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v3.3.1.900

Restatement (Tables) | 3 Months Ended
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Mar. 31, 2015
Restatement |
Summary of effects of the restatement on the Company's consolidated balance sheets , consolidated statements of operations, and consolidated statements of cash flows | (in thousands, except share and per share data) The following table presents the condensed consolidated balance sheet as previously reported, restatement adjustments and the condensed consolidated balance sheet as restated at March 31, 2015:
|  | As Previously |  | Restatement |  |  |
|  | Reported |  | Adjustments |  | As Restated |
Assets |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 237,729 |  | $ | — |  | $ | 237,729 |
Receivables, net of allowance for doubtful accounts of $2,093 |  | 40,918 |  | — |  | 40,918 |
Prepaid expenses |  | 82,381 |  | 4,039 |  | 86,420 |
Deferred income taxes |  | 45,302 |  | (11,395 | ) | 33,907 |
Other current assets |  | 10,913 |  | — |  | 10,913 |
Total current assets |  | 417,243 |  | (7,356 | ) | 409,887 |
Property and equipment, net |  | 802,520 |  | 1,880,141 |  | 2,682,661 |
Other assets |  |  |  |  |  |  |
Investment in and advances to unconsolidated affiliates |  | 175,574 |  |  |  | 175,574 |
Goodwill |  | 276,173 |  | 598,011 |  | 874,184 |
Other intangible assets, net |  | 370,602 |  | 47,503 |  | 418,105 |
Deferred income taxes |  | 74,492 |  | (74,492 | ) | — |
Advances to the Jamul Tribe |  | 86,443 |  | — |  | 86,443 |
Other assets |  | 77,631 |  | — |  | 77,631 |
Total other assets |  | 1,060,915 |  | 571,022 |  | 1,631,937 |
Total assets |  | $ | 2,280,678 |  | $ | 2,443,807 |  | $ | 4,724,485 |
Liabilities |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Current portion of financing obligation to GLPI |  | $ | — |  | $ | 47,057 |  | $ | 47,057 |
Current maturities of long-term debt |  | 40,890 |  | — |  | 40,890 |
Accounts payable |  | 66,587 |  | — |  | 66,587 |
Accrued expenses |  | 135,518 |  | 2,221 |  | 137,739 |
Accrued interest |  | 11,427 |  | — |  | 11,427 |
Accrued salaries and wages |  | 69,671 |  | — |  | 69,671 |
Gaming, pari-mutuel, property, and other taxes |  | 55,762 |  | (36 | ) | 55,726 |
Insurance financing |  | 10,251 |  | — |  | 10,251 |
Other current liabilities |  | 64,771 |  | — |  | 64,771 |
Total current liabilities |  | 454,877 |  | 49,242 |  | 504,119 |
Long-term liabilities |  |  |  |  |  |  |
Long-term financing obligation to GLPI, net of current portion |  | — |  | 3,551,981 |  | 3,551,981 |
Long-term debt, net of current maturities and debt issuance costs |  | 1,235,061 |  | 5,398 |  | 1,240,459 |
Deferred income taxes |  | — |  | 90,336 |  | 90,336 |
Noncurrent tax liabilities |  | 8,171 |  | (1,063 | ) | 7,108 |
Other noncurrent liabilities |  | 7,570 |  | 19,540 |  | 27,110 |
Total long-term liabilities |  | 1,250,802 |  | 3,666,192 |  | 4,916,994 |
Shareholders’ equity (deficit) |  |  |  |  |  |  |
Series C Preferred stock ($.01 par value, 18,500 shares authorized, 8,624 shares issued and outstanding at March 31, 2015) |  | — |  | — |  | — |
Common stock ($.01 par value, 200,000,000 shares authorized, 81,873,026 shares issued and 79,705,633 shares outstanding, at March 31, 2015) |  | 791 |  | 27 |  | 818 |
Treasury stock, at cost (2,167,393 shares issued and held at March 31, 2015) |  | — |  | (28,414 | ) | (28,414 | )
Additional paid-in capital |  | 929,598 |  | 37,776 |  | 967,374 |
Retained deficit |  | (352,392 | ) | (1,281,016 | ) | (1,633,408 | )
Accumulated other comprehensive (loss) income |  | (2,998 | ) | — |  | (2,998 | )
