior notes due 2031 4.750 % 900,000 — (11,460 ) 888,540 Other 5.208 % 674 — — 674 Total long-term debt 3,088,474 — (39,065 ) 3,049,409 Less current maturities 44,275 — — 44,275 Long-term debt, net $ 3,044,199 $ — $ (39,065 ) $ 3,005,134 |
Schedule of Line of Credit Facilities [Table Text Block] | September 30, December 31, (In thousands) 2023 2022 Revolving credit facility $ 175,000 $ 285,000 Term A loan 814,000 847,000 Swing loan 52,800 55,800 Total outstanding principal amounts $ 1,041,800 $ 1,187,800 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity and Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share Repurchase Program [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2023 2022 2023 2022 Shares repurchased (2) 1,628 2,474 4,847 7,588 Total cost, including brokerage fees (3) $ 106,302 $ 134,996 $ 312,656 $ 434,769 Average repurchase price per share (4) $ 65.30 $ 54.57 $ 64.51 $ 57.29 |
Dividends Declared [Table Text Block] | Declaration date Record date Payment date Amount per share February 3, 2022 March 15, 2022 April 15, 2022 $ 0.15 June 1, 2022 June 30, 2022 July 15, 2022 0.15 September 15, 2022 September 30, 2022 October 15, 2022 0.15 December 8, 2022 December 19, 2022 January 15, 2023 0.15 February 14, 2023 March 15, 2023 April 15, 2023 0.16 May 4, 2023 June 15, 2023 July 15, 2023 0.16 August 15, 2023 September 15, 2023 October 15, 2023 0.16 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Gaming $ 278 $ 191 $ 806 $ 712 Food & beverage 53 36 154 136 Room 26 18 74 65 Selling, general and administrative 1,415 967 4,098 3,618 Corporate expense 6,261 4,441 22,918 23,955 Total share-based compensation expense $ 8,033 $ 5,653 $ 28,050 $ 28,486 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2023 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 269,155 $ 269,155 $ — $ — Restricted cash 2,479 2,479 — — Investment available for sale 13,098 — — 13,098 December 31, 2022 (In thousands) Balance Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 283,472 $ 283,472 $ — $ — Restricted cash 11,593 11,593 — — Investment available for sale 13,670 — — 13,670 |
Fair Value Asset (Liability) Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Balance at beginning of reporting period $ 13,215 $ 14,116 $ 13,670 $ 15,822 Total gains (losses) (realized or unrealized): Included in interest income 41 40 128 125 Included in other comprehensive income (loss) (158 ) (203 ) (20 ) (1,359 ) Purchases, sales, issuances and settlements: Settlements — — (680 ) (635 ) Balance at end of reporting period $ 13,098 $ 13,953 $ 13,098 $ 13,953 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | September 30, 2023 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Asset Note receivable $ 32,498 $ 32,498 $ 32,498 Level 3 Liabilities Obligation under assessment arrangements 20,659 18,079 23,835 Level 3 December 31, 2022 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Asset Note receivable $ 118,162 $ 83,791 $ 82,338 Level 3 Liabilities Obligation under assessment arrangements 22,293 19,304 25,738 Level 3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | September 30, 2023 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Credit facility $ 1,041,800 $ 1,027,315 $ 1,019,415 Level 2 4.750% senior notes due 2027 1,000,000 991,721 917,500 Level 1 4.750% senior notes due 2031 900,000 889,551 762,750 Level 1 Other 538 538 538 Level 3 Total debt $ 2,942,338 $ 2,909,125 $ 2,700,203 December 31, 2022 Outstanding Carrying Estimated Fair Value (In thousands) Face Amount Value Fair Value Hierarchy Credit facility $ 1,187,800 $ 1,169,935 $ 1,183,565 Level 2 4.750% senior notes due 2027 1,000,000 990,260 928,750 Level 1 4.750% senior notes due 2031 900,000 888,540 784,125 Level 1 Other 674 674 674 Level 3 Total debt $ 3,088,474 $ 3,049,409 $ 2,897,114 |
Note 10 - Segment Information (
Note 10 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, 2023 Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 165,153 $ 21,454 $ 21,324 $ — $ — $ 13,902 $ 221,833 Downtown Las Vegas 31,916 9,876 5,312 — — 2,441 49,545 Midwest & South 433,650 39,656 22,084 — — 17,638 513,028 Online — — — 90,288 — — 90,288 Managed & Other 10,449 — — — 17,153 868 28,470 Total Revenues $ 641,168 $ 70,986 $ 48,720 $ 90,288 $ 17,153 $ 34,849 $ 903,164 Three Months Ended September 30, 2022 (1) Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 172,263 $ 21,120 $ 19,982 $ — $ — $ 12,426 $ 225,791 Downtown Las Vegas 31,872 9,583 5,552 — — 2,500 49,507 Midwest & South 452,052 37,089 21,138 — — 17,257 527,536 Online — — — 52,353 — — 52,353 Managed & Other 11,788 — — — 10,159 129 22,076 Total Revenues $ 667,975 $ 67,792 $ 46,672 $ 52,353 $ 10,159 $ 32,312 $ 877,263 Nine Months Ended September 30, 2023 Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 513,460 $ 66,436 $ 70,000 $ — $ — $ 43,147 $ 693,043 Downtown Las Vegas 102,765 30,515 17,797 — — 8,016 159,093 Midwest & South 1,317,175 115,985 60,749 — — 50,138 1,544,047 Online — — — 298,153 — — 298,153 Managed & Other 32,805 — — — 54,629 2,310 89,744 Total Revenues $ 1,966,205 $ 212,936 $ 148,546 $ 298,153 $ 54,629 $ 103,611 $ 2,784,080 Nine Months Ended September 30, 2022 (1) Food & Management Gaming Beverage Room Online Fee Other Total (In thousands) Revenue Revenue Revenue Revenue Revenue Revenue Revenue Revenues Las Vegas Locals $ 522,728 $ 64,257 $ 62,528 $ — $ — $ 40,301 $ 689,814 Downtown Las Vegas 99,249 29,865 17,152 — — 6,624 152,890 Midwest & South 1,363,445 107,712 59,305 — — 49,072 1,579,534 Online — — — 164,203 — — 164,203 Managed & Other 35,432 — — — 10,159 424 46,015 Total Revenues $ 2,020,854 $ 201,834 $ 138,985 $ 164,203 $ 10,159 $ 96,421 $ 2,632,456 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 (1) 2023 2022 (1) Adjusted EBITDAR Las Vegas Locals $ 105,985 $ 111,733 $ 350,540 $ 355,762 Downtown Las Vegas 15,857 17,704 57,876 58,216 Midwest & South 190,588 211,292 591,105 642,351 Online 11,005 6,350 45,028 22,916 Managed & Other 18,997 12,553 60,094 17,458 Corporate expense (21,611 ) (21,934 ) (65,314 ) (66,296 ) Adjusted EBITDAR 320,821 337,698 1,039,329 1,030,407 Other operating costs and expenses Deferred rent 177 192 531 576 Master lease rent expense 27,236 26,828 81,163 79,788 Depreciation and amortization 64,797 64,956 188,577 194,191 Share-based compensation expense 8,033 5,653 28,050 28,486 Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Total other operating costs and expenses 102,949 100,239 292,549 296,820 Operating income 217,872 237,459 746,780 733,587 Other expense (income) Interest income (1,585 ) (2,073 ) (22,445 ) (2,976 ) Interest expense, net of amounts capitalized 42,352 36,001 128,933 110,125 Loss on early extinguishments and modifications of debt — — — 19,809 Other, net (30 ) 170 596 3,667 Total other expense, net 40,737 34,098 107,084 130,625 Income before income taxes 177,135 203,361 639,696 602,962 Income tax provision (41,902 ) (46,359 ) (112,278 ) (136,269 ) Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, December 31, (In thousands) 2023 2022 Assets Las Vegas Locals $ 1,612,047 $ 1,613,553 Downtown Las Vegas 291,815 265,876 Midwest & South 3,759,733 3,745,476 Online 223,566 226,800 Managed & Other 154,187 207,962 Corporate 270,263 251,460 Total Assets $ 6,311,611 $ 6,311,127 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Number of Gaming Entertainment Properties | 28 | 28 | |||
Number of Reportable Segments | 4 | 3 | 4 | ||
Taxes, Other | $ 128,100 | $ 130,900 | $ 387,800 | $ 397,800 | |
Taxes Deposited Pursuant to the Online Collaborative Agreements | 2,100 | 0 | 3,900 | 0 | |
Deferred Tax Assets, Valuation Allowance | 35,900 | 35,900 | |||
Online [Member] | |||||
Taxes Deposited Pursuant to the Online Collaborative Agreements | $ 71,400 | $ 45,200 | $ 230,600 | $ 135,100 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 269,155 | $ 283,472 | $ 252,344 | $ 344,557 |
Restricted cash | 2,479 | 11,593 | 17,185 | 12,571 |
Total cash, cash equivalents and restricted cash | $ 271,634 | $ 295,065 | $ 269,529 | $ 357,128 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Schedule of Promotional Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Food and Beverage [Member] | ||||
Promotional allowance | $ 29,978 | $ 29,062 | $ 87,573 | $ 85,970 |
Occupancy [Member] | ||||
Promotional allowance | 15,873 | 16,879 | 46,367 | 48,668 |
Product and Service, Other [Member] | ||||
Promotional allowance | $ 2,328 | $ 2,371 | $ 6,265 | $ 6,718 |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - Pala Interactive LLC [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Payments to Acquire Businesses, Gross | $ 175.2 | ||||
Cash Acquired from Acquisition | 7.3 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 167.9 | ||||
Business Combination, Acquisition Related Costs | $ 0.1 | $ 0.3 | $ 0.1 | $ 2.6 | |
Pala Canada [Member] | |||||
Business Acquisition, Goodwill, Expected Tax Non-Deductible Amount | $ 7.8 |
Note 2 - Acquisition - Schedule
Note 2 - Acquisition - Schedule of Acquisitions (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Nov. 01, 2022 |
Goodwill | $ 1,029,219 | $ 1,033,744 | |
Pala Interactive LLC [Member] | |||
Current assets | $ 10,456 | ||
Property and equipment | 445 | ||
Other assets | 740 | ||
Intangible assets | 77,000 | ||
Total acquired assets | 88,641 | ||
Current liabilities | 4,462 | ||
Other liabilities | 3,007 | ||
Total liabilities assumed | 7,469 | ||
Net identifiable assets acquired | 81,172 | ||
Goodwill | 94,037 | ||
Net assets acquired | $ 175,209 |
Note 2 - Acquisition - Acquired
Note 2 - Acquisition - Acquired Property, Plant, and Equipment (Details) - Pala Interactive LLC [Member] $ in Thousands | Nov. 01, 2022 USD ($) |
Property and equipment acquired | $ 445 |
Building and Building Improvements [Member] | |
Property, pant, and equipment, useful life (Year) | 5 years |
Property and equipment acquired | $ 22 |
Furniture and Equipment [Member] | |
Property and equipment acquired | $ 423 |
Furniture and Equipment [Member] | Minimum [Member] | |
Property, pant, and equipment, useful life (Year) | 2 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Property, pant, and equipment, useful life (Year) | 5 years |
