QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance of $ | |||||||||||
Prepaid expenses | |||||||||||
Inventories | |||||||||||
Other | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt and finance leases | $ | $ | |||||||||
Current portion of operating leases | |||||||||||
Accounts payable | |||||||||||
Accrued taxes, other than income taxes | |||||||||||
Accrued payroll and related | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net and finance leases | |||||||||||
Non-current operating leases | |||||||||||
Deferred income taxes | |||||||||||
Other long-term obligations | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 10) | |||||||||||
Shareholders’ equity | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gaming | $ | $ | $ | $ | |||||||||||||||||||
Food and beverage | |||||||||||||||||||||||
Rooms | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Gaming | |||||||||||||||||||||||
Food and beverage | |||||||||||||||||||||||
Rooms | |||||||||||||||||||||||
Other operating | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Impairment of goodwill and intangible assets | |||||||||||||||||||||||
Acquisition and severance expenses | |||||||||||||||||||||||
(Gain) loss on disposal of assets | ( | ( | |||||||||||||||||||||
Preopening expenses | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||
Non-operating expense | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Loss on extinguishment and modification of debt | ( | ||||||||||||||||||||||
Change in fair value of derivative | ( | ( | ( | ||||||||||||||||||||
Total non-operating expense, net | ( | ( | ( | ( | |||||||||||||||||||
Loss before income tax benefit (provision) | ( | ( | ( | ( | |||||||||||||||||||
Income tax benefit (provision) | ( | ( | |||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Dilutive impact of stock options and restricted stock units | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net loss per share | |||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Common stock | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance, January 1, 2019 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
— | — | — | ( | ( | |||||||||||||||||||||||||
Issuance of stock on options exercised and restricted stock units vested | — | — | — | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Share issuance related to business combination | — | ||||||||||||||||||||||||||||
Tax benefit from share-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Issuance of stock on options exercised and restricted stock units vested | — | ||||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Tax benefit from share-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Issuance of stock on options exercised and restricted stock units vested | — | — | — | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Tax benefit from share-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | $ | ( | $ |
Common stock | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Issuance of stock on options exercised and restricted stock units vested | — | — | |||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Tax benefit from share-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Issuance of stock on options exercised and restricted stock units vested | — | — | — | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
Issuance of stock on options exercised and restricted stock units vested | — | — | |||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Tax benefit from share-based compensation | — | — | ( | — | ( | ||||||||||||||||||||||||
Net loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Impairment of goodwill and intangible assets | |||||||||||
Share-based compensation | |||||||||||
Amortization of debt issuance costs and discounts on debt | |||||||||||
Loss on disposal of assets | |||||||||||
Provision for credit losses | |||||||||||
Loss on extinguishment of debt | |||||||||||
Change in fair value of derivative | |||||||||||
Deferred income taxes | ( | ||||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | ( | ||||||||||
Prepaid expenses | ( | ||||||||||
Inventories and other current assets | |||||||||||
Other assets | ( | ||||||||||
Accounts payable and other accrued expenses | |||||||||||
Accrued taxes, other than income taxes | ( | ( | |||||||||
Other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Purchase of property and equipment, net of change in construction payables | ( | ( | |||||||||
Acquisition of business, net of cash acquired | ( | ||||||||||
Proceeds from disposal of property and equipment | |||||||||||
Asset purchase | ( | ||||||||||
Other investing activities | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Repayments of revolving credit facility | ( | ( | |||||||||
Borrowings under revolving credit facility | |||||||||||
Repayments of term loan | ( | ||||||||||
Proceeds from issuance of senior notes | |||||||||||
Repayments of notes payable | ( | ( | |||||||||
Principal payments under finance leases | ( | ( | |||||||||
Payments for debt issuance costs | ( | ||||||||||
Debt extinguishment and modification costs | ( | ||||||||||
Tax withholding on share-based payments | ( | ( | |||||||||
Proceeds from exercise of common stock | |||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Cash and cash equivalents | |||||||||||
Change in cash and cash equivalents | ( | ||||||||||
Balance, beginning of period | |||||||||||
Balance, end of period | $ | $ |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Supplemental cash flow disclosures | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash received for income taxes, net | ( | ( | |||||||||
Non-cash investing and financing activities | |||||||||||
Payables incurred for capital expenditures | $ | $ | |||||||||
Assets acquired under finance lease obligations | |||||||||||
Loss on extinguishment of debt | |||||||||||
Impairment of right-of-use asset | |||||||||||
Operating lease right-of-use assets obtained in exchange for lease obligations (1) | |||||||||||
Common stock issued in connection with acquisition |
The STRAT Hotel, Casino & SkyPod (The “Strat”) | Las Vegas, Nevada | ||||
Arizona Charlie’s Boulder | Las Vegas, Nevada | ||||
Arizona Charlie’s Decatur | Las Vegas, Nevada | ||||
Aquarius Casino Resort (“Aquarius”) | Laughlin, Nevada | ||||
Colorado Belle Hotel & Casino Resort (“Colorado Belle”) (1) | Laughlin, Nevada | ||||
Edgewater Hotel & Casino Resort (“Edgewater”) | Laughlin, Nevada | ||||
Gold Town Casino | Pahrump, Nevada | ||||
Lakeside Casino & RV Park | Pahrump, Nevada | ||||
Pahrump Nugget Hotel Casino (“Pahrump Nugget”) | Pahrump, Nevada | ||||
Rocky Gap Casino Resort (“Rocky Gap”) | Flintstone, Maryland |
(In thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Land | $ | $ | |||||||||
Building and site improvements | |||||||||||
Furniture and equipment | |||||||||||
Construction in process | |||||||||||
Property and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Property and equipment, net | $ | $ |
(In thousands) | Casinos | Distributed Gaming | Total Goodwill | ||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | ||||||||||||||
Goodwill impairment | ( | ( | |||||||||||||||
Balance, September 30, 2020 | $ | $ | $ |
September 30, 2020 | |||||||||||||||||||||||||||||
(In thousands) | Useful Life (Years) | Gross Carrying Value | Cumulative Amortization | Impairment | Intangible Assets, Net | ||||||||||||||||||||||||
Indefinite-lived intangible assets | |||||||||||||||||||||||||||||
Trade names | Indefinite | $ | $ | — | $ | ( | $ | ||||||||||||||||||||||
— | ( | ||||||||||||||||||||||||||||
Amortizing intangible assets | |||||||||||||||||||||||||||||
Customer relationships | ( | — | |||||||||||||||||||||||||||
Player relationships | ( | — | |||||||||||||||||||||||||||
Non-compete agreements | ( | — | |||||||||||||||||||||||||||
Gaming license (1) | ( | — | |||||||||||||||||||||||||||
In-place lease value | ( | — | |||||||||||||||||||||||||||
Leasehold interest | ( | — | |||||||||||||||||||||||||||
Other | ( | — | |||||||||||||||||||||||||||
( | — | ||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | ( | $ | ( | $ |
December 31, 2019 | |||||||||||||||||||||||
(In thousands) | Useful Life (Years) | Gross Carrying Value | Cumulative Amortization | Intangible Assets, Net | |||||||||||||||||||
Indefinite-lived intangible assets | |||||||||||||||||||||||
Trade names | Indefinite | $ | $ | — | $ | ||||||||||||||||||
— | |||||||||||||||||||||||
Amortizing intangible assets | |||||||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Player relationships | ( | ||||||||||||||||||||||
Non-compete agreements | ( | ||||||||||||||||||||||
Gaming license (1) | ( | ||||||||||||||||||||||
In-place lease value | ( | ||||||||||||||||||||||
Leasehold interest | ( | ||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | ( | $ |
(In thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Interest | $ | $ | |||||||||
Gaming liabilities | |||||||||||
Other accrued liabilities | |||||||||||
Deposits | |||||||||||
Total current accrued liabilities | $ | $ |
(In thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Term Loan | $ | $ | |||||||||
2026 Unsecured Notes | |||||||||||
Finance lease liabilities | |||||||||||
Notes payable | |||||||||||
Total long-term debt and finance leases | |||||||||||
Unamortized discount | ( | ( | |||||||||
Unamortized debt issuance costs | ( | ( | |||||||||
Total long-term debt and finance leases after debt issuance costs and discount | |||||||||||
Current portion of long-term debt and finance leases | ( | ( | |||||||||
Long-term debt, net and finance leases | $ | $ |
Stock Options | |||||||||||
Shares | Weighted-Average Exercise Price | ||||||||||
Outstanding at January 1, 2020 | $ | ||||||||||
Granted | $ | ||||||||||
Exercised | ( | $ | |||||||||
Cancelled | ( | $ | |||||||||
Expired | ( | $ | |||||||||
Outstanding at September 30, 2020 | $ | ||||||||||
Exercisable at September 30, 2020 | $ |
RSUs | PSUs | |||||||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares (1) | Weighted-Average Grant Date Fair Value | |||||||||||||||||||||||
Outstanding at January 1, 2020 | $ | $ | ||||||||||||||||||||||||
Granted | $ | $ | ||||||||||||||||||||||||
Vested | ( | $ | ( | $ | ||||||||||||||||||||||
Cancelled | ( | $ | ( | $ | ||||||||||||||||||||||
Outstanding at September 30, 2020 | $ | $ |
September 30, 2020 | |||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Fair Value Hierarchy | ||||||||||||||
Term Loan | $ | $ | Level 2 | ||||||||||||||
2026 Unsecured Notes | Level 2 | ||||||||||||||||
Finance lease liabilities | Level 3 | ||||||||||||||||
Notes payable | Level 3 | ||||||||||||||||
Total debt | $ | $ |
December 31, 2019 | |||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | Fair Value Hierarchy | ||||||||||||||
Term Loan | $ | $ | Level 2 | ||||||||||||||
2026 Unsecured Notes | Level 2 | ||||||||||||||||
Finance lease liabilities | Level 3 | ||||||||||||||||
