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Segment Information
 12 Months Ended
Dec. 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 in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties.

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, project development, preopening and writedown 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, 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. Although EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, 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. 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 Adjusted EBITDA to operating income (loss), as reported in our accompanying consolidated statements of operations:
 
Year Ended December 31,
(In thousands)
2015
 
2014
 
2013
Net Revenues
 
 
 
 
 
Las Vegas Locals
$
610,107

 
$
592,652

 
$
591,447

Downtown Las Vegas
234,191

 
224,275

 
222,715

Midwest and South
852,288

 
831,477

 
864,247

Peninsula
502,846

 
493,851

 
520,329

Borgata (1)
—

 
559,064

 
695,700

Total Reportable Segment Net Revenues
$
2,199,432

 
$
2,701,319

 
$
2,894,438

 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
Las Vegas Locals
$
157,312

 
$
144,397

 
$
137,501

Downtown Las Vegas
49,314

 
37,309

 
35,036

Midwest and South
196,822

 
169,977

 
179,976

Peninsula
184,120

 
175,081

 
185,269

Borgata (1)
102,095

 
137,936

 
119,237

Total Reportable Segment Adjusted EBITDA (2)
689,663

 
664,700

 
657,019

Corporate expense
(60,177
)
 
(59,420
)
 
(46,594
)
Adjusted EBITDA
629,486

 
605,280

 
610,425

 
 
 
 
 
 
Other operating costs and expenses
 
 
 
 
 
Deferred rent
3,428

 
3,618

 
3,831

Depreciation and amortization
207,118

 
251,044

 
278,413

Project development, preopening and writedowns
6,907

 
14,390

 
14,608

Share-based compensation expense
19,264

 
18,666

 
18,891

Impairments of assets
18,565

 
60,780

 
10,383

Other operating charges, net
907

 
(2,124
)
 
5,998

Our share of Borgata's other operating costs and expenses
28,674

 
7,390

 
—

Total other operating costs and expenses
284,863

 
353,764

 
332,124

Operating income
$
344,623

 
$
251,516

 
$
278,301



(1) Due to the reacquisition by our partner of its 50% ownership, we deconsolidated Borgata as of the close of business on September 30, 2014. Our consolidated statement of operations for the year ended December 31, 2013 includes Borgata’s financial results on a full consolidation basis for the entire year. Our consolidated statement of operations for the year ended December 31, 2014 includes Borgata’s financial results on a full consolidation basis for the nine months ended September 30, 2014, and reflects our accounting for our 50% ownership interest in Borgata by applying the equity method for the remainder of the year. Our consolidated statement of operations for the year ended December 31, 2015 reflects our accounting for our 50% ownership interest in Borgata by applying the equity method for the entire year.
(2)
Total Reportable Segment Adjusted EBITDA excludes corporate expense.

Total Assets
The Company's total assets, by Reportable Segment, consisted of the following amounts:
 
December 31,
(In thousands)
2015
 
2014
Assets
 
 
 
Las Vegas Locals
$
1,155,224

 
$
1,164,115

Downtown Las Vegas
138,159

 
128,682

Midwest and South
1,263,751

 
1,302,002

Peninsula
1,370,991

 
1,426,994

Total Reportable Segment assets
3,928,125

 
4,021,793

Corporate
422,775

 
400,591

Total assets
$
4,350,900

 
$
4,422,384



Capital Expenditures
The Company's capital expenditures by Reportable Segment, consisted of the following:
 
Year Ended December 31,
(In thousands)
2015
 
2014
 
2013
Capital Expenditures:
 
 
 
 
 
Las Vegas Locals
$
41,772

 
$
31,653

 
$
30,861

Downtown Las Vegas
13,000

 
9,917

 
5,505

Midwest and South
42,130

 
55,273

 
39,589

Peninsula
18,757

 
33,756

 
27,094

Borgata (1)
—

 
11,623

 
22,357

Total Reportable Segment Capital Expenditures
115,659

 
142,222

 
125,406

Corporate
12,646

 
(8,786
)
 
12,173

Other
—

 
—

 
28

Total Capital Expenditures
128,305

 
133,436


137,607

Change in Accrued Property Additions
2,865

 
15,938

 
6,913

Cash-Based Capital Expenditures
$
131,170

 
$
149,374

 
$
144,520


(1) Borgata capital expenditures are only included through the date of deconsolidation, September 30, 2014.

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.