Note 2 - Acquisition - Intangib
Note 2 - Acquisition - Intangible Assets Acquired as Part of Business Combination (Details) - Pala Interactive LLC [Member] $ in Millions | Nov. 01, 2022 USD ($) |
Intangible assets acquired | $ 77 |
Developed Technology Rights [Member] | |
Acquired intangible assets, useful life (Year) | 10 years |
Intangible assets acquired | $ 36 |
Business to Business Relationships [Member] | |
Intangible assets acquired | $ 28 |
Business to Business Relationships [Member] | Minimum [Member] | |
Acquired intangible assets, useful life (Year) | 7 years |
Business to Business Relationships [Member] | Maximum [Member] | |
Acquired intangible assets, useful life (Year) | 10 years |
Business to Consumer Relationship [Member] | |
Acquired intangible assets, useful life (Year) | 12 years |
Intangible assets acquired | $ 13 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 5,787,927 | $ 5,543,766 |
Less accumulated depreciation | (3,288,202) | (3,149,530) |
Property and equipment, net | 2,499,725 | 2,394,236 |
Land [Member] | ||
Property and equipment, gross | 333,899 | 334,368 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 3,213,915 | 3,172,676 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,823,169 | 1,707,212 |
Riverboats And Barges [Member] | ||
Property and equipment, gross | 241,980 | 241,898 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 174,964 | $ 87,612 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Depreciation expense | $ 60,586 | $ 62,771 | $ 176,051 | $ 188,399 |
Note 4 - Goodwill and Intangi_3
Note 4 - Goodwill and Intangible Assets, Net (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Managed and Other [Member] | |
Goodwill, Impairment Loss | $ 4.5 |
Note 4 - Goodwill and Intangi_4
Note 4 - Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Intangible assets, gross carrying value | $ 194,491 | $ 219,868 |
Intangible assets, cumulative amortization | (66,877) | (82,370) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 44 | 65 |
Intangible assets, net | 127,658 | 137,563 |
Intangible assets, gross carrying value | 1,582,081 | 1,582,081 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (258,549) | (258,549) |
effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | 1,289,572 | 1,289,572 |
Intangible assets, gross carrying value | 1,776,572 | 1,801,949 |
Intangible assets, cumulative amortization | (100,837) | (116,330) |
Intangible assets, cumulative impairment losses | (258,549) | (258,549) |
effect of foreign currency exchange | 44 | 65 |
Intangible assets, net | 1,417,230 | 1,427,135 |
Trademarks [Member] | ||
Intangible assets, gross carrying value | 204,000 | 204,000 |
Intangible assets, cumulative amortization | 0 | 0 |
Intangible assets, cumulative impairment losses | (36,375) | (36,375) |
effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | 167,625 | 167,625 |
Gaming License Right [Member] | ||
Intangible assets, gross carrying value | 1,378,081 | 1,378,081 |
Intangible assets, cumulative amortization | (33,960) | (33,960) |
Intangible assets, cumulative impairment losses | (222,174) | (222,174) |
effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | 1,121,947 | 1,121,947 |
Customer Relationships [Member] | ||
Intangible assets, gross carrying value | 35,050 | 63,050 |
Intangible assets, cumulative amortization | (34,776) | (62,070) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | $ 274 | $ 980 |
Customer Relationships [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 4 months 24 days | 7 months 6 days |
Host Agreements [Member] | ||
Intangible assets, gross carrying value | $ 58,000 | $ 58,000 |
Intangible assets, cumulative amortization | (20,622) | (17,722) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | $ 37,378 | $ 40,278 |
Host Agreements [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 9 years 8 months 12 days | 10 years 4 months 24 days |
Development Agreements [Member] | ||
Intangible assets, gross carrying value | $ 21,373 | $ 21,373 |
Intangible assets, cumulative amortization | (3,434) | (1,145) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | $ 17,939 | $ 20,228 |
Development Agreements [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 5 years 10 months 24 days | 6 years 7 months 6 days |
Developed Technology Rights [Member] | ||
Intangible assets, gross carrying value | $ 39,068 | $ 36,445 |
Intangible assets, cumulative amortization | (3,464) | (600) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 35 | 53 |
Intangible assets, net | $ 35,639 | $ 35,898 |
Developed Technology Rights [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 8 years 9 months 18 days | 9 years 9 months 18 days |
Business to Business Relationships [Member] | ||
Intangible assets, gross carrying value | $ 28,000 | $ 28,000 |
Intangible assets, cumulative amortization | (3,588) | (652) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 9 | 12 |
Intangible assets, net | $ 24,421 | $ 27,360 |
Business to Business Relationships [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 6 years 3 months 18 days | 7 years |