Notes payable | Level 3 | ||||||||||||||||
Total debt | $ | $ |
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||
(In thousands) | Casinos | Distributed Gaming | Corporate and Other | Consolidated | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Gaming | $ | $ | $ | $ | ||||||||||||||||||||||
Food and beverage | ||||||||||||||||||||||||||
Rooms | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Acquisition and severance expenses | ||||||||||||||||||||||||||
Preopening and related expenses (1) | ||||||||||||||||||||||||||
Gain on disposal of assets | ( | ( | ( | ( | ||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||
Other, net | ||||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Income tax benefit | ( | ( | ||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | ( | $ |
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||
(In thousands) | Casinos | Distributed Gaming | Corporate and Other | Consolidated | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Gaming | $ | $ | $ | $ | ||||||||||||||||||||||
Food and beverage | ||||||||||||||||||||||||||
Rooms | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Acquisition and severance expenses | ||||||||||||||||||||||||||
Preopening and related expenses (1) | ||||||||||||||||||||||||||
Gain on disposal of assets | ( | ( | ( | ( | ||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||
Other, net | ||||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Change in fair value of derivative | ||||||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | ( | $ |
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||
(In thousands) | Casinos | Distributed Gaming | Corporate and Other | Consolidated | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Gaming | $ | $ | $ | $ | ||||||||||||||||||||||
Food and beverage | ||||||||||||||||||||||||||
Rooms | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | ||||||||||||||||||||||||||
Acquisition and severance expenses | ||||||||||||||||||||||||||
Preopening and related expenses (1) | ( | |||||||||||||||||||||||||
Loss (gain) on disposal of assets | ( | ( | ||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||
Other, net | ||||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Change in fair value of derivative | ||||||||||||||||||||||||||
Income tax provision | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | ( | $ |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||
(In thousands) | Casinos | Distributed Gaming | Corporate and Other | Consolidated | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Gaming | $ | $ | $ | $ | ||||||||||||||||||||||
Food and beverage | ||||||||||||||||||||||||||
Rooms | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Acquisition and severance expenses | ||||||||||||||||||||||||||
Preopening and related expenses (1) | ||||||||||||||||||||||||||
Loss (gain) on disposal of assets | ( | |||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||
Other, net | ||||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Loss on extinguishment and modification of debt | ||||||||||||||||||||||||||
Change in fair value of derivative | ||||||||||||||||||||||||||
Income tax benefit | ( | ( | ||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | ( | $ |
(In thousands) | Casinos | Distributed Gaming | Corporate and Other | Consolidated | |||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ |
Location | Slot Machines | Table Games | Hotel Rooms | Race and Sport Book | Bingo (seats) | |||||||||||||||||||||||||||||||||
Nevada Casinos | ||||||||||||||||||||||||||||||||||||||
The STRAT Hotel, Casino & SkyPod (“The Strat”) | Las Vegas, NV | 716 | 43 | 2,429 | 1 | — | ||||||||||||||||||||||||||||||||
Arizona Charlie’s Boulder | Las Vegas, NV | 741 | — | 303 | 1 | approx. 400 | ||||||||||||||||||||||||||||||||
Arizona Charlie’s Decatur | Las Vegas, NV | 762 | 10 | 259 | 1 | approx. 400 | ||||||||||||||||||||||||||||||||
Aquarius Casino Resort (“Aquarius”) | Laughlin, NV | 1,114 | 33 | 1,906 | 1 | — | ||||||||||||||||||||||||||||||||
Colorado Belle Hotel & Casino Resort (“Colorado Belle”) (1) | Laughlin, NV | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Edgewater Hotel & Casino Resort (“Edgewater”) | Laughlin, NV | 651 | 20 | 1,052 | 1 | — | ||||||||||||||||||||||||||||||||
Gold Town Casino | Pahrump, NV | 194 | — | — | — | — | ||||||||||||||||||||||||||||||||
Lakeside Casino & RV Park | Pahrump, NV | 158 | — | — | — | approx. 100 | ||||||||||||||||||||||||||||||||
Pahrump Nugget Hotel Casino (“Pahrump Nugget”) | Pahrump, NV | 324 | 9 | 69 | 1 | approx. 200 | ||||||||||||||||||||||||||||||||
Maryland Casino | ||||||||||||||||||||||||||||||||||||||
Rocky Gap Casino Resort (“Rocky Gap”) | Flintstone, MD | 655 | 16 | 198 | — | — | ||||||||||||||||||||||||||||||||
Totals | 5,315 | 131 | 6,216 | 6 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Revenues by segment | |||||||||||||||||||||||
Casinos | $ | 135,314 | $ | 155,113 | $ | 302,716 | $ | 465,203 | |||||||||||||||
Distributed Gaming | 69,903 | 87,998 | 185,226 | 265,508 | |||||||||||||||||||
Corporate and other | 179 | 203 | 585 | 565 | |||||||||||||||||||
Total revenues | 205,396 | 243,314 | 488,527 | 731,276 | |||||||||||||||||||
Operating expenses by segment | |||||||||||||||||||||||
Casinos | 54,943 | 77,334 | 141,567 | 228,113 | |||||||||||||||||||
Distributed Gaming | 57,369 | 68,621 | 153,248 | 204,214 | |||||||||||||||||||
Corporate and other | 329 | 323 | 867 | 739 | |||||||||||||||||||
Total operating expenses | 112,641 | 146,278 | 295,682 | 433,066 | |||||||||||||||||||
Selling, general and administrative | 52,132 | 57,106 | 132,290 | 170,288 | |||||||||||||||||||
Depreciation and amortization | 31,551 | 29,611 | 94,637 | 86,852 | |||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 27,872 | — | |||||||||||||||||||
Acquisition and severance expenses | 24 | 428 | 3,367 | 3,095 | |||||||||||||||||||
(Gain) loss on disposal of assets | (474) | (233) | 817 | 599 | |||||||||||||||||||
Preopening expenses | 73 | 243 | 187 | 1,759 | |||||||||||||||||||
Total expenses | 195,947 | 233,433 | 554,852 | 695,659 | |||||||||||||||||||
Operating (loss) income | 9,449 | 9,881 | (66,325) | 35,617 | |||||||||||||||||||
Non-operating expense, net | (16,422) | (19,128) | (51,576) | (69,285) | |||||||||||||||||||
Income tax benefit (provision) | 17 | (200) | (241) | 1,795 | |||||||||||||||||||
Net loss | $ | (6,956) | $ | (9,447) | $ | (118,142) | $ | (31,873) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net loss | $ | (6,956) | $ | (9,447) | $ | (118,142) | $ | (31,873) | ||||||||||||||||||
Depreciation and amortization | 31,551 | 29,611 | 94,637 | 86,852 | ||||||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 27,872 | — | ||||||||||||||||||||||
Acquisition and severance expenses | 24 | 428 | 3,367 | 3,095 | ||||||||||||||||||||||
Preopening and related expenses (1) | 73 | 556 | 412 | 4,285 | ||||||||||||||||||||||
(Gain) loss on disposal of assets | (474) | (233) | 817 | 989 | ||||||||||||||||||||||
Share-based compensation | 3,520 | 2,583 | 7,522 | 8,901 | ||||||||||||||||||||||
Other, net | 1,286 | 243 | 1,760 | 1,594 | ||||||||||||||||||||||
Interest expense, net | 16,422 | 18,776 | 51,575 | 56,046 | ||||||||||||||||||||||
Loss on extinguishment and modification of debt | — | — | — | 9,150 | ||||||||||||||||||||||
Change in fair value of derivative | — | 352 | 1 | 4,089 | ||||||||||||||||||||||
Income tax (benefit) provision | (17) | 200 | 241 | (1,795) | ||||||||||||||||||||||
Adjusted EBITDA | $ | 45,429 | $ | 43,069 | $ | 70,062 | $ | 141,333 |
Exhibits | Description | |||||||
3.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Calculation Definition Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
GOLDEN ENTERTAINMENT, INC. | |||||
(Registrant) | |||||
Dated: November 6, 2020 | /s/ BLAKE L. SARTINI | ||||
Blake L. Sartini | |||||
Chairman of the Board and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
/s/ CHARLES H. PROTELL | |||||
Charles H. Protell | |||||
President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
/s/ THOMAS E. HAAS | |||||
Thomas E. Haas | |||||
Senior Vice President of Accounting | |||||
(Principal Accounting Officer) |
Dated: November 6, 2020 | /s/ BLAKE L. SARTINI | ||||
Blake L. Sartini | |||||
Chairman of the Board and Chief Executive Officer |
Dated: November 6, 2020 | /s/ CHARLES H. PROTELL | ||||
Charles H. Protell | |||||
President and Chief Financial Officer |
Dated: November 6, 2020 | /s/ BLAKE L. SARTINI | ||||
Blake L. Sartini | |||||
Chairman of the Board and Chief Executive Officer |
Dated: November 6, 2020 | /s/ CHARLES H. PROTELL | ||||
Charles H. Protell | |||||
President and Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance | $ 1,299 | $ 599 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 28,181,000 | 27,879,000 |
Common stock, shares outstanding (in shares) | 28,181,000 | 27,879,000 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Revenues | ||||
Total revenues | $ 205,396 | $ 243,314 | $ 488,527 | $ 731,276 |
Expenses | ||||
Other operating | 2,748 | 4,815 | 9,279 | 16,409 |
Selling, general and administrative | 52,132 | 57,106 | 132,290 | 170,288 |
Depreciation and amortization | 31,551 | 29,611 | 94,637 | 86,852 |
Impairment of goodwill and intangible assets | 0 | 0 | 27,872 | 0 |
Acquisition and severance expenses | 24 | 428 | 3,367 | 3,095 |
(Gain) loss on disposal of assets | (474) | (233) | 817 | 599 |
Preopening expenses | 73 | 243 | 187 | 1,759 |
Total expenses | 195,947 | 233,433 | 554,852 | 695,659 |
Operating income (loss) | 9,449 | 9,881 | (66,325) | 35,617 |
Non-operating expense | ||||
Interest expense, net | (16,422) | (18,776) | (51,575) | (56,046) |
Loss on extinguishment and modification of debt | 0 | 0 | 0 | (9,150) |
Change in fair value of derivative | 0 | (352) | (1) | (4,089) |
Total non-operating expense, net | (16,422) | (19,128) | (51,576) | (69,285) |
Loss before income tax benefit (provision) | (6,973) | (9,247) | (117,901) | (33,668) |
Income tax benefit (provision) | 17 | (200) | (241) | 1,795 |
Net loss | $ (6,956) | $ (9,447) | $ (118,142) | $ (31,873) |
Weighted-average common shares outstanding (in shares) | ||||
Basic (in shares) | 28,130 | 27,806 | 28,045 | 27,714 |
Dilutive impact of stock options and restricted stock units (in shares) | 0 | 0 | 0 | 0 |
Diluted (in shares) | 28,130 | 27,806 | 28,045 | 27,714 |
Net loss per share (USD per share) | ||||
Basic (USD per share) | $ (0.25) | $ (0.34) | $ (4.21) | $ (1.15) |
Diluted (USD per share) | $ (0.25) | $ (0.34) | $ (4.21) | $ (1.15) |
Gaming | ||||
Revenues | ||||
Total revenues | $ 145,521 | $ 142,568 | $ 329,413 | $ 432,606 |
Expenses | ||||
Cost of goods and services sold | 76,128 | 83,799 | 189,471 | 250,154 |
Food and beverage | ||||
Revenues | ||||
Total revenues | 28,685 | 51,109 | 80,400 | 152,971 |
Expenses | ||||
Cost of goods and services sold | 22,654 | 41,020 | 67,280 | 119,450 |
Rooms | ||||
Revenues | ||||
