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Segment Information
 9 Months Ended
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