Total shareholders’ equity (deficit) |  | 574,999 |  | (1,271,627 | ) | (696,628 | )
Total liabilities and shareholders’ equity (deficit) |  | $ | 2,280,678 |  | $ | 2,443,807 |  | $ | 4,724,485 |
The following table presents the condensed consolidated balance sheet as previously reported, restatement adjustments and the condensed consolidated balance sheet as restated at December 31, 2014:
|  | As Previously |  | Restatement |  |  |
|  | Reported |  | Adjustments |  | As Restated |
Assets |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 208,673 |  | $ | — |  | $ | 208,673 |
Receivables, net of allowance for doubtful accounts of $2,004 |  | 41,618 |  | — |  | 41,618 |
Prepaid expenses |  | 68,947 |  | 1,838 |  | 70,785 |
Deferred income taxes |  | 55,579 |  | (15,236 | ) | 40,343 |
Other current assets |  | 11,189 |  | — |  | 11,189 |
Total current assets |  | 386,006 |  | (13,398 | ) | 372,608 |
Property and equipment, net |  | 769,145 |  | 1,900,587 |  | 2,669,732 |
Other assets |  |  |  |  |  |  |
Investment in and advances to unconsolidated affiliates |  | 179,551 |  | — |  | 179,551 |
Goodwill |  | 277,582 |  | 596,602 |  | 874,184 |
Other intangible assets, net |  | 370,562 |  | 48,891 |  | 419,453 |
Deferred income taxes |  | 79,067 |  | (79,067 | ) | — |
Advances to Jamul Tribe |  | 62,048 |  |  |  | 62,048 |
Other assets |  | 87,318 |  | — |  | 87,318 |
Total other assets |  | 1,056,128 |  | 566,426 |  | 1,622,554 |
Total assets |  | $ | 2,211,279 |  | $ | 2,453,615 |  | $ | 4,664,894 |
Liabilities |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Current portion of financing obligation to GLPI |  | — |  | 46,884 |  | 46,884 |
Current maturities of long-term debt |  | 30,853 |  | — |  | 30,853 |
Accounts payable |  | 43,136 |  | — |  | 43,136 |
Accrued expenses |  | 130,818 |  | 2,274 |  | 133,092 |
Accrued interest |  | 5,163 |  | — |  | 5,163 |
Accrued salaries and wages |  | 84,034 |  | — |  | 84,034 |
Gaming, pari-mutuel, property, and other taxes |  | 52,132 |  | (160 | ) | 51,972 |
Insurance financing |  | 13,680 |  | — |  | 13,680 |
Other current liabilities |  | 75,703 |  | 70 |  | 75,773 |
Total current liabilities |  | 435,519 |  | 49,068 |  | 484,587 |
Long-term liabilities |  |  |  |  |  |  |
Long-term financing obligation to GLPI, net of current portion |  | — |  | 3,564,629 |  | 3,564,629 |
Long-term debt, net of current maturities and debt issuance costs |  | 1,204,828 |  | 5,749 |  | 1,210,577 |
Deferred income taxes |  | — |  | 78,633 |  | 78,633 |
Noncurrent tax liabilities |  | 8,188 |  | (1,153 | ) | 7,035 |
Other noncurrent liabilities |  | 8,258 |  | 19,189 |  | 27,447 |
Total long-term liabilities |  | 1,221,274 |  | 3,667,047 |  | 4,888,321 |
Shareholders’ equity (deficit) |  |  |  |  |  |  |
Series C Preferred stock ($.01 par value, 18,500 shares authorized, 8,624 shares issued and outstanding at December 31, 2014) |  | — |  | — |  | — |
Common stock ($.01 par value, 200,000,000 shares authorized, 81,329,210 shares issued and 79,161,817 share outstanding, at December 31, 2014) |  | 786 |  | 27 |  | 813 |
Treasury stock, at cost (2,167,393 shares held at December 31, 2014) |  | — |  | (28,414 | ) | (28,414 | )
Additional paid-in capital |  | 918,370 |  | 37,776 |  | 956,146 |
Retained deficit |  | (363,388 | ) | (1,271,889 | ) | (1,635,277 | )
Accumulated other comprehensive (loss) income |  | (1,282 | ) | — |  | (1,282 | )
Total shareholders’ equity (deficit) |  | 554,486 |  | (1,262,500 | ) | (708,014 | )
Total liabilities and shareholders’ equity (deficit) |  | $ | 2,211,279 |  | $ | 2,453,615 |  | $ | 4,664,894 |