Total revenues | 22,505 | 35,347 | 54,097 | 102,148 |
Expenses | ||||
Cost of goods and services sold | 11,111 | 16,644 | 29,652 | 47,053 |
Other | ||||
Revenues | ||||
Total revenues | $ 8,685 | $ 14,290 | $ 24,617 | $ 43,551 |
Nature of Business and Basis of Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business and Basis of Presentation | Nature of Business and Basis of Presentation Overview Golden Entertainment, Inc. and its wholly-owned subsidiaries own and operate a diversified entertainment platform, consisting of a portfolio of gaming assets that focus on resort casino operations and distributed gaming (including gaming in the Company’s branded taverns). Unless otherwise indicated, the terms “Golden” and the “Company,” refer to Golden Entertainment, Inc. together with its subsidiaries. The Company conducts its business through two reportable operating segments: Casinos and Distributed Gaming. The Company’s Casinos segment involves the operation of ten resort casino properties in Nevada and Maryland, comprising:
(1)As a result of the impact of the 2019 novel coronavirus (“COVID-19”) pandemic, the operations of the Colorado Belle remain suspended. The Company’s Distributed Gaming segment involves the installation, maintenance and operation of slots and amusement devices in non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada and Montana, and the operation of branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. Impact of COVID-19 In December 2019, an outbreak of COVID-19 began in Wuhan, Hubei Province, China. The disease has since spread rapidly across the world, causing the World Health Organization to declare COVID-19 a pandemic on March 11, 2020. Since that time, people across the globe have been advised to avoid non-essential travel, and steps have been taken by governmental authorities, including in the States in which the Company operates, to implement closures of non-essential operations to contain the spread of the virus. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and created significant volatility and disruption of financial markets. Following emergency executive orders issued by the Governors of Nevada, Maryland, and Montana, in the week of March 16, 2020, all of the Company’s properties were temporarily closed to the public and the Company’s Distributed Gaming operations at third-party locations were suspended. The Company’s Distributed Gaming operations in Montana and Nevada resumed on May 4, 2020 and June 4, 2020, respectively, and the Company’s Casino operations in Nevada and Maryland resumed on June 4, 2020 and June 19, 2020, respectively. However, as a result of the impact of the COVID-19 pandemic, the operations of the Colorado Belle remain suspended. While all of the Company’s properties except for Colorado Belle re-opened during the second quarter of 2020, the Company’s implementation of protocols intended to protect gaming patrons, guests and team members from potential COVID-19 exposure continues to limit the Company’s operations. These measures include enhanced sanitization, public gathering limitations of less than 50% of casino and tavern capacity, patron social distancing requirements, limitations on casino operations, which include disabling electronic gaming machines, and face mask and temperature check requirements for patrons. Certain amenities at the Company’s casinos may remain closed or operate in a limited capacity, including restaurants, bars, and other food and beverage outlets, as well as table games, spas and pools. These measures limit the number of patrons that are able to attend these venues. The Company cannot predict when these restrictions on its operations will be changed or eliminated. On July 10, 2020, the Governor of the State of Nevada issued a new emergency executive order mandating the closure of all bars, pubs, taverns, breweries, distilleries and wineries in seven counties, including Clark County (the location of most of the Company’s branded taverns). As a result of the Governor’s executive order, the Company closed most of its tavern locations. Golden implemented modifications of the gaming areas in its taverns which allowed the Company to start reopening its tavern locations in late July 2020 and, as of September 30, 2020, all of the Company’s tavern locations had re-opened. Temporary closures of the Company’s operations due to the COVID-19 pandemic resulted in lease concessions for certain of the Company’s taverns and route locations. Such concessions provided for deferral and, in some instances, forgiveness of rent payments with no substantive amendments to the consideration due per the terms of the original contract and did not result in a substantial changes in the Company’s obligations under such leases. The Company elected to account for the deferred rent as variable lease payments, which resulted in a reduction of the rent expense in the amount of $1.7 million and $10.5 million for the three and nine months ended September 30, 2020, respectively. Rent expense that was not forgiven will be recorded in future periods as these deferred payments are paid to the Company’s lessors. The disruptions arising from the COVID-19 pandemic had a significant adverse impact on the Company’s financial condition and results of operations for the three and nine months ended September 30, 2020. The duration and intensity of this global health emergency and related disruptions is uncertain. The impact of COVID-19 on the Company’s consolidated results of operations, cash flows and financial condition in 2020 will be material, but cannot be reasonably estimated at this time, as it is unknown when the COVID-19 pandemic will end, when or how quickly the current travel restrictions, occupancy and other limitations will be modified or cease to be necessary, and how these uncertainties will impact the Company’s business and the willingness of customers to spend on travel and entertainment. The impact of the COVID-19 pandemic on the Company’s operations qualified as a triggering event necessitating an evaluation of long-lived assets, goodwill, and indefinite-lived intangible assets for indicators of impairment as discussed in “Note 3 — Property and Equipment” and “Note 4 — Goodwill and Intangible Assets.” The Company’s $200 million revolving credit facility (the “Revolving Credit Facility”) was undrawn and available for borrowing as of September 30, 2020. In addition, the Company has implemented various mitigating actions to preserve liquidity, including delaying material capital expenditures, reducing operating expenses and implementing a cost reduction program with respect to discretionary expenditures. To further enhance its liquidity position or to finance any future acquisition or other business investment initiatives, the Company may obtain additional financing, which could consist of debt, convertible debt or equity financing from public or private credit and capital markets. Basis of Presentation The unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. Accordingly, certain information normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) has been condensed and/or omitted. For further information, refer to the audited consolidated financial statements of the Company for the year ended December 31, 2019 and the notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) previously filed with the SEC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which included only normal recurring adjustments, necessary to present fairly the Company’s results for the periods presented. Results for interim periods should not be considered indicative of the results to be expected for the full year and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Significant Accounting Policies There have been no changes to the significant accounting policies disclosed in the Company’s Annual Report. Net Loss Per Share For all periods, basic net loss per share is calculated by dividing net loss by the weighted-average common shares outstanding. Diluted net loss per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net loss by the weighted-average of all common and potentially dilutive shares outstanding. Due to the net losses for the three and nine months ended September 30, 2020 and 2019, the effect of all potential common share equivalents was anti-dilutive, and therefore, all such shares were excluded from the computation of diluted weighted average shares outstanding for both periods. The amount of potential common share equivalents excluded were 653,000 and 742,232 for three and nine months ended September 30, 2020, respectively, and 730,282 and 842,142 for the three and nine months ended September 30, 2019, respectively. Reclassification of Prior Year Balances Reclassifications were made to the Company’s prior period consolidated financial statements to conform to the current period presentation, where applicable. Accounting Standards Issued and Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“Topic 326”). The new guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans and other financial instruments, the Company is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The Company adopted the standard as of January 1, 2020, and the adoption did not have a material impact on the Company’s financial statements and disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“Topic 820”). The new guidance amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures on fair value measurements in Topic 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the standard as of January 1, 2020, and the adoption did not have a material impact on the Company’s financial statements and disclosures. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU is intended to eliminate potential diversity in practice in accounting for costs incurred to implement cloud computing arrangements that are service contracts by requiring customers in such arrangements to follow internal-use software guidance with respect to such costs, with any resulting deferred implementation costs recognized over the term of the contract in the same income statement line item as the fees associated with the hosting element of the arrangement. The Company adopted the standard as of January 1, 2020, and the adoption did not have a material impact on the Company’s financial statements and disclosures. Accounting Standards Issued but Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU is intended to simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations, and interim calculations, and adds guidance to reduce the complexity of applying Topic 740. The standard is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its financial statements and disclosures; however, it does not expect the impact to be material. No other recently issued accounting standards that are not yet effective have been identified that management believes are likely to have a material impact on the Company’s financial statements.
