Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING - Segment Reporting (Details)

v3.8.0.1
SEGMENT REPORTING - Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues                      
Golf course operations                 $ 221,737 $ 226,255 $ 224,419
Sales of food and beverages                 70,857 72,625 71,437
Total revenues $ 70,402 $ 81,691 $ 81,360 $ 59,141 $ 69,076 $ 83,162 $ 84,484 $ 62,158 292,594 298,880 295,856
Operating costs                      
Operating expenses                 247,905 254,353 254,553
Cost of sales - food and beverages                 20,959 21,593 22,549
General and administrative expense                 7,887 9,488 10,914
General and administrative expense - acquisition and transaction expenses (B)                 8,737 4,354 1,123
Management fee and termination payment to affiliate                 21,410 10,704 10,692
Depreciation and amortization                 24,304 26,496 28,634
Impairment                 60 10,381 11,896
Realized and unrealized loss on investments                 6,243 685 (22,264)
Total operating costs 90,493 86,012 87,113 73,887 87,192 82,382 89,706 78,774 337,505 338,054 318,097
Operating (loss) income (20,091) (4,321) (5,753) (14,746) (18,116) 780 (5,222) (16,616) (44,911) (39,174) (22,241)
Other income (expenses)                      
Interest and investment income                 23,162 91,291 95,891
Interest expense, net                 (19,581) (52,868) (62,129)
Gain (loss) on extinguishment of debt                 (294) (780) 15,306
Gain on deconsolidation                 0 82,130 0
Other (loss) income, net                 388 (3,074) (5,574)
Inter-segment elimination                     0
Total other income (4,063) 3,850 1,557 2,331 (1,451) 19,677 8,518 89,955 3,675 116,699 43,494
Income tax expense (benefit) (82) (2) 510 539 45 (38) 138 44 965 189 345
(Loss) Income from continuing operations (24,072) (469) (4,706) (12,954) (19,612) 20,495 3,158 73,295 (42,201) 77,336 20,908
Income from discontinued operations                 0 0 646
Net (Loss) Income                 (42,201) 77,336 21,554
Preferred dividends (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (5,580) (5,580) (5,580)
Net (income) loss attributable to noncontrolling interest         (92) (177) (112) 124 0 (257) 293
Net loss attributable to noncontrolling interest                     0
(Loss) Income Applicable To Common Stockholders (25,467) $ (1,864) $ (6,101) $ (14,349) (21,099) $ 18,923 $ 1,651 $ 72,024 (47,781) 71,499 16,267
(Loss) Income Applicable To Common Stockholders                     646
Total assets 536,648       1,171,958       536,648 1,171,958  
Total liabilities 365,597       953,891       365,597 953,891  
Preferred stock 61,583       61,583       61,583 61,583  
Equity attributable to common stockholders 109,468       156,484       109,468 156,484  
Additions to property and equipment (including capital leases) during the year ended December 31, 2016                 43,646 12,571 7,637
Amortization                 8,200 8,900 10,000
Accretion of membership deposit liabilities                 6,500 5,800 5,800
Equity method investments 21,135       19,256       21,135 19,256  
Leasehold intangibles                      
Other income (expenses)                      
Amortization                 4,100 4,500 4,900
Operating segments | Traditional Golf                      
Revenues                      
Golf course operations                 221,737 226,255 224,419
Sales of food and beverages                 70,857 72,625 71,437
Total revenues                 292,594 298,880 295,856
Operating costs                      
Operating expenses                 247,585 254,353 254,553
Cost of sales - food and beverages                 20,959 21,593 22,549
General and administrative expense                 3,086 2,708 2,983
General and administrative expense - acquisition and transaction expenses (B)                 677 1,594 1,364
Management fee and termination payment to affiliate                 0 0 0
Depreciation and amortization                 24,260 26,496 28,682
Impairment                 0 6,232 0
Realized and unrealized loss on investments                 199 (294) 9
Total operating costs                 296,766 312,682 310,140
Operating (loss) income                 (4,172) (13,802) (14,284)
Other income (expenses)                      
Interest and investment income                 159 134 152
Interest expense, net                 (15,277) (12,470) (16,520)
Gain (loss) on extinguishment of debt                 (294) (780) 14,818
Gain on deconsolidation                   0  