Business to Consumer Relationship [Member] | ||
Intangible assets, gross carrying value | $ 13,000 | $ 13,000 |
Intangible assets, cumulative amortization | (993) | (181) |
Intangible assets, cumulative impairment losses | 0 | 0 |
Effect of foreign currency exchange | 0 | 0 |
Intangible assets, net | $ 12,007 | $ 12,819 |
Business to Consumer Relationship [Member] | Weighted Average [Member] | ||
Intangible assets, weighted average life remaining (Year) | 11 years 1 month 6 days | 11 years 9 months 18 days |
Note 4 - Goodwill and Intangi_5
Note 4 - Goodwill and Intangible Assets, Net - Future Amortization (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 (excluding nine months ended September 30, 2023) | $ 4,269 |
2024 | 16,165 |
2025 | 16,125 |
2026 | 16,125 |
2027 | 16,125 |
Thereafter | 58,849 |
Total future amortization | 127,658 |
Customer Relationships [Member] | |
2023 (excluding nine months ended September 30, 2023) | 234 |
2024 | 40 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total future amortization | 274 |
Host Agreements [Member] | |
2023 (excluding nine months ended September 30, 2023) | 967 |
2024 | 3,867 |
2025 | 3,867 |
2026 | 3,867 |
2027 | 3,867 |
Thereafter | 20,943 |
Total future amortization | 37,378 |
Development Agreement [Member] | |
2023 (excluding nine months ended September 30, 2023) | 764 |
2024 | 3,053 |
2025 | 3,053 |
2026 | 3,053 |
2027 | 3,053 |
Thereafter | 4,963 |
Total future amortization | 17,939 |
Developed Technology Rights [Member] | |
2023 (excluding nine months ended September 30, 2023) | 1,058 |
2024 | 4,208 |
2025 | 4,208 |
2026 | 4,208 |
2027 | 4,208 |
Thereafter | 17,749 |
Total future amortization | 35,639 |
Business to Business Relationships [Member] | |
2023 (excluding nine months ended September 30, 2023) | 975 |
2024 | 3,914 |
2025 | 3,914 |
2026 | 3,914 |
2027 | 3,914 |
Thereafter | 7,790 |
Total future amortization | 24,421 |
Business to Consumer Relationship [Member] | |
2023 (excluding nine months ended September 30, 2023) | 271 |
2024 | 1,083 |
2025 | 1,083 |
2026 | 1,083 |
2027 | 1,083 |
Thereafter | 7,404 |
Total future amortization | $ 12,007 |
Note 4 - Goodwill and Intangi_6
Note 4 - Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Goodwill, gross | $ 1,361,399 | $ 1,361,399 |
Goodwill, cumulative amortization | (6,134) | (6,134) |
Goodwill, cumulative impairment losses | (326,078) | (321,541) |
Effect of Foreign Currency Exchange | 32 | 20 |
Goodwill, net | 1,029,219 | 1,033,744 |
Las Vegas Locals [Member] | ||
Goodwill, gross | 593,567 | 593,567 |
Goodwill, cumulative amortization | 0 | 0 |
Goodwill, cumulative impairment losses | (188,079) | (188,079) |
Effect of Foreign Currency Exchange | 0 | 0 |
Goodwill, net | 405,488 | 405,488 |
Downtown Las Vegas [Member] | ||
Goodwill, gross | 6,997 | 6,997 |
Goodwill, cumulative amortization | (6,134) | (6,134) |
Goodwill, cumulative impairment losses | 0 | 0 |
Effect of Foreign Currency Exchange | 0 | 0 |
Goodwill, net | 863 | 863 |
Midwest and South [Member] | ||
Goodwill, gross | 636,269 | 636,269 |
Goodwill, cumulative amortization | 0 | 0 |
Goodwill, cumulative impairment losses | (107,470) | (107,470) |
Effect of Foreign Currency Exchange | 0 | 0 |
Goodwill, net | 528,799 | 528,799 |
Online [Member] | ||
Goodwill, gross | 94,037 | 94,037 |
Goodwill, cumulative amortization | 0 | 0 |
Goodwill, cumulative impairment losses | 0 | 0 |
Effect of Foreign Currency Exchange | 32 | 20 |
Goodwill, net | 94,069 | 94,057 |
Managed and Other [Member] | ||
Goodwill, gross | 30,529 | 30,529 |
Goodwill, cumulative amortization | 0 | 0 |
Goodwill, cumulative impairment losses | (30,529) | (25,992) |
Effect of Foreign Currency Exchange | 0 | 0 |
Goodwill, net | $ 0 | $ 4,537 |
Note 5 - Accrued Liabilities -
Note 5 - Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payroll and related | $ 73,011 | $ 73,619 |
Interest | 18,739 | 17,864 |
Gaming | 69,890 | 77,638 |
Player loyalty program | 22,588 | 25,852 |
Advance deposits | 19,315 | 20,792 |
Outstanding chips | 7,778 | 7,704 |
Dividends payable | 15,804 | 15,476 |
Other | 111,897 | 84,192 |
Total accrued liabilities | 433,480 | 411,913 |
Accrued Liabilities 1 [Member] | ||
Operating leases | $ 94,458 | $ 88,776 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Long-Term Line of Credit | $ 1,041,800 | $ 1,041,800 | $ 1,187,800 | ||
Gain (Loss) on Extinguishment of Debt | 0 | $ 0 | 0 | $ (19,809) | |
Revolving Credit Facility [Member] | |||||
Debt Instrument, Face Amount | 175,000 | 175,000 | |||
Bank Credit Facility [Member] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,208,800 | 1,208,800 | |||
Gain (Loss) on Extinguishment of Debt | 3,300 | ||||
Deferred Debt Issuance Cost, Writeoff | 3,300 | ||||
Bank Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,450,000 | 1,450,000 | |||
Bank Credit Facility [Member] | Letter of Credit [Member] | |||||
Long-Term Line of Credit | 13,400 | 13,400 | |||
Swing Loan [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 52,800 | $ 52,800 | |||
