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Segment Information
 3 Months Ended
Mar. 31, 2015
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) Borgata. 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
Borgata
 
Borgata Hotel Casino & Spa
Atlantic City, New Jersey


Results of Operations - Total Reportable Segment Net Revenues and Adjusted EBITDA
We evaluate 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. Total 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 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. EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, provides our investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of our core operating results and as a means to evaluate period-to-period results.

We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Total 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.

The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Total Reportable Segment Adjusted EBITDA to operating income, as reported in our accompanying condensed consolidated statements of operations:
 
Three Months Ended
 
March 31,
(In thousands)
2015
 
2014
Net Revenues
 
 
 
Las Vegas Locals
$
150,302

 
$
151,443

Downtown Las Vegas
56,603

 
55,733

Midwest and South
217,764

 
211,636

Peninsula
125,909

 
122,273

Borgata (1)
—

 
167,264

Total Reportable Segment Net Revenues
$
550,578

 
$
708,349

 
 
 
 
Reportable Segment Adjusted EBITDA
 
 
 
Las Vegas Locals
$
38,877

 
$
40,007

Downtown Las Vegas
10,677

 
9,327

Midwest and South
50,984

 
44,098

Peninsula
46,363

 
44,761

Borgata (1)
18,913

 
20,446

Total Reportable Segment Adjusted EBITDA (2)
165,814

 
158,639

 
 
 
 
Other operating costs and expenses
 
 
 
Corporate expense
16,642

 
14,171

Deferred rent
857

 
906

Depreciation and amortization
51,942

 
66,179

Preopening expense
505

 
784

Share-based compensation expense
3,441

 
6,481

Impairments of assets
1,065

 
1,633

Asset transaction costs
450

 
155

Other operating charges and credits, net
116

 
(186
)
Our share of Borgata's other operating costs and expenses
7,238

 
—

Total other operating costs and expenses
82,256

 
90,123

Operating income
$
83,558

 
$
68,516



(1) Due to the deconsolidation of Borgata on September 30, 2014, our condensed consolidated statement of operations for the three months ended March 31, 2015 reflects our accounting for our 50% ownership interest in Borgata by applying the equity method. For the three months ended March 31, 2014, Borgata's financial results are reflected on a full consolidation basis.
(2)
Total Reportable Segment Adjusted EBITDA excludes corporate expense.
Total Reportable Segment Assets
The Company's assets by Reportable Segment consisted of the following amounts:
 
March 31,
 
December 31,
(In thousands)
2015
 
2014
Assets
 
 
 
Las Vegas Locals
$
1,153,323

 
$
1,164,115

Downtown Las Vegas
129,986

 
128,682

Midwest and South
1,279,751

 
1,302,002

Peninsula
1,446,827

 
1,459,529

Total Reportable Segment Assets
4,009,887

 
4,054,328

Corporate
416,897

 
424,596

Total Assets
$
4,426,784

 
$
4,478,924