Other (loss) income, net                 (1,468) (2,379) (1,629)
Inter-segment elimination                     3,005
Total other income                 (16,880) (15,495) (174)
Income tax expense (benefit)                 0 188 345
(Loss) Income from continuing operations                     (14,803)
Income from discontinued operations                     0
Net (Loss) Income                 (21,052) (29,485) (14,803)
Preferred dividends                 0 0 0
Net (income) loss attributable to noncontrolling interest                   (257) 293
(Loss) Income Applicable To Common Stockholders                 (21,052) (29,742) (14,510)
Total assets 334,925       341,035       334,925 341,035  
Total liabilities 300,176       286,002       300,176 286,002  
Preferred stock 0       0       0 0  
Equity attributable to common stockholders 34,749       55,033       34,749 55,033  
Additions to property and equipment (including capital leases) during the year ended December 31, 2016                 16,284 11,912 7,637
Operating leases, rent expense                 3,000 3,800 4,600
Operating segments | Entertainment Golf                      
Revenues                      
Golf course operations                 0 0 0
Sales of food and beverages                 0 0 0
Total revenues                 0 0 0
Operating costs                      
Operating expenses                 320 0 0
Cost of sales - food and beverages                 0 0 0
General and administrative expense                 347 12 0
General and administrative expense - acquisition and transaction expenses (B)                 7,139 1,555 0
Management fee and termination payment to affiliate                 0 0 0
Depreciation and amortization                 44 0 0
Impairment                 0 0 0
Realized and unrealized loss on investments                 0 0 0
Total operating costs                 7,850 1,567 0
Operating (loss) income                 (7,850) (1,567) 0
Other income (expenses)                      
Interest and investment income                 0 0 0
Interest expense, net                 0 0 0
Gain (loss) on extinguishment of debt                 0 0 0
Gain on deconsolidation                   0  
Other (loss) income, net                 0 0 0
Inter-segment elimination                     0
Total other income                 0 0 0
Income tax expense (benefit)                 0 1 0
(Loss) Income from continuing operations                     0
Income from discontinued operations                     0
Net (Loss) Income                 (7,850) (1,568) 0
Preferred dividends                 0 0 0
Net (income) loss attributable to noncontrolling interest                   0 0
(Loss) Income Applicable To Common Stockholders                 (7,850) (1,568) 0
Total assets 41,046       1,425       41,046 1,425  
Total liabilities 9,328       1,116       9,328 1,116  
Preferred stock 0       0       0 0  
Equity attributable to common stockholders 31,718       309       31,718 309  
Additions to property and equipment (including capital leases) during the year ended December 31, 2016                 27,295 659 0
Capitalized interest                 200    
Operating segments | Debt Investments                      
Revenues                      
Golf course operations                 0 0 0
Sales of food and beverages                 0 0 0
Total revenues                 0 0 0
Operating costs                      
Operating expenses                 0 0 0
Cost of sales - food and beverages                 0 0 0
General and administrative expense                 20 93 291
General and administrative expense - acquisition and transaction expenses (B)                 0 0 60
Management fee and termination payment to affiliate                 0 0 0
Depreciation and amortization                 0 0 0
Impairment                 60 4,149 11,896
Realized and unrealized loss on investments                 6,044 979 (22,273)
Total operating costs                 6,124 5,221 (10,026)
Operating (loss) income                 (6,124) (5,221) 10,026
Other income (expenses)                      
Interest and investment income                 22,190 91,107 98,721
Interest expense, net                 (2,532) (38,112) (44,831)
Gain (loss) on extinguishment of debt                 0 0 488
Gain on deconsolidation                   82,130  
Other (loss) income, net                 1,856 (695) (3,999)
Inter-segment elimination                     (3,005)
Total other income                 21,514 134,430 47,374
Income tax expense (benefit)                 0 0 0
