XML 65 R53.htm IDEA: XBRL DOCUMENT v3.3.1.900
Restatement (Details 4) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Oct. 30, 2013
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Operating activities                        
Net (loss) income   $ (149,781) $ (15,348) $ (19,273) $ 580 $ (674,556) $ 40,949 $ (12,548) $ 64,903 $ (183,822) $ (581,252) $ 210,497
Adjustments to reconcile net (loss) income to net cash provided by operating activities:                        
Depreciation and amortization                   266,742 315,297 247,497
Amortization of items charged to interest expense                   6,040 8,112 6,898
Accretion of settlement values on long term obligations and other non-current liabilities                   689 5,024  
Transaction cost for Carlino exchange $ 10,700                   10,695  
Loss (gain) on sale of fixed assets                   738 3,652 (1,690)
Income from unconsolidated affiliates                   (7,949) (9,657) (3,804)
Distributions of earnings from unconsolidated affiliates                   23,000 21,500 9,400
Loss on early extinguishment of debt                     26,782  
Deferred income taxes                   2,908 (137,396) 44,389
Charge for stock-based compensation                   10,666 22,809 28,609
Impairment losses and write downs                   163,184 798,305  
Gain on investment in corporate debt securities                     (1,516)  
Gain on sale of Bullwhackers                     (444)  
Decrease (increase), net of businesses acquired                        
Accounts receivable                   10,046 5,034 1,887
Insurance receivable                       1,072
Prepaid expenses and other current assets                   (13,305) 786 14,445
Other assets                   141 (36,956) (12,331)
Increase (decrease), net of businesses acquired                        
Accounts payable                   2,028 (2,175) 1,334
Accrued expenses                   (19,512) (25,551) 12,770
Accrued interest                   136 (15,030) 3,925
Accrued salaries and wages                   (2,530) (2,317) 10,285
Gaming, pari-mutuel, property and other taxes                   (44) (1,592) 6,051
Income taxes                   5,193 35,713 (70,802)
Other current and noncurrent liabilities                   9,923 10,950 12,903
Other noncurrent tax liabilities                   (12,049) 2,994 (16,146)
Net cash provided by operating activities                   262,223 453,767 507,189
Investing activities                        
Capital project expenditures, net of reimbursements                   (144,707) (119,051) (386,344)
Capital maintenance expenditures                   (83,438) (80,862) (86,641)
Advances to Jamul Tribe                   (47,093) (5,602)  
Proceeds from sale of property and equipment                   1,665 3,837 5,323
Proceeds from investment in corporate debt securities                     6,870  
Proceeds related to damaged property and equipment                     2,203  
Proceeds from sale of Bullwhackers, net of cash on hand                     4,996  
Investment in joint ventures                   (1,285) (675) (36,000)
Decrease in cash in escrow                   18,000 8,000 24,625
Acquisition of businesses and gaming and other licenses, net of cash acquired                   (118,678) (73) (709,450)
Net cash used in investing activities                   (375,536) (180,357) (1,188,487)
Financing activities                        
Proceeds from exercise of options                   9,799 51,535 31,933
Repurchase of preferred stock                     (649,518)  
Cash contributed to GLPI in connection with Spin-Off                     (240,202)  
Principal payments on financing obligation with GLPI                   (42,222) (7,363)  
Proceeds from issuance of long-term debt, net of issuance costs                   104,935 4,745,790 1,162,709
Principal payments on long-term debt                   (49,541) (4,135,059) (494,891)
Proceeds from other long-term obligations                       10,000
Payments of other long-term obligations                   (15,000) (16,000)  
Proceeds from insurance financing                   28,888 19,233 4,746
Payments on insurance financing                   (18,228) (20,069) (17,253)
Tax benefit from stock options exercised                   10,360 10,771 6,081
Net cash provided by (used in) financing activities                   28,991 (240,882) 703,325
Net (decrease) increase in cash and cash equivalents                   (84,322) 32,528 22,027
Cash and cash equivalents at beginning of year         292,995       260,467 292,995 260,467 238,440
Cash and cash equivalents at end of year   208,673       292,995       208,673 292,995 260,467
Supplemental disclosure                        
Interest expense paid, net of amounts capitalized                   418,544 167,157 70,923
Income taxes paid                   23,185 69,758 187,515
Previously Reported                        
Operating activities                        
Net (loss) income   (250,407) 8,499 4,176 4,537 (888,747) 41,317 (12,180) 65,271 (233,195) (794,339) 211,971
Adjustments to reconcile net (loss) income to net cash provided by operating activities:                        
Depreciation and amortization                   178,981 298,326 245,348
Amortization of items charged to interest expense                   6,040 8,112 6,898
Accretion of settlement values on long term obligations and other non-current liabilities                   689 5,024  
Loss (gain) on sale of fixed assets                   738 3,652 (1,690)
Income from unconsolidated affiliates                   (7,949) (9,657) (3,804)
Distributions of earnings from unconsolidated affiliates                   23,000 21,500 9,400
