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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 three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest and South. The table in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties. 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 concluded that the properties previously comprising the Peninsula segment would be aggregated into the Midwest and South reportable segment, and we have retrospectively adjusted the presentation for all periods presented.

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, and Midwest and South segments. 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 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
1,355,134

 
1,325,328

 
1,384,576

Total Reportable Segment Net Revenues
$
2,199,432

 
$
2,142,255

 
$
2,198,738

 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
Las Vegas Locals
$
157,312

 
$
144,397

 
$
137,501

Downtown Las Vegas
49,314

 
37,309

 
35,036

Midwest and South
380,942

 
345,058

 
365,245

Total Reportable Segment Adjusted EBITDA (1)
587,568

 
526,764

 
537,782

Corporate expense
(60,177
)
 
(59,420
)
 
(46,594
)
Adjusted EBITDA
527,391

 
467,344

 
491,188

 
 
 
 
 
 
Other operating costs and expenses
 
 
 
 
 
Deferred rent
3,428

 
3,616

 
3,830

Depreciation and amortization
207,118

 
208,915

 
218,667

Project development, preopening and writedowns
6,907

 
13,747

 
10,371

Share-based compensation expense
19,264

 
18,666

 
18,891

Impairments of assets
18,565

 
48,681

 
5,351

Other operating charges, net
907

 
(13
)
 
2,861

Total other operating costs and expenses
256,189

 
293,612

 
259,971

Operating income
$
271,202

 
$
173,732

 
$
231,217



(1)
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
2,634,742

 
2,728,996

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
60,887

 
89,029

 
66,683

Total Reportable Segment Capital Expenditures
115,659

 
130,599

 
103,049

Corporate
12,646

 
(8,786
)
 
12,173

Other
—

 
—

 
28

Total Capital Expenditures
128,305

 
121,813


115,250

Change in Accrued Property Additions
2,865

 
15,938

 
6,913

Cash-Based Capital Expenditures
$
131,170

 
$
137,751

 
$
122,163


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.