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Note 11 - Segment Information

9 Months Ended

Sep. 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 September 30, 2019
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	137,839			$	37,415			$	25,809			$	12,223			$	213,286
Downtown Las Vegas			32,054				13,925				7,240				7,405				60,624
Midwest & South			443,594				56,729				27,656				17,679				545,658
Total Revenues		$	613,487			$	108,069			$	60,705			$	37,307			$	819,568

		Three Months Ended September 30, 2018
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	135,350			$	37,469			$	23,421			$	12,541			$	208,781
Downtown Las Vegas			30,952				13,713				6,673				7,825				59,163
Midwest & South			280,458				34,824				17,890				11,080				344,252
Total Revenues		$	446,760			$	86,006			$	47,984			$	31,446			$	612,196

		Nine Months Ended September 30, 2019
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	424,238			$	115,441			$	78,458			$	38,947			$	657,084
Downtown Las Vegas			100,807				42,463				21,541				23,305				188,116
Midwest & South			1,342,354				173,302				79,047				53,085				1,647,788
Total Revenues		$	1,867,399			$	331,206			$	179,046			$	115,337			$	2,492,988

		Nine Months Ended September 30, 2018
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	420,986			$	115,287			$	75,236			$	39,421			$	650,930
Downtown Las Vegas			96,213				41,041				20,090				23,489				180,833
Midwest & South			817,812				102,678				50,004				32,850				1,003,344
Total Revenues		$	1,335,011			$	259,006			$	145,330			$	95,760			$	1,835,107

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								Nine Months Ended
		September 30,								September 30,
(In thousands)		2019				2018				2019				2018
Adjusted EBITDAR
Las Vegas Locals		$	64,062			$	60,021			$	209,745			$	201,299
Downtown Las Vegas			11,903				11,368				42,830				38,129
Midwest & South			156,202				97,837				477,737				290,593
Total Reportable Segment Adjusted EBITDAR			232,167				169,226				730,312				530,021
Corporate expense			(18,658	)			(20,475	)			(61,182	)			(57,375	)
Adjusted EBITDAR			213,509				148,751				669,130				472,646
Other operating costs and expenses
Deferred rent			245				275				734				825
Master lease rent expense			24,665				—				73,058				—
Depreciation and amortization			65,092				54,688				200,396				159,887
Share-based compensation expense			3,559				5,367				21,426				20,316
Project development, preopening and writedowns			5,297				18,588				14,243				27,829
Impairment of assets			—				—				—				993
Other operating items, net			1,260				265				1,564				2,196
Total other operating costs and expenses			100,118				79,183				311,421				212,046
Operating income		$	113,391			$	69,568			$	357,709			$	260,600

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)		2019				2018
Assets
Las Vegas Locals		$	1,816,637			$	1,732,138
Downtown Las Vegas			209,792				169,495
Midwest & South			4,243,629				3,562,926
Total Reportable Segment Assets			6,270,058				5,464,559
Corporate			408,026				291,780
Total Assets		$	6,678,084			$	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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