Senior Notes [Member] | Senior Note 8.625% Due 2025 [Member] | |||||
Gain (Loss) on Extinguishment of Debt | (16,500) | ||||
Extinguishment of Debt, Amount | $ 300,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | 8.625% | |||
Gain (Loss) on Extinguishment of Debt, before Debt Issuance Cost Writeoff | $ (12,900) | ||||
Deferred Debt Issuance Cost, Writeoff | $ 3,600 |
Note 6 - Long-term Debt - Sched
Note 6 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Long-term debt, outstanding principal | $ 2,942,338 | $ 3,088,474 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | (33,213) | (39,065) |
Long-term debt, net | 2,909,125 | 3,049,409 |
Long-term debt, outstanding principal, current | 44,275 | 44,275 |
Long-term debt, unamortized discount, current | 0 | 0 |
Long-term debt, unamortized original fees and costs, current | 0 | 0 |
Current maturities of long-term debt | 44,275 | 44,275 |
Long-term debt, outstanding principal, noncurrent | 2,898,063 | 3,044,199 |
Long-term debt, unamortized discount, noncurrent | 0 | 0 |
Long-term debt, unamortized original fees and costs, noncurrent | (33,213) | (39,065) |
Long-term debt, net of current maturities and debt issuance costs | $ 2,864,850 | $ 3,005,134 |
Line of Credit [Member] | Bank Credit Facility [Member] | ||
Long-term debt, interest rate | 6.901% | 6.166% |
Long-term debt, outstanding principal | $ 1,041,800 | $ 1,187,800 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | (14,485) | (17,865) |
Long-term debt, net | $ 1,027,315 | $ 1,169,935 |
Senior Notes [Member] | Senior Note 4.750% Due 2027 [Member] | ||
Long-term debt, interest rate | 4.75% | 4.75% |
Long-term debt, outstanding principal | $ 1,000,000 | $ 1,000,000 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | (8,279) | (9,740) |
Long-term debt, net | $ 991,721 | $ 990,260 |
Senior Notes [Member] | Senior Note 4750 Due 2031 Member | ||
Long-term debt, interest rate | 4.75% | 4.75% |
Long-term debt, outstanding principal | $ 900,000 | $ 900,000 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | (10,449) | (11,460) |
Long-term debt, net | $ 889,551 | $ 888,540 |
Other Long-Term Debt [Member] | ||
Long-term debt, interest rate | 5.208% | 5.208% |
Long-term debt, outstanding principal | $ 538 | $ 674 |
Long-term debt, unamortized discount | 0 | 0 |
Long-term debt, unamortized original fees and costs | 0 | 0 |
Long-term debt, net | $ 538 | $ 674 |
Note 6 - Long-term Debt - Outst
Note 6 - Long-term Debt - Outstanding Principal Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Outstanding principal amounts | $ 1,041.8 | $ 1,187.8 |
Line of Credit [Member] | Term A Loan [Member] | ||
Outstanding principal amounts | 814 | 847 |
Line of Credit [Member] | Swing Loan [Member] | ||
Outstanding principal amounts | 52.8 | 55.8 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Outstanding principal amounts | $ 175 | $ 285 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Project Development, Preopening and Writedowns Expense | $ 2,405 | $ 9,645 | $ (11,268) | $ 528 | ||
Proceeds from Collection of Loans Receivable | 82,459 | 0 | ||||
Interest Payments Received | 10,804 | 0 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 903,164 | 877,263 | [1] | 2,784,080 | 2,632,456 | [1] |
Management Service [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 17,153 | $ 10,159 | 54,629 | $ 10,159 | ||
Development Agreement [Member] | ||||||
Interest Income (Expense), Net | 14,300 | |||||
Proceeds from Collection of Loans Receivable | 82,500 | |||||
Interest Payments Received | 10,800 | |||||
Financing Receivable, after Allowance for Credit Loss | $ 32,500 | $ 32,500 | ||||
Development Agreement [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | 12.50% | ||||
Project Development, Preopening and Writedowns Expense | $ 20,100 | |||||
[1]Revenues for the three and six months ended June 30, 2022 have been recast to reflect the breakout of online revenue and management fee revenue from other revenue and the segment changes made during first quarter 2023. |
Note 8 - Stockholders' Equity_3
Note 8 - Stockholders' Equity and Stock Incentive Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2023 | May 04, 2023 | Jun. 01, 2022 | Oct. 21, 2021 | |
Performance Shares [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 519,782 | 408,609 | ||||
Shares Issued Per Unit (in shares) | 2 | 1.58 | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 200,904 | 114,265 | ||||
Share Based Payment Arrangement, Shares Issued In Period, Net of Tax Withholdings (in shares) | 318,878 | 294,344 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2.7 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 10.7 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||||
Career Shares [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.6 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 7 months 6 days | |||||
The 2021 Program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 500 | $ 300 | ||||
Stock Repurchase Program, Increase in Authorized Amount | $ 500 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 426.3 |
