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Segment Information
 3 Months Ended
Mar. 31, 2017
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
Eastside Cannery Casino and Hotel
Las Vegas, Nevada
Aliante Casino + Hotel + Spa
North Las Vegas, Nevada
Cannery Casino Hotel
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 sale of 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 Gaming 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.

Results of Operations - Total Reportable Segment Net Revenues and Adjusted EBITDA
We evaluate each of our property's profitability based upon Property Adjusted 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 Adjusted 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
 
March 31,
(In thousands)
2017
 
2016
Net Revenues
 
 
 
Las Vegas Locals
$
219,781

 
$
158,398

Downtown Las Vegas
60,744

 
58,605

Midwest and South
324,817

 
335,375

Total Reportable Segment Net Revenues
$
605,342

 
$
552,378

 
 
 
 
Adjusted EBITDA
 
 
 
Las Vegas Locals
$
66,227

 
$
44,271

Downtown Las Vegas
13,638

 
12,681

Midwest and South
94,101

 
95,925

Total Reportable Segment Adjusted EBITDA
173,966

 
152,877

Corporate expense
(18,163
)
 
(15,185
)
Adjusted EBITDA
155,803

 
137,692

 
 
 
 
Other operating costs and expenses
 
 
 
Deferred rent
430

 
816

Depreciation and amortization
53,964

 
47,653

Share-based compensation expense
3,083

 
3,263

Project development, preopening and writedowns
2,972

 
1,841

Impairments of assets
—

 
1,440

Other operating items, net
486

 
429

Total other operating costs and expenses
60,935

 
55,442

Operating income
$
94,868

 
$
82,250



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:
 
March 31,
 
December 31,
(In thousands)
2017
 
2016
Assets
 
 
 
Las Vegas Locals
$
1,795,009

 
$
1,785,858

Downtown Las Vegas
160,185

 
157,319

Midwest and South
2,526,089

 
2,556,307

Total Reportable Segment Assets
4,481,283

 
4,499,484

Corporate
200,613

 
171,267

Total Assets
$
4,681,896

 
$
4,670,751