Nevada | 001-12882 | 88-0242733 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description | |
99.1 | Press Release, dated August 3, 2016 |
Date: | August 3, 2016 | Boyd Gaming Corporation |
By: | /s/ Anthony D. McDuffie | |
Anthony D. McDuffie | ||
Vice President and Chief Accounting Officer | ||
Exhibit Number | Description | |
99.1 | Press Release, dated August 3, 2016 |
• | Company Expanding in High-Growth Las Vegas Market with Aliante, Cannery |
• | Sale of Borgata Interest Completed, Accelerating Deleveraging Efforts |
• | Las Vegas Locals Revenue, Adjusted EBITDA Grow for 5th Consecutive Quarter |
(1) | See footnotes at the end of the release for additional information relative to non-GAAP financial measures. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands, except per share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenues | |||||||||||||||
Gaming | $ | 452,928 | $ | 468,580 | $ | 915,479 | $ | 933,337 | |||||||
Food and beverage | 75,898 | 77,909 | 152,698 | 154,205 | |||||||||||
Room | 43,365 | 42,332 | 85,240 | 81,685 | |||||||||||
Other | 29,693 | 30,642 | 61,159 | 60,327 | |||||||||||
Gross revenues | 601,884 | 619,463 | 1,214,576 | 1,229,554 | |||||||||||
Less promotional allowances | 57,010 | 59,596 | 117,324 | 119,109 | |||||||||||
Net revenues | 544,874 | 559,867 | 1,097,252 | 1,110,445 | |||||||||||
Operating costs and expenses | |||||||||||||||
Gaming | 217,768 | 224,686 | 441,293 | 451,383 | |||||||||||
Food and beverage | 42,116 | 42,913 | 83,919 | 84,480 | |||||||||||
Room | 11,293 | 10,682 | 21,792 | 20,729 | |||||||||||
Other | 18,827 | 19,744 | 38,159 | 39,390 | |||||||||||
Selling, general and administrative | 79,002 | 81,013 | 160,853 | 162,702 | |||||||||||
Maintenance and utilities | 25,009 | 26,616 | 48,857 | 51,935 | |||||||||||
Depreciation and amortization | 48,250 | 51,964 | 95,903 | 103,906 | |||||||||||
Corporate expense | 16,099 | 17,352 | 34,006 | 37,004 | |||||||||||
Project development, preopening and writedowns | 5,897 | 1,749 | 7,738 | 2,704 | |||||||||||
Impairments of assets | — | — | 1,440 | 1,065 | |||||||||||
Other operating items, net | 123 | 54 | 552 | 170 | |||||||||||
Total operating costs and expenses | 464,384 | 476,773 | 934,512 | 955,468 | |||||||||||
Operating income | 80,490 | 83,094 | 162,740 | 154,977 | |||||||||||
Other expense (income) | |||||||||||||||
Interest income | (959 | ) | (465 | ) | (1,456 | ) | (936 | ) | |||||||
Interest expense, net of amounts capitalized | 61,887 | 57,131 | 114,952 | 114,066 | |||||||||||
Loss on early extinguishments of debt | 419 | 30,962 | 846 | 31,470 | |||||||||||
Other, net | 65 | 1,270 | 142 | 1,888 | |||||||||||
Total other expense, net | 61,412 | 88,898 | 114,484 | 146,488 | |||||||||||
Income (loss) from continuing operations before income taxes | 19,078 | (5,804 | ) | 48,256 | 8,489 | ||||||||||
Income taxes benefit (provision) | (7,771 | ) | (6,586 | ) | (15,389 | ) | 9,625 | ||||||||
Income (loss) from continuing operations, net of tax | 11,307 | (12,390 | ) | 32,867 | 18,114 | ||||||||||
Income from discontinued operations, net of tax | 18,715 | 5,965 | 30,345 | 10,564 | |||||||||||
Net income (loss) | $ | 30,022 | $ | (6,425 | ) | $ | 63,212 | $ | 28,678 | ||||||
Basic net income (loss) per common share | |||||||||||||||
Continuing operations | $ | 0.10 | $ | (0.11 | ) | $ | 0.29 | $ | 0.17 | ||||||
Discontinued operations | 0.16 | 0.05 | 0.27 | 0.09 | |||||||||||