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Acquisitions |
9 Months Ended |
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Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company had no material acquisitions for the three and nine months ended September 30, 2020. Laughlin Acquisition On January 14, 2019, the Company completed the acquisition of Edgewater Gaming, LLC and Colorado Belle Gaming, LLC (the “Laughlin Entities”) from Marnell Gaming, LLC (“Marnell”) for $156.2 million in cash (after giving effect to the post-closing adjustment provisions in the purchase agreement) and the issuance of 911,002 shares of the Company’s common stock to certain assignees of Marnell (the “Laughlin Acquisition”). The results of operations of the Laughlin Entities are included in the Company’s results subsequent to the acquisition date. The determination of the fair value of the assets acquired and liabilities assumed (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) was completed in the fourth quarter of 2019.
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment, net, consisted of the following:
Depreciation expense for property and equipment, including finance leases, was $25.9 million and $77.7 million for the three and nine months ended September 30, 2020, and $23.9 million and $69.8 million for the three and nine months ended September 30, 2019, respectively. The Company concluded that the impact of the current COVID-19 pandemic on its operations and financial results is an indicator that impairment may exist related to its long-lived assets. As a result, the Company revised its cash flow projections to reflect the current economic environment, including the uncertainty around the nature, timing and extent of elimination or change of the restrictions on its operations, and utilized such projections in performing an interim qualitative assessment of its property and equipment for potential impairment. Based on the results of such assessment, the Company concluded that there was no impairment of the Company’s long-lived assets as of September 30, 2020. To the extent the Company becomes aware of new facts and circumstances arising from the COVID-19 pandemic that impact its operations, the Company will revise its cash flow projections accordingly, as its estimates of future cash flows are highly dependent upon certain assumptions, including, but not limited to, the nature, timing, and extent of elimination or change of the restrictions on the Company’s operations and the extent and timing of the economic recovery globally, nationally, and specifically within the gaming industry. If such assumptions are not accurate, the Company may be required to record impairment charges in future periods, whether in connection with its regular review procedures, or earlier, if an indicator of an impairment is present prior to such evaluation.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company tests goodwill and indefinite-lived intangible assets for impairment annually in the last quarter of the year, unless events or changes in circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. Finite-lived intangible assets are evaluated for potential impairment whenever there is an indicator that the carrying value of an asset group may not be recoverable. During the first quarter of 2020, the Company concluded that the COVID-19 pandemic had an adverse impact on its operations and financial results, particularly within the Company’s Casinos segment due to the mandatory property closures, which management considered an indicator of impairment, and necessitated a performance of interim qualitative and quantitative impairment tests. The Company’s interim assessment resulted in recognition of a non-cash impairment of its Casinos segment goodwill of $6.5 million. Mandatory shut-down of the Company’s properties for a majority of the second quarter of 2020 resulted in deterioration of performance of the Company’s casino properties in particular, which required the Company to revise its cash flow projections to reflect the current economic environment, including the uncertainty surrounding the nature, timing, and extent of elimination or change of the restrictions on the Company’s operations. The revised cash flow projections also reflected the Company’s decision to keep operations of its Colorado Belle property suspended. Interim qualitative and quantitative assessment of Golden’s goodwill and intangible assets for potential impairment conducted during the second quarter of 2020 utilizing the updated projections resulted in recognition of an additional non-cash impairment of the goodwill of the Company’s Casinos segment in the amount of $18.8 million as of June 30, 2020. The assessment also indicated that the carrying value of an indefinite-lived trade name for certain of the Company’s properties within the Casinos segment exceeded its fair value and resulted in recognition of a non-cash impairment charge of $2.6 million. The estimated fair value of goodwill and indefinite-lived intangible assets for the first and second quarter was determined using discounted cash flow models which utilized Level 3 inputs as follows: discount rate of 12.0%; long-term revenue growth rate of 2.0% to 3.0%. The results of the qualitative and quantitative assessment of the Company’s goodwill and intangible assets for potential impairment conducted for the three months ended September 30, 2020 indicated no additional impairment of its goodwill and intangible assets as of September 30, 2020. The following table summarizes goodwill activity by reportable segment:
Intangible assets, net, consisted of the following:
(1)Relates to Rocky Gap.
(1)Relates to Rocky Gap. Total amortization expense related to intangible assets was $5.7 million and $16.9 million for the three and nine months ended September 30, 2020, respectively, and $5.7 million and $17.1 million for the three and nine months ended September 30, 2019, respectively. To the extent the Company becomes aware of new facts and circumstances arising from the COVID-19 pandemic that impact its operations, the Company will revise its cash flow projections accordingly, as its estimates of future cash flows are highly dependent upon certain assumptions, including, but not limited to, the nature, timing, and extent of elimination or change of the restrictions on the Company’s operations and the extent and timing of the economic recovery globally, nationally, and specifically within the gaming industry. If such assumptions are not accurate, the Company may be required to record impairment charges in future periods, whether in connection with its regular review procedures, or earlier, if an indicator of an impairment is present prior to such evaluation.
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Accrued Liabilities |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following:
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt, net, consisted of the following:
Senior Secured Credit Facility In October 2017, the Company entered into a senior secured credit facility consisting of a $900 million senior secured first lien credit facility (consisting of an $800 million term loan (the “Term Loan”) and a $100 million Revolving Credit Facility) with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto (the “Credit Facility”). The Revolving Credit Facility was subsequently increased from $100 million to $200 million in 2018 increasing the total Credit Facility capacity to $1.0 billion. As of September 30, 2020, the Company had $772 million in principal amount of outstanding Term Loan borrowings under its Credit Facility, no outstanding letters of credit and no borrowings under the Revolving Credit Facility, such that full borrowing availability of $200 million under the Revolving Credit Facility was available to the Company for re-borrowing. The Revolving Credit Facility matures on October 20, 2022, and the Term Loan matures on October 20, 2024. The Term Loan is repayable in 27 quarterly installments of $2 million each, which commenced in March 2018, followed by a final installment of $746 million at maturity. The Company was in compliance with its financial covenants under the Credit Facility as of September 30, 2020. Senior Unsecured Notes On April 15, 2019, the Company issued $375 million in principal amount of 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”) in a private placement to institutional buyers at face value. The 2026 Unsecured Notes bear interest at 7.625%, payable semi-annually on April 15th and October 15th of each year. The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility and the 2026 Unsecured Notes was approximately 5.00% and 5.71% for the three and nine months ended September 30, 2020, respectively.
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Stockholders’ Equity and Stock Incentive Plans |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Stock Incentive Plans | Stockholders’ Equity and Stock Incentive Plans Share Repurchase Program On March 12, 2019, the Company’s Board of Directors authorized the repurchase of up to $25.0 million additional shares of common stock. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with the Company’s finance agreements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. As of September 30, 2020, the Company had not repurchased any shares under the March 12, 2019 authorization. Stock Options The following table summarizes the Company’s stock option activity:
Share-based compensation expense related to stock options was $0.5 million and $1.6 million for the three and nine months ended September 30, 2020, respectively, and $0.8 million and $4.2 million for the three and nine months ended September 30, 2019, respectively. The Company’s unrecognized share-based compensation expense related to stock options was $0.5 million as of September 30, 2020, which is expected to be recognized over a weighted-average period of 0.4 years. The unrecognized share-based compensation expense related to stock options was $2.8 million as of September 30, 2019, which was expected to be recognized over a weighted-average period of 1.2 years. Restricted Stock Units The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”):
(1) The number of shares for 62,791 of the PSUs included in the outstanding balance at January 1, 2020 represents the actual number of PSUs granted to each recipient that are eligible to vest if the Company meets its performance goals for the applicable period. The number of shares for the remainder of the PSUs included in the outstanding balance at January 1, 2020 and for all of the PSUs granted in 2020 represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. Additionally, 108,957 of the PSUs included in the outstanding balance at January 1, 2020 represent PSUs granted in March 2018 (the “2018 PSU Awards”). During the first quarter of 2020, the Company’s financial results for the applicable performance goals were certified, which resulted in the reduction of the 2018 PSU Awards that were eligible to vest to 76,722 shares, 5,254 of which have since vested. Share-based compensation expense related to RSUs was $1.9 million and $4.0 million for the three and nine months ended September 30, 2020, respectively, and $1.1 million and $3.1 million for the three and nine months ended September 30, 2019, respectively. Share-based compensation expense related to PSUs was $1.1 million and $1.8 million for the three and nine months ended September 30, 2020, respectively, and $0.7 million and $1.4 million for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020, there was $7.9 million and $4.0 million of unamortized share-based compensation expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 2.1 years for both RSUs and PSUs. As of September 30, 2019, there was $7.6 million and $4.1 million of unamortized share-based compensation expense related to RSUs and PSUs, respectively, which was expected to be recognized over a weighted-average period of 2.6 years and 2.2 years for RSUs and PSUs, respectively. As of September 30, 2020, a total of 1,497,182 shares of the Company’s common stock remained available for grants of awards under the Golden Entertainment, Inc. 2015 Incentive Award Plan, which includes the annual increase in the number of shares available for grant on January 1, 2020 of 1,066,403 shares.
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Income Tax |
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Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company’s effective income tax rate was 0.2% and (0.2)% for the three and nine months ended September 30, 2020, respectively, and (2.2)% and 5.3% for the three and nine months ended September 30, 2019, respectively. Income tax benefit of $0.02 million and income tax expense of $0.2 million for the three and nine months ended September 30, 2020, respectively, and income tax expense of $0.2 million and benefit of $1.8 million for the three and nine months ended September 30, 2019, respectively, in each case were primarily due to the change in valuation allowance against the Company’s deferred tax assets during the three and nine months ended September 30, 2020 and 2019. Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income, and the impact of tax planning strategies. The Company continues to evaluate its deferred tax asset valuation allowance on a quarterly basis. As of September 30, 2020, the Company’s 2017 and 2018 federal tax returns were under audit by the IRS.
