XML 42 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segments
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
Segments

The Company views each of its Las Vegas casino properties and each of its Native American management arrangements as individual operating segments. The Company aggregates all of its Las Vegas operating segments into one reportable segment because all of its Las Vegas properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing programs, all are directed by a centralized management structure, and have similar economic characteristics.
 
The Company utilizes adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as the primary measure of each of its properties’ performance. The Company’s segment information is presented below (amounts in thousands):
 
Year Ended December 31,
 
2016
 
2015
 
2014
Net revenues
 
 
 
 
 
Las Vegas operations
$
1,336,177

 
$
1,258,207

 
$
1,217,935

Native American management
110,962

 
88,277

 
68,149

Reportable segment net revenues
1,447,139

 
1,346,484

 
1,286,084

Corporate and other
5,288

 
5,651

 
5,532

Consolidated net revenues
$
1,452,427

 
$
1,352,135

 
$
1,291,616

 
 
 
 
 
 
Adjusted EBITDA (a)
 
 
 
 
 
Las Vegas operations
$
423,692

 
$
410,301

 
$
379,748

Native American management
87,259

 
66,622

 
46,937

Reportable Segment Adjusted EBITDA
510,951

 
476,923

 
426,685

Corporate and other
(22,285
)
 
(25,509
)
 
(27,636
)
Consolidated Adjusted EBITDA
488,666

 
451,414

 
399,049

 
 
 
 
 
 
Other operating income (expense)
 
 
 
 
 
Preopening
(731
)
 
(1,165
)
 
(640
)
Depreciation and amortization
(156,668
)
 
(137,865
)
 
(127,961
)
Share-based compensation
(6,590
)
 
(19,726
)
 
(12,757
)
Donation to UNLV
—

 
(2,500
)
 
—

Asset impairment
—

 
(6,301
)
 
(11,739
)
Write-downs and other charges, net
(23,214
)
 
(9,514
)
 
(20,956
)
Adjusted EBITDA attributable to MPM noncontrolling interest
14,675

 
14,192

 
13,424

Other
1,133

 
(537
)
 
(435
)
Operating income and earnings from joint ventures
317,271

 
287,998

 
237,985

Other (expense) income
 
 
 
 
 
Interest expense, net
(140,189
)
 
(144,489
)
 
(151,702
)
Loss on extinguishment/modification of debt
(7,270
)
 
(90
)
 
(4,132
)
Gain on Native American development
—

 
—

 
49,074

Change in fair value of derivative instruments
87

 
(1
)
 
(90
)
Income from continuing operations
169,899

 
143,418

 
131,135

Discontinued operations
—

 
(166
)
 
(42,548
)
Net income
$
169,899

 
$
143,252

 
$
88,587

 
 
 
 
 
 
 
December 31,
 
 
 
2016
 
2015
 
 
Total assets
 
 
 
 
 
Las Vegas operations
$
2,883,733

 
$
2,506,411

 
 
Native American management
61,379

 
74,000

 
 
Corporate and other
324,855

 
351,700

 
 
 
$
3,269,967

 
$
2,932,111

 
 
 
 
 
 
 
 
____________________________________
(a)
Adjusted EBITDA includes net income plus preopening, depreciation and amortization, share-based compensation, a donation to UNLV, asset impairment, write-downs and other charges, net, interest expense, net, loss on extinguishment/modification of debt and change in fair value of derivative instruments, and excludes gain on Native American development, Adjusted EBITDA attributable to the noncontrolling interests of MPM and discontinued operations.

The Company’s capital expenditures, which were primarily related to Las Vegas operations, were $162.4 million, $129.9 million and $102.7 million for the years ended December 31, 2016, 2015 and 2014, respectively.