Basic net income (loss) per common share | $ | 0.26 | $ | (0.06 | ) | $ | 0.56 | $ | 0.26 | ||||||
Weighted average basic shares outstanding | 114,328 | 112,232 | 114,218 | 111,841 | |||||||||||
Diluted net income (loss) per common share | |||||||||||||||
Continuing operations | $ | 0.10 | $ | (0.11 | ) | $ | 0.29 | $ | 0.16 | ||||||
Discontinued operations | 0.16 | 0.05 | 0.26 | 0.09 | |||||||||||
Diluted net income (loss) per common share | $ | 0.26 | $ | (0.06 | ) | $ | 0.55 | $ | 0.25 | ||||||
Weighted average diluted shares outstanding | 115,077 | 112,232 | 114,974 | 112,694 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net Revenues by Reportable Segment | |||||||||||||||
Las Vegas Locals | $ | 154,936 | $ | 153,032 | $ | 313,334 | $ | 303,332 | |||||||
Downtown Las Vegas | 59,212 | 58,434 | 117,817 | 115,038 | |||||||||||
Midwest and South | 207,837 | 217,777 | 417,022 | 435,542 | |||||||||||
Peninsula | 122,889 | 130,624 | 249,079 | 256,533 | |||||||||||
Net revenues | $ | 544,874 | $ | 559,867 | $ | 1,097,252 | $ | 1,110,445 | |||||||
Adjusted EBITDA by Reportable Segment | |||||||||||||||
Las Vegas Locals | $ | 43,173 | $ | 42,175 | $ | 87,444 | $ | 81,052 | |||||||
Downtown Las Vegas | 14,263 | 12,307 | 26,944 | 22,984 | |||||||||||
Midwest and South | 50,056 | 51,777 | 98,869 | 102,761 | |||||||||||
Peninsula | 44,691 | 49,164 | 91,803 | 95,527 | |||||||||||
Property Adjusted EBITDA | 152,183 | 155,423 | 305,060 | 302,324 | |||||||||||
Corporate expense (a) | (14,286 | ) | (14,777 | ) | (29,471 | ) | (31,419 | ) | |||||||
Adjusted EBITDA | 137,897 | 140,646 | 275,589 | 270,905 | |||||||||||
Other operating costs and expenses | |||||||||||||||
Deferred rent | 817 | 859 | 1,633 | 1,716 | |||||||||||
Depreciation and amortization | 48,250 | 51,964 | 95,903 | 103,906 | |||||||||||
Share-based compensation expense | 2,320 | 2,926 | 5,583 | 6,367 | |||||||||||
Project development, preopening and writedowns | 5,897 | 1,749 | 7,738 | 2,704 | |||||||||||
Impairments of assets | — | — | 1,440 | 1,065 | |||||||||||
Other operating items, net | 123 | 54 | 552 | 170 | |||||||||||
Total other operating costs and expenses | 57,407 | 57,552 | 112,849 | 115,928 | |||||||||||
Operating income | 80,490 | 83,094 | 162,740 | 154,977 | |||||||||||
Other expense (income) | |||||||||||||||
Interest income | (959 | ) | (465 | ) | (1,456 | ) | (936 | ) | |||||||
Interest expense, net of amounts capitalized | 61,887 | 57,131 | 114,952 | 114,066 | |||||||||||
Loss on early extinguishments of debt | 419 | 30,962 | 846 | 31,470 | |||||||||||
Other, net | 65 | 1,270 | 142 | 1,888 | |||||||||||
Total other expense, net | 61,412 | 88,898 | 114,484 | 146,488 | |||||||||||
Income (loss) before income taxes | 19,078 | (5,804 | ) | 48,256 | 8,489 | ||||||||||
Income taxes benefit (provision) | (7,771 | ) | (6,586 | ) | (15,389 | ) | 9,625 | ||||||||
Income (loss) from continuing operations, net of tax | 11,307 | (12,390 | ) | 32,867 | 18,114 | ||||||||||
Income from discontinued operations, net of tax | 18,715 | 5,965 | 30,345 | 10,564 | |||||||||||
Net income (loss) | $ | 30,022 | $ | (6,425 | ) | $ | 63,212 | $ | 28,678 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Corporate expense as reported on Consolidated Statements of Operations | $ | 16,099 | $ | 17,352 | $ | 34,006 | $ | 37,004 | |||||||
Corporate share-based compensation expense | (1,813 | ) | (2,575 | ) | (4,535 | ) | (5,585 | ) | |||||||