The following table presents the condensed consolidated statement of income as previously reported, restatement adjustments and the condensed consolidated statement of income as restated for the three months ended March 31, 2015:
|  | As Previously |  | Restatement |  |  |
|  | Reported |  | Adjustments |  | As Restated |
Revenues |  |  |  |  |  |  |
Gaming |  | $ | 591,336 |  | $ | — |  | $ | 591,336 |
Food, beverage and other |  | 108,763 |  | — |  | 108,763 |
Management service fee |  | 1,927 |  | — |  | 1,927 |
Revenues |  | 702,026 |  | — |  | 702,026 |
Less promotional allowances |  | (37,888 | ) | — |  | (37,888 | )
Net revenues |  | 664,138 |  | — |  | 664,138 |
Operating expenses |  |  |  |  |  |  |
Gaming expense |  | 294,895 |  | — |  | 294,895 |
Food, beverage and other |  | 77,929 |  | — |  | 77,929 |
General and administrative |  | 116,069 |  | 187 |  | 116,256 |
Rental expense related to Master Lease |  | 108,845 |  | (108,845 | ) | — |
Depreciation and amortization |  | 42,922 |  | 20,447 |  | 63,369 |
Total operating expenses |  | 640,660 |  | (88,211 | ) | 552,449 |
Income from operations |  | 23,478 |  | 88,211 |  | 111,689 |
Other income (expenses) |  |  |  |  |  |  |
Interest expense |  | (12,163 | ) | (96,183 | ) | (108,346 | )
Interest income |  | 1,870 |  | — |  | 1,870 |
Income from unconsolidated affiliates |  | 3,982 |  | — |  | 3,982 |
Other |  | 3,089 |  | — |  | 3,089 |
Total other expenses |  | (3,222 | ) | (96,183 | ) | (99,405 | )
Income from operations before income taxes |  | 20,256 |  | (7,972 | ) | 12,284 |
Income tax (benefit) provision |  | 9,260 |  | 1,155 |  | 10,415 |
Net income |  | $ | 10,996 |  | $ | (9,127 | ) | $ | 1,869 |
Earnings per common share: |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 0.12 |  | $ | (0.10 | ) | $ | 0.02 |
Diluted earnings per common share |  | $ | 0.12 |  | $ | (0.10 | ) | $ | 0.02 |
The following table presents the condensed consolidated statement of income as previously reported, restatement adjustments and the condensed consolidated statement of income as restated for the three months ended March 31, 2014:
|  | As Previously |  | Restatement |  |  |
|  | Reported |  | Adjustments |  | As Restated |
Revenues |  |  |  |  |  |  |
Gaming |  | $ | 570,683 |  | $ | — |  | $ | 570,683 |
Food, beverage and other |  | 104,870 |  | — |  | 104,870 |
Management service fee |  | 2,458 |  | — |  | 2,458 |
Revenues |  | 678,011 |  | — |  | 678,011 |
Less promotional allowances |  | (36,931 | ) | — |  | (36,931 | )
Net revenues |  | 641,080 |  | — |  | 641,080 |
Operating expenses |  |  |  |  |  |  |
Gaming expense |  | 286,077 |  | (2,809 | ) | 283,268 |
Food, beverage and other |  | 77,538 |  | — |  | 77,538 |
General and administrative |  | 107,739 |  | (164 | ) | 107,575 |
Rental expense related to Master Lease |  | 104,309 |  | (104,309 | ) | — |
Depreciation and amortization |  | 47,366 |  | 22,819 |  | 70,185 |
Total operating expenses |  | 623,029 |  | (84,463 | ) | 538,566 |
Income from operations |  | 18,051 |  | 84,463 |  | 102,514 |
Other income (expenses) |  |  |  |  |  |  |
Interest expense |  | (11,295 | ) | (93,219 | ) | (104,514 | )
Interest income |  | 467 |  | — |  | 467 |
Income from unconsolidated affiliates |  | 2,483 |  | — |  | 2,483 |
Other |  | 1,631 |  | — |  | 1,631 |
Total other expenses |  | (6,714 | ) | (93,219 | ) | (99,933 | )
Income from operations before income taxes |  | 11,337 |  | (8,756 | ) | 2,581 |
Income tax (benefit) provision |  | 6,800 |  | (4,799 | ) | 2,001 |
Net income |  | $ | 4,537 |  | $ | (3,957 | ) | $ | 580 |
Earnings per common share: |  |  |  |  |  |  |