Note 8 - Stockholders' Equity_4
Note 8 - Stockholders' Equity and Stock Incentive Plans - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Shares repurchased (2) (in shares) | [1],[2] | 1,628 | 2,474 | 4,847 | 7,588 |
Total cost, including brokerage fees (3) | [2],[3] | $ 106,302 | $ 134,996 | $ 312,656 | $ 434,769 |
Average repurchase price per share (4) (in dollars per share) | [2],[4] | $ 65.30 | $ 54.57 | $ 64.51 | $ 57.29 |
[1]All shares repurchased have been retired and constitute authorized but unissued shares.[2]Shares repurchased reflect repurchases settled during the three and six months ended June 30, 2023 and 2022. These amounts exclude repurchases, if any, traded but not yet settled on or before June 30, 2023 and 2022, respectively.[3]Costs exclude 1% excise tax on corporate stock buybacks that was enacted under the Inflation Reduction Act of 2022 and became effective January 1, 2023.[4]Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax. |
Note 8 - Stockholders' Equity_5
Note 8 - Stockholders' Equity and Stock Incentive Plans - Dividends (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares | |
Dividend Declared February 03, 2022 [Member] | |
Dividends, record date | Mar. 15, 2022 |
Dividends, payment date | Apr. 15, 2022 |
Dividends, amount per share (in dollars per share) | $ 0.15 |
Dividend Declared June 01, 2022 [Member] | |
Dividends, record date | Jun. 30, 2022 |
Dividends, payment date | Jul. 15, 2022 |
Dividends, amount per share (in dollars per share) | $ 0.15 |
Dividend Declared September 15, 2022 [Member] | |
Dividends, record date | Sep. 30, 2022 |
Dividends, payment date | Oct. 15, 2022 |
Dividends, amount per share (in dollars per share) | $ 0.15 |
Dividends Declared December 8, 2022 [Member] | |
Dividends, record date | Dec. 19, 2022 |
Dividends, payment date | Jan. 15, 2023 |
Dividends, amount per share (in dollars per share) | $ 0.15 |
Dividend Declared February 14, 2023 [Member] | |
Dividends, record date | Mar. 15, 2023 |
Dividends, payment date | Apr. 15, 2023 |
Dividends, amount per share (in dollars per share) | $ 0.16 |
Dividends Declared May 4, 2023 [Member] | |
Dividends, record date | Jun. 15, 2023 |
Dividends, payment date | Jul. 15, 2023 |
Dividends, amount per share (in dollars per share) | $ 0.16 |
Dividends Declared August 15, 2023 [Member] | |
Dividends, record date | Sep. 15, 2023 |
Dividends, payment date | Oct. 15, 2023 |
Dividends, amount per share (in dollars per share) | $ 0.16 |
Note 8 - Stockholders' Equity_6
Note 8 - Stockholders' Equity and Stock Incentive Plans - Classification of Total Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based compensation expense | $ 8,033 | $ 5,653 | $ 28,050 | $ 28,486 |
Gaming [Member] | ||||
Share-based compensation expense | 278 | 191 | 806 | 712 |
Food & Beverage [Member] | ||||
Share-based compensation expense | 53 | 36 | 154 | 136 |
Room [Member] | ||||
Share-based compensation expense | 26 | 18 | 74 | 65 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based compensation expense | 1,415 | 967 | 4,098 | 3,618 |
Corporate Expense [Member] | ||||
Share-based compensation expense | $ 6,261 | $ 4,441 | $ 22,918 | $ 23,955 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-Sale, Amortized Cost | $ 17.1 | |
Debt Security Interest Rate Stated Percentage | 7.50% | |
Debt Security, Available-For-Sale, Fair Value Discount Amount | $ 2.1 | $ 2.2 |
Prepaid Expenses and Other Current Assets [Member] | ||
Debt Securities, Available-for-Sale, Current | 0.7 | 0.7 |
Other Noncurrent Assets [Member] | ||
Debt Securities, Available-for-Sale, Noncurrent | $ 12.4 | $ 13 |
Measurement Input, Discount Rate [Member] | ||
Debt Securities, Available-for-Sale, Measurement Input | 0.131 | 0.124 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 269,155 | $ 283,472 |
Restricted cash | 2,479 | 11,593 |
Investment available for sale | 13,098 | 13,670 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 269,155 | 283,472 |
Restricted cash | 2,479 | 11,593 |
Investment available for sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Investment available for sale | $ 13,098 | $ 13,670 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - Investment, Available-For-Sale [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance at beginning of reporting period, asset | $ 13,215 | $ 14,116 | $ 13,670 | $ 15,822 |
Included in interest income (expense), asset | 41 | 40 | 128 | 125 |
Included in other comprehensive income (loss), asseta | (158) | (203) | (20) | (1,359) |
Settlements, asset | 0 | 0 | (680) | (635) |
Balance at end of reporting period, asset | $ 13,098 | $ 13,953 | $ 13,098 | $ 13,953 |
Note 9 - Fair Value Measureme_6
Note 9 - Fair Value Measurements - Minimum Assessment Agreements (Details) - Fair Value, Nonrecurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Note receivable | $ 32,498 | $ 118,162 |
Obligation under assessment arrangements | 20,659 | 22,293 |
Reported Value Measurement [Member] | ||
Note receivable | 32,498 | 83,791 |
Obligation under assessment arrangements | 18,079 | 19,304 |