Corporate expense as reported on the above table | $ | 14,286 | $ | 14,777 | $ | 29,471 | $ | 31,419 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands, except per share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net income (loss) | $ | 30,022 | $ | (6,425 | ) | $ | 63,212 | $ | 28,678 | ||||||
Less: income from discontinued operations, net of tax | (18,715 | ) | (5,965 | ) | (30,345 | ) | (10,564 | ) | |||||||
Adjusted net income (loss) | 11,307 | (12,390 | ) | 32,867 | 18,114 | ||||||||||
Pretax adjustments: | |||||||||||||||
Project development, preopening and writedowns | 5,897 | 1,749 | 7,738 | 2,704 | |||||||||||
Impairments of assets | — | — | 1,440 | 1,065 | |||||||||||
Other operating items, net | 123 | 54 | 552 | 170 | |||||||||||
Loss on early extinguishments of debt | 419 | 30,962 | 846 | 31,470 | |||||||||||
Other, net | 65 | 1,270 | 142 | 1,888 | |||||||||||
Total adjustments | 6,504 | 34,035 | 10,718 | 37,297 | |||||||||||
Income tax effect for above adjustments | 294 | (785 | ) | 30 | (1,789 | ) | |||||||||
Impact of tax audit settlements on provision | — | — | — | (22,606 | ) | ||||||||||
Adjusted earnings | $ | 18,105 | $ | 20,860 | $ | 43,615 | $ | 31,016 | |||||||
Net income (loss) per share | $ | 0.26 | $ | (0.06 | ) | $ | 0.55 | $ | 0.25 | ||||||
Less: income from discontinued operations per share | (0.16 | ) | (0.05 | ) | (0.26 | ) | (0.09 | ) | |||||||
Adjusted net income (loss) per share | 0.10 | (0.11 | ) | 0.29 | 0.16 | ||||||||||
Pretax adjustments: | |||||||||||||||
Project development, preopening and writedowns | 0.05 | 0.02 | 0.07 | 0.02 | |||||||||||
Impairments of assets | — | — | 0.01 | 0.01 | |||||||||||
Other operating items, net | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | 0.28 | — | 0.29 | |||||||||||
Other, net | 0.01 | 0.01 | — | 0.02 | |||||||||||
Total adjustments | 0.06 | 0.31 | 0.09 | 0.34 | |||||||||||
Income tax effect for above adjustments | — | (0.01 | ) | — | (0.02 | ) | |||||||||
Impact of tax audit settlements on provision | — | — | — | (0.20 | ) | ||||||||||
Adjusted earnings per share | $ | 0.16 | $ | 0.19 | $ | 0.38 | $ | 0.28 | |||||||
Weighted average shares outstanding | 115,077 | 113,021 | 114,974 | 112,694 |
BOYD GAMING CORPORATION | |||||||||||||||
SUPPLEMENTAL INFORMATION | |||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||
(Unaudited) | |||||||||||||||
Boyd Gaming | |||||||||||||||
(In thousands, except per share data) | Excluding Peninsula Segment | Peninsula Segment | Eliminations | Consolidated | |||||||||||
Revenues | |||||||||||||||
Gaming | $ | 338,772 | $ | 114,156 | $ | — | $ | 452,928 | |||||||
Food and beverage | 66,981 | 8,917 | — | 75,898 | |||||||||||
Room | 43,365 | — | — | 43,365 | |||||||||||
Other | 29,960 | 4,425 | (4,692 | ) | 29,693 | ||||||||||
Gross revenues | 479,078 | 127,498 | (4,692 | ) | 601,884 | ||||||||||
Less promotional allowances | 52,400 | 4,610 | — | 57,010 | |||||||||||
Net revenues | 426,678 | 122,888 | (4,692 | ) | 544,874 | ||||||||||
Operating costs and expenses | |||||||||||||||
Gaming | 164,063 | 53,705 | — | 217,768 | |||||||||||
Food and beverage | 35,943 | 6,173 | — | 42,116 | |||||||||||
Room | 11,293 | — | — | 11,293 | |||||||||||
Other | 16,197 | 7,322 | (4,692 | ) | 18,827 | ||||||||||
Selling, general and administrative | 66,510 | 12,492 | — | 79,002 | |||||||||||
Maintenance and utilities | 21,813 | 3,196 | — | 25,009 | |||||||||||
