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Note 11 - Segment Information

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 11.    SEGMENT INFORMATION

We aggregate certain of our gaming entertainment properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest & 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 & South
Par-A-Dice Hotel Casino		East Peoria, Illinois
Belterra Casino Resort		Florence, Indiana
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
Ameristar Casino Hotel Kansas City		Kansas City, Missouri
Ameristar Casino Resort Spa St. Charles		St. Charles, Missouri
Belterra Park		Cincinnati, Ohio
Valley Forge Casino Resort		King of Prussia, Pennsylvania

Total Reportable Segment Departmental Revenues and Adjusted EBITDAR

We evaluate each of our property's profitability based upon Property Adjusted EBITDAR, 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, gain or loss on early retirements of debt, and master lease rent expense, as applicable. Total Reportable Segment Adjusted EBITDAR is the aggregate sum of the Property Adjusted EBITDAR for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest & South segments. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company. Results for Lattner, our Illinois distributed gaming operator, are included in our Midwest & South segment.

The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments:

		Three Months Ended June 30, 2019
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	142,754			$	38,970			$	26,445			$	12,777			$	220,946
Downtown Las Vegas			34,816				14,435				7,103				8,114				64,468
Midwest & South			456,089				58,642				27,549				18,438				560,718
Total Revenues		$	633,659			$	112,047			$	61,097			$	39,329			$	846,132

		Three Months Ended June 30, 2018
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	142,488			$	38,948			$	25,659			$	12,879			$	219,974
Downtown Las Vegas			32,822				13,741				6,606				8,033				61,202
Midwest & South			272,478				34,912				17,169				11,058				335,617
Total Revenues		$	447,788			$	87,601			$	49,434			$	31,970			$	616,793

		Six Months Ended June 30, 2019
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	286,397			$	78,026			$	52,649			$	26,724			$	443,796
Downtown Las Vegas			68,755				28,538				14,301				15,900				127,494
Midwest & South			898,760				116,573				51,391				35,406				1,102,130
Total Revenues		$	1,253,912			$	223,137			$	118,341			$	78,030			$	1,673,420

		Six Months Ended June 30, 2018
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	285,636			$	77,818			$	51,815			$	26,880			$	442,149
Downtown Las Vegas			65,261				27,328				13,417				15,664				121,670
Midwest & South			537,354				67,854				32,114				21,770				659,092
Total Revenues		$	888,251			$	173,000			$	97,346			$	64,314			$	1,222,911

The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR 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)		2019				2018				2019				2018
Adjusted EBITDAR
Las Vegas Locals		$	71,449			$	70,248			$	145,683			$	141,278
Downtown Las Vegas			15,902				13,543				30,927				26,761
Midwest & South			165,064				98,510				321,535				192,756
Total Reportable Segment Adjusted EBITDAR			252,415				182,301				498,145				360,795
Corporate expense			(19,819	)			(18,878	)			(42,524	)			(36,900	)
Adjusted EBITDAR			232,596				163,423				455,621				323,895
Other operating costs and expenses
Deferred rent			244				294				489				550
Master lease rent expense			24,431				—				48,393				—
Depreciation and amortization			68,051				53,923				135,304				105,199
Share-based compensation expense			8,158				6,022				17,867				14,949
Project development, preopening and writedowns			4,915				5,801				8,946				9,241
Impairment of assets			—				993				—				993
Other operating items, net			105				132				304				1,931
Total other operating costs and expenses			105,904				67,165				211,303				132,863
Operating income		$	126,692			$	96,258			$	244,318			$	191,032

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)		2019				2018
Assets
Las Vegas Locals		$	1,843,984			$	1,732,138
Downtown Las Vegas			211,557				169,495
Midwest & South			4,268,208				3,562,926
Total Reportable Segment Assets			6,323,749				5,464,559
Corporate			386,703				291,780
Total Assets		$	6,710,452			$	5,756,339

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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