Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2015

Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

Goodwill, net at each of December 31, 2015 and 2014 was $195.7 million, of which $194.5 million was associated with the Las Vegas operations segment, and the remaining $1.2 million was unallocated. Accumulated goodwill impairment losses at each of December 31, 2015 and 2014 totaled $1.2 million, which was recognized in 2013 related to the impairment of goodwill for two taverns.

The Company’s intangible assets other than goodwill, excluding discontinued operations, consisted of the following (amounts in thousands):



	December 31, 2015
	Estimated useful life (years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Brands	Indefinite	$	77,200	$	—		$	77,200
License rights	Indefinite	345		—			345
Customer relationships	15	22,800		(6,899		)	15,901
Management contracts	7 - 20	115,000		(60,084		)	54,916
Beneficial leases	9	3,300		(1,665		)	1,635
		$	218,645	$	(68,648	)	$	149,997



	December 31, 2014
	Estimated useful life (years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Brands	Indefinite	$	77,200	$	—		$	77,200
License rights	Indefinite	345		—			345
Customer relationships	15	22,800		(5,379		)	17,421
Management contracts	7 - 20	115,000		(43,636		)	71,364
Beneficial leases	9	3,300		(1,298		)	2,002
		$	218,645	$	(50,313	)	$	168,332

Aggregate amortization expense for intangible assets, excluding discontinued operations, was as follows (amounts in thousands):



	Year Ended December 31,
	2015		2014		2013
Aggregate amortization expense	$	18,335	$	18,335	$	14,027

Estimated annual amortization expense for intangible assets for each of the next five years is as follows (amounts in thousands):



Years Ending December 31,
2016	$	18,335
2017	18,335
2018	9,438
2019	8,135
2020	6,913

The amounts presented above exclude goodwill and intangible assets of Fertitta Interactive. During the year ended December 31, 2014, Fertitta Interactive recognized a goodwill impairment charge of $5.6 million and an impairment charge of $0.9 million for intangible assets other than goodwill, which are included in discontinued operations in the Consolidated Statements of Operations. See Note 19 for additional information.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details