Estimate of Fair Value Measurement [Member] | ||
Note receivable | 32,498 | 82,338 |
Obligation under assessment arrangements | $ 23,835 | $ 25,738 |
Note 9 - Fair Value Measureme_7
Note 9 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Long-term debt | $ 2,942,338 | $ 3,088,474 |
Reported Value Measurement [Member] | ||
Long-term debt | 2,909,125 | 3,049,409 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 2,700,203 | 2,897,114 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | ||
Long-term debt | 1,041,800 | 1,187,800 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 1,027,315 | 1,169,935 |
Fair Value, Inputs, Level 2 [Member] | Bank Credit Facility [Member] | Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 1,019,415 | 1,183,565 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | ||
Long-term debt | 1,000,000 | 1,000,000 |
Fair Value, Inputs, Level 1 [Member] | The 4.750% Senior NotesDue December 2027 [Member] | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 991,721 | 990,260 |
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 | 917,500 | 928,750 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | ||
Long-term debt | 900,000 | 900,000 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 889,551 | 888,540 |
Fair Value, Inputs, Level 1 [Member] | Senior Note 4750 Due 2031 Member | Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | 762,750 | 784,125 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | ||
Long-term debt | 538 | 674 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Reported Value Measurement [Member] | ||
Long-term debt | 538 | 674 |
Fair Value, Inputs, Level 3 [Member] | Other Long-Term Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 538 | $ 674 |
Note 10 - Segment Information_2
Note 10 - Segment Information (Details Textual) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | |
Number of Reportable Segments | 4 | 3 | 4 |
Note 10 - Segment Information -
Note 10 - Segment Information - Revenues for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | [1] | Sep. 30, 2023 | Sep. 30, 2022 | [1] | |
Revenue from Contract with Customer, Including Assessed Tax | $ 903,164 | $ 877,263 | $ 2,784,080 | $ 2,632,456 | ||
Casino [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 641,168 | 667,975 | 1,966,205 | 2,020,854 | ||
Food and Beverage [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 70,986 | 67,792 | 212,936 | 201,834 | ||
Occupancy [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 48,720 | 46,672 | 148,546 | 138,985 | ||
Online [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 90,288 | 52,353 | 298,153 | 164,203 | ||
Management Fee [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 17,153 | 10,159 | 54,629 | 10,159 | ||
Product and Service, Other [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 34,849 | 32,312 | 103,611 | 96,421 | ||
Las Vegas Locals [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 221,833 | 225,791 | 693,043 | 689,814 | ||
Las Vegas Locals [Member] | Casino [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 165,153 | 172,263 | 513,460 | 522,728 | ||
Las Vegas Locals [Member] | Food and Beverage [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 21,454 | 21,120 | 66,436 | 64,257 | ||
Las Vegas Locals [Member] | Occupancy [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 21,324 | 19,982 | 70,000 | 62,528 | ||
Las Vegas Locals [Member] | Online [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Las Vegas Locals [Member] | Management Fee [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Las Vegas Locals [Member] | Product and Service, Other [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 13,902 | 12,426 | 43,147 | 40,301 | ||
Downtown Las Vegas [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 49,545 | 49,507 | 159,093 | 152,890 | ||
Downtown Las Vegas [Member] | Casino [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 31,916 | 31,872 | 102,765 | 99,249 | ||
Downtown Las Vegas [Member] | Food and Beverage [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 9,876 | 9,583 | 30,515 | 29,865 | ||
Downtown Las Vegas [Member] | Occupancy [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 5,312 | 5,552 | 17,797 | 17,152 | ||
Downtown Las Vegas [Member] | Online [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Downtown Las Vegas [Member] | Management Fee [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Downtown Las Vegas [Member] | Product and Service, Other [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,441 | 2,500 | 8,016 | 6,624 | ||
Midwest and South [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 513,028 | 527,536 | 1,544,047 | 1,579,534 | ||
Midwest and South [Member] | Casino [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 433,650 | 452,052 | 1,317,175 | 1,363,445 | ||
Midwest and South [Member] | Food and Beverage [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 39,656 | 37,089 | 115,985 | 107,712 | ||
Midwest and South [Member] | Occupancy [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 22,084 | 21,138 | 60,749 | 59,305 | ||
