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Segment Information | 12 Months Ended
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Dec. 31, 2015
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; and (v) Borgata. The table in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties. Results of Operations - Total Reportable Segment Net Revenues and Adjusted EBITDA We evaluate each of our wholly owned property's profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, project development, preopening and writedown expenses, other operating charges, net, share-based compensation expense, deferred rent, change in value of derivative instruments, and gain/loss on early retirements of debt, as applicable. Total 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 segments, and also includes Borgata's operating income before net amortization, preopening and other items. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company. Although EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, provides our investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of our core operating results and as a means to evaluate period-to-period results. We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Total Reportable Segment Adjusted EBITDA. Furthermore, corporate expense excludes 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. 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:
| Year Ended December 31,
(In thousands) | 2015 |  | 2014 |  | 2013
Net Revenues |  |  |  |  |
Las Vegas Locals | $ | 610,107 |  |  | $ | 592,652 |  |  | $ | 591,447 |
Downtown Las Vegas | 234,191 |  |  | 224,275 |  |  | 222,715 |
Midwest and South | 852,288 |  |  | 831,477 |  |  | 864,247 |
Peninsula | 502,846 |  |  | 493,851 |  |  | 520,329 |
Borgata (1) | — |  |  | 559,064 |  |  | 695,700 |
Total Reportable Segment Net Revenues | $ | 2,199,432 |  |  | $ | 2,701,319 |  |  | $ | 2,894,438 |
Adjusted EBITDA |  |  |  |  |
Las Vegas Locals | $ | 157,312 |  |  | $ | 144,397 |  |  | $ | 137,501 |
Downtown Las Vegas | 49,314 |  |  | 37,309 |  |  | 35,036 |
Midwest and South | 196,822 |  |  | 169,977 |  |  | 179,976 |
Peninsula | 184,120 |  |  | 175,081 |  |  | 185,269 |
Borgata (1) | 102,095 |  |  | 137,936 |  |  | 119,237 |
Total Reportable Segment Adjusted EBITDA (2) | 689,663 |  |  | 664,700 |  |  | 657,019 |
Corporate expense | (60,177 | ) |  | (59,420 | ) |  | (46,594 | )
Adjusted EBITDA | 629,486 |  |  | 605,280 |  |  | 610,425 |
Other operating costs and expenses |  |  |  |  |
Deferred rent | 3,428 |  |  | 3,618 |  |  | 3,831 |
Depreciation and amortization | 207,118 |  |  | 251,044 |  |  | 278,413 |
Project development, preopening and writedowns | 6,907 |  |  | 14,390 |  |  | 14,608 |
Share-based compensation expense | 19,264 |  |  | 18,666 |  |  | 18,891 |
Impairments of assets | 18,565 |  |  | 60,780 |  |  | 10,383 |
Other operating charges, net | 907 |  |  | (2,124 | ) |  | 5,998 |
Our share of Borgata's other operating costs and expenses | 28,674 |  |  | 7,390 |  |  | — |
Total other operating costs and expenses | 284,863 |  |  | 353,764 |  |  | 332,124 |
Operating income | $ | 344,623 |  |  | $ | 251,516 |  |  | $ | 278,301 |
(1) Due to the reacquisition by our partner of its 50% ownership, we deconsolidated Borgata as of the close of business on September 30, 2014. Our consolidated statement of operations for the year ended December 31, 2013 includes Borgata’s financial results on a full consolidation basis for the entire year. Our consolidated statement of operations for the year ended December 31, 2014 includes Borgata’s financial results on a full consolidation basis for the nine months ended September 30, 2014, and reflects our accounting for our 50% ownership interest in Borgata by applying the equity method for the remainder of the year. Our consolidated statement of operations for the year ended December 31, 2015 reflects our accounting for our 50% ownership interest in Borgata by applying the equity method for the entire year.
(2) | Total Reportable Segment Adjusted EBITDA excludes corporate expense.
Total Assets The Company's total assets, by Reportable Segment, consisted of the following amounts:
| December 31,
(In thousands) | 2015 |  | 2014
Assets |  |  |
Las Vegas Locals | $ | 1,155,224 |  |  | $ | 1,164,115 |
Downtown Las Vegas | 138,159 |  |  | 128,682 |
Midwest and South | 1,263,751 |  |  | 1,302,002 |
Peninsula | 1,370,991 |  |  | 1,426,994 |
Total Reportable Segment assets | 3,928,125 |  |  | 4,021,793 |
Corporate | 422,775 |  |  | 400,591 |
Total assets | $ | 4,350,900 |  |  | $ | 4,422,384 |
Capital Expenditures The Company's capital expenditures by Reportable Segment, consisted of the following:
| Year Ended December 31,
(In thousands) | 2015 |  | 2014 |  | 2013
Capital Expenditures: |  |  |  |  |
Las Vegas Locals | $ | 41,772 |  |  | $ | 31,653 |  |  | $ | 30,861 |
Downtown Las Vegas | 13,000 |  |  | 9,917 |  |  | 5,505 |
Midwest and South | 42,130 |  |  | 55,273 |  |  | 39,589 |
Peninsula | 18,757 |  |  | 33,756 |  |  | 27,094 |
Borgata (1) | — |  |  | 11,623 |  |  | 22,357 |
Total Reportable Segment Capital Expenditures | 115,659 |  |  | 142,222 |  |  | 125,406 |
Corporate | 12,646 |  |  | (8,786 | ) |  | 12,173 |
Other | — |  |  | — |  |  | 28 |
Total Capital Expenditures | 128,305 |  |  | 133,436 |  |  | 137,607 |
Change in Accrued Property Additions | 2,865 |  |  | 15,938 |  |  | 6,913 |
Cash-Based Capital Expenditures | $ | 131,170 |  |  | $ | 149,374 |  |  | $ | 144,520 |
(1) Borgata capital expenditures are only included through the date of deconsolidation, September 30, 2014. 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.

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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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 Reference 10: 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=51669610&loc=d3e9054-108599 Reference 11: 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=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 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=51669610&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 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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