Depreciation and amortization | 34,570 | 13,680 | — | 48,250 | |||||||||||
Corporate expense | 15,709 | 390 | — | 16,099 | |||||||||||
Project development, preopening and writedowns | 5,744 | 153 | — | 5,897 | |||||||||||
Impairments of assets | — | — | — | — | |||||||||||
Other operating items, net | 71 | 52 | — | 123 | |||||||||||
Total operating costs and expenses | 371,913 | 97,163 | (4,692 | ) | 464,384 | ||||||||||
Operating income | 54,765 | 25,725 | — | 80,490 | |||||||||||
Other expense (income) | |||||||||||||||
Interest income | (500 | ) | (459 | ) | — | (959 | ) | ||||||||
Interest expense, net of amounts capitalized | 44,392 | 17,495 | — | 61,887 | |||||||||||
Loss on early extinguishments of debt | — | 419 | — | 419 | |||||||||||
Other, net | (18 | ) | 83 | — | 65 | ||||||||||
Total other expense, net | 43,874 | 17,538 | — | 61,412 | |||||||||||
Income before income taxes | 10,891 | 8,187 | — | 19,078 | |||||||||||
Income taxes provision | (2,166 | ) | (5,605 | ) | — | (7,771 | ) | ||||||||
Income (loss) from continuing operations, net of tax | 8,725 | 2,582 | — | 11,307 | |||||||||||
Income from discontinued operations, net of tax | 18,715 | — | — | 18,715 | |||||||||||
Net income | $ | 27,440 | $ | 2,582 | $ | — | $ | 30,022 | |||||||
Basic net income per common share | |||||||||||||||
Continuing operations | $ | 0.10 | |||||||||||||
Discontinued operations | 0.16 | ||||||||||||||
Basic net income per common share | $ | 0.26 | |||||||||||||
Weighted average basic shares outstanding | 114,328 | ||||||||||||||
Diluted net income per common share | |||||||||||||||
Continuing operations | $ | 0.10 | |||||||||||||
Discontinued operations | 0.16 | ||||||||||||||
Diluted net income per common share | $ | 0.26 | |||||||||||||
Weighted average diluted shares outstanding | 115,077 |
BOYD GAMING CORPORATION | |||||||||||||||
SUPPLEMENTAL INFORMATION | |||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||
(Unaudited) | |||||||||||||||
Boyd Gaming | |||||||||||||||
(In thousands, except per share data) | Excluding Peninsula Segment | Peninsula Segment | Eliminations | Consolidated | |||||||||||
Revenues | |||||||||||||||
Gaming | $ | 347,647 | $ | 120,933 | $ | — | $ | 468,580 | |||||||
Food and beverage | 68,195 | 9,714 | — | 77,909 | |||||||||||
Room | 42,332 | — | — | 42,332 | |||||||||||
Other | 30,755 | 4,940 | (5,053 | ) | 30,642 | ||||||||||
Gross revenues | 488,929 | 135,587 | (5,053 | ) | 619,463 | ||||||||||
Less promotional allowances | 54,631 | 4,965 | — | 59,596 | |||||||||||
Net revenues | 434,298 | 130,622 | (5,053 | ) | 559,867 | ||||||||||
Operating costs and expenses | |||||||||||||||
Gaming | 168,830 | 55,856 | — | 224,686 | |||||||||||
Food and beverage | 36,556 | 6,357 | — | 42,913 | |||||||||||
Room | 10,682 | — | — | 10,682 | |||||||||||
Other | 16,759 | 8,038 | (5,053 | ) | 19,744 | ||||||||||
Selling, general and administrative | 68,023 | 12,990 | — | 81,013 | |||||||||||
Maintenance and utilities | 23,345 | 3,271 | — | 26,616 | |||||||||||
Depreciation and amortization | 34,863 | 17,101 | — | 51,964 | |||||||||||
Corporate expense | 17,005 | 347 | — | 17,352 | |||||||||||
Project development, preopening and writedowns | 1,226 | 523 | — | 1,749 | |||||||||||
Impairments of assets | — | — | — | — | |||||||||||
Other operating items, net | (1 | ) | 55 | — | 54 | ||||||||||
Total operating costs and expenses | 377,288 | 104,538 | (5,053 | ) | 476,773 | ||||||||||