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Financial Instruments and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: •Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. The carrying values of the Company’s cash and cash equivalents, accounts receivable, and accounts payable approximate fair value because of the short duration of these financial instruments. The following table summarizes the fair value measurement of the Company’s long-term debt:
The estimated fair value of the Company’s Term Loan and 2026 Unsecured Notes is based on a relative value analysis performed as of September 30, 2020 and December 31, 2019. The finance lease liabilities and notes payable are fixed-rate debt, are not traded and do not have observable market inputs, therefore, the fair value is estimated to be equal to the carrying value. As of September 30, 2020, the Company had an interest rate cap agreement that was outstanding with a notional amount of $650 million, which expires on December 31, 2020. Using Level 2 inputs, the Company adjusts the carrying value of the interest rate cap agreement to estimated fair value quarterly based upon observable market-based inputs that reflect the present values of the difference between estimated future fixed rate payments and future variable receipts. The fair value of the Company’s interest rate cap agreement was immaterial as of September 30, 2020 and December 31, 2019. As the Company elected to not apply hedge accounting, the change in fair value of its interest rate cap agreement was recorded in the consolidated statement of operations.
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Commitments and Contingencies |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Participation and Revenue Share Agreements The Company enters into slot placement contracts in the form of participation and revenue share agreements. Under participation agreements, the business location holds the applicable gaming license and retains a percentage of the gaming revenue that it generates from the Company’s slots. Under revenue share agreements, the Company pays the business location a percentage of the gaming revenue generated from the Company’s slots placed at the location, rather than a fixed monthly rental fee. The aggregate contingent payments recognized by the Company as gaming expenses under revenue share and participation agreements were $37.4 million and $87.3 million for the three and nine months ended September 30, 2020, respectively. The aggregate contingent payments recognized by the Company as gaming expenses under revenue share and participation agreements were $39.3 million and $117.3 million for the three and nine months ended September 30, 2019, respectively. Legal Matters From time to time, the Company is involved in a variety of lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of business, including proceedings concerning labor and employment matters, personal injury claims, breach of contract claims, commercial disputes, business practices, intellectual property, tax and other matters for which the Company records reserves. Although lawsuits, claims, investigations and other legal proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its currently pending matters should not have a material adverse effect on its business, financial condition, results of operations or liquidity. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense costs, diversion of management resources and other factors. In addition, it is possible that an unfavorable resolution of one or more such proceedings could in the future materially and adversely affect the Company’s business, financial condition, results of operations or liquidity in a particular period. On August 31, 2018, prior guests of The Strat filed a purported class action complaint against the Company in the District Court, Clark County, Nevada, on behalf of similarly situated individuals and entities that paid the Clark County Combined Transient Lodging Tax (“Tax”) on the portion of a resort fee that constitutes charges for Internet access, during the period of February 6, 2014 through the date the alleged conduct ceases. The lawsuit alleged that the Tax was charged in violation of the federal Internet Tax Freedom Act, which imposed a national moratorium on the taxation of Internet access by states and their political subdivisions, and sought, on behalf of the plaintiff and the putative class, damages equal to the amount of the Tax collected on the Internet access component of the resort fee, injunctive relief, disgorgement, interest, fees and costs. All defendants to this matter, including Golden Entertainment, Inc., filed a joint motion to dismiss this matter for lack of merit. The District Court granted this joint motion to dismiss on February 21, 2019. The plaintiffs filed an appeal to the Supreme Court of Nevada on April 10, 2019. The Company, and other defendants, filed an appellate response brief on October 19, 2019. On July 29, 2020 the Supreme Court of the State of Nevada upheld the lower court’s 2019 dismissal of this case. On August 5, 2015 a prior employee filed a Charge of Discrimination with the Equal Employment Opportunity Commission (“EEOC”) and subsequently filed an Amended Charge of Discrimination on January 2016 alleging that the Company engaged in disability discrimination under the Americans with Disabilities Act of 1990, as amended. The EEOC requested financial recovery as well as that the Company update certain policies and procedures. In late 2019 the EEOC issued a Letter of Determination and invited the Company to participate in a mediation on behalf of the plaintiff and similarly situated parties to work toward a resolution of this matter. This matter was settled with the complainant and the EEOC in October 2020. While legal proceedings are inherently unpredictable and no assurance can be given as to the ultimate outcome of any of the above matters, based on management’s current understanding of the relevant facts and circumstances, the Company believes that these proceedings should not have a material adverse effect on its financial position, results of operations or cash flows.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 11 – Segment Information The Company conducts its business through two reportable operating segments: Casinos and Distributed Gaming. The Company’s Casinos segment involves the ownership and operation of resort casino properties in Nevada and Maryland. The Company’s Distributed Gaming segment involves the installation, maintenance and operation of slots and amusement devices in non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada and Montana, and the operation of branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. The Corporate and Other segment includes the Company’s cash and cash equivalents, miscellaneous receivables and corporate overhead. Costs recorded in the Corporate and Other segment have not been allocated to the Company’s reportable operating segments because these costs are not easily allocable and to do so would not be practical. The Company evaluates each segment’s profitability based upon such segment’s Adjusted EBITDA, which represents each segment’s earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, impairment of goodwill and intangible assets, acquisition and severance expenses, preopening and related expenses, asset disposal and other writedowns, share-based compensation expenses, and change in fair value of derivative, calculated before corporate overhead (which is not allocated to each segment). The following tables set forth, for the periods indicated, certain operating data for the Company’s segments, and reconciles net income (loss) to Adjusted EBITDA:
(1)Preopening and related expenses include rent, organizational costs, non-capital costs associated with the opening of tavern and casino locations, and expenses related to The Strat rebranding and the launch of the TrueRewards loyalty program.
(1)Preopening and related expenses include rent, organizational costs, non-capital costs associated with the opening of tavern and casino locations, and expenses related to The Strat rebranding and the launch of the TrueRewards loyalty program. Assets The Company’s assets by segment consisted of the following amounts:
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of September 30, 2020, the Company leased its office headquarters building from a company 33% beneficially owned by Blake L. Sartini, 5% owned by a trust for the benefit of Mr. Sartini’s immediate family members (including Blake L. Sartini, II) for which Mr. Sartini serves as trustee, and 3% beneficially owned by Stephen A. Arcana. The lease for the Company’s office headquarters building expires on December 31, 2030. The rent expense for the office headquarters building was $0.5 million and $1.1 million for the three and nine months ended September 30, 2020 and $0.3 million and $1.0 million for the three and nine months ended September 30, 2019, respectively. No amount was due and payable by the Company as of September 30, 2020 and December 31, 2019 under this lease arrangement. Additionally, a portion of the office headquarters building was sublet to Sartini Enterprises, Inc., a company controlled by Mr. Sartini. Rental income during each of the three and nine months ended September 30, 2020 and 2019 for the sublet portion of the office headquarters building was insignificant. No amount was owed to the Company under such sublease as of September 30, 2020 and December 31, 2019. In addition, Golden and Sartini Enterprises, Inc. participate in certain cost-sharing arrangements. The amount due and payable by the Company under such arrangements was insignificant as of September 30, 2020 and no amount was due and payable by the Company as of December 31, 2019. Mr. Sartini serves as the Chairman of the Board and Chief Executive Officer of the Company and is co-trustee of The Blake L. Sartini and Delise F. Sartini Family Trust, which is a significant shareholder of the Company. Mr. Arcana serves as the Executive Vice President and Chief Operating Officer of the Company. In November 2018, the Company entered into a lease agreement for office space in a building to be constructed and owned by a company 33% beneficially owned by Mr. Sartini, 5% owned by a trust for the benefit of Mr. Sartini’s immediate family members (including Blake L. Sartini, II) for which Mr. Sartini serves as trustee, and 3% beneficially owned by Mr. Arcana. The lease commenced in August 2020 and expires on December 31, 2030. The rent expense for the space was less than $0.1 million for the three and nine months ended September 30, 2020. Additionally, the lease agreement includes a right of first refusal for additional space on the second floor of the building. One tavern location that the Company had previously leased from a related party was sold in the second quarter of 2019 to an unrelated third party. As a result, the Company did not incur any rent expense for the tavern location previously leased from a related party for the three months ended September 30, 2019 and the rent expense for the nine months ended September 30, 2019 was $0.2 million. No tavern locations were leased from related parties for the three and nine months ended September 30, 2020. The Company paid $0.1 million and $0.4 million for the three and nine months ended September 30, 2020, respectively, and $0.1 million and $0.5 million for the three and nine months ended September 30, 2019, respectively, under the aircraft time-sharing, co-user and cost-sharing agreements with Sartini Enterprises, Inc. The Company owed no amount under the aircraft time-sharing, co-user and cost-sharing agreements as of September 30, 2020 and December 31, 2019. Less than $0.1 million was owed to the Company under such agreements as of September 30, 2020 and no amount was owed to the Company under such agreements as of December 31, 2019.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company’s management evaluates subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require adjustment to or disclosure in the consolidated financial statements as of and for the nine months ended September 30, 2020. |
Nature of Business and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. Accordingly, certain information normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) has been condensed and/or omitted. For further information, refer to the audited consolidated financial statements of the Company for the year ended December 31, 2019 and the notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) previously filed with the SEC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which included only normal recurring adjustments, necessary to present fairly the Company’s results for the periods presented. Results for interim periods should not be considered indicative of the results to be expected for the full year and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.
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Significant Accounting Policies | Significant Accounting Policies There have been no changes to the significant accounting policies disclosed in the Company’s Annual Report.
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Net Loss Per Share | Net Loss Per Share For all periods, basic net loss per share is calculated by dividing net loss by the weighted-average common shares outstanding. Diluted net loss per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net loss by the weighted-average of all common and potentially dilutive shares outstanding. Due to the net losses for the three and nine months ended September 30, 2020 and 2019, the effect of all potential common share equivalents was anti-dilutive, and therefore, all such shares were excluded from the computation of diluted weighted average shares outstanding for both periods. The amount of potential common share equivalents excluded were 653,000 and 742,232 for three and nine months ended September 30, 2020, respectively, and 730,282 and 842,142 for the three and nine months ended September 30, 2019, respectively.