Midwest and South [Member] | Online [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Midwest and South [Member] | Management Fee [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Midwest and South [Member] | Product and Service, Other [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 17,638 | 17,257 | 50,138 | 49,072 | ||
Online [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 90,288 | 52,353 | 298,153 | 164,203 | ||
Online [Member] | Casino [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Online [Member] | Food and Beverage [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Online [Member] | Occupancy [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Online [Member] | Online [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 90,288 | 52,353 | 298,153 | 164,203 | ||
Online [Member] | Management Fee [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Online [Member] | Product and Service, Other [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Managed and Other [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 28,470 | 22,076 | 89,744 | 46,015 | ||
Managed and Other [Member] | Casino [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 10,449 | 11,788 | 32,805 | 35,432 | ||
Managed and Other [Member] | Food and Beverage [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Managed and Other [Member] | Occupancy [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Managed and Other [Member] | Online [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | ||
Managed and Other [Member] | Management Fee [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 17,153 | 10,159 | 54,629 | 10,159 | ||
Managed and Other [Member] | Product and Service, Other [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 868 | $ 129 | $ 2,310 | $ 424 | ||
[1]Revenues for the three and six months ended June 30, 2022 have been recast to reflect the breakout of online revenue and management fee revenue from other revenue and the segment changes made during first quarter 2023. |
Note 10 - Segment Information_3
Note 10 - Segment Information - Reconciliation of Total Reportable Segment Adjusted EBITDAR to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Corporate expense | $ 27,872 | $ 26,375 | $ 88,232 | $ 90,251 | ||||
Adjusted EBITDAR | 320,821 | 337,698 | 1,039,329 | 1,030,407 | ||||
Deferred rent | 177 | 192 | 531 | 576 | ||||
Master lease rent expense | 27,236 | 26,828 | 81,163 | 79,788 | ||||
Depreciation and amortization | 64,797 | 64,956 | 188,577 | 194,191 | ||||
Share-based compensation expense | 8,033 | 5,653 | 28,050 | 28,486 | ||||
Project Development, Preopening and Writedowns Expense | 2,405 | 9,645 | (11,268) | 528 | ||||
Non-cash impairment of assets | 0 | 5,575 | 4,537 | 5,575 | ||||
Other operating items, net | 301 | (12,610) | 959 | (12,324) | ||||
Total other operating costs and expenses | 102,949 | 100,239 | 292,549 | 296,820 | ||||
Operating income | 217,872 | 237,459 | 746,780 | 733,587 | ||||
Interest income | (1,585) | (2,073) | (22,445) | (2,976) | ||||
Interest expense, net of amounts capitalized | 42,352 | 36,001 | 128,933 | 110,125 | ||||
Loss on early extinguishments and modifications of debt | 0 | 0 | 0 | 19,809 | ||||
Other, net | (30) | 170 | 596 | 3,667 | ||||
Total other expense, net | 40,737 | 34,098 | 107,084 | 130,625 | ||||
Income before income taxes | 177,135 | 203,361 | 639,696 | 602,962 | ||||
Income tax provision | (41,902) | (46,359) | (112,278) | (136,269) | ||||
Net income | 135,233 | $ 192,454 | $ 199,731 | 157,002 | $ 146,763 | $ 162,928 | 527,418 | 466,693 |
Las Vegas Locals [Member] | ||||||||
Total Reportable Segment Adjusted EBITDAR | 105,985 | 111,733 | 350,540 | 355,762 | ||||
Downtown Las Vegas [Member] | ||||||||
Total Reportable Segment Adjusted EBITDAR | 15,857 | 17,704 | 57,876 | 58,216 | ||||
Midwest and South [Member] | ||||||||
Total Reportable Segment Adjusted EBITDAR | 190,588 | 211,292 | 591,105 | 642,351 | ||||
Online [Member] | ||||||||
Total Reportable Segment Adjusted EBITDAR | 11,005 | 6,350 | 45,028 | 22,916 | ||||
Managed and Other [Member] | ||||||||
Total Reportable Segment Adjusted EBITDAR | 18,997 | 12,553 | 60,094 | 17,458 | ||||
Corporate Segment [Member] | ||||||||
Corporate expense | $ (21,611) | $ (21,934) | $ (65,314) | $ (66,296) |
Note 10 - Segment Information_4
Note 10 - Segment Information - Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | $ 6,311,611 | $ 6,311,127 |
Las Vegas Locals [Member] | ||
Assets | 1,612,047 | 1,613,553 |
Downtown Las Vegas [Member] | ||
Assets | 291,815 | 265,876 |
Midwest and South [Member] | ||
Assets | 3,759,733 | 3,745,476 |
Online [Member] | ||
Assets | 223,566 | 226,800 |
Managed and Other [Member] | ||
Assets | 154,187 | 207,962 |
Corporate Segment [Member] | ||
Assets | $ 270,263 | $ 251,460 |
Item 5. Other Information (Deta
Item 5. Other Information (Details Textual) Pure in Thousands | 3 Months Ended |
Sep. 30, 2023 | |
Issuer Rule 10b5-1, Number of Trading Agreements Adopted or Terminated by Directors or Executive Officers | 0 |