Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of adjustments [Line Items]

Condensed Consolidating Balance Sheets



	March 31, 2019
									Non-			Non-
									Guarantor			Guarantor
						Subsidiary			Subsidiaries			Subsidiaries
				Guarantor		(100%			(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*			Owned)			Owned)		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	607		$	232,397	$	—		$	14,677		$	—	$	—		$	247,681
Restricted cash	—			15,203		—			9,748			—		—			24,951
Other current assets	13,953			112,997		—			3,078			—		—			130,028
Property and equipment, net	155,029			2,485,423		—			102,466			—		—			2,742,918
Investments in subsidiaries	6,515,113			6,967		—			1,068			—		(6,523,148		)	—
Intercompany receivable	—			2,259,654		374,108			—			—		(2,633,762		)	—
Operating leases right-of-use assets	20,771			892,928		—			5,884			—		—			919,583
Other assets, net	42,227			30,443		—			48,281			—		—			120,951
Intangible assets, net	—			1,362,164		—			78,835			—		—			1,440,999
Goodwill, net	—			1,056,026		—			32,474			—		—			1,088,500
Total assets	$	6,747,700		$	8,454,202	$	374,108		$	296,511		$	—	$	(9,156,910	)	$	6,715,611

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	26,695		$	291	$	—		$	—		$	—	$	—		$	26,986
Other current liabilities	173,918			336,261		(191		)	23,494			—		348			533,830
Intercompany payable	1,663,730			—		—			970,104			—		(2,633,834		)	—
Long-term debt, net of current maturities and debt issuance costs	3,864,238			597		—			57,684			—		—			3,922,519
Operating lease liabilities, net of current portion	17,706			833,663		—			4,399			—		—			855,768
Other long-term liabilities	(168,696		)	391,822		900			(17,627		)	—		—			206,399

Total stockholders' equity (deficit)	1,170,109			6,891,568		373,399			(741,543		)	—		(6,523,424		)	1,170,109
Total liabilities and stockholders' equity	$	6,747,700		$	8,454,202	$	374,108		$	296,511		$	—	$	(9,156,910	)	$	6,715,611

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Balance Sheets - continued



	December 31, 2018
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
				Guarantor		(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries		Owned)*		Owned)			Owned)		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	8,697		$	226,200	$	—	$	14,520		$	—	$	—		$	249,417
Restricted cash	—			13,703		—		10,082			—		—			23,785
Other current assets	15,636			108,069		191		2,844			—		(191		)	126,549
Property and equipment, net	117,642			2,505,987		—		92,435			—		—			2,716,064
Investments in subsidiaries	6,381,321			—		—		3,861			—		(6,385,182		)	—
Intercompany receivable	—			2,106,566		374,108		—			—		(2,480,674		)	—
Other assets, net	33,513			30,002		—		48,237			—		—			111,752
Intangible assets, net	—			1,386,868		—		79,802			—		—			1,466,670
Goodwill, net	—			1,029,628		—		32,474			—		—			1,062,102
Total assets	$	6,556,809		$	7,407,023	$	374,299	$	284,255		$	—	$	(8,866,047	)	$	5,756,339

Liabilities and Stockholders' Equity
Current maturities of long-term debt	$	23,895		$	286	$	—	$	—		$	—	$	—		$	24,181
Other current liabilities	160,262			267,250		—		17,679			—		329			445,520
Accumulated losses of subsidiaries in excess of investment	—			9,459		—		—			—		(9,459		)	—
Intercompany payable	1,509,857			—		—		971,060			—		(2,480,917		)	—
Long-term debt, net of current maturities and debt issuance costs	3,896,699			736		—		57,684			—		—			3,955,119
Other long-term liabilities	(179,645		)	382,148		900		(17,625		)	—		—			185,778

Total stockholders' equity (deficit)	1,145,741			6,747,144		373,399		(744,543		)	—		(6,376,000		)	1,145,741
Total liabilities and stockholders' equity	$	6,556,809		$	7,407,023	$	374,299	$	284,255		$	—	$	(8,866,047	)	$	5,756,339

