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Segment Information
 6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION
We aggregate 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


In third quarter 2016, the Peninsula Gaming 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 concluded that the properties previously comprising the Peninsula segment would be aggregated into the Midwest and South reportable segment, and 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
 
Six Months Ended
 
June 30,
 
June 30,
(In thousands)
2017
 
2016
 
2017
 
2016
Net Revenues
 
 
 
 
 
 
 
Las Vegas Locals
$
214,216

 
$
154,936

 
$
433,997

 
$
313,334

Downtown Las Vegas
59,561

 
59,212

 
120,305

 
117,817

Midwest and South
326,091

 
330,726

 
650,908

 
666,101

Total Reportable Segment Net Revenues
$
599,868

 
$
544,874

 
$
1,205,210

 
$
1,097,252

 
 
 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
 
 
Las Vegas Locals
$
63,126

 
$
43,173

 
$
129,353

 
$
87,444

Downtown Las Vegas
12,583

 
14,263

 
26,221

 
26,944

Midwest and South
93,673

 
94,747

 
187,774

 
190,672

Total Reportable Segment Adjusted EBITDA
169,382

 
152,183

 
343,348

 
305,060

Corporate expense
(18,207
)
 
(14,286
)
 
(36,370
)
 
(29,471
)
Adjusted EBITDA
151,175

 
137,897

 
306,978

 
275,589

 
 
 
 
 
 
 
 
Other operating costs and expenses
 
 
 
 
 
 
 
Deferred rent
257

 
817

 
687

 
1,633

Depreciation and amortization
52,563

 
48,250

 
106,527

 
95,903

Share-based compensation expense
5,747

 
2,320

 
8,830

 
5,583

Project development, preopening and writedowns
2,784

 
5,897

 
5,756

 
7,738

Impairments of assets
—

 
—

 
—

 
1,440

Other operating items, net
463

 
123

 
949

 
552

Total other operating costs and expenses
61,814

 
57,407

 
122,749

 
112,849

Operating income
$
89,361

 
$
80,490

 
$
184,229

 
$
162,740



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:
 
June 30,
 
December 31,
(In thousands)
2017
 
2016
Assets
 
 
 
Las Vegas Locals
$
1,793,735

 
$
1,785,858

Downtown Las Vegas
162,433

 
157,319

Midwest and South
2,512,192

 
2,556,307

Total Reportable Segment Assets
4,468,360

 
4,499,484

Corporate
200,163

 
171,267

Total Assets
$
4,668,523

 
$
4,670,751