Operating income | 57,010 | 26,084 | — | 83,094 | |||||||||||
Other expense (income) | |||||||||||||||
Interest income | — | (465 | ) | — | (465 | ) | |||||||||
Interest expense, net of amounts capitalized | 38,706 | 18,425 | 57,131 | ||||||||||||
Loss on early extinguishments of debt | 30,008 | 954 | — | 30,962 | |||||||||||
Other, net | 1,245 | 25 | — | 1,270 | |||||||||||
Total other expense, net | 69,959 | 18,939 | — | 88,898 | |||||||||||
Income before income taxes | (12,949 | ) | 7,145 | — | (5,804 | ) | |||||||||
Income taxes provision | (2,088 | ) | (4,498 | ) | — | (6,586 | ) | ||||||||
Income (loss) from continuing operations, net of tax | (15,037 | ) | 2,647 | — | (12,390 | ) | |||||||||
Income from discontinued operations, net of tax | 5,965 | — | — | 5,965 | |||||||||||
Net income (loss) | $ | (9,072 | ) | $ | 2,647 | $ | — | $ | (6,425 | ) | |||||
Basic net income (loss) per common share | |||||||||||||||
Continuing operations | $ | (0.11 | ) | ||||||||||||
Discontinued operations | 0.05 | ||||||||||||||
Basic net loss per common share | $ | (0.06 | ) | ||||||||||||
Weighted average basic shares outstanding | 112,232 | ||||||||||||||
Diluted net income (loss) per common share | |||||||||||||||
Continuing operations | $ | (0.11 | ) | ||||||||||||
Discontinued operations | 0.05 | ||||||||||||||
Diluted net per common share | $ | (0.06 | ) | ||||||||||||
Weighted average diluted shares outstanding | 112,232 |
BOYD GAMING CORPORATION | |||||||||||||||
SUPPLEMENTAL INFORMATION | |||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||
Six Months Ended June 30, 2016 | |||||||||||||||
(Unaudited) | |||||||||||||||
Boyd Gaming | |||||||||||||||
(In thousands, except per share data) | Excluding Peninsula Segment | Peninsula Segment | Eliminations | Consolidated | |||||||||||
Revenues | |||||||||||||||
Gaming | $ | 684,078 | $ | 231,401 | $ | — | $ | 915,479 | |||||||
Food and beverage | 134,256 | 18,442 | — | 152,698 | |||||||||||
Room | 85,240 | — | — | 85,240 | |||||||||||
Other | 61,940 | 8,789 | (9,570 | ) | 61,159 | ||||||||||
Gross revenues | 965,514 | 258,632 | (9,570 | ) | 1,214,576 | ||||||||||
Less promotional allowances | 107,771 | 9,553 | — | 117,324 | |||||||||||
Net revenues | 857,743 | 249,079 | (9,570 | ) | 1,097,252 | ||||||||||
Operating costs and expenses | |||||||||||||||
Gaming | 333,785 | 107,508 | — | 441,293 | |||||||||||
Food and beverage | 71,376 | 12,543 | — | 83,919 | |||||||||||
Room | 21,792 | — | — | 21,792 | |||||||||||
Other | 33,259 | 14,470 | (9,570 | ) | 38,159 | ||||||||||
Selling, general and administrative | 134,814 | 26,039 | — | 160,853 | |||||||||||
Maintenance and utilities | 42,571 | 6,286 | — | 48,857 | |||||||||||
Depreciation and amortization | 68,640 | 27,263 | — | 95,903 | |||||||||||
Corporate expense | 33,207 | 799 | — | 34,006 | |||||||||||
Project development, preopening and writedowns | 7,434 | 304 | — | 7,738 | |||||||||||
Impairments of assets | 1,440 | — | — | 1,440 | |||||||||||
Other operating items, net | 500 | 52 | — | 552 | |||||||||||
Total operating costs and expenses | 748,818 | 195,264 | (9,570 | ) | 934,512 | ||||||||||
Operating income | 108,925 | 53,815 | — | 162,740 | |||||||||||
Other expense (income) | |||||||||||||||
Interest income | (535 | ) | (921 | ) | — | (1,456 | ) | ||||||||
Interest expense, net of amounts capitalized | 79,647 | 35,305 | — | 114,952 | |||||||||||