(Loss) Income from continuing operations                     57,400
Income from discontinued operations                     0
Net (Loss) Income                 15,390 129,209 57,400
Preferred dividends                 0 0 0
Net (income) loss attributable to noncontrolling interest                   0 0
(Loss) Income Applicable To Common Stockholders                 15,390 129,209 57,400
Total assets 23,991       707,533       23,991 707,533  
Total liabilities 165       603,257       165 603,257  
Preferred stock 0       0       0 0  
Equity attributable to common stockholders 23,826       104,276       23,826 104,276  
Additions to property and equipment (including capital leases) during the year ended December 31, 2016                 0 0 0
Operating segments | Corporate                      
Revenues                      
Golf course operations                 0 0 0
Sales of food and beverages                 0 0 0
Total revenues                 0 0 0
Operating costs                      
Operating expenses                 0 0 0
Cost of sales - food and beverages                 0 0 0
General and administrative expense                 4,434 6,675 7,640
General and administrative expense - acquisition and transaction expenses (B)                 921 1,205 (301)
Management fee and termination payment to affiliate                 21,410 10,704 10,692
Depreciation and amortization                 0 0 (48)
Impairment                 0 0 0
Realized and unrealized loss on investments                 0 0 0
Total operating costs                 26,765 18,584 17,983
Operating (loss) income                 (26,765) (18,584) (17,983)
Other income (expenses)                      
Interest and investment income                 813 50 23
Interest expense, net                 (1,772) (2,286) (3,783)
Gain (loss) on extinguishment of debt                 0 0 0
Gain on deconsolidation                   0  
Other (loss) income, net                 0 0 54
Inter-segment elimination                     0
Total other income                 (959) (2,236) (3,706)
Income tax expense (benefit)                 965 0 0
(Loss) Income from continuing operations                     (21,689)
Income from discontinued operations                     0
Net (Loss) Income                 (28,689) (20,820) (21,689)
Preferred dividends                 (5,580) (5,580) (5,580)
Net (income) loss attributable to noncontrolling interest                   0 0
(Loss) Income Applicable To Common Stockholders                 (34,269) (26,400) (27,269)
Total assets 136,686       121,965       136,686 121,965  
Total liabilities 55,928       63,516       55,928 63,516  
Preferred stock 61,583       61,583       61,583 61,583  
Equity attributable to common stockholders $ 19,175       $ (3,134)       19,175 (3,134)  
Additions to property and equipment (including capital leases) during the year ended December 31, 2016                 $ 67 $ 0 0
Eliminations                      
Revenues                      
Golf course operations                     0
Sales of food and beverages                     0
Total revenues                     0
Operating costs                      
Operating expenses                     0
Cost of sales - food and beverages                     0
General and administrative expense                     0
General and administrative expense - acquisition and transaction expenses (B)                     0
Management fee and termination payment to affiliate                     0
Depreciation and amortization                     0
Impairment                     0
Realized and unrealized loss on investments                     0
Total operating costs                     0
Operating (loss) income                     0
Other income (expenses)                      
Interest and investment income                     (3,005)
Interest expense, net                     3,005
Gain (loss) on extinguishment of debt                     0
Other (loss) income, net                     0
Inter-segment elimination                     0
Total other income                     0
Income tax expense (benefit)                     0
(Loss) Income from continuing operations                     0
Income from discontinued operations                     0
Net (Loss) Income                     0
Preferred dividends                     0
Net (income) loss attributable to noncontrolling interest                     0
(Loss) Income Applicable To Common Stockholders                     0
Additions to property and equipment (including capital leases) during the year ended December 31, 2016                     $ 0