Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING - Segment Reporting (Details)

v3.19.3.a.u2
SEGMENT REPORTING - Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues                      
Total revenues $ 71,815 $ 74,682 $ 71,615 $ 53,952 $ 69,286 $ 87,419 $ 91,004 $ 66,660 $ 272,064 $ 314,369 $ 292,594
Operating costs                      
Operating expenses                 229,306 251,794 232,796
Cost of sales - food and beverages                 15,217 20,153 20,959
General and administrative expense                 42,901 34,355 22,676
General and administrative expense - acquisition and transaction expenses                 5,075 4,205 8,737
Management fee and termination payment to affiliate                     21,410
Depreciation and amortization                 22,396 19,704 24,304
Pre-opening costs                 9,040 2,483 320
Impairment and other losses                 15,413 8,240 60
Realized and unrealized loss on investments                 0 (131) 6,243
Total operating costs 91,936 92,010 83,171 72,231 79,262 94,619 87,976 78,946 339,348 340,803 337,505
Operating loss (income) (20,121) (17,328) (11,556) (18,279) (9,976) (7,200) 3,028 (12,286) (67,284) (26,434) (44,911)
Other income (expenses)                      
Interest and investment income                 955 1,794 23,162
Interest expense                 (11,008) (18,320) (19,827)
Capitalized interest                 2,248 1,681 246
Other income (loss), net                 20,876 2,880 94
Total other income (expenses) 5,324 5,471 (1,403) 3,679 6,750 (6,875) (7,831) (4,009) 13,071 (11,965) 3,675
Income tax expense 479 162 0 0 284 0 0 0 641 284 965
Net Loss                 (54,854) (38,683) (42,201)
Preferred dividends (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (5,580) (5,580) (5,580)
Loss Applicable To Common Stockholders (16,671) $ (13,414) $ (14,354) $ (15,995) (4,905) $ (15,470) $ (6,198) $ (17,690) (60,434) (44,263) (47,781)
Total assets 515,991       401,947       515,991 401,947  
Total liabilities 450,416       267,280       450,416 267,280  
Preferred stock 61,583       61,583       61,583 61,583  
Equity (loss) attributable to common stockholders 3,992       73,084       3,992 73,084  
Additions to property and equipment (including finance leases) during the year ended December 31, 2018                 79,273 69,966 43,646
Severance expenses                 2,300 100 0
Accretion of membership deposit liabilities                 7,200 6,900 6,500
Equity method investments 24,020       22,613       24,020 22,613  
Operating segments | Entertainment Golf                      
Revenues                      
Total revenues                 19,780 4,904 0
Operating costs                      
Operating expenses                 16,403 5,398 0
Cost of sales - food and beverages                 2,984 640 0
General and administrative expense                 14,081 6,382 147
General and administrative expense - acquisition and transaction expenses                 3,490 2,679 7,139
Management fee and termination payment to affiliate                     0
Depreciation and amortization                 5,935 1,886 44
Pre-opening costs                 9,040 2,483 320
Impairment and other losses                 10,196 0 0
Realized and unrealized loss on investments                 0 0 0
Total operating costs                 62,129 19,468 7,650
Operating loss (income)                 (42,349) (14,564) (7,650)
Other income (expenses)                      
Interest and investment income                 321 281 0
Interest expense                 (355) 0 0
Capitalized interest                 0 0 0
Other income (loss), net                 0 0 0
Total other income (expenses)                 (34) 281 0
Income tax expense                 62 0 0
Net Loss                 (42,445) (14,283) (7,650)
Preferred dividends                 0 0 0
Loss Applicable To Common Stockholders                 (42,445) (14,283) (7,650)
Total assets 163,583       117,416       163,583 117,416  
Total liabilities 36,375       13,561       36,375 13,561  
Preferred stock 0       0       0 0  
Equity (loss) attributable to common stockholders 127,208       103,855       127,208 103,855  
Additions to property and equipment (including finance leases) during the year ended December 31, 2018                 62,543 55,924 27,295
Operating segments | Traditional Golf                      
Revenues                      
Total revenues                 252,284 309,465 292,594
Operating costs                      
Operating expenses                 212,903 246,396 232,796