Schedule of Condensed Income Statement

Condensed Consolidating Statements of Operations



	Three Months Ended March 31, 2019
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
			Guarantor			(100%		(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*		Owned)			Owned)		Eliminations			Consolidated
Total revenues	$	21,562	$	810,548		$	—	$	21,319		$	—	$	(26,141	)	$	827,288
Operating costs and expenses
Operating	—		411,835			—		17,694			—		—			429,529
Selling, general and administrative	—		112,724			—		2,687			—		—			115,411
Master lease rent expense	—		23,962			—		—			—		—			23,962
Maintenance and utilities	—		37,834			—		266			—		—			38,100
Depreciation and amortization	7,228		57,082			—		2,943			—		—			67,253
Corporate expense	29,953		185			—		1,039			—		—			31,177
Project development, preopening and writedowns	2,109		112			—		1,810			—		—			4,031
Other operating items, net	24		175			—		—			—		—			199
Intercompany expenses	51		26,090			—		—			—		(26,141		)	—
Total operating costs and expenses	39,365		669,999			—		26,439			—		(26,141		)	709,662
Equity in earnings (losses) of subsidiaries	109,868		(147		)	—		—			—		(109,721		)	—
Operating income (loss)	92,065		140,402			—		(5,120		)	—		(109,721		)	117,626
Other expense (income)
Interest expense, net	59,032		584			—		1,608			—		—			61,224
Other, net	129		—			—		(14		)	—		—			115
Total other expense (income), net	59,161		584			—		1,594			—		—			61,339
Income (loss) from continuing operations before income taxes	32,904		139,818			—		(6,714		)	—		(109,721		)	56,287
Income tax benefit (provision)	12,547		(24,440		)	—		1,057			—		—			(10,836		)
Net income (loss)	$	45,451	$	115,378		$	—	$	(5,657	)	$	—	$	(109,721	)	$	45,451
Comprehensive income (loss)	$	45,916	$	115,843		$	—	$	(5,657	)	$	—	$	(110,186	)	$	45,916

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Operations - continued



	Three Months Ended March 31, 2018
								Non-			Non-
								Guarantor			Guarantor
						Subsidiary		Subsidiaries			Subsidiaries
			Guarantor			(100%		(100%			(Not 100%
(In thousands)	Parent		Subsidiaries			Owned)*		Owned)			Owned)		Eliminations			Consolidated
Total revenues	$	20,841	$	600,962		$	—	$	10,021		$	—	$	(25,706	)	$	606,118
Operating costs and expenses
Operating	—		303,833			—		9,630			—		—			313,463
Selling, general and administrative	11		85,721			—		1,862			—		(11		)	87,583
Maintenance and utilities	—		27,598			—		328			—		—			27,926
Depreciation and amortization	3,836		46,530			—		910			—		—			51,276
Corporate expense	25,248		3			—		606			—		—			25,857
Project development, preopening and writedowns	1,503		173			—		1,764			—		—			3,440
Other operating items, net	—		1,799			—		—			—		—			1,799
Intercompany expenses	301		25,394			—		—			—		(25,695		)	—
Total operating costs and expenses	30,899		491,051			—		15,100			—		(25,706		)	511,344
Equity in earnings (losses) of subsidiaries	81,644		(185		)	—		—			—		(81,459		)	—
Operating income (loss)	71,586		109,726			—		(5,079		)	—		(81,459		)	94,774
Other expense (income)
Interest expense, net	43,519		277			—		6			—		—			43,802
Loss on early extinguishments and modifications of debt	61		—			—		—			—		—			61
Other, net	—		(364		)	—		(16		)	—		—			(380		)
Total other expense (income), net	43,580		(87		)	—		(10		)	—		—			43,483
Income (loss) from continuing operations before income taxes	28,006		109,813			—		(5,069		)	—		(81,459		)	51,291
Income tax benefit (provision)	13,393		(24,384		)	—		1,099			—		—			(9,892		)
Net income (loss)	$	41,399	$	85,429		$	—	$	(3,970	)	$	—	$	(81,459	)	$	41,399
Comprehensive income (loss)	$	40,435	$	84,465		$	—	$	(3,970	)	$	—	$	(80,495	)	$	40,435