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Reclassification of Prior Year Balances | Reclassification of Prior Year Balances Reclassifications were made to the Company’s prior period consolidated financial statements to conform to the current period presentation, where applicable.
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New Accounting Pronouncements | Accounting Standards Issued and Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“Topic 326”). The new guidance replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans and other financial instruments, the Company is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The Company adopted the standard as of January 1, 2020, and the adoption did not have a material impact on the Company’s financial statements and disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“Topic 820”). The new guidance amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures on fair value measurements in Topic 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the standard as of January 1, 2020, and the adoption did not have a material impact on the Company’s financial statements and disclosures. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU is intended to eliminate potential diversity in practice in accounting for costs incurred to implement cloud computing arrangements that are service contracts by requiring customers in such arrangements to follow internal-use software guidance with respect to such costs, with any resulting deferred implementation costs recognized over the term of the contract in the same income statement line item as the fees associated with the hosting element of the arrangement. The Company adopted the standard as of January 1, 2020, and the adoption did not have a material impact on the Company’s financial statements and disclosures. Accounting Standards Issued but Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU is intended to simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations, and interim calculations, and adds guidance to reduce the complexity of applying Topic 740. The standard is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its financial statements and disclosures; however, it does not expect the impact to be material. No other recently issued accounting standards that are not yet effective have been identified that management believes are likely to have a material impact on the Company’s financial statements.
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Nature of Business and Basis of Presentation (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Segments | The Company’s Casinos segment involves the operation of ten resort casino properties in Nevada and Maryland, comprising:
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Property and Equipment (Tables) |
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Components of Property and Equipment | Property and equipment, net, consisted of the following:
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Goodwill and Intangible Assets (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Goodwill Activity by Reportable Segment | The following table summarizes goodwill activity by reportable segment:
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Schedule of Intangible Assets | Intangible assets, net, consisted of the following:
(1)Relates to Rocky Gap.
(1)Relates to Rocky Gap.
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Accrued Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following:
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Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt, net, consisted of the following:
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Stockholders' Equity and Stock Incentive Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity:
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Summary of Activity Related To Time-based Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs) | The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”):
(1) The number of shares for 62,791 of the PSUs included in the outstanding balance at January 1, 2020 represents the actual number of PSUs granted to each recipient that are eligible to vest if the Company meets its performance goals for the applicable period. The number of shares for the remainder of the PSUs included in the outstanding balance at January 1, 2020 and for all of the PSUs granted in 2020 represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels.
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Financial Instruments and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurement of Long-term Debt | The following table summarizes the fair value measurement of the Company’s long-term debt:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following tables set forth, for the periods indicated, certain operating data for the Company’s segments, and reconciles net income (loss) to Adjusted EBITDA:
(1)Preopening and related expenses include rent, organizational costs, non-capital costs associated with the opening of tavern and casino locations, and expenses related to The Strat rebranding and the launch of the TrueRewards loyalty program.
(1)Preopening and related expenses include rent, organizational costs, non-capital costs associated with the opening of tavern and casino locations, and expenses related to The Strat rebranding and the launch of the TrueRewards loyalty program. Assets The Company’s assets by segment consisted of the following amounts:
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Nature of Business and Basis of Presentation (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
USD ($)
property
shares
|
Sep. 30, 2019
shares
|
Sep. 30, 2020
USD ($)
numberOfSegment
property
shares
|
Sep. 30, 2019
shares
|
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Nature Of Business And Basis Of Presentation [Line Items] | ||||
Number of reportable operating segments | numberOfSegment | 2 | |||
Anti-dilutive potential common share equivalents excluded (in shares) | shares | 653,000 | 730,282 | 742,232 | 842,142 |
Revolving Credit Facility | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | ||
COVID-19 | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Reduction in rent expense | $ 1,700,000 | $ 10,500,000 | ||
Maximum | COVID-19 | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Percentage of public gathering limitations | 50.00% | |||
Nevada and Maryland | ||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||
Number of resort casino properties | property | 10 | 10 |
Acquisitions (Details) - Marnell Gaming, LLC $ in Millions |
Jan. 14, 2019
USD ($)
shares
|
---|---|
Business Acquisition [Line Items] | |
Consideration paid, cash | $ | $ 156.2 |
Consideration paid, shares issued (in shares) | shares | 911,002 |
Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Land | $ 125,240 | $ 125,240 |
Building and site improvements | 926,666 | 880,662 |
Furniture and equipment | 240,920 | 222,938 |
Construction in process | 9,943 | 49,869 |
Property and equipment | 1,302,769 | 1,278,709 |
Accumulated depreciation | (305,913) | (232,173) |
Property and equipment, net | $ 996,856 | $ 1,046,536 |
Property and Equipment (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 25,900,000 | $ 23,900,000 | $ 77,700,000 | $ 69,800,000 |
Impairment on long-lived assets | $ 0 |
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Goodwill And Intangible Assets [Line Items] | |||||||
Impairment of goodwill | $ 25,271 | ||||||
Impairment of indefinite-lived intangible assets | 2,600 | ||||||
Amortization of intangible assets | $ 5,700 | $ 5,700 | 16,900 | $ 17,100 | |||
Discounted Cash Flow | Level 3 | Discount Rate | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Measurement of fair value inputs | 12.00% | ||||||
Discounted Cash Flow | Minimum | Level 3 | Long-term Revenue Growth Rate | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Measurement of fair value inputs | 2.00% | ||||||
Discounted Cash Flow | Maximum | Level 3 | Long-term Revenue Growth Rate | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Measurement of fair value inputs | 3.00% | ||||||
Casinos | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Impairment of goodwill | $ 18,800 | $ 6,500 | 25,271 | ||||
Impairment of indefinite-lived intangible assets | $ 2,600 | ||||||
Distributed Gaming | |||||||
Goodwill And Intangible Assets [Line Items] | |||||||
Impairment of goodwill | $ 0 |
Goodwill and Intangible Assets - Summary of Goodwill Activity by Reportable Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2020 |
|
Goodwill And Intangible Assets [Line Items] | |||
Beginning balance | $ 185,470 | $ 185,470 | |
Goodwill impairment | (25,271) | ||
Ending balance | 160,199 | ||
Casinos | |||
Goodwill And Intangible Assets [Line Items] | |||
Beginning balance | 87,366 | 87,366 | |
Goodwill impairment | $ (18,800) | (6,500) | (25,271) |
Ending balance | 62,095 | ||
Distributed Gaming | |||
Goodwill And Intangible Assets [Line Items] | |||
Beginning balance | $ 98,104 | 98,104 | |
Goodwill impairment | 0 | ||
Ending balance | $ 98,104 |
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Indefinite-lived intangible assets | ||
Indefinite-lived intangible assets, Gross Carrying Value | $ 53,690 | $ 53,690 |
Indefinite-lived intangible assets, Impairment | (2,600) | |
Indefinite-lived intangible assets, Net | 51,090 | 53,690 |
Amortizing intangible assets | ||
Amortizing intangible assets, Gross Carrying Value | 139,589 | 139,720 |
Amortizing intangible assets, Cumulative Amortization | (76,168) | (59,404) |
Amortizing intangible assets, Intangible Assets, Net | 63,421 | 80,316 |
Intangible assets, Gross Carrying Value | 193,279 | 193,410 |
Intangible assets, Cumulative Amortization | (76,168) | (59,404) |
Intangible assets, Impairment | (2,600) | |
Intangible assets, net | 114,511 | 134,006 |
Customer relationships | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Gross Carrying Value | 81,105 | 81,105 |
Amortizing intangible assets, Cumulative Amortization | (28,544) | (24,140) |
Amortizing intangible assets, Intangible Assets, Net | $ 52,561 | $ 56,965 |
Customer relationships | Minimum | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 4 years | 4 years |
