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Segment Information | 12 Months Ended
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Dec. 31, 2012
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION We have aggregated certain of our properties in order to present five Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest and South; (iv) Peninsula Gaming; and (v) Atlantic City. The table below lists the classification of each of our properties.
Las Vegas Locals |
Gold Coast Hotel and Casino | Las Vegas, Nevada
The Orleans Hotel and Casino | Las Vegas, Nevada
Sam's Town Hotel and Gambling Hall | Las Vegas, Nevada
Suncoast Hotel and Casino | Las Vegas, Nevada
Eldorado Casino | Henderson, Nevada
Jokers Wild Casino | Henderson, Nevada
Downtown Las Vegas |
California Hotel and Casino | Las Vegas, Nevada
Fremont Hotel and Casino | Las Vegas, Nevada
Main Street Station Casino, Brewery and Hotel | Las Vegas, Nevada
Midwest and South |
Sam's Town Hotel and Gambling Hall | Tunica, Mississippi
IP Casino Resort Spa | Biloxi, Mississippi
Par-A-Dice Hotel Casino | East Peoria, Illinois
Blue Chip Casino, Hotel & Spa | Michigan City, Indiana
Treasure Chest Casino | Kenner, Louisiana
Delta Downs Racetrack Casino & Hotel | Vinton, Louisiana
Sam's Town Hotel and Casino | Shreveport, Louisiana
Peninsula Gaming |
Diamond Jo | Dubuque, Iowa
Diamond Jo Worth | Northwood, Iowa
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana
Amelia Belle Casino | Amelia, Louisiana
Kansas Star Casino | Mulvane, Kansas
Atlantic City |
Borgata Hotel Casino & Spa | Atlantic City, New Jersey
Results of Operations - Adjusted EBITDA We determine each of our wholly-owned properties' profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, preopening expenses, other operating items, net, share-based compensation expense, deferred rent, change in value of derivative instruments, and gain/loss on early retirements of debt, as applicable. Reportable Segment Adjusted EBITDA is the aggregate sum of the Property EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Peninsula Gaming segments, and also includes our share of Borgata's operating income before net amortization, preopening and other items. Results for Downtown Las Vegas include the results of our travel agency and captive insurance company in Hawaii. Effective April 1, 2008, we reclassified the reporting of our Midwest and South segment to exclude the results of Dania Jai-Alai, our pari-mutuel jai-alai facility, since it does not share similar economic characteristics with our other Midwest and South operations; therefore, the results of Dania Jai-Alai are included as part of the “Other” category on the accompanying table. We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, corporate expense is now presented to include its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations, in addition to the corporate portion of share-based compensation expense. Other operating costs and expenses include Property EBITDA from Dania Jai-Alai, deferred rent, and share-based compensation expense charged to our Reportable Segments. Interest expense is net of interest income and amounts capitalized. The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income (loss), as reported in our accompanying consolidated statements of operations for the years ended December 31, 2012 and 2011.
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
| (In thousands)
Net Revenues |  |  |  |  |
Las Vegas Locals | $ | 591,306 |  |  | $ | 604,965 |  |  | $ | 607,366 |
Downtown Las Vegas | 224,178 |  |  | 224,251 |  |  | 218,222 |
Midwest and South | 924,188 |  |  | 771,354 |  |  | 728,767 |
Peninsula Gaming | 56,925 |  |  | — |  |  | — |
Atlantic City | 686,222 |  |  | 730,274 |  |  | 580,140 |
Reportable Segment Net Revenues | 2,482,819 |  |  | 2,330,844 |  |  | 2,134,495 |
Other | 4,607 |  |  | 5,394 |  |  | 6,404 |
Net revenues | $ | 2,487,426 |  |  | $ | 2,336,238 |  |  | $ | 2,140,899 |
Reportable Segment Adjusted EBITDA |  |  |  |  |
Las Vegas Locals | $ | 128,742 |  |  | $ | 145,848 |  |  | $ | 137,464 |
Downtown Las Vegas | 32,832 |  |  | 35,214 |  |  | 34,227 |
Midwest and South | 192,349 |  |  | 167,101 |  |  | 143,699 |
Peninsula Gaming | 21,152 |  |  | — |  |  | — |
Atlantic City | 116,976 |  |  | 158,126 |  |  | 136,278 |
| 492,051 |  |  | 506,289 |  |  | 451,668 |
Operating income from Borgata, net | — |  |  | — |  |  | 8,146 |
Adjusted EBITDA | 492,051 |  |  | 506,289 |  |  | 459,814 |
Other operating costs and expenses |  |  |  |  |
Depreciation and amortization | 214,332 |  |  | 195,343 |  |  | 199,275 |
Corporate expense | 50,719 |  |  | 48,962 |  |  | 48,861 |
Preopening expenses | 11,541 |  |  | 6,634 |  |  | 7,459 |
Impairments and other operating items, net | 1,053,526 |  |  | 14,058 |  |  | 4,713 |
Other | 16,808 |  |  | 8,188 |  |  | 10,147 |
Total other operating costs and expenses | 1,346,926 |  |  | 273,185 |  |  | 270,455 |
Operating income | $ | (854,875 | ) |  | $ | 233,104 |  |  | $ | 189,359 |
Total Assets The Company's total assets, by Reportable Segment, consisted of the following amounts at December 31, 2012 and December 31, 2011:
| Year Ended December 31,
| 2012 |  | 2011
| (In thousands)
Assets |  |  |
Las Vegas Locals | $ | 1,215,494 |  |  | $ | 1,260,458 |
Downtown Las Vegas | 133,689 |  |  | 131,140 |
Midwest and South | 1,367,063 |  |  | 1,406,136 |
Peninsula Gaming | 1,604,778 |  |  | — |
Atlantic City | 1,388,562 |  |  | 1,435,332 |
Total Reportable Segment assets | 5,709,586 |  |  | 4,233,066 |
Corporate | 395,436 |  |  | 1,421,848 |
Other | 227,171 |  |  | 228,140 |
Total assets | $ | 6,332,193 |  |  | $ | 5,883,054 |
Capital Expenditures The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries. The Company's capital expenditures for the years ended December 31, 2012, 2011 and 2010, by Reportable Segment, consisted of the following:
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
| (In thousands)
Capital Expenditures: |  |  |  |  |
Las Vegas Locals | $ | 23,349 |  |  | $ | 15,782 |  |  | $ | 11,863 |
Downtown Las Vegas | 7,248 |  |  | 4,420 |  |  | 3,356 |
Midwest and South | 60,572 |  |  | 19,770 |  |  | 18,632 |
Peninsula Gaming | 7,606 |  |  | — |  |  | — |
Atlantic City | 34,742 |  |  | 32,626 |  |  | 12,637 |
Total Reportable Segment Capital Expenditures | 133,517 |  |  | 72,598 |  |  | 46,488 |
Other | 706 |  |  | 106 |  |  | (1,797 | )
Corporate entities | (25,580 | ) |  | 11,859 |  |  | 4,092 |
Total Capital Expenditures | 108,643 |  |  | 84,563 |  |  | 48,783 |
Change in Accrued Property Additions | 17,331 |  |  | 2,661 |  |  | 27,175 |
Cash-Based Capital Expenditures | $ | 125,974 |  |  | $ | 87,224 |  |  | $ | 75,958 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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