Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING - Segment Reporting (Details)

v3.19.1
SEGMENT REPORTING - Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues                      
Total revenues $ 69,286 $ 87,419 $ 91,004 $ 66,660 $ 70,402 $ 81,691 $ 81,360 $ 59,141 $ 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                 34,355 22,676 24,820
General and administrative expense - acquisition and transaction expenses (B)                 4,205 8,737 4,354
Management fee and termination payment to affiliate                   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 loss on investments                 (131) 6,243 685
Total operating costs 79,262 94,619 87,976 78,946 90,493 86,012 87,113 73,887 340,803 337,505 338,054
Operating loss (9,976) (7,200) 3,028 (12,286) (20,091) (4,321) (5,753) (14,746) (26,434) (44,911) (39,174)
Other income (expenses)                      
Interest and investment income                 1,794 23,162 91,291
Interest expense                 (18,320) (19,827) (52,868)
Capitalized interest                 1,681 246  
Gain on deconsolidation                 0 0 82,130
Other income, net                 2,880 94 (3,854)
Total other income (loss) 6,750 (6,875) (7,831) (4,009) (4,063) 3,850 1,557 2,331 (11,965) 3,675 116,699
Income tax expense 284 0 0 0 (82) (2) 510 539 284 965 189
Net (Loss) Income                 (38,683) (42,201) 77,336
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) attributable to noncontrolling interest                 0 0 (257)
(Loss) Income Applicable To Common Stockholders (4,905) $ (15,470) $ (6,198) $ (17,690) (25,467) $ (1,864) $ (6,101) $ (14,349) (44,263) (47,781) 71,499
Total assets 401,947       536,648       401,947 536,648  
Total liabilities 267,280       365,597       267,280 365,597  
Preferred stock 61,583       61,583       61,583 61,583  
Equity (loss) attributable to common stockholders 73,084       109,468       73,084 109,468  
Additions to property and equipment (including capital leases) during the year ended December 31, 2017                 69,966 43,646 12,571
Amortization                 8,000 8,200 8,900
Accretion of membership deposit liabilities                 6,900 6,500 5,800
Equity method investments 22,613       21,135       22,613 21,135  
Leasehold intangibles                      
Other income (expenses)                      
Amortization                 4,100 4,100 4,500
Operating segments | Entertainment Golf                      
Revenues                      
Total revenues                 4,904 0 0
Operating costs                      
Operating expenses                 5,398 0 0
Cost of sales - food and beverages                 640 0 0
General and administrative expense                 6,382 147 12
General and administrative expense - acquisition and transaction expenses (B)                 2,679 7,139 1,555
Management fee and termination payment to affiliate                   0 0
Depreciation and amortization                 1,886 44 0
Pre-opening costs                 2,483 320  
Impairment                 0 0 0
Realized and unrealized loss on investments                 0 0 0
Total operating costs                 19,468 7,650 1,567
Operating loss                 (14,564) (7,650) (1,567)
Other income (expenses)                      
Interest and investment income                 281 0 0
Interest expense                 0 0 0
Capitalized interest                 0 0  
Gain on deconsolidation                     0
Other income, net                 0 0 0
Total other income (loss)                 281 0 0
Income tax expense                 0 0 1
Net (Loss) Income                 (14,283) (7,650) (1,568)
Preferred dividends                 0 0 0
Net (income) attributable to noncontrolling interest                     0
(Loss) Income Applicable To Common Stockholders                 (14,283) (7,650) (1,568)
Total assets 117,416       41,046       117,416 41,046  
Total liabilities 13,561       9,328       13,561 9,328  
Preferred stock 0       0       0 0  
Equity (loss) attributable to common stockholders 103,855       31,718       103,855 31,718  
Additions to property and equipment (including capital leases) during the year ended December 31, 2017                 55,924 27,295 659
Operating segments | Traditional Golf                      
Revenues                      
Total revenues                 309,465 292,594 298,880
Operating costs                      
Operating expenses                 246,396 232,796 239,021
Cost of sales - food and beverages                 19,513 20,959 21,593
General and administrative expense                 16,702 16,073 16,556
General and administrative expense - acquisition and transaction expenses (B)                 1,024 677 1,594
Management fee and termination payment to affiliate                   0 0
Depreciation and amortization                 17,814 24,260 26,496
Pre-opening costs                 0 0  
Impairment                 8,093 0 6,232
Realized and unrealized loss on investments                 (131) 199 (294)
Total operating costs                 309,411 294,964 311,198
Operating loss                 54 (2,370) (12,318)
Other income (expenses)                      
Interest and investment income                 194 159 134
Interest expense                 (16,046) (15,523) (12,470)
Capitalized interest                 1,121 246  
Gain on deconsolidation                     0
Other income, net                 846 (1,762) (3,159)
Total other income (loss)                 (13,885) (16,880) (15,495)
Income tax expense                 0 0 188
Net (Loss) Income                 (13,831) (19,250) (28,001)
Preferred dividends                 0 0 0
Net (income) attributable to noncontrolling interest                     (257)
(Loss) Income Applicable To Common Stockholders                 (13,831) (19,250) (28,258)
Total assets 225,904       334,925       225,904 334,925  
Total liabilities 196,836       300,176       196,836 300,176  
Preferred stock 0       0       0 0  
Equity (loss) attributable to common stockholders 29,068       34,749       29,068 34,749  
Additions to property and equipment (including capital leases) during the year ended December 31, 2017                 14,042 16,284 11,912
Operating leases, rent expense                 1,900 3,000 3,800
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                 11,271 6,456 8,252
General and administrative expense - acquisition and transaction expenses (B)                 502 921 1,205
Management fee and termination payment to affiliate                   21,410 10,704
Depreciation and amortization                 4 0 0
Pre-opening costs                 0 0  
Impairment                 147 60 4,149
Realized and unrealized loss on investments                 0 6,044 979
Total operating costs                 11,924 34,891 25,289
Operating loss                 (11,924) (34,891) (25,289)
Other income (expenses)                      
Interest and investment income                 1,319 23,003 91,157
Interest expense                 (2,274) (4,304) (40,398)
Capitalized interest                 560 0  
Gain on deconsolidation                     82,130
Other income, net                 2,034 1,856 (695)
Total other income (loss)                 1,639 20,555 132,194
Income tax expense                 284 965 0
Net (Loss) Income                 (10,569) (15,301) 106,905
Preferred dividends                 (5,580) (5,580) (5,580)
Net (income) attributable to noncontrolling interest                     0
(Loss) Income Applicable To Common Stockholders                 (16,149) (20,881) 101,325
Total assets 58,627       160,677       58,627 160,677  
Total liabilities 56,883       56,093       56,883 56,093  
Preferred stock 61,583       61,583       61,583 61,583  
Equity (loss) attributable to common stockholders $ (59,839)       $ 43,001       (59,839) 43,001  
Additions to property and equipment (including capital leases) during the year ended December 31, 2017                 0 67 0
Golf operations                      
Revenues                      
Total revenues                 244,646 221,737 226,255
Golf operations | Operating segments | Entertainment Golf                      
Revenues                      
Total revenues                 2,191 0 0
Golf operations | Operating segments | Traditional Golf                      
Revenues                      
Total revenues                 242,455 221,737 226,255
Golf operations | Operating segments | Corporate                      
Revenues                      
Total revenues                 0 0 0
Sales of food and beverages                      
Revenues                      
Total revenues                 69,723 70,857 72,625
Sales of food and beverages | Operating segments | Entertainment Golf                      
Revenues                      
Total revenues                 2,713 0 0
Sales of food and beverages | Operating segments | Traditional Golf                      
Revenues                      
Total revenues                 67,010 70,857 72,625
Sales of food and beverages | Operating segments | Corporate                      
Revenues                      
Total revenues                 $ 0 $ 0 $ 0