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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2015
Segment Information  
Schedule of information with respect to the Company's segments

Three months ended March 31, 2015

 

East/Midwest

 

West

 

Southern Plains

 

Other (1)

 

Total

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

Income (loss) from operations

 

$
90,863

 

$
15,526

 

$
55,385

 

$
(50,085

)

$
111,689

 

Charge for stock compensation

 

—

 

—

 

—

 
2,084

 
2,084

 

Depreciation and amortization

 
25,385

 
2,172

 
10,782

 
25,030

 
63,369

 

Plainridge contingent purchase price

 
351

 

—

 

—

 

—

 
351

 

(Gain) loss on disposal of assets

 
(122

)
181

 
100

 
(6

)
153

 

Income from unconsolidated affiliates

 

—

 

—

 
3,788

 
194

 
3,982

 

Non-operating items for Kansas JV

 

—

 

—

 
2,751

 

—

 
2,751

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$
116,477

 

$
17,879

 

$
72,806

 

$
(22,783

)

$
184,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2014

 

East/Midwest

 

West

 

Southern Plains

 

Other (1)

 

Total

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

Income (loss) from operations

 

$
77,723

 

$
16,942

 

$
51,339

 

$
(43,490

)

$
102,514

 

Charge for stock compensation

 

—

 

—

 

—

 
2,579

 
2,579

 

Depreciation and amortization

 
26,823

 
1,549

 
17,251

 
24,562

 
70,185

 

(Gain) loss on disposal of assets

 
(87

)
66

 
(22

)
(6

)
(49

)

Income from unconsolidated affiliates

 

—

 

—

 
2,452

 
31

 
2,483

 

Non-operating items for Kansas JV

 

—

 

—

 
2,921

 

—

 
2,921

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$
104,459

 

$
18,557

 

$
73,941

 

$
(16,324

)

$
180,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East/Midwest

 

West

 

Southern Plains

 

Other (1)

 

Total

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

 

 

(in thousands)

 

Three months ended March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$
386,544 

 

$
62,585 

 

$
210,269 

 

$
4,740 

 

$
664,138 

 

Capital expenditures

 
38,574 

 
2,851 

 
6,448 

 
916 

 
48,789 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$
349,449 

 

$
60,920 

 

$
223,757 

 

$
6,954 

 

$
641,080 

 

Capital expenditures

 
10,110 

 
6,430 

 
19,343 

 
1,158 

 
37,041 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance sheet at March 31, 2015

 

 

 

 

 

 

 

 

 

 

 

Total assets

 
1,054,919 

 
312,054 

 
1,060,493 

 
2,297,019 

 
4,724,485 

 

Investment in and advances to unconsolidated affiliates

 
93 

 

—

 
111,257 

 
64,224 

 
175,574 

 

Goodwill and other intangible assets, net

 
427,351 

 
143,267 

 
717,593 

 
4,078 

 
1,292,289 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance sheet at December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

Total assets

 
1,007,162 

 
287,551 

 
1,076,290 

 
2,293,891 

 
4,664,894 

 

Investment in and advances to unconsolidated affiliates

 
94 

 

—

 
115,469 

 
63,988 

 
179,551 

 

Goodwill and other intangible assets, net

 
427,335 

 
143,242 

 
718,982 

 
4,078 

 
1,293,637 

 

 

(1) Includes depreciation expense associated with the real property assets under the Master Lease with GLPI.  In addition, Total assets include these assets.  The interest expense associated with the financing obligation is reflected in the other category.  Net revenues and income (loss) from unconsolidated affiliates relate to the Company’s stand-alone racing operations, namely Rosecroft Raceway, Sanford Orlando Kennel Club and the Company’s Texas and New Jersey joint ventures which do not have gaming operations.