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Segment Information | 9 Months Ended
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Sep. 30, 2016
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION We have aggregated certain of our properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest and South. 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
Aliante Casino + Hotel + Spa | North 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 |
Par-A-Dice Hotel Casino | East Peoria, Illinois
Blue Chip Casino, Hotel & Spa | Michigan City, Indiana
Diamond Jo Dubuque | Dubuque, Iowa
Diamond Jo Worth | Northwood, Iowa
Kansas Star Casino | Mulvane, Kansas
Amelia Belle Casino | Amelia, Louisiana
Delta Downs Racetrack Casino & Hotel | Vinton, Louisiana
Evangeline Downs Racetrack and Casino | Opelousas, Louisiana
Sam's Town Hotel and Casino | Shreveport, Louisiana
Treasure Chest Casino | Kenner, Louisiana
IP Casino Resort Spa | Biloxi, Mississippi
Sam's Town Hotel and Gambling Hall | Tunica, Mississippi
As a result of the agreement to sell our equity interest in Borgata (see Note 3, Acquisitions and Divestitures), we no longer report our interest in Borgata as a Reportable Segment. In third quarter 2016, the Peninsula debt was refinanced, eliminating the financing structure that restricted our ability to transfer cash from Peninsula to Boyd Gaming. As a result of the elimination of this restriction, management has concluded that the properties previously comprising the Peninsula segment will be aggregated into the Midwest and South reportable segment, and has retrospectively adjusted the presentation for all periods presented. Also, as of September 27, 2016, our Las Vegas Locals segment includes our wholly-owned subsidiary, Aliante (see Note 3, Acquisitions and Divestitures). Results of Operations - Total Reportable Segment Net Revenues and Adjusted EBITDA We evaluate each of our property's profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedowns expenses, impairments of assets, other operating items, net, and gain or 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 segments. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company. 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 |  | Nine Months Ended
| September 30, |  | September 30,
(In thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Net Revenues |  |  |  |  |  |  |
Las Vegas Locals | $ | 148,879 |  |  | $ | 148,022 |  |  | $ | 462,213 |  |  | $ | 451,356 |
Downtown Las Vegas | 56,606 |  |  | 56,685 |  |  | 174,423 |  |  | 171,723 |
Midwest and South | 326,416 |  |  | 341,606 |  |  | 992,517 |  |  | 1,033,679 |
Total Reportable Segment Net Revenues | $ | 531,901 |  |  | $ | 546,313 |  |  | $ | 1,629,153 |  |  | $ | 1,656,758 |
Adjusted EBITDA |  |  |  |  |  |  |
Las Vegas Locals | $ | 36,173 |  |  | $ | 32,261 |  |  | $ | 123,617 |  |  | $ | 113,313 |
Downtown Las Vegas | 10,018 |  |  | 10,144 |  |  | 36,962 |  |  | 33,128 |
Midwest and South | 90,633 |  |  | 96,347 |  |  | 281,305 |  |  | 294,635 |
Total Reportable Segment Adjusted EBITDA | 136,824 |  |  | 138,752 |  |  | 441,884 |  |  | 441,076 |
Corporate expense | (14,884 | ) |  | (13,581 | ) |  | (44,355 | ) |  | (45,000 | )
Adjusted EBITDA | 121,940 |  |  | 125,171 |  |  | 397,529 |  |  | 396,076 |
Other operating costs and expenses |  |  |  |  |  |  |
Deferred rent | 816 |  |  | 857 |  |  | 2,449 |  |  | 2,573 |
Depreciation and amortization | 47,928 |  |  | 51,345 |  |  | 143,831 |  |  | 155,251 |
Share-based compensation expense | 1,542 |  |  | 1,860 |  |  | 7,125 |  |  | 8,227 |
Project development, preopening and writedowns | 3,735 |  |  | 1,514 |  |  | 11,473 |  |  | 4,218 |
Impairments of assets | — |  |  | — |  |  | 1,440 |  |  | 1,065 |
Other operating items, net | 3 |  |  | 172 |  |  | 555 |  |  | 342 |
Total other operating costs and expenses | 54,024 |  |  | 55,748 |  |  | 166,873 |  |  | 171,676 |
Operating income | $ | 67,916 |  |  | $ | 69,423 |  |  | $ | 230,656 |  |  | $ | 224,400 |
For purposes of this presentation, 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. Total Reportable Segment Assets The Company's assets by Reportable Segment consisted of the following amounts:
| September 30, |  | December 31,
(In thousands) | 2016 |  | 2015
Assets |  |  |
Las Vegas Locals | $ | 1,535,515 |  |  | $ | 1,155,224 |
Downtown Las Vegas | 149,172 |  |  | 138,159 |
Midwest and South | 2,597,024 |  |  | 2,634,742 |
Total Reportable Segment Assets | 4,281,711 |  |  | 3,928,125 |
Corporate | 174,943 |  |  | 422,775 |
Total Assets | $ | 4,456,654 |  |  | $ | 4,350,900 |

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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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 Reference 5: 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=51669610&loc=d3e8380-108599 Reference 6: 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=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 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=51669610&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 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: 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=51669610&loc=d3e9054-108599 Reference 11: 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=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
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