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Long-Term Debt (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Line of Credit Facility [Line Items] |
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| Schedule of Long-term Debt Instruments |
Long-term debt, net of current maturities consists of the following: | | | | | | | | | | | | | | | | | | December 31, 2012 | | | | | | Unamortized | | | | Outstanding | | Unamortized | | Origination | | Long-Term | | Principal | | Discount | | Fees | | Debt, Net | | (In thousands) | Boyd Gaming Long-Term Debt: | | | | | | | | Bank credit facility | $ | 1,474,850 |
| | $ | (5,001 | ) | | $ | (3,214 | ) | | $ | 1,466,635 |
| 9.125% senior notes due 2018 | 500,000 |
| | — |
| | (7,320 | ) | | 492,680 |
| 9.00% senior notes due 2020 | 350,000 |
| | — |
| | — |
| | 350,000 |
| 6.75% senior subordinated notes due 2014 | 215,668 |
| | — |
| | — |
| | 215,668 |
| 7.125% senior subordinated notes due 2016 | 240,750 |
| | — |
| | — |
| | 240,750 |
| Other | 158,141 |
| | (32,666 | ) | | — |
| | 125,475 |
| | 2,939,409 |
| | (37,667 | ) | | (10,534 | ) | | 2,891,208 |
| | | | | | | | | Peninsula Gaming Financing | | | | | | | | Bank credit facility | 854,400 |
| | — |
| | — |
| | 854,400 |
| 8.375% senior notes due 2018 | 350,000 |
| | — |
| | — |
| | 350,000 |
| Other | 494 |
| | (3 | ) | | — |
| | 491 |
| | 1,204,894 |
| | (3 | ) | | — |
| | 1,204,891 |
| Total Boyd Debt | 4,144,303 |
| | (37,670 | ) | | (10,534 | ) | | 4,096,099 |
| | | | | | | | | Borgata Debt: | | | | | | | | Bank credit facility | 20,000 |
| | — |
| | — |
| | 20,000 |
| 9.50% senior secured notes due 2015 | 398,000 |
| | (2,525 | ) | | (5,928 | ) | | 389,547 |
| 9.875% senior secured notes due 2018 | 393,500 |
| | (2,103 | ) | | (7,620 | ) | | 383,777 |
| | 811,500 |
| | (4,628 | ) | | (13,548 | ) | | 793,324 |
| Less current maturities | 61,570 |
| | — |
| | — |
| | 61,570 |
| Long-term debt, net | $ | 4,894,233 |
| | $ | (42,298 | ) | | $ | (24,082 | ) | | $ | 4,827,853 |
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| | | | | | | | | | | | | | | | | | December 31, 2011 | | | | | | Unamortized | | | | Outstanding | | Unamortized | | Origination | | Long-Term | | Principal | | Discount | | Fees | | Debt, Net | | (In thousands) | Boyd Gaming Long-Term Debt: | | | | | | | | Bank credit facility | $ | 1,632,750 |
| | $ | (4,318 | ) | | $ | (6,717 | ) | | $ | 1,621,715 |
| 9.125% senior notes due 2018 | 500,000 |
| | — |
| | (8,556 | ) | | 491,444 |
| 6.75% senior subordinated notes due 2014 | 215,668 |
| | — |
| | — |
| | 215,668 |
| 7.125% senior subordinated notes due 2016 | 240,750 |
| | — |
| | — |
| | 240,750 |
| Other | 11,071 |
| | — |
| | — |
| | 11,071 |
| | 2,600,239 |
| | (4,318 | ) | | (15,273 | ) | | 2,580,648 |
| | | | | | | | | Borgata Debt: | | | | | | | | Bank credit facility | 40,200 |
| | — |
| | — |
| | 40,200 |
| 9.50% senior secured notes due 2015 | 398,000 |
| | (3,271 | ) | | (7,680 | ) | | 387,049 |
| 9.875% senior secured notes due 2018 | 393,500 |
| | (2,366 | ) | | (8,575 | ) | | 382,559 |
| | 831,700 |
| | (5,637 | ) | | (16,255 | ) | | 809,808 |
| Less current maturities | 43,230 |
| | — |
| | — |
| | 43,230 |
| Long-term debt, net | $ | 3,388,709 |
| | $ | (9,955 | ) | | $ | (31,528 | ) | | $ | 3,347,226 |
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| Schedule of Line of Credit Facilities |
The net amounts outstanding under the Credit Facility are comprised of the following: | | | | | | | | | | | | December 31, | | | 2012 | | 2011 | | | (In thousands) | Extended Revolving Facility | | $ | 660,000 |
| | $ | 807,000 |
| Initial Term Loan | | 450,000 |
| | 475,000 |
| Increased Term Loan | | 332,500 |
| | 338,965 |