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Schedule of Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Three Months Ended March 31, 2019
									Non-			Non-
									Guarantor			Guarantor
							Subsidiary		Subsidiaries			Subsidiaries
				Guarantor			(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*		Owned)			Owned)		Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(30,882	)	$	193,653		$	—	$	1,490		$	—	$	(171	)	$	164,090
Cash flows from investing activities
Capital expenditures	(63,156		)	(25,455		)	—		(711		)	—		—			(89,322		)
Net activity with affiliates	—			(153,088		)	—		—			—		153,088			—
Other investing activities	(4,620		)	(7,298		)	—		—			—		—			(11,918		)
Net cash from investing activities	(67,776		)	(185,841		)	—		(711		)	—		153,088			(101,240		)
Cash flows from financing activities
Borrowings under bank credit facility	434,829			—			—		—			—		—			434,829
Payments under bank credit facility	(466,802		)	—			—		—			—		—			(466,802		)
Debt financing costs, net	(53		)	—			—		—			—		—			(53		)
Net activity with affiliates	153,873			—			—		(956		)	—		(152,917		)	—
Share-based compensation activities, net	(2,921		)	—			—		—			—		—			(2,921		)
Shares repurchased and retired	(21,653		)	—			—		—			—		—			(21,653		)
Dividends paid	(6,705		)	—			—		—			—		—			(6,705		)
Other financing activities	—			(115		)	—		—			—		—			(115		)
Net cash from financing activities	90,568			(115		)	—		(956		)	—		(152,917		)	(63,420		)
Net change in cash, cash equivalents and restricted cash	(8,090		)	7,697			—		(177		)	—		—			(570		)
Cash, cash equivalents and restricted cash, beginning of period	8,697			239,903			—		24,602			—		—			273,202
Cash, cash equivalents and restricted cash, end of period	$	607		$	247,600		$	—	$	24,425		$	—	$	—		$	272,632

*Subsidiary is a 100% owned guarantor of the 6.375% Notes and 6.875% Notes and is a 100% owned non-guarantor of the 6.000% Notes.

Condensed Consolidating Statements of Cash Flows - continued



	Three Months Ended March 31, 2018
									Non-			Non-
									Guarantor			Guarantor
							Subsidiary		Subsidiaries			Subsidiaries
				Guarantor			(100%		(100%			(Not 100%
(In thousands)	Parent			Subsidiaries			Owned)*		Owned)			Owned)		Eliminations			Consolidated
Cash flows from operating activities
Net cash from operating activities	$	(19,900	)	$	144,168		$	—	$	(5,115	)	$	—	$	(628	)	$	118,525
Cash flows from investing activities
Capital expenditures	(13,097		)	(12,692		)	—		(129		)	—		—			(25,918		)
Net activity with affiliates	—			(154,344		)	—		—			—		154,344			—
Other investing activities	(500		)	—			—		—			—		—			(500		)
Net cash from investing activities	(13,597		)	(167,036		)	—		(129		)	—		154,344			(26,418		)
Cash flows from financing activities
Borrowings under bank credit facility	179,600			—			—		—			—		—			179,600
Payments under bank credit facility	(264,403		)	—			—		—			—		—			(264,403		)
Debt financing costs, net	(9		)	—			—		—			—		—			(9		)
Net activity with affiliates	146,984			—			—		6,732			—		(153,716		)	—
Share-based compensation activities, net	(3,589		)	—			—		—			—		—			(3,589		)
Shares repurchased and retired	(19,803		)	—			—		—			—		—			(19,803		)
Dividends paid	(5,632		)	—			—		—			—		—			(5,632		)
Other financing activities	—			(50		)	—		—			—		—			(50		)
Net cash from financing activities	33,148			(50		)	—		6,732			—		(153,716		)	(113,886		)
Net change in cash, cash equivalents and restricted cash	(349		)	(22,918		)	—		1,488			—		—			(21,779		)
Cash, cash equivalents and restricted cash, beginning of period	347			213,963			—		12,969			—		—			227,279
Cash, cash equivalents and restricted cash, end of period	$	(2	)	$	191,045		$	—	$	14,457		$	—	$	—		$	205,500