Basic earnings per common share |  | $ | 0.05 |  | $ | (0.04 | ) | $ | 0.01 |
Diluted earnings per common share |  | $ | 0.05 |  | $ | (0.04 | ) | $ | 0.01 |
The following table presents the condensed consolidated statement of cash flow as previously reported, restatement adjustments and the condensed consolidated statement of cash flows as restated for the three months ended March 31, 2015:
|  | As Previously |  | Restatement |  |  |
|  | Reported |  | Adjustments |  | As Restated |
Three Months Ended March 31, 2015: |  |  |  |  |  |  |
Operating activities |  |  |  |  |  |  |
Net income |  | $ | 10,996 |  | $ | (9,127 | ) | $ | 1,869 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization |  | 42,922 |  | 20,447 |  | 63,369 |
Amortization of items charged to interest expense |  | 1,505 |  | — |  | 1,505 |
Accretion of settlement value on other noncurrent liabilities |  | 351 |  | — |  | 351 |
Loss on sale of fixed assets |  | 153 |  | — |  | 153 |
Income from unconsolidated affiliates |  | (3,982 | ) | — |  | (3,982 | )
Distributions of earnings from unconsolidated affiliates |  | 8,000 |  | — |  | 8,000 |
Deferred income taxes |  | 15,374 |  | 3,274 |  | 18,648 |
Charge for stock-based compensation |  | 2,084 |  | — |  | 2,084 |
Decrease (increase) |  |  |  |  |  |  |
Accounts receivable |  | 727 |  | — |  | 727 |
Prepaid expenses and other current assets |  | (2,742 | ) | — |  | (2,742 | )
Other assets |  | 6,400 |  | — |  | 6,400 |
Increase (decrease) |  |  |  |  |  |  |
Accounts payable |  | 2,887 |  | — |  | 2,887 |
Accrued expenses |  | 4,985 |  | (54 | ) | 4,931 |
Accrued interest |  | 6,264 |  | — |  | 6,264 |
Accrued salaries and wages |  | (14,363 | ) | — |  | (14,363 | )
Gaming, pari-mutuel, property and other taxes |  | 3,630 |  | 124 |  | 3,754 |
Income taxes |  | (9,529 | ) | (2,209 | ) | (11,738 | )
Other current and noncurrent liabilities |  | (11,620 | ) | (70 | ) | (11,690 | )
Other noncurrent tax liabilities |  | 1,519 |  | 90 |  | 1,609 |
Net cash provided by operating activities |  | 65,561 |  | 12,475 |  | 78,036 |
Investing activities |  |  |  |  |  |  |
Capital project expenditures, net of reimbursements |  | (36,929 | ) | — |  | (36,929 | )
Capital maintenance expenditures |  | (11,860 | ) | — |  | (11,860 | )
Advances to Jamul Tribe |  | (16,341 | ) | — |  | (16,341 | )
Proceeds from sale of property and equipment |  | 146 |  | — |  | 146 |
Investment in joint ventures |  | (328 | ) | — |  | (328 | )
Net cash used in investing activities |  | (65,312 | ) | — |  | (65,312 | )
Financing activities |  |  |  |  |  |  |
Proceeds from exercise of options |  | 2,743 |  |  |  | 2,743 |
Principal payments on financing obligation with GLPI |  | — |  | (12,475 | ) | (12,475 | )
Proceeds from issuance of long-term debt, net of issuance costs |  | 45,000 |  | — |  | 45,000 |
Principal payments on long-term debt |  | (21,886 | ) | — |  | (21,886 | )
Proceeds from insurance financing |  | 885 |  | — |  | 885 |
Payments on insurance financing |  | (4,314 | ) | — |  | (4,314 | )
Tax benefit from stock options exercised |  | 6,379 |  | — |  | 6,379 |
Net cash provided by (used in) financing activities |  | 28,807 |  | (12,475 | ) | 16,332 |
Net increase (decrease) in cash and cash equivalents |  | 29,056 |  | — |  | 29,056 |
Cash and cash equivalents at beginning of year |  | 208,673 |  | — |  | 208,673 |
Cash and cash equivalents at end of year |  | $ | 237,729 |  | $ | — |  | $ | 237,729 |
Supplemental disclosure |  |  |  |  |  |  |
Interest expense paid, net of amounts capitalized |  | $ | 4,036 |  | $ | 96,143 |  | $ | 100,179 |
Income taxes paid |  | $ | 226 |  | $ | — |  | $ | 226 |
