Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

Discontinued operations for December 31, 2013, 2012 and 2011 consist primarily of Lumiere Place Casino and Hotels, our former Boomtown Reno operations, our former Atlantic City operations, and our former Ameristar Lake Charles development. A disposal group classified as held for sale should be measured at the lower of its carrying value or the fair value less cost to sell. The fair value of the assets to be sold was determined using a market approach using Level 2 inputs, as defined in Note 1, Summary of Significant Accounting Policies.

Lumiere Place Casino and Hotels:In August 2013, we entered into an agreement to sell the ownership interests in certain of our subsidiaries that own and operate the Lumiére Place Casino, the Four Seasons Hotel St. Louis and HoteLumiére and related excess land parcels in St. Louis, Missouri. Under the terms of the agreement, the buyer will pay a purchase price of $260 million, subject to certain net working capital and other adjustments. During the third quarter of 2013, we recorded an impairment charge totaling $144.6 million, to reduce the carrying value of the assets to their net realizable value, less costs to sell.

The completion of the transaction is subject to various conditions, including, among others, (i) the approval of the Missouri Gaming Commission, and (ii) the approval of the U.S. Federal Trade Commission (the "FTC"). Subject to the satisfaction or waiver of conditions in the agreement, we expect the transaction to close in the first half of 2014.

Ameristar Casino Lake Charles: In July 2013, we entered into an agreement to sell all of the equity interests of Ameristar Casino Lake Charles, LLC ("Ameristar Lake Charles"), which is developing the Ameristar Lake Charles development project. In November 2013, we closed the sale of the equity interests of Ameristar Lake Charles. At closing, we received approximately $180 million in cash that excludes $35 million of deferred consideration, of which $25 million is restricted cash subject to release by the Louisiana Gaming Control Board and $10 million is in the form of a note receivable from the buyer due in July 2016.

Boomtown Reno: In June 2012, we closed the sale of the Boomtown Reno operations for total proceeds of approximately $12.9 million, resulting in a loss of $1.1 million. We continue to hold approximately 810 acres of remaining excess land surrounding Boomtown Reno as a discontinued operation. Other than minimal costs associated with the remaining excess land, we expect no continuing costs from the Boomtown Reno operations.

Atlantic City: During the third quarter of 2013, we completed the sale of our land holdings in Atlantic City, New Jersey, for total consideration of approximately $29.5 million. We expect no material ongoing financial impact from Atlantic City.

Revenue, expense and net income for entities and operations included in discontinued operations are summarized as follows:

	For the year ended December 31,
	2013			2012			2011
	(in millions)
Revenues	$	181.3		$	213.1		$	240.0
Operating loss	(123.5		)	(19.0		)	(31.6		)
Other non-operating income (loss), net	(0.3		)	0.1			0.1
Loss before income taxes	(123.8		)	(18.9		)	(31.6		)
Income tax benefit	1.2			0.3			0.2
Loss from discontinued operations	$	(122.6	)	$	(18.6	)	$	(31.4	)

Net assets for entities and operations included in discontinued operations are summarized as follows:

	December 31,
	2013		2012
	(in millions)
Assets:
Property and equipment, net	$	272.0	$	446.7
Other assets, net	47.2		13.1
Total assets	$	319.2	$	459.8
Liabilities:
Total liabilities	26.1		21.4
Net assets	$	293.1	$	438.4