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Segment Information | 9 Months Ended
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Sep. 30, 2013
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; 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 |
Diamond Jo Dubuque | 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 We determine each of our wholly owned property's profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, preopening expenses, other operating charges, 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, and Midwest and South, and Peninsula 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 Hawaii-based travel agency and captive insurance company. 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 excludes 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. Other operating costs and expenses include deferred rent, and share-based compensation expense charged to our Reportable Segments. The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
(In thousands) |
Net Revenues |  |  |  |  |  |  |
Las Vegas Locals | $ | 140,291 |  |  | $ | 138,787 |  |  | $ | 442,808 |  |  | $ | 442,563 |
Downtown Las Vegas | 52,674 |  |  | 53,547 |  |  | 162,884 |  |  | 166,494 |
Midwest and South | 214,831 |  |  | 232,965 |  |  | 668,221 |  |  | 710,415 |
Peninsula | 130,722 |  |  | — |  |  | 400,416 |  |  | — |
Atlantic City | 200,051 |  |  | 187,091 |  |  | 538,572 |  |  | 538,657 |
Reportable Segment Net Revenues | $ | 738,569 |  |  | $ | 612,390 |  |  | $ | 2,212,901 |  |  | $ | 1,858,129 |
Reportable Segment Adjusted EBITDA |  |  |  |  |  |  |
Las Vegas Locals | $ | 26,350 |  |  | $ | 24,271 |  |  | $ | 104,278 |  |  | $ | 97,292 |
Downtown Las Vegas | 5,534 |  |  | 6,356 |  |  | 21,942 |  |  | 22,897 |
Midwest and South | 41,936 |  |  | 48,708 |  |  | 140,243 |  |  | 157,841 |
Peninsula | 45,274 |  |  | — |  |  | 144,309 |  |  | — |
Atlantic City | 46,592 |  |  | 33,350 |  |  | 102,844 |  |  | 102,966 |
Reportable Segment Adjusted EBITDA | 165,686 |  |  | 112,685 |  |  | 513,616 |  |  | 380,996 |
Other operating costs and expenses |  |  |  |  |  |  |
Corporate expense | 10,409 |  |  | 9,082 |  |  | 34,675 |  |  | 29,756 |
Deferred rent | 956 |  |  | 996 |  |  | 2,872 |  |  | 2,988 |
Depreciation and amortization | 69,002 |  |  | 50,424 |  |  | 209,358 |  |  | 151,059 |
Preopening expense | 1,675 |  |  | 1,618 |  |  | 4,829 |  |  | 5,488 |
Share-based compensation expense | 2,048 |  |  | 1,607 |  |  | 9,033 |  |  | 7,560 |
Impairment of assets | 1,250 |  |  | — |  |  | 6,282 |  |  | — |
Asset transaction costs | (1,362 | ) |  | 645 |  |  | 2,265 |  |  | 6,917 |
Other operating charges, net | 3,386 |  |  | (1,074 | ) |  | 5,181 |  |  | (9,236 | )
Total other operating costs and expenses | 87,364 |  |  | 63,298 |  |  | 274,495 |  |  | 194,532 |
Operating income | $ | 78,322 |  |  | $ | 49,387 |  |  | $ | 239,121 |  |  | $ | 186,464 |
Total Assets The Company's total assets by Reportable Segment consisted of the following amounts at September 30, 2013 and December 31, 2012:
| September 30, |  | December 31,
| 2013 |  | 2012
(In thousands) |
Assets |  |  |
Las Vegas Locals | $ | 1,190,711 |  |  | $ | 1,215,494 |
Downtown Las Vegas | 132,462 |  |  | 133,689 |
Midwest and South | 1,336,878 |  |  | 1,367,063 |
Peninsula | 1,550,006 |  |  | 1,604,778 |
Atlantic City | 1,330,547 |  |  | 1,388,562 |
Total Reportable Segment assets | 5,540,604 |  |  | 5,709,586 |
Corporate | 232,477 |  |  | 395,436 |
Other | — |  |  | 227,171 |
Total assets | $ | 5,773,081 |  |  | $ | 6,332,193 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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