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Related Party Transactions
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12 Months Ended |
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Dec. 31, 2012
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| Related Party Transactions [Abstract] | |
| Related Party Transactions | RELATED PARTY TRANSACTIONS Boyd Percentage Ownership William S. Boyd, our Executive Chairman of the Board of Directors, together with his immediate family, beneficially owned approximately 37% of our outstanding shares of common stock as of December 31, 2012. As such, the Boyd family has the ability to significantly influence our affairs, including the election of members of our Board of Directors and, except as otherwise provided by law, approving or disapproving other matters submitted to a vote of our stockholders, including a merger, consolidation or sale of assets. For each of the years ended December 31, 2012, 2011 and 2010, there were no related party transactions between the Company and the Boyd family other than compensation, including salary and equity incentives. Compensation of Certain Borgata Employees Borgata reimburses Boyd for compensation paid to employees performing services for Borgata and for out-of-pocket costs and expenses incurred related to travel. Boyd is also reimbursed for various payments made on Borgata's behalf, primarily related to third party insurance premiums and certain financing fees. The related amounts due to Boyd for these types of expenditures paid by Boyd were $0.5 million and $0.3 million at December 31, 2012 and 2011, respectively. Reimbursable expenditures were $10.9 million, $10.0 million and $9.1 million for each of the years ended December 31 2012, 2011 and 2010, respectively. In each case, reimbursable expenses are included in selling, general and administrative on the consolidated statements of operations. Related party reimbursements are eliminated in consolidation. Borgata Ground Leases Borgata entered into a series of ground lease agreements with MGM totaling 19.6 acres that provide the land on which Borgata's existing employee parking garage, public space expansion, rooms expansion, and modified surface parking lot reside, as well as, an undeveloped parcel. The lease terms extend until December 31, 2070 with the exception of the surface parking lot lease which could be terminated by either party effective on the last day of the month that is six months after notice is given. On November 4, 2010, MGM sold the land on which the employee parking garage, public space expansion and rooms expansion, as well as, the undeveloped parcel. Borgata did not have any amounts due to MGM or the third party land owner for these types of expenditures at either December 31, 2012, 2011 or 2010. Rent incurred for ground lease agreements was $5.8 million, $5.1 million and $5.4 million for the years ended December 31, 2012, 2011 and 2010, respectively, which was included in selling, general and administrative on the consolidated statements of operations. Of these amounts, rent paid to MGM was less than $0.1 million for each of the years ended December 31, 2012 and 2011, and was $0.2 million for the year ended December 31, 2010. Pursuant to the ground lease agreements, Borgata is responsible for the direct payment of related property taxes paid on its behalf. Borgata did not have any amounts due to MAC, Corp. (“MAC”), a second tier, wholly-owned subsidiary of MGM or the third party land owner for these types of expenditures at either December 31, 2012, 2011 or 2010. Total property taxes incurred were $15.6 million, $14.0 million and $12.9 million for the years ended December 31, 2012, 2011 and 2010, respectively. Of these amounts, property tax paid related to MGM was $2.8 million, $2.5 million, and $9.9 million for the years ended December 31, 2012, 2011 and 2010, respectively, which was included in selling, general and administrative on the consolidated statements of operations. |