Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues      
Total revenues $ 314,369 $ 292,594 $ 298,880
Operating costs      
Operating expenses 251,794 232,796 239,021
Cost of sales - food and beverages 20,153 20,959 21,593
General and administrative expense 38,560 31,413 29,174
Management fee and termination payment to affiliate 0 21,410 10,704
Depreciation and amortization 19,704 24,304 26,496
Pre-opening costs 2,483 320 0
Impairment 8,240 60 10,381
Realized and unrealized (gain) loss on investments (131) 6,243 685
Total operating costs 340,803 337,505 338,054
Operating loss (26,434) (44,911) (39,174)
Other income (expenses)      
Interest and investment income 1,794 23,162 91,291
Interest expense, net (16,639) (19,581) (52,868)
Gain on deconsolidation 0 0 82,130
Other income (loss), net 2,880 94 (3,854)
Total other income (loss) (11,965) 3,675 116,699
(Loss) Income before income tax (38,399) (41,236) 77,525
Income tax expense 284 965 189
Net (Loss) Income (38,683) (42,201) 77,336
Preferred dividends (5,580) (5,580) (5,580)
Net (income) attributable to noncontrolling interest 0 0 (257)
(Loss) Income Applicable To Common Stockholders $ (44,263) $ (47,781) $ 71,499
(Loss) Income Applicable to Common Stock, per share      
Basic (in dollars per share) $ (0.66) $ (0.71) $ 1.07
Diluted (in dollars per share) $ (0.66) $ (0.71) $ 1.04
Weighted Average Number of Shares of Common Stock Outstanding      
Basic (in shares) 66,993,543 66,903,457 66,709,925
Diluted (in shares) 66,993,543 66,903,457 68,788,440
Golf operations      
Revenues      
Total revenues $ 244,646 $ 221,737 $ 226,255
Sales of food and beverages      
Revenues      
Total revenues $ 69,723 $ 70,857 $ 72,625