Cost of sales - food and beverages                 12,233 19,513 20,959
General and administrative expense                 16,812 16,702 16,073
General and administrative expense - acquisition and transaction expenses                 798 1,024 677
Management fee and termination payment to affiliate                     0
Depreciation and amortization                 16,266 17,814 24,260
Pre-opening costs                 0 0 0
Impairment and other losses                 5,217 8,093 0
Realized and unrealized loss on investments                 0 (131) 199
Total operating costs                 264,229 309,411 294,964
Operating loss (income)                 (11,945) 54 (2,370)
Other income (expenses)                      
Interest and investment income                 105 194 159
Interest expense                 (8,238) (16,046) (15,523)
Capitalized interest                 586 1,121 246
Other income (loss), net                 19,069 846 (1,762)
Total other income (expenses)                 11,522 (13,885) (16,880)
Income tax expense                 8 0 0
Net Loss                 (431) (13,831) (19,250)
Preferred dividends                 0 0 0
Loss Applicable To Common Stockholders                 (431) (13,831) (19,250)
Total assets 308,456       225,904       308,456 225,904  
Total liabilities 350,968       196,836       350,968 196,836  
Preferred stock 0       0       0 0  
Equity (loss) attributable to common stockholders (42,512)       29,068       (42,512) 29,068  
Additions to property and equipment (including finance leases) during the year ended December 31, 2018                 14,966 14,042 16,284
Operating leases, rent expense                 900    
Operating leases, rent expense                   1,900 3,000
Operating segments | Corporate                      
Revenues                      
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                 12,008 11,271 6,456
General and administrative expense - acquisition and transaction expenses                 787 502 921
Management fee and termination payment to affiliate                     21,410
Depreciation and amortization                 195 4 0
Pre-opening costs                 0 0 0
Impairment and other losses                 0 147 60
Realized and unrealized loss on investments                 0 0 6,044
Total operating costs                 12,990 11,924 34,891
Operating loss (income)                 (12,990) (11,924) (34,891)
Other income (expenses)                      
Interest and investment income                 529 1,319 23,003
Interest expense                 (2,415) (2,274) (4,304)
Capitalized interest                 1,662 560 0
Other income (loss), net                 1,807 2,034 1,856
Total other income (expenses)                 1,583 1,639 20,555
Income tax expense                 571 284 965
Net Loss                 (11,978) (10,569) (15,301)
Preferred dividends                 (5,580) (5,580) (5,580)
Loss Applicable To Common Stockholders                 (17,558) (16,149) (20,881)
Total assets 43,952       58,627       43,952 58,627  
Total liabilities 63,073       56,883       63,073 56,883  
Preferred stock 61,583       61,583       61,583 61,583  
Equity (loss) attributable to common stockholders $ (80,704)       $ (59,839)       (80,704) (59,839)  
Additions to property and equipment (including finance leases) during the year ended December 31, 2018                 1,764 0 67
Golf operations                      
Revenues                      
Total revenues                 216,497 244,646 221,737
Golf operations | Operating segments | Entertainment Golf                      
Revenues                      
Total revenues                 7,806 2,191 0
Golf operations | Operating segments | Traditional Golf                      
Revenues                      
Total revenues                 208,691 242,455 221,737
Golf operations | Operating segments | Corporate                      
Revenues                      
Total revenues                 0 0 0
Sales of food and beverages                      
Revenues                      
Total revenues                 55,567 69,723 70,857
Sales of food and beverages | Operating segments | Entertainment Golf                      
Revenues                      
Total revenues                 11,974 2,713 0
Sales of food and beverages | Operating segments | Traditional Golf                      
Revenues                      
Total revenues                 43,593 67,010 70,857
Sales of food and beverages | Operating segments | Corporate                      
Revenues                      
Total revenues                 $ 0 $ 0 $ 0