The following table presents the condensed consolidated statement of cash flow as previously reported, restatement adjustments and the condensed consolidated statement of cash flows as restated for the three months ended March 31, 2014:
|  | As Previously |  | Restatement |  |  |
|  | Reported |  | Adjustments |  | As Restated |
Three Months Ended March 31, 2014: |  |  |  |  |  |  |
Operating activities |  |  |  |  |  |  |
Net income |  | $ | 4,537 |  | $ | (3,957 | ) | $ | 580 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization |  | 47,366 |  | 22,819 |  | 70,185 |
Amortization of items charged to interest expense |  | 1,507 |  | — |  | 1,507 |
Gain on sale of fixed assets |  | (49 | ) | — |  | (49 | )
Income from unconsolidated affiliates |  | (2,483 | ) | — |  | (2,483 | )
Distributions of earnings from unconsolidated affiliates |  | 5,500 |  | — |  | 5,500 |
Deferred income taxes |  | 1,803 |  | (1,515 | ) | 288 |
Charge for stock-based compensation |  | 2,579 |  | — |  | 2,579 |
Decrease (increase) |  |  |  |  |  |  |
Accounts receivable |  | (599 | ) | — |  | (599 | )
Prepaid expenses and other current assets |  | (12,739 | ) | (365 | ) | (13,104 | )
Other assets |  | (1,854 | ) | 8,941 |  | 7,087 |
Increase (decrease) |  |  |  |  |  |  |
Accounts payable |  | 2,186 |  | — |  | 2,186 |
Accrued expenses |  | (11,384 | ) | (2,882 | ) | (14,266 | )
Accrued interest |  | 2,484 |  | — |  | 2,484 |
Accrued salaries and wages |  | (15,590 | ) | (40 | ) | (15,630 | )
Gaming, pari-mutuel, property and other taxes |  | 2,768 |  | (27 | ) | 2,741 |
Income taxes |  | (7,582 | ) | — |  | (7,582 | )
Other current and noncurrent liabilities |  | 669 |  | 138 |  | 807 |
Other noncurrent tax liabilities |  | 4,489 |  | (3,284 | ) | 1,205 |
Net cash provided by operating activities |  | 23,608 |  | 19,828 |  | 43,436 |
Investing activities |  |  |  |  |  |  |
Capital project expenditures, net of reimbursements |  | (12,957 | ) | — |  | (12,957 | )
Capital maintenance expenditures |  | (24,084 | ) | — |  | (24,084 | )
Advances to Jamul Tribe |  | — |  | (8,573 | ) | (8,573 | )
Proceeds from sale of property and equipment |  | 129 |  | — |  | 129 |
Decrease in cash in escrow |  | 18,000 |  | — |  | 18,000 |
Acquisition of gaming license |  | (25,586 | ) | — |  | (25,586 | )
Net cash used in investing activities |  | (44,498 | ) | (8,573 | ) | (53,071 | )
Financing activities |  |  |  |  |  |  |
Proceeds from exercise of options |  | 5,581 |  | — |  | 5,581 |
Principal payments on financing obligation with GLPI |  | — |  | (11,255 | ) | (11,255 | )
Proceeds from issuance of long-term debt, net of issuance costs |  | (327 | ) | — |  | (327 | )
Principal payments on long-term debt |  | (6,898 | ) | — |  | (6,898 | )
Proceeds from insurance financing |  | 14,335 |  | — |  | 14,335 |
Payments on insurance financing |  | (4,853 | ) | — |  | (4,853 | )
Tax benefit from stock options exercised |  | 7,752 |  | — |  | 7,752 |
Net cash provided by (used in) financing activities |  | 15,590 |  | (11,255 | ) | 4,335 |
Net increase (decrease) in cash and cash equivalents |  | (5,300 | ) | — |  | (5,300 | )
Cash and cash equivalents at beginning of year |  | 292,995 |  | — |  | 292,995 |
Cash and cash equivalents at end of year |  | $ | 287,695 |  | $ | — |  | $ | 287,695 |
Supplemental disclosure |  |  |  |  |  |  |
Interest expense paid, net of amounts capitalized |  | $ | 7,278 |  | $ | 92,047 |  | $ | 99,325 |
Income taxes paid |  | $ | 352 |  | $ | — |  | $ | 352 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22658-107794 + Details
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