|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ 71,326 |
$ (113,493) |
$ 11,712 |
| Adjustments to Reconcile Net Income (Loss) to Cash Provided by Operating Activities |
|
|
|
| Depreciation and Amortization |
131,848 |
133,849 |
132,170 |
| Change in fair value of derivative instruments |
90 |
291 |
921 |
| Amortization of deferred losses on derivative instruments |
12,896 |
11,064 |
2,812 |
| Write-downs and other charges, net |
18,309 |
9,966 |
471 |
| Impairment of goodwill |
5,562 |
1,183 |
0 |
| Impairment of other assets |
27,688 |
258 |
12,973 |
| Amortization of debt discount and debt issuance costs |
17,923 |
23,366 |
70,260 |
| Interest—paid in kind |
4,158 |
4,115 |
4,106 |
| Share-based compensation |
2,808 |
3,495 |
2,665 |
| Earnings from joint ventures |
(1,037) |
(1,603) |
(1,773) |
| Distributions from joint ventures |
1,877 |
1,623 |
1,847 |
| Gain on Native American development |
(49,074) |
(16,974) |
(102,816) |
| Loss on extinguishment of debt |
4,132 |
148,253 |
51,796 |
| Changes in assets and liabilities: |
|
|
|
| Restricted cash |
0 |
913 |
25 |
| Receivables, net |
(6,678) |
2,712 |
(2,908) |
| Inventories and prepaid expenses |
(76) |
(1,585) |
3,593 |
| Accounts payable |
2,873 |
(3,573) |
4,241 |
| Accrued interest payable |
(1,755) |
13,581 |
5,058 |
| Other accrued liabilities |
(3,676) |
14,745 |
8,864 |
| Other, net |
3,105 |
(3,063) |
607 |
| Net cash provided by operating activities |
242,299 |
229,123 |
206,624 |
| Cash flows from investing activities: |
|
|
|
| Capital expenditures, net of related payables |
(102,649) |
(86,288) |
(61,977) |
| Proceeds from sale of land, property and equipment |
2,739 |
3,468 |
908 |
| Investment in joint ventures |
(5,811) |
(4,598) |
0 |
| Acquisition of Fertitta Interactive |
0 |
0 |
(7,741) |
| Distributions in excess of earnings from joint ventures |
1,019 |
315 |
492 |
| Proceeds from repayment of Native American development costs |
66,048 |
0 |
195,779 |
| Native American development costs |
(2,630) |
(3,551) |
(19,882) |
| Other, net |
2 |
(2,376) |
(6,107) |
| Net cash (used in) provided by investing activities |
(41,282) |
(93,030) |
101,472 |
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of 7.50% Senior Notes |
0 |
499,935 |
0 |
| Repayment of Senior Notes |
0 |
(625,000) |
0 |
| Borrowings under credit agreements with original maturity dates greater than three months |
0 |
1,611,622 |
671,687 |
| Payments under credit agreements with original maturities of three months or less, net |
0 |
(5,000) |
(11,200) |
| Payments under credit agreements with original maturities greater than three months |
(68,129) |
(1,513,248) |
(880,611) |
| Cash paid for early extinguishment of debt |
0 |
0 |
(9,882) |
| Distributions to members and noncontrolling interests |
(140,413) |
(56,684) |
(20,542) |
| Deemed distribution |
0 |
0 |
(12,638) |
| Payments of debt issuance costs |
(2,454) |
(35,902) |
(16,421) |
| Payments on derivative instruments with other-than-insignificant financing elements |
(10,980) |
(9,039) |
0 |
| Capital contributions from noncontrolling interests |
9,969 |
15,316 |
8,616 |
| Other, net |
(3,929) |
(9,352) |
(1,887) |
| Net cash used in financing activities |
(215,936) |
(127,352) |
(272,878) |
| Cash and cash equivalents (including cash and cash equivalents of discontinued operations): |
|
|
|
| (Decrease) increase in cash and cash equivalents |
(14,919) |
8,741 |
35,218 |
| Balance, beginning of year |
137,621 |
128,880 |
93,662 |
| Balance, end of year |
122,702 |
137,621 |
128,880 |
| Supplemental cash flow disclosures: |
|
|
|
| Cash paid for interest, net of $0, $0, and $3,721 capitalized, respectively |
127,868 |
117,240 |
108,875 |
| Non-cash investing and financing activities: |
|
|
|
| Capital expenditures incurred but not yet paid |
17,360 |
11,492 |
22,283 |
| Issuance of note payable with option by Fertitta Interactive in exchange for redemption of noncontrolling interest |
0 |
4,600 |
0 |
| Equity issued to noncontrolling interests in Fertitta Interactive in settlement of notes payable |
$ 0 |
$ 0 |
$ 8,148 |