Members' Equity

12 Months Ended

Dec. 31, 2012

Equity [Abstract]

Members' Equity

Members' Equity

The Company has two classes of membership interests: (1) Voting Units and (2) Non-Voting Units. On June 17, 2011, 100 Voting Units were issued to Station Voteco representing 100% of the Company's outstanding Voting Units and 100 Non-Voting Units were issued to Station Holdco representing 100% of the Company's outstanding Non-Voting Units. Station Voteco is the only member of the Company entitled to vote on any matters to be voted on by the members of the Company. Station Holdco, as the holder of the Company's issued and outstanding Non-Voting Units, is not entitled to vote on any matters to be voted on by the members of the Company, but is the only member of the Company entitled to receive distributions as determined by its Board of Managers out of funds legally available therefor and, in the event of liquidation, dissolution or winding up of the Company, is entitled to all of the Company's assets remaining after payment of liabilities.

Station Voteco is owned by (i) an entity owned by Frank J. Fertitta III and Lorenzo J. Fertitta, and (ii) Robert A. Cashell Jr., who was designated as a member of Station Voteco by German American Capital Corporation. Mr. Cashell is also members of the Company's Board of Managers. Fertitta Station Voteco Member LLC, an entity owned by Frank J. Fertitta III and Lorenzo J. Fertitta, owns 61.42% of the equity interests in Station Voteco, and Mr. Cashell owns 38.58% of the voting equity interests in Station Voteco.

The equity interests of Station Holdco are owned by (i) FI Station Investor, LLC, an affiliate of Frank J. Fertitta III and Lorenzo J. Fertitta, (ii) German American Capital Corporation, one of the Mortgage Lenders and an indirect wholly owned subsidiary of Deutsche Bank AG, and (iii) indirectly by certain former general unsecured creditors of STN. In addition, JPMorgan Chase Bank, N.A. ("JPM"), one of the Mortgage Lenders, previously held equity interests of Station Holdco.

On April 30, 2012, FI Station Investor LLC, an affiliate of Frank J. Fertitta III and Lorenzo J. Fertitta ("FI Station Investor") purchased membership interests in Station Holdco from JPM and certain other sellers that exercised tag-along rights pursuant to the Company's equityholders agreement for an aggregate purchase price of $73.6 million. As a result of such purchase and the related purchases by other equityholders of Station Holdco, JPM sold all of its membership interest in Station Holdco. In connection with the sale of Station Holdco membership interests by JPM, Stephen Greathouse, the member of the Board of Managers of the Company who was designated by JPM, resigned as a member of the Board of Managers of the Company, Station Holdco and certain subsidiaries of the Company, and the Station Voteco units held by Mr. Greathouse as the designee of JPM were redeemed for no consideration. 

As of April 30, 2012, FI Station Investor owns approximately 58.1% of the units of Station Holdco, German American Capital Corporation owns approximately 25% of the units of Station Holdco, and former unsecured creditors of STN indirectly own approximately 16.9% of the units of Station Holdco. In addition, the former mezzanine lenders of STN indirectly own warrants to purchase approximately 1.6% of the units of Station Holdco on a fully diluted basis, FI Investor owns warrants with rights to purchase approximately 1.07% of the units of Station Holdco on a fully diluted basis, the Mortgage Lenders own warrants to purchase approximately 0.53% of the units of Station Holdco on a fully diluted basis and former unsecured creditors of STN indirectly own warrants to purchase approximately 1.3% of the units of Station Holdco on a fully-diluted basis. The warrants held indirectly by the former mezzanine lenders and the former unsecured creditors of STN have an initial exercise price of $2.50 per unit that will increase by 15% on each of the third through seventh anniversaries of June 17, 2011. The warrants held by FI Investor and the Mortgage Lenders have an initial exercise price equal of $3.00 per unit that will increase by 15% on each of the third through seventh anniversaries of June 17, 2011. The warrants may only be exercised following the earlier of (i) the six and one-half year anniversary of June 17, 2011 and (ii) the occurrence of a capital raising transaction by Station Holdco that involves a determination of the equity value of Station Holdco (other than the transactions contemplated by the Plan) which expire on June 17, 2018.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows (amounts in thousands):

	Unrealized losses on interest rate swaps			Unrealized gain (loss) on available-for-sale securities			Unrecognized pension and postretirement benefit plan liabilities			Total
Balances, December 31, 2010 (Predecessors)	$	—		$	(165	)	$	208		$	43
Unrealized gain on available-for-sale securities	—			25			—			25
Amortization of unrecognized pension and postretirement benefit plan liabilities	—			—			(19		)	(19		)
Balances, June 17, 2011 (Predecessors)	—			(140		)	189			49
Elimination of Predecessors' equity	—			140			(189		)	(49		)
Balances, June 17, 2011 (Successor)	—			—			—			—
Deferred losses on interest rate swaps	(25,546		)	—			—			(25,546		)
Reclassification of deferred losses on interest rate swaps into income	5,499			—			—			5,499
Unrealized loss on available-for-sale securities	—			(107		)	—			(107		)
Balances, December 31, 2011	(20,047		)	(107		)	—			(20,154		)
Deferred losses on interest rate swaps	(18,918		)	—			—			(18,918		)
Reclassification of deferred losses on interest rate swaps into income	13,187			—			—			13,187
Unrealized gain on available-for-sale securities	—			213			—			213
Balances, December 31, 2012	$	(25,778	)	$	106		$	—		$	(25,672	)

Noncontrolling Interest

Noncontrolling interest represents ownership interests in consolidated subsidiaries of the Company that are held by owners other than the Company. Noncontrolling interests include (a) a 50% ownership interest in MPM, (b) ownership interests of the former mezzanine lenders and former unsecured creditors of STN who hold warrants to purchase stock in CV Propco and NP Tropicana LLC, and (c) a 49.9% ownership interest in Fertitta Interactive.

Noncontrolling interest is as follows (amounts in thousands):

	December 31,
	2012			2011
Noncontrolling interest:
Balance at beginning of year	$	42,799		$	43,551
Share-based compensation	47			—
Capital contributions — Fertitta Interactive	8,616			—
Acquisition of Fertitta Interactive	6,475			—
Net (loss) income	(1,606		)	4,955
Distributions — MPM	(11,302		)	(5,707		)
Balance at end of year	$	45,029		$	42,799

No portion of other comprehensive income (loss) was attributable to noncontrolling interest.