XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.20.2

Note 3 - Goodwill and Intangible Assets, Net | 6 Months Ended
--- | ---
Jun. 30, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 3. GOODWILL AND INTANGIBLE ASSETS, NET Intangible assets, net consist of the following:
|  | June 30, 2020 |
|  | Weighted |  |  | Gross |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Useful Life |  |  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Intangible |
(In thousands) |  | Remaining (in years) |  |  | Value |  |  | Amortization |  |  | Losses |  |  | Assets, Net |
Amortizing intangibles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 3.0 |  |  | $ | 68,100 |  |  | $ | (47,330 | ) |  | $ | — |  |  | $ | 20,770 |
Host agreements |  | 12.9 |  |  |  | 58,000 |  |  |  | (8,056 | ) |  |  | — |  |  |  | 49,944 |
Development agreement |  | — |  |  |  | 21,373 |  |  |  | — |  |  |  | — |  |  |  | 21,373 |
|  |  |  |  |  | 147,473 |  |  |  | (55,386 | ) |  |  | — |  |  |  | 92,087 |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | Indefinite |  |  |  | 204,000 |  |  |  | — |  |  |  | (21,200 | ) |  |  | 182,800 |
Gaming license rights |  | Indefinite |  |  |  | 1,376,685 |  |  |  | (33,960 | ) |  |  | (222,174 | ) |  |  | 1,120,551 |
|  |  |  |  |  | 1,580,685 |  |  |  | (33,960 | ) |  |  | (243,374 | ) |  |  | 1,303,351 |
Balances, June 30, 2020 |  |  |  |  | $ | 1,728,158 |  |  | $ | (89,346 | ) |  | $ | (243,374 | ) |  | $ | 1,395,438 |
|  | December 31, 2019 |
|  | Weighted |  |  | Gross |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Useful Life |  |  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Intangible |
(In thousands) |  | Remaining (in years) |  |  | Value |  |  | Amortization |  |  | Losses |  |  | Assets, Net |
Amortizing intangibles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 3.5 |  |  | $ | 68,100 |  |  | $ | (39,598 | ) |  | $ | — |  |  | $ | 28,502 |
Host agreements |  | 13.4 |  |  |  | 58,000 |  |  |  | (6,122 | ) |  |  | — |  |  |  | 51,878 |
Development agreement |  | — |  |  |  | 21,373 |  |  |  | — |  |  |  | — |  |  |  | 21,373 |
|  |  |  |  |  | 147,473 |  |  |  | (45,720 | ) |  |  | — |  |  |  | 101,753 |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | Indefinite |  |  |  | 206,687 |  |  |  | — |  |  |  | (4,300 | ) |  |  | 202,387 |
Gaming license rights |  | Indefinite |  |  |  | 1,376,685 |  |  |  | (33,960 | ) |  |  | (179,974 | ) |  |  | 1,162,751 |
|  |  |  |  |  | 1,583,372 |  |  |  | (33,960 | ) |  |  | (184,274 | ) |  |  | 1,365,138 |
Balances, December 31, 2019 |  |  |  |  | $ | 1,730,845 |  |  | $ | (79,680 | ) |  | $ | (184,274 | ) |  | $ | 1,466,891 |
Goodwill, net consists of the following:
|  | Gross |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Goodwill, |
(In thousands) |  | Value |  |  | Amortization |  |  | Losses |  |  | Net |
Goodwill, net by Reportable Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 593,567 |  |  | $ | — |  |  | $ | (188,079 | ) |  | $ | 405,488 |
Downtown Las Vegas |  |  | 6,997 |  |  |  | (6,134 | ) |  |  | — |  |  |  | 863 |
Midwest & South |  |  | 666,798 |  |  |  | — |  |  |  | (101,862 | ) |  |  | 564,936 |
Balances, June 30, 2020 |  | $ | 1,267,362 |  |  | $ | (6,134 | ) |  | $ | (289,941 | ) |  | $ | 971,287 |
The following table sets forth the changes in our goodwill, net, during the six months ended June 30, 2020.
(In thousands) |  | Goodwill, Net |
Balance, January 1, 2020 |  | $ | 1,083,287 |
Additions |  |  | — |
Impairments |  |  | (112,000 | )
Balance, June 30, 2020 |  | $ | 971,287 |
The Company has evaluated whether events or circumstances had occurred that would indicate it is more likely than not that any of our goodwill or other intangible assets were impaired. Factors considered in this evaluation included, among other things, the amount of the fair value over carrying value from the annual impairment testing performed as of October 1, 2019, changes in discount rates, and the expected impact of the COVID-19 pandemic on future revenues and cash flows. Based on this evaluation, we concluded that triggering events had occurred, and we reviewed our assets for impairment. For purposes of this review, we updated the discount rates to reflect the increased uncertainty of the cash flows and also updated revenue and cash flow forecasts. As a result of this review, we recorded impairment charges in our first quarter 2020 results totaling $171.1 million. Of this total, $112.0 million was for impairments of goodwill, $42.2 million for impairments of gaming license rights and $16.9 million for the impairments of trademarks.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration