v2.4.0.6
Segment Information
 12 Months Ended
Dec. 31, 2012
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION
We have aggregated certain of our properties in order to present five Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest and South; (iv) Peninsula Gaming; and (v) Atlantic City. The table below lists the classification of each of our properties.
 
Las Vegas Locals
 
Gold Coast Hotel and Casino
Las Vegas, Nevada
The Orleans Hotel and Casino
Las Vegas, Nevada
Sam's Town Hotel and Gambling Hall
Las Vegas, Nevada
Suncoast Hotel and Casino
Las Vegas, Nevada
Eldorado Casino
Henderson, Nevada
Jokers Wild Casino
Henderson, Nevada
 
 
Downtown Las Vegas
 
California Hotel and Casino
Las Vegas, Nevada
Fremont Hotel and Casino
Las Vegas, Nevada
Main Street Station Casino, Brewery and Hotel
Las Vegas, Nevada
 
 
Midwest and South        
 
Sam's Town Hotel and Gambling Hall
Tunica, Mississippi
IP Casino Resort Spa
Biloxi, Mississippi
Par-A-Dice Hotel Casino
East Peoria, Illinois
Blue Chip Casino, Hotel & Spa
Michigan City, Indiana
Treasure Chest Casino
Kenner, Louisiana
Delta Downs Racetrack Casino & Hotel
Vinton, Louisiana
Sam's Town Hotel and Casino
Shreveport, Louisiana
 
 
Peninsula Gaming
 
Diamond Jo
Dubuque, Iowa
Diamond Jo Worth
Northwood, Iowa
Evangeline Downs Racetrack and Casino
Opelousas, Louisiana
Amelia Belle Casino
Amelia, Louisiana
Kansas Star Casino
Mulvane, Kansas
 
 
Atlantic City                    
 
Borgata Hotel Casino & Spa
Atlantic City, New Jersey


Results of Operations - Adjusted EBITDA
We determine each of our wholly-owned properties' profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, preopening expenses, other operating items, net, share-based compensation expense, deferred rent, change in value of derivative instruments, and gain/loss on early retirements of debt, as applicable. Reportable Segment Adjusted EBITDA is the aggregate sum of the Property EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Peninsula Gaming segments, and also includes our share of Borgata's operating income before net amortization, preopening and other items.

Results for Downtown Las Vegas include the results of our travel agency and captive insurance company in Hawaii. Effective April 1, 2008, we reclassified the reporting of our Midwest and South segment to exclude the results of Dania Jai-Alai, our pari-mutuel jai-alai facility, since it does not share similar economic characteristics with our other Midwest and South operations; therefore, the results of Dania Jai-Alai are included as part of the “Other” category on the accompanying table.

We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, corporate expense is now presented to include its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations, in addition to the corporate portion of share-based compensation expense. Other operating costs and expenses include Property EBITDA from Dania Jai-Alai, deferred rent, and share-based compensation expense charged to our Reportable Segments. Interest expense is net of interest income and amounts capitalized.

The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income (loss), as reported in our accompanying consolidated statements of operations for the years ended December 31, 2012 and 2011.
 
Year Ended December 31,
 
2012
 
2011
 
2010
 
(In thousands)
Net Revenues
 
 
 
 
 
Las Vegas Locals
$
591,306

 
$
604,965

 
$
607,366

Downtown Las Vegas
224,178

 
224,251

 
218,222

Midwest and South
924,188

 
771,354

 
728,767

Peninsula Gaming
56,925

 
—

 
—

Atlantic City
686,222

 
730,274

 
580,140

Reportable Segment Net Revenues
2,482,819

 
2,330,844

 
2,134,495

Other
4,607

 
5,394

 
6,404

Net revenues
$
2,487,426

 
$
2,336,238

 
$
2,140,899

 
 
 
 
 
 
Reportable Segment Adjusted EBITDA
 
 
 
 
 
Las Vegas Locals
$
128,742

 
$
145,848

 
$
137,464

Downtown Las Vegas
32,832

 
35,214

 
34,227

Midwest and South
192,349

 
167,101

 
143,699

Peninsula Gaming
21,152

 
—

 
—

Atlantic City
116,976

 
158,126

 
136,278

 
492,051

 
506,289

 
451,668

Operating income from Borgata, net
—

 
—

 
8,146

Adjusted EBITDA
492,051

 
506,289

 
459,814

 
 
 
 
 
 
Other operating costs and expenses
 
 
 
 
 
Depreciation and amortization
214,332

 
195,343

 
199,275

Corporate expense
50,719

 
48,962

 
48,861

Preopening expenses
11,541

 
6,634

 
7,459

Impairments and other operating items, net
1,053,526

 
14,058

 
4,713

Other
16,808

 
8,188

 
10,147

Total other operating costs and expenses
1,346,926

 
273,185

 
270,455

Operating income
$
(854,875
)
 
$
233,104

 
$
189,359



Total Assets
The Company's total assets, by Reportable Segment, consisted of the following amounts at December 31, 2012 and December 31, 2011:
 
Year Ended December 31,
 
2012
 
2011
 
(In thousands)
Assets
 
 
 
Las Vegas Locals
$
1,215,494

 
$
1,260,458

Downtown Las Vegas
133,689

 
131,140

Midwest and South
1,367,063

 
1,406,136

Peninsula Gaming
1,604,778

 
—

Atlantic City
1,388,562

 
1,435,332

Total Reportable Segment assets
5,709,586

 
4,233,066

Corporate
395,436

 
1,421,848

Other
227,171

 
228,140

Total assets
$
6,332,193

 
$
5,883,054


Capital Expenditures
The Company utilizes the Corporate entities to centralize the development of major renovation and other capital development projects that are included as construction in progress. After the project is complete, the corporate entities transfer the projects to the segment subsidiaries.

The Company's capital expenditures for the years ended December 31, 2012, 2011 and 2010, by Reportable Segment, consisted of the following:
 
Year Ended December 31,
 
2012
 
2011
 
2010
 
(In thousands)
Capital Expenditures:
 
 
 
 
 
Las Vegas Locals
$
23,349

 
$
15,782

 
$
11,863

Downtown Las Vegas
7,248

 
4,420

 
3,356

Midwest and South
60,572

 
19,770

 
18,632

Peninsula Gaming
7,606

 
—

 
—

Atlantic City
34,742

 
32,626

 
12,637

Total Reportable Segment Capital Expenditures
133,517

 
72,598

 
46,488

Other
706

 
106

 
(1,797
)
Corporate entities
(25,580
)
 
11,859

 
4,092

Total Capital Expenditures
108,643

 
84,563

 
48,783

Change in Accrued Property Additions
17,331

 
2,661

 
27,175

Cash-Based Capital Expenditures
$
125,974

 
$
87,224

 
$
75,958