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Segment Information (Tables)
12 Months Ended
Dec. 31, 2014
Segment Information  
Schedule of information with respect to the Company's segments

 

                                                                                                                                                                                    

Year ended December 31, 2014

 

East/Midwest

 

West

 

Southern Plains

 

Other(1)

 

Total

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

Income (loss) from operations

 

$

332,869

 

$

56,928

 

$

46,395

 

$

(179,004

)

$

257,188

 

Charge for stock compensation

 

 

 

 

 

 

 

 

10,666

 

 

10,666

 

Impairment losses

 

 

4,560

 

 

1,420

 

 

153,904

 

 

 

 

159,884

 

Insurance recoveries

 

 

 

 

 

 

(5,674

)

 

 

 

(5,674

)

Depreciation and amortization

 

 

101,891

 

 

7,411

 

 

58,598

 

 

98,842

 

 

266,742

 

Plainridge contingent purchase price

 

 

689

 

 

 

 

 

 

 

 

689

 

(Gain) loss on disposal of assets

 

 

(75

)

 

211

 

 

624

 

 

(22

)

 

738

 

Income (loss) from unconsolidated affiliates

 

 

 

 

 

 

10,720

 

 

(2,771

)

 

7,949

 

Non-operating items for Kansas JV

 

 

 

 

 

 

11,809

 

 

 

 

11,809

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Adjusted EBITDA

 

$

439,934

 

$

65,970

 

$

276,376

 

$

(72,289

)

$

709,991

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

Year ended December 31, 2013

 

East/Midwest

 

West

 

Southern Plains

 

Other(1)

 

Total

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Loss) income from operations

 

$

(57,351

)

$

45,464

 

$

(186,846

)

$

(225,135

)

$

(423,868

)

Charge for stock compensation

 

 

 

 

 

 

 

 

22,809

 

 

22,809

 

Impairment losses

 

 

416,380

 

 

1,812

 

 

341,683

 

 

38,430

 

 

798,305

 

Insurance deductible charges, net of recoveries

 

 

 

 

 

 

108

 

 

 

 

108

 

Depreciation and amortization

 

 

142,442

 

 

11,883

 

 

108,201

 

 

40,878

 

 

303,404

 

Loss (gain) on disposal of assets

 

 

774

 

 

2,365

 

 

853

 

 

(310

)

 

3,682

 

Income (loss) from unconsolidated affiliates

 

 

 

 

 

 

10,735

 

 

(1,078

)

 

9,657

 

Non-operating items for Kansas JV

 

 

 

 

 

 

11,595

 

 

 

 

11,595

 

Adjusted EBITDA from discontinued operations

 

 

15,334

 

 

 

 

20,040

 

 

 

 

35,374

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Adjusted EBITDA

 

$

517,579

 

$

61,524

 

$

306,369

 

$

(124,406

)

$

761,066

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

Year Ended December 31, 2012

 

East/Midwest

 

West

 

Southern Plains

 

Other(1)

 

Total

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

Income (loss) from operations

 

$

374,485

 

$

47,050

 

$

165,039

 

$

(189,118

)

$

397,456

 

Charge for stock compensation

 

 

 

 

 

 

 

 

28,609

 

 

28,609

 

Insurance recoveries, net of deductible charges

 

 

 

 

 

 

(7,229

)

 

 

 

(7,229

)

Depreciation and amortization

 

 

128,188

 

 

12,850

 

 

75,657

 

 

16,712

 

 

233,407

 

Loss (gain) on disposal of assets

 

 

(1,617

)

 

(42

)

 

115

 

 

(2

)

 

(1,546

)

Income (loss) from unconsolidated affiliates

 

 

 

 

 

 

5,210

 

 

(1,406

)

 

3,804

 

Non-operating items for Kansas JV

 

 

 

 

 

 

9,891

 

 

 

 

9,891

 

Adjusted EBITDA from discontinued operations

 

 

16,890

 

 

 

 

40,724

 

 

 

 

57,614

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Adjusted EBITDA

 

$

517,946

 

$

59,858

 

$

289,407

 

$

(145,205

)

$

722,006

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

                                                                                                                                                                                    

 

 

East/Midwest

 

West

 

Southern Plains

 

Other(1)

 

Total

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

 

 

(in thousands)

 

Year ended December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

1,467,380 

 

$

241,410 

 

$

857,447 

 

$

24,290 

 

$

2,590,527 

 

Capital expenditures

 

 

144,320 

 

 

28,251 

 

 

49,607 

 

 

5,967 

 

 

228,145 

 

Year ended December 31, 2013

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

Net revenues

 

$

1,575,053 

 

$

240,083 

 

$

930,762 

 

$

31,988 

 

$

2,777,886 

 

Capital expenditures

 

 

105,354 

 

 

9,802 

 

 

76,319 

 

 

5,125 

 

 

196,600 

 

Year ended December 31, 2012

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

Net revenues

 

$

1,596,241 

 

$

252,182 

 

$

807,265 

 

$

33,134 

 

$

2,688,822 

 

Capital expenditures

 

 

404,713 

 

 

11,294 

 

 

46,210 

 

 

5,578 

 

 

467,795 

 

Balance sheet at December 31, 2014

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

Total assets

 

 

1,007,162 

 

 

287,551 

 

 

1,076,290 

 

 

2,293,891 

 

 

4,664,894 

 

Investment in and advances to unconsolidated affiliates

 

 

94 

 

 

 

 

115,469 

 

 

63,988 

 

 

179,551 

 

Goodwill and other intangible assets, net

 

 

427,335 

 

 

143,242 

 

 

718,982 

 

 

4,078 

 

 

1,293,637 

 

Balance sheet at December 31, 2013

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

Total assets

 

 

604,979 

 

 

210,254 

 

 

1,265,281 

 

 

2,387,073 

 

 

4,467,587 

 

Investment in and advances to unconsolidated affiliates

 

 

79 

 

 

 

 

127,749 

 

 

65,503 

 

 

193,331 

 

Goodwill and other intangible assets, net

 

 

133,646 

 

 

144,200 

 

 

888,805 

 

 

19,560 

 

 

1,186,211 

 


 

 

 

(1)          

Includes depreciation expense associated with the real property assets under the Master Lease with GLPI. In addition, total assets include these assets. The interest expense associated with the financing obligation is reflected in the other category. Net revenues and income (loss) from unconsolidated affiliates relate to the Company's stand-alone racing operations, namely Rosecroft Raceway, Sanford Orlando Kennel Club and the Company's Texas and New Jersey joint ventures (see Note 8 to the consolidated financial statements) which do not have gaming operations. It also previously included the Company's Bullwhackers property, which was sold in July 2013.