Customer relationships | Maximum | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 16 years | 16 years |
Player relationships | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Gross Carrying Value | $ 42,990 | $ 42,990 |
Amortizing intangible assets, Cumulative Amortization | (37,118) | (26,649) |
Amortizing intangible assets, Intangible Assets, Net | $ 5,872 | $ 16,341 |
Player relationships | Minimum | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 2 years | 2 years |
Player relationships | Maximum | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 14 years | 14 years |
Non-compete agreements | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Gross Carrying Value | $ 9,840 | $ 9,840 |
Amortizing intangible assets, Cumulative Amortization | (6,906) | (5,467) |
Amortizing intangible assets, Intangible Assets, Net | $ 2,934 | $ 4,373 |
Non-compete agreements | Minimum | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 2 years | 2 years |
Non-compete agreements | Maximum | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 5 years | 5 years |
Gaming license | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 15 years | 15 years |
Amortizing intangible assets, Gross Carrying Value | $ 2,100 | $ 2,100 |
Amortizing intangible assets, Cumulative Amortization | (1,034) | (929) |
Amortizing intangible assets, Intangible Assets, Net | $ 1,066 | $ 1,171 |
In-place lease value | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 4 years | 4 years |
Amortizing intangible assets, Gross Carrying Value | $ 1,170 | $ 1,301 |
Amortizing intangible assets, Cumulative Amortization | (851) | (724) |
Amortizing intangible assets, Intangible Assets, Net | $ 319 | $ 577 |
Leasehold interest | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 4 years | 4 years |
Amortizing intangible assets, Gross Carrying Value | $ 570 | $ 570 |
Amortizing intangible assets, Cumulative Amortization | (464) | (345) |
Amortizing intangible assets, Intangible Assets, Net | 106 | 225 |
Other | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Gross Carrying Value | 1,814 | 1,814 |
Amortizing intangible assets, Cumulative Amortization | (1,251) | (1,150) |
Amortizing intangible assets, Intangible Assets, Net | $ 563 | $ 664 |
Other | Minimum | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 4 years | 4 years |
Other | Maximum | ||
Amortizing intangible assets | ||
Amortizing intangible assets, Useful Life (Years) | 25 years | 25 years |
Trade names | ||
Indefinite-lived intangible assets | ||
Indefinite-lived intangible assets, Gross Carrying Value | $ 53,690 | $ 53,690 |
Indefinite-lived intangible assets, Impairment | (2,600) | |
Indefinite-lived intangible assets, Net | $ 51,090 | $ 53,690 |
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Payables and Accruals [Abstract] | ||
Interest | $ 13,594 | $ 6,562 |
Gaming liabilities | 12,607 | 12,353 |
Other accrued liabilities | 4,758 | 3,873 |
Deposits | 2,087 | 2,734 |
Total current accrued liabilities | $ 33,046 | $ 25,522 |
Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Disclosure [Abstract] | ||
Term Loan | $ 772,000 | $ 772,000 |
2026 Unsecured Notes | 375,000 | 375,000 |
Finance lease liabilities | 10,057 | 12,463 |
Notes payable | 5,721 | 6,369 |
Total long-term debt and finance leases | 1,162,778 | 1,165,832 |
Unamortized discount | (16,410) | (18,885) |
Unamortized debt issuance costs | (7,179) | (8,076) |
Total long-term debt and finance leases after debt issuance costs and discount | 1,139,189 | 1,138,871 |
Current portion of long-term debt and finance leases | (10,249) | (8,497) |
Long-term debt, net and finance leases | $ 1,128,940 | $ 1,130,374 |
Long-Term Debt (Details) |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
installment
|
Dec. 31, 2019
USD ($)
|
Apr. 15, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Oct. 31, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Term loan | $ 772,000,000 | $ 772,000,000 | ||||
Letters of credit outstanding | 0 | |||||
Line of credit facility, maximum amount outstanding during period | 200,000,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 200,000,000 | |||||
Revolving credit facility | $ 0 | |||||
Senior Secured First Lien Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000,000.0 | $ 900,000,000 | ||||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | $ 100,000,000 | 100,000,000 | |||
Senior Secured First Lien Credit Facility | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 800,000,000 | |||||
Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 5.00% | |||||
Credit Facility | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, number of quarterly payments | installment | 27 | |||||
Debt instrument, periodic payment | $ 2,000,000 | |||||
Debt instrument, final installment | $ 746,000,000 | |||||
Senior Unsecured Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 375,000,000 | |||||
Debt instrument interest stated percentage | 7.625% | |||||
Debt, Weighted Average Interest Rate | 5.71% |
Stockholders' Equity and Stock Incentive Plans (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jan. 01, 2020 |
Sep. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Mar. 12, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock repurchase, authorized | $ 0 | $ 0 | |||||
2015 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock available for grants of awards (in shares) | 1,497,182 | 1,497,182 | |||||
Number of shares available for grant annual increase (in shares) | 1,066,403 | ||||||
Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense, net | $ 500,000 | $ 800,000 | $ 1,600,000 | $ 4,200,000 | |||
Stock Options, unrecognized share-based compensation expense | 500,000 | 2,800,000 | $ 500,000 | $ 2,800,000 | |||
Share-based compensation expense not yet recognized, weighted-average period for recognition | 4 months 24 days | 1 year 2 months 12 days | |||||
Performance Stock Units (PSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense, net | 1,100,000 | 700,000 | $ 1,800,000 | $ 1,400,000 | |||
Share-based compensation expense not yet recognized, weighted-average period for recognition | 2 years 1 month 6 days | 2 years 2 months 12 days | |||||
Number of PSUs granted to each recipient, eligible to vest (in shares) | 62,791 | ||||||
Number of PSUs granted to each recipient, vested (in shares) | 5,254 | ||||||
Unamortized share-based compensation expense | 4,000,000.0 | 4,100,000 | $ 4,000,000.0 | $ 4,100,000 | |||
Performance Stock Units (PSUs) | 2018 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of PSUs granted to each recipient, eligible to vest (in shares) | 108,957 | 76,722 | |||||
Number of PSUs granted to each recipient, vested (in shares) | 5,254 | ||||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense, net | 1,900,000 | 1,100,000 | $ 4,000,000.0 | $ 3,100,000 | |||
Share-based compensation expense not yet recognized, weighted-average period for recognition | 2 years 1 month 6 days | 2 years 7 months 6 days | |||||
Number of PSUs granted to each recipient, vested (in shares) | 308,222 | ||||||
Unamortized share-based compensation expense | $ 7,900,000 | $ 7,600,000 | $ 7,900,000 | $ 7,600,000 | |||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock repurchase, authorized | $ 25,000,000.0 |
Stockholders' Equity and Stock Incentive Plans - Summary of Stock Option Activity (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
$ / shares
shares
| |
Stock Options Outstanding | |
Stock Options Outstanding, Beginning of year (in shares) | shares | 3,126,521 |
Stock Options Outstanding, Granted (in shares) | shares | 0 |
Stock Options Outstanding, Exercised (in shares) | shares | (45,000) |
Stock Options Outstanding, Cancelled (in shares) | shares | (2,292) |
Stock Options Outstanding, Expired (in shares) | shares | (148,013) |
Stock Options Outstanding, End of year (in shares) | shares | 2,931,216 |
Stock Options Outstanding, Exercisable (in shares) | shares | 2,847,738 |
Weighted-Average Exercise Price | |
Weighted-Average Exercise Price, Beginning of year (USD per share) | $ / shares | $ 11.61 |
Weighted-Average Exercise Price, Granted (USD per share) | $ / shares | 0 |
Weighted-Average Exercise Price, Exercised (USD per share) | $ / shares | 2.66 |
Weighted-Average Exercise Price, Cancelled (USD per share) | $ / shares | 13.50 |
Weighted-Average Exercise Price, Expired (USD per share) | $ / shares | 26.61 |
Weighted-Average Exercise Price, End of year (USD per share) | $ / shares | 10.99 |
Weighted-Average Exercise Price, Exercisable (USD per share) | $ / shares | $ 10.92 |
Stockholders' Equity and Stock Incentive Plans - Summary of Activity Related To Time-based Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
$ / shares
shares
| |
Restricted Stock Units (RSUs) | |
Restricted Stock Units Outstanding | |
Restricted Stock Units Outstanding, Beginning of year (in shares) | 661,258 |
Restricted Stock Units Outstanding, Granted (in shares) | 624,415 |
Restricted Stock Units Outstanding, Vested (in shares) | (308,222) |
Restricted Stock Units Outstanding, Cancelled (in shares) | (29,669) |
Restricted Stock Units Outstanding, End of year (in shares) | 947,782 |
Weighted Average Grant Date Fair Value | |
Weighted-Average Grant Date Fair Value, Beginning of year (USD per share) | $ / shares | $ 16.44 |
Weighted-Average Grant Date Fair Value, Granted (USD per share) | $ / shares | 9.65 |
Weighted-Average Grant Date Fair Value, Vested (USD per share) | $ / shares | 16.06 |
Weighted-Average Grant Date Fair Value, Cancelled (USD per share) | $ / shares | 16.89 |
Weighted-Average Grant Date Fair Value, End of year (USD per share) | $ / shares | $ 12.07 |
Performance Stock Units (PSUs) | |
Restricted Stock Units Outstanding | |
Restricted Stock Units Outstanding, Beginning of year (in shares) | 376,328 |
Restricted Stock Units Outstanding, Granted (in shares) | 404,880 |
Restricted Stock Units Outstanding, Vested (in shares) | (5,254) |
Restricted Stock Units Outstanding, Cancelled (in shares) | (32,235) |
Restricted Stock Units Outstanding, End of year (in shares) | 743,719 |
Weighted Average Grant Date Fair Value | |
Weighted-Average Grant Date Fair Value, Beginning of year (USD per share) | $ / shares | $ 20.65 |
