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Note 14 - Segment Information | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 14. SEGMENT INFORMATION We have aggregated our properties in order to present three Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; and (iii) Midwest & South. The table in Note 1, Summary of Significant Accounting Policies, lists the classification of each of our properties. Results of Operations - Total Reportable Segment Total 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:
|  | Year Ended December 31, 2019 |
(In thousands) |  | Gaming Revenue |  |  | Food & Beverage Revenue |  |  | Room Revenue |  |  | Other Revenue |  |  | Total Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 566,443 |  |  | $ | 156,932 |  |  | $ | 105,619 |  |  | $ | 51,941 |  |  | $ | 880,935 |
Downtown Las Vegas |  |  | 138,623 |  |  |  | 57,732 |  |  |  | 28,784 |  |  |  | 32,528 |  |  |  | 257,667 |
Midwest & South |  |  | 1,778,227 |  |  |  | 233,189 |  |  |  | 102,784 |  |  |  | 73,317 |  |  |  | 2,187,517 |
Total Revenues |  | $ | 2,483,293 |  |  | $ | 447,853 |  |  | $ | 237,187 |  |  | $ | 157,786 |  |  | $ | 3,326,119 |
|  | Year Ended December 31, 2018 |
(In thousands) |  | Gaming Revenue |  |  | Food & Beverage Revenue |  |  | Room Revenue |  |  | Other Revenue |  |  | Total Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 565,579 |  |  | $ | 155,107 |  |  | $ | 100,110 |  |  | $ | 52,708 |  |  | $ | 873,504 |
Downtown Las Vegas |  |  | 132,870 |  |  |  | 55,767 |  |  |  | 26,943 |  |  |  | 32,530 |  |  |  | 248,110 |
Midwest & South |  |  | 1,226,975 |  |  |  | 157,014 |  |  |  | 72,447 |  |  |  | 48,680 |  |  |  | 1,505,116 |
Total Revenues |  | $ | 1,925,424 |  |  | $ | 367,888 |  |  | $ | 199,500 |  |  | $ | 133,918 |  |  | $ | 2,626,730 |
|  | Year Ended December 31, 2017 |
(In thousands) |  | Gaming Revenue |  |  | Food & Beverage Revenue |  |  | Room Revenue |  |  | Other Revenue |  |  | Total Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 563,785 |  |  | $ | 154,451 |  |  | $ | 98,406 |  |  | $ | 51,735 |  |  | $ | 868,377 |
Downtown Las Vegas |  |  | 133,072 |  |  |  | 54,451 |  |  |  | 24,623 |  |  |  | 32,295 |  |  |  | 244,441 |
Midwest & South |  |  | 1,043,411 |  |  |  | 137,477 |  |  |  | 63,766 |  |  |  | 43,347 |  |  |  | 1,288,001 |
Total Revenues |  | $ | 1,740,268 |  |  | $ | 346,379 |  |  | $ | 186,795 |  |  | $ | 127,377 |  |  | $ | 2,400,819 |
The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR to operating income, as reported in our accompanying consolidated statements of operations:
|  | Year Ended December 31, |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Adjusted EBITDAR |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 283,030 |  |  | $ | 274,344 |  |  | $ | 249,906 |
Downtown Las Vegas |  |  | 62,413 |  |  |  | 56,517 |  |  |  | 54,613 |
Midwest & South |  |  | 635,182 |  |  |  | 432,366 |  |  |  | 364,458 |
Total Reportable Segment Adjusted EBITDAR |  |  | 980,625 |  |  