Loss on early extinguishments of debt | — | 846 | — | 846 | |||||||||||
Other, net | (33 | ) | 175 | — | 142 | ||||||||||
Total other expense, net | 79,079 | 35,405 | — | 114,484 | |||||||||||
Income before income taxes | 29,846 | 18,410 | — | 48,256 | |||||||||||
Income taxes provision | (4,180 | ) | (11,209 | ) | — | (15,389 | ) | ||||||||
Income from continuing operations, net of tax | 25,666 | 7,201 | — | 32,867 | |||||||||||
Income from discontinued operations, net of tax | 30,345 | — | — | 30,345 | |||||||||||
Net income | $ | 56,011 | $ | 7,201 | $ | — | $ | 63,212 | |||||||
Basic net income per common share | |||||||||||||||
Continuing operations | $ | 0.29 | |||||||||||||
Discontinued operations | 0.27 | ||||||||||||||
Basic net income per common share | $ | 0.56 | |||||||||||||
Weighted average basic shares outstanding | 114,218 | ||||||||||||||
Diluted net income per common share | |||||||||||||||
Continuing operations | $ | 0.29 | |||||||||||||
Discontinued operations | 0.26 | ||||||||||||||
Diluted net income per common share | $ | 0.55 | |||||||||||||
Weighted average diluted shares outstanding | 114,974 |
BOYD GAMING CORPORATION | |||||||||||||||
SUPPLEMENTAL INFORMATION | |||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||
Six Months Ended June 30, 2015 | |||||||||||||||
(Unaudited) | |||||||||||||||
Boyd Gaming | |||||||||||||||
(In thousands, except per share data) | Excluding Peninsula Segment | Peninsula Segment | Eliminations | Consolidated | |||||||||||
Revenues | |||||||||||||||
Gaming | $ | 695,361 | $ | 237,976 | $ | — | $ | 933,337 | |||||||
Food and beverage | 134,512 | 19,693 | — | 154,205 | |||||||||||
Room | 81,685 | — | — | 81,685 | |||||||||||
Other | 61,363 | 8,845 | (9,881 | ) | 60,327 | ||||||||||
Gross revenues | 972,921 | 266,514 | (9,881 | ) | 1,229,554 | ||||||||||
Less promotional allowances | 109,126 | 9,983 | — | 119,109 | |||||||||||
Net revenues | 863,795 | 256,531 | (9,881 | ) | 1,110,445 | ||||||||||
Operating costs and expenses | |||||||||||||||
Gaming | 341,246 | 110,137 | — | 451,383 | |||||||||||
Food and beverage | 71,754 | 12,726 | — | 84,480 | |||||||||||
Room | 20,729 | — | — | 20,729 | |||||||||||
Other | 34,023 | 15,248 | (9,881 | ) | 39,390 | ||||||||||
Selling, general and administrative | 136,456 | 26,246 | — | 162,702 | |||||||||||
Maintenance and utilities | 45,406 | 6,529 | — | 51,935 | |||||||||||
Depreciation and amortization | 69,817 | 34,089 | — | 103,906 | |||||||||||
Corporate expense | 36,252 | 752 | — | 37,004 | |||||||||||
Project development, preopening and writedowns | 2,051 | 653 | — | 2,704 | |||||||||||
Impairments of assets | 1,065 | — | — | 1,065 | |||||||||||
Other operating items, net | 70 | 100 | — | 170 | |||||||||||
Total operating costs and expenses | 758,869 | 206,480 | (9,881 | ) | 955,468 | ||||||||||
Operating income | 104,926 | 50,051 | — | 154,977 | |||||||||||
Other expense (income) | |||||||||||||||
Interest income | (4 | ) | (932 | ) | — | (936 | ) | ||||||||
Interest expense, net of amounts capitalized | 76,971 | 37,095 | 114,066 | ||||||||||||
Loss on early extinguishments of debt | 30,008 | 1,462 | — | 31,470 | |||||||||||
Other, net | 1,702 | 186 | — | 1,888 | |||||||||||
Total other expense, net | 108,677 | 37,811 | — | 146,488 | |||||||||||
Income before income taxes | (3,751 | ) | 12,240 | — | 8,489 | ||||||||||
Income taxes benefit (provision) | 18,622 | (8,997 | ) | — | 9,625 | ||||||||||
