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Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events


Investment in ACDL: On May 25, 2011, we entered into a subscription agreement with ACDL to acquire a 26% equity interest for a total purchase price of $95 million. ACDL is the owner and operator of the Ho Tram Strip beachfront complex of integrated resorts and residential developments in southern Vietnam. This investment closed on August 8, 2011. In connection with the closing of this investment, we entered into a management agreement to manage the second integrated resort at the Ho Tram Strip through the year 2058, with a potential 20-year extension, on terms set forth in the management agreement. Also upon the closing of the investment, we entered into a shareholders agreement with ACDL and certain entities affiliated with Harbinger Capital Partners, representing the majority shareholder of ACDL, pursuant to which we would have, in general, proportional board representation and certain minority shareholder rights, including preemptive rights, tag-along rights.


Amended and Restated Credit Facility: On August 2, 2011, we amended and restated the terms of our Credit Facility. The size of the revolving credit facility was increased to $410 million from $375 million, of which $43 million is currently outstanding. We extended the Credit Facility's maturity to August 2016 from March 2014, provided, however, that this date will be accelerated to December 15, 2014 if any portion of our 7.50% senior subordinated notes due 2015 are outstanding on December 15, 2014. In addition, the amendment reduced the interest rate spread for any outstanding borrowings by 125 basis points, amended leverage covenants to accommodate our planned growth pipeline, and removed certain covenants regarding construction projects.