Weighted-Average Grant Date Fair Value, Granted (USD per share) | $ / shares | 8.86 |
Weighted-Average Grant Date Fair Value, Vested (USD per share) | $ / shares | 28.72 |
Weighted-Average Grant Date Fair Value, Cancelled (USD per share) | $ / shares | 28.72 |
Weighted-Average Grant Date Fair Value, End of year (USD per share) | $ / shares | $ 13.82 |
Number of PSUs granted to each recipient, eligible to vest (in shares) | 62,791 |
Percentage of target number of PSU's eligible to vest at "maximum" performance level | 200.00% |
Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate, percent | 0.20% | (2.20%) | (0.20%) | 5.30% |
Income tax expense (benefit) | $ (17) | $ 200 | $ 241 | $ (1,795) |
Financial Instruments and Fair Value Measurements - Schedule of Fair Value Measurement of Long-term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Term Loan | $ 772,000 | $ 772,000 |
2026 Unsecured Notes | 375,000 | 375,000 |
Finance lease liabilities | 10,057 | 12,463 |
Notes payable | 5,721 | 6,369 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Total debt | 1,162,778 | 1,165,832 |
Carrying Amount | Level 2 | ||
Debt Instrument [Line Items] | ||
Term Loan | 772,000 | 772,000 |
2026 Unsecured Notes | 375,000 | 375,000 |
Carrying Amount | Level 3 | ||
Debt Instrument [Line Items] | ||
Finance lease liabilities | 10,057 | 12,463 |
Notes payable | 5,721 | 6,369 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | 1,133,001 | 1,196,888 |
Fair Value | Level 2 | ||
Debt Instrument [Line Items] | ||
Term Loan | 746,910 | 776,806 |
2026 Unsecured Notes | 370,313 | 401,250 |
Fair Value | Level 3 | ||
Debt Instrument [Line Items] | ||
Finance lease liabilities | 10,057 | 12,463 |
Notes payable | $ 5,721 | $ 6,369 |
Financial Instruments and Fair Value Measurements (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Interest Rate Cap | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative instrument, notional amount | $ 650 |
Commitments and Contingencies (Details) - Gaming - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Commitments And Contingencies [Line Items] | ||||
Cost of goods and services sold | $ 76,128 | $ 83,799 | $ 189,471 | $ 250,154 |
Participation and Revenue Share Agreements | ||||
Commitments And Contingencies [Line Items] | ||||
Cost of goods and services sold | $ 37,400 | $ 39,300 | $ 87,300 | $ 117,300 |
Segment Information (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
numberOfSegment
| |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Revenues | |||||||||
Total revenues | $ 205,396 | $ 243,314 | $ 488,527 | $ 731,276 | |||||
Net income (loss) | (6,956) | $ (78,566) | $ (32,620) | (9,447) | $ (14,408) | $ (8,018) | (118,142) | (31,873) | |
Depreciation and amortization | 31,551 | 29,611 | 94,637 | 86,852 | |||||
Impairment of goodwill and intangible assets | 0 | 0 | 27,872 | 0 | |||||
Acquisition and severance expenses | 24 | 428 | 3,367 | 3,095 | |||||
Preopening and related expenses | 73 | 556 | 412 | 4,285 | |||||
Gain on disposal of assets | (474) | (233) | 817 | 989 | |||||
Share-based compensation | 3,520 | 2,583 | 7,522 | 8,901 | |||||
Other, net | 1,286 | 243 | 1,760 | 1,594 | |||||
Interest expense, net | 16,422 | 18,776 | 51,575 | 56,046 | |||||
Loss on extinguishment and modification of debt | 0 | 0 | 0 | 9,150 | |||||
Change in fair value of derivative | 0 | 352 | 1 | 4,089 | |||||
Income tax provision (benefit) | (17) | 200 | 241 | (1,795) | |||||
Adjusted EBITDA | 45,429 | 43,069 | 70,062 | 141,333 | |||||
Assets | 1,608,927 | 1,608,927 | $ 1,740,917 | ||||||
Gaming | |||||||||
Revenues | |||||||||
Total revenues | 145,521 | 142,568 | 329,413 | 432,606 | |||||
Food and beverage | |||||||||
Revenues | |||||||||
Total revenues | 28,685 | 51,109 | 80,400 | 152,971 | |||||
Rooms | |||||||||
Revenues | |||||||||
Total revenues | 22,505 | 35,347 | 54,097 | 102,148 | |||||
Other | |||||||||
Revenues | |||||||||
Total revenues | 8,685 | 14,290 | 24,617 | 43,551 | |||||
Operating Segments | Casinos | |||||||||
Revenues | |||||||||
Total revenues | 135,314 | 155,113 | 302,716 | 465,203 | |||||
Net income (loss) | 25,068 | 17,858 | (23,849) | 63,018 | |||||
Depreciation and amortization | 25,165 | 23,500 | 75,222 | 69,195 | |||||
Impairment of goodwill and intangible assets | 27,872 | ||||||||
Acquisition and severance expenses | 0 | 137 | 2,606 | 524 | |||||
Preopening and related expenses | 0 | 308 | 225 | 2,662 | |||||
Gain on disposal of assets | (20) | (4) | 1,290 | 763 | |||||
Share-based compensation | 0 | 0 | 0 | 11 | |||||
Other, net | 92 | 218 | 187 | 310 | |||||
Interest expense, net | 226 | 200 | 562 | 316 | |||||
Loss on extinguishment and modification of debt | 0 | ||||||||
Change in fair value of derivative | 0 | 0 | 0 | ||||||
Income tax provision (benefit) | 0 | 0 | 0 | 0 | |||||
Adjusted EBITDA | 50,531 | 42,217 | 84,115 | 136,799 | |||||
Assets | 1,112,412 | 1,112,412 | 1,204,574 | ||||||
Operating Segments | Casinos | Gaming | |||||||||
Revenues | |||||||||
Total revenues | 83,549 | 69,953 | 170,664 | 213,075 | |||||
Operating Segments | Casinos | Food and beverage | |||||||||
Revenues | |||||||||
Total revenues | 22,067 | 37,836 | 57,888 | 113,327 | |||||
Operating Segments | Casinos | Rooms | |||||||||
Revenues | |||||||||
Total revenues | 22,505 | 35,347 | 54,097 | 102,148 | |||||
Operating Segments | Casinos | Other | |||||||||
Revenues | |||||||||
Total revenues | 7,193 | 11,977 | 20,067 | 36,653 | |||||
Operating Segments | Distributed Gaming | |||||||||
Revenues | |||||||||
Total revenues | 69,903 | 87,998 | 185,226 | 265,508 | |||||
Net income (loss) | (1,161) | 5,786 | (5,751) | 20,739 | |||||
Depreciation and amortization | 5,723 | 5,616 | 17,490 | 16,514 | |||||
Impairment of goodwill and intangible assets | 0 | ||||||||
Acquisition and severance expenses | 0 | 0 | 612 | 35 | |||||
Preopening and related expenses | 0 | 189 | (1) | 1,415 | |||||
Gain on disposal of assets | (346) | (223) | (360) | (158) | |||||
Share-based compensation | 0 | 0 | 0 | 5 | |||||
Other, net | 467 | 0 | 705 | 0 | |||||
Interest expense, net | 15 | 18 | 40 | 57 | |||||
Loss on extinguishment and modification of debt | 0 | ||||||||
Change in fair value of derivative | 0 | 0 | 0 | ||||||
Income tax provision (benefit) | 0 | 0 | 0 | 0 | |||||
Adjusted EBITDA | 4,698 | 11,386 | 12,735 | 38,607 | |||||
Assets | 433,198 | 433,198 | 482,294 | ||||||
Operating Segments | Distributed Gaming | Gaming | |||||||||
Revenues | |||||||||
Total revenues | 61,972 | 72,615 | 158,749 | 219,531 | |||||
Operating Segments | Distributed Gaming | Food and beverage | |||||||||
Revenues | |||||||||
Total revenues | 6,618 | 13,273 | 22,512 | 39,644 | |||||
Operating Segments | Distributed Gaming | Rooms | |||||||||
Revenues | |||||||||
Total revenues | 0 | 0 | 0 | 0 | |||||
Operating Segments | Distributed Gaming | Other | |||||||||
Revenues | |||||||||
Total revenues | 1,313 | 2,110 | 3,965 | 6,333 | |||||
Corporate and Other | |||||||||
Revenues | |||||||||
Total revenues | 179 | 203 | 585 | 565 | |||||
Net income (loss) | (30,863) | (33,091) | (88,542) | (115,630) | |||||
Depreciation and amortization | 663 | 495 | 1,925 | 1,143 | |||||
Impairment of goodwill and intangible assets | 0 | ||||||||
Acquisition and severance expenses | 24 | 291 | 149 | 2,536 | |||||
Preopening and related expenses | 73 | 59 | 188 | 208 | |||||
Gain on disposal of assets | (108) | (6) | (113) | 384 | |||||
Share-based compensation | 3,520 | 2,583 | 7,522 | 8,885 | |||||
Other, net | 727 | 25 | 868 | 1,284 | |||||
Interest expense, net | 16,181 | 18,558 | 50,973 | 55,673 | |||||
Loss on extinguishment and modification of debt | 9,150 | ||||||||
Change in fair value of derivative | 352 | 1 | 4,089 | ||||||
Income tax provision (benefit) | (17) | 200 | 241 | (1,795) | |||||
Adjusted EBITDA | (9,800) | (10,534) | (26,788) | (34,073) | |||||
Assets | 63,317 | 63,317 | $ 54,049 | ||||||
Corporate and Other | Gaming | |||||||||
Revenues | |||||||||
Total revenues | 0 | 0 | 0 | 0 | |||||
Corporate and Other | Food and beverage | |||||||||
Revenues | |||||||||
Total revenues | 0 | 0 | 0 | 0 | |||||
Corporate and Other | Rooms | |||||||||
Revenues | |||||||||
Total revenues | 0 | 0 | 0 | 0 | |||||
Corporate and Other | Other | |||||||||
Revenues | |||||||||
Total revenues | $ 179 | $ 203 | $ 585 | $ 565 |
Related Party Transactions (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Nov. 30, 2018 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Sartini Enterprises | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, due from (to) related party | $ 0 | |||||
Reimbursement expense paid | $ 100,000 | $ 100,000 | $ 400,000 | $ 500,000 | ||
Due to related parties | 0 | 100,000 | 0 | 100,000 | 0 | |
Office Headquarters | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, due from (to) related party | 0 | $ 0 | 0 | |||
Office Headquarters | Mr. Sartini | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of counterparty ownership by related party | 33.00% | |||||
Related party transaction, amounts of transaction | 500,000 | 300,000 | $ 1,100,000 | 1,000,000.0 | ||
Related party transaction, due from (to) related party | 0 | 0 | $ 0 | |||
Office Headquarters | Mr. Sartini | Maximum | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amounts of transaction | $ 100,000 | $ 100,000 | ||||
Office Headquarters | Mr. Sartini's Immediate Family Members | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of counterparty ownership by related party | 5.00% | |||||
Office Headquarters | Stephen Arcana | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of counterparty ownership by related party | 3.00% | |||||
Office Space Lease | Mr. Sartini | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of counterparty ownership by related party | 33.00% | |||||
Office Space Lease | Mr. Sartini's Immediate Family Members | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of counterparty ownership by related party | 5.00% | |||||
Office Space Lease | Mr. Arcana | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of counterparty ownership by related party | 3.00% | |||||
Tavern Leases | Mr. Sartini | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amounts of transaction | $ 0 | $ 200,000 |
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