| Swing Loan | | 24,135 |
| | 750 |
| Total outstanding borrowings under Credit Facility, net | $ | 1,466,635 |
| | $ | 1,621,715 |
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| Schedule of Line of Credit Facility Commitment and Availability |
As of December 31 2012, our Credit Facility is comprised of the following components and commitments: | | | | | | | | | | | | | | Original Commitment | | Present Commitment | | Remaining Availability | | (In thousands) | Extended Revolving Facility | $ | 960,000 |
| | $ | 960,000 |
| | $ | 253,105 |
| Initial Term Loan | 500,000 |
| | 500,000 |
| | — |
| Increased Term Loan | — |
| | 350,000 |
| | — |
| Total commitments under Credit Facility | $ | 1,460,000 |
| | $ | 1,810,000 |
| | $ | 253,105 |
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| Maximum Total Leverage Ratio |
The following table provides our maximum Total Leverage Ratio, as amended December 27, 2012, during the remaining term of the Credit Facility. | | | | | | | Maximum Total | For the Trailing Four Quarters Ending | Leverage Ratio | December 31, 2012 through September 30, 2013 | 7.75 | to | 1.00 |
| December 31, 2013 | 7.50 | to | 1.00 |
| March 31, 2014 through September 30, 2014 | 7.25 | to | 1.00 |
| December 31, 2014 and March 31, 2015 | 7.00 | to | 1.00 |
| June 30, 2015 and thereafter | 6.75 | to | 1.00 |
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| Maximum Secured Leverage Ratio |
The following table provides our maximum Secured Leverage Ratio, as amended December 27, 2012, during the remaining term of the Amended Credit Facility. | | | | | | | Maximum Secured | For the Trailing Four Quarters Ending | Leverage Ratio | December 31, 2012 | 4.25 | to | 1.00 |
| March 31, 2013 through September 30, 2013 | 4.50 | to | 1.00 |
| December 31, 2013 | 4.25 | to | 1.00 |
| March 31, 2014 through December 31, 2014 | 4.00 | to | 1.00 |
| March 31, 2015 | 3.75 | to | 1.00 |
| June 30, 2015 and thereafter | 3.50 | to | 1.00 |
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| Maximum Consolidated Leverage Ratio |
The following table provides our maximum Consolidated Leverage Ratio during the remaining term of the Peninsula Credit Facility.
| | | | | | | | | | Maximum Consolidated | For the Trailing Four Quarters Ending | | Leverage Ratio | March 31, 2013 through September 30, 2013 | 7.25 | to | 1.00 | December 31 2013 through June 30, 2014 | 7.00 | to | 1.00 | September 30, 2014 through December 31, 2014 | 6.75 | to | 1.00 | March 31, 2015 through June 30, 2015 | 6.50 | to | 1.00 | September 30, 2015 through December 31, 2015 | 6.25 | to | 1.00 | March 31, 2016 through June 30, 2016 | 6.00 | to | 1.00 | September 30, 2016 through December 31, 2016 | 5.75 | to | 1.00 | March 31, 2107 through June 30, 2017 | 5.50 | to | 1.00 | September 30, 2017 and thereafter | 5.25 | to | 1.00 |
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| Schedule of Maturities of Long-term Debt |
The scheduled maturities of long-term debt, as discussed above, are as follows:
| | | | | | | | | | | | | | | | | | Boyd Gaming | | Peninsula Gaming | | Borgata | | Total | | (In thousands) | For the year ending December 31, | | | | | | | | 2013 | $ | 52,841 |
| | $ | 8,729 |
| | $ | — |
| | $ | 61,570 |
| 2014 | 258,168 |
| | 8,262 |
| | 20,000 |
| | 286,430 |
| 2015 | 1,389,850 |
| | 8,253 |
| | 398,000 |
| | 1,796,103 |
| 2016 | 240,750 |
| | 8,250 |
| | — |
| | 249,000 |
| 2017 | — |
| | 821,400 |
| | — |
| | 821,400 |
| Thereafter | 997,800 |
| | 350,000 |
| | 393,500 |
| | 1,741,300 |
| Total outstanding principal of long-term debt | $ | 2,939,409 |
| | $ | 1,204,894 |
| | $ | 811,500 |
| | $ | 4,955,803 |
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