Loss on early extinguishment of debt                     26,782  
Deferred income taxes                   (72,278) (224,983) 44,983
Charge for stock-based compensation                   10,666 22,809 28,609
Impairment losses and write downs                   324,389 1,132,417  
Gain on investment in corporate debt securities                     (1,516)  
Gain on sale of Bullwhackers                     (444)  
Decrease (increase), net of businesses acquired                        
Accounts receivable                   10,046 5,034 1,887
Insurance receivable                       1,072
Prepaid expenses and other current assets                   (13,315) 912 14,445
Other assets                   150 (42,567) (12,331)
Increase (decrease), net of businesses acquired                        
Accounts payable                   2,028 (2,175) 1,334
Accrued expenses                   (17,191) (30,147) 12,770
Accrued interest                   136 (15,030) 3,925
Accrued salaries and wages                   (2,464) (2,383) 10,285
Gaming, pari-mutuel, property and other taxes                   79 (1,555) 6,051
Income taxes                   8,522 29,058 (70,721)
Other current and noncurrent liabilities                   10,227 10,576 12,903
Other noncurrent tax liabilities                   (9,298) 1,396 (16,146)
Net cash provided by operating activities                   220,001 440,802 507,189
Investing activities                        
Capital project expenditures, net of reimbursements                   (144,707) (119,051) (386,344)
Capital maintenance expenditures                   (83,438) (80,862) (86,641)
Advances to Jamul Tribe                   (47,093)    
Proceeds from sale of property and equipment                   1,665 3,837 5,323
Proceeds from investment in corporate debt securities                     6,870  
Proceeds related to damaged property and equipment                     2,203  
Proceeds from sale of Bullwhackers, net of cash on hand                     4,996  
Investment in joint ventures                   (1,285) (675) (36,000)
Cash contributed to GLPI in connection with Spin-Off                     (240,202)  
Decrease in cash in escrow                   18,000 8,000 24,625
Acquisition of businesses and gaming and other licenses, net of cash acquired                   (118,678) (73) (709,450)
Net cash used in investing activities                   (375,536) (414,957) (1,188,487)
Financing activities                        
Proceeds from exercise of options                   9,799 51,535 31,933
Repurchase of preferred stock                     (649,518)  
Proceeds from issuance of long-term debt, net of issuance costs                   104,935 4,745,790 1,162,709
Principal payments on long-term debt                   (49,541) (4,135,059) (494,891)
Proceeds from other long-term obligations                       10,000
Payments of other long-term obligations                   (15,000) (16,000)  
Proceeds from insurance financing                   28,888 19,233 4,746
Payments on insurance financing                   (18,228) (20,069) (17,253)
Tax benefit from stock options exercised                   10,360 10,771 6,081
Net cash provided by (used in) financing activities                   71,213 6,683 703,325
Net (decrease) increase in cash and cash equivalents                   (84,322) 32,528 22,027
Cash and cash equivalents at beginning of year         292,995       260,467 292,995 260,467 238,440
Cash and cash equivalents at end of year   208,673       292,995       208,673 292,995 260,467
Supplemental disclosure                        
Interest expense paid, net of amounts capitalized                   39,101 104,351 70,239
Income taxes paid                   23,185 69,758 187,515
Restatement Adjustment                        
Operating activities                        
Net (loss) income   $ 100,626 $ (23,847) $ (23,449) $ (3,957) $ 214,191 $ (368) $ (368) $ (368) 49,373 213,087 (1,474)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:                        
Depreciation and amortization                   87,761 16,971 2,149
Transaction cost for Carlino exchange                     10,695  
Deferred income taxes                   75,186 87,587 (594)
Impairment losses and write downs                   (161,205) (334,112)  
Decrease (increase), net of businesses acquired                        
Prepaid expenses and other current assets                   10 (126)  
Other assets                   (9) 5,611  
Increase (decrease), net of businesses acquired                        
Accrued expenses                   (2,321) 4,596  
Accrued salaries and wages                   (66) 66  
Gaming, pari-mutuel, property and other taxes                   (123) (37)  
Income taxes                   (3,329) 6,655 (81)
Other current and noncurrent liabilities                   (304) 374  
Other noncurrent tax liabilities                   (2,751) 1,598  
Net cash provided by operating activities                   42,222 12,965  
Investing activities                        
Advances to Jamul Tribe                     (5,602)  
Cash contributed to GLPI in connection with Spin-Off                     240,202  
Net cash used in investing activities                     234,600  
Financing activities                        
Cash contributed to GLPI in connection with Spin-Off                     (240,202)  
Principal payments on financing obligation with GLPI                   (42,222) (7,363)  
Net cash provided by (used in) financing activities                   (42,222) (247,565)  
Supplemental disclosure                        
Interest expense paid, net of amounts capitalized                   $ 379,443 $ 62,806 $ 684