Income from continuing operations, net of tax | 14,871 | 3,243 | — | 18,114 | |||||||||||
Income from discontinued operations, net of tax | 10,564 | — | — | 10,564 | |||||||||||
Net income | $ | 25,435 | $ | 3,243 | $ | — | $ | 28,678 | |||||||
Basic net income per common share | |||||||||||||||
Continuing operations | $ | 0.17 | |||||||||||||
Discontinued operations | 0.09 | ||||||||||||||
Basic net income per common share | $ | 0.26 | |||||||||||||
Weighted average basic shares outstanding | 111,841 | ||||||||||||||
Diluted net income per common share | |||||||||||||||
Continuing operations | $ | 0.16 | |||||||||||||
Discontinued operations | 0.09 | ||||||||||||||
Diluted net income per common share | $ | 0.25 | |||||||||||||
Weighted average diluted shares outstanding | 112,694 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenues | |||||||||||||||
Gaming | $ | 180,987 | $ | 170,277 | $ | 355,000 | $ | 335,405 | |||||||
Food and beverage | 38,002 | 36,392 | 71,760 | 70,860 | |||||||||||
Room | 31,050 | 30,349 | 59,678 | 57,953 | |||||||||||
Other | 10,138 | 10,397 | 19,265 | 18,907 | |||||||||||
Gross revenues | 260,177 | 247,415 | 505,703 | 483,125 | |||||||||||
Less promotional allowances | 56,830 | 56,252 | 112,063 | 109,373 | |||||||||||
Net revenues | 203,347 | 191,163 | 393,640 | 373,752 | |||||||||||
Operating costs and expenses | |||||||||||||||
Gaming | 67,233 | 67,057 | 135,026 | 133,976 | |||||||||||
Food and beverage | 19,135 | 19,147 | 35,919 | 36,834 | |||||||||||
Room | 3,671 | 3,799 | 6,940 | 7,059 | |||||||||||
Other | 8,768 | 9,590 | 16,091 | 16,344 | |||||||||||
Selling, general and administrative | 28,804 | 32,523 | 64,226 | 66,676 | |||||||||||
Maintenance and utilities | 14,973 | 14,520 | 29,340 | 30,511 | |||||||||||
Depreciation and amortization | 14,638 | 14,791 | 28,987 | 29,590 | |||||||||||
Preopening expenses | 242 | — | 313 | — | |||||||||||
Other operating items, net | (7,269 | ) | (441 | ) | (14,027 | ) | (765 | ) | |||||||
Total operating costs and expenses | 150,195 | 160,986 | 302,815 | 320,225 | |||||||||||
Operating income | 53,152 | 30,177 | 90,825 | 53,527 | |||||||||||
Other expense | |||||||||||||||
Interest expense, net of amounts capitalized | 11,125 | 16,307 | 22,880 | 32,964 | |||||||||||
Loss on early extinguishments of debt | 903 | 543 | 1,228 | 1,035 | |||||||||||
Total other expense | 12,028 | 16,850 | 24,108 | 33,999 | |||||||||||
Income before state income taxes | 41,124 | 13,327 | 66,717 | 19,528 | |||||||||||
State income tax benefit (expense) | (3,736 | ) | (1,374 | ) | (6,068 | ) | 453 | ||||||||
Net income | $ | 37,388 | $ | 11,953 | $ | 60,649 | $ | 19,981 | |||||||
Reconciliation of Adjusted EBITDA to Operating Income | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Adjusted EBITDA | $ | 60,763 | $ | 44,527 | $ | 106,098 | $ | 82,352 | |||||||
Less: | |||||||||||||||
Depreciation and amortization | 14,638 | 14,791 | 28,987 | 29,590 | |||||||||||
Preopening expenses | 242 | — | 313 | — | |||||||||||
Other operating items, net | (7,269 | ) | (441 | ) | (14,027 | ) | (765 | ) | |||||||
Operating income | $ | 53,152 | $ | 30,177 | $ | 90,825 | $ | 53,527 |
F/INN:Y[7;\C^I^C9Z=?^
MD2NR<7JW[.W2P6O>RY@):YI]*SV[M'?SNSTUN=C\TCW24YM.)U,-=C9>0#B5
MF1>#MML9'\W:[_!;?\):W])8L?^;H/Y_VF/Y43_G?0_P"@NK/!3?G_ "0*
MG'NQ&975;FTW''MKIJ?3;6>#-@=N9]"UNS9N:[\Q!OLZF_+JJLI:S/JIN]*T
M:UV'V;'U%W^$;[OT=GT%O#@?$IG_ $J_ZW_?7(JF'5L>G6R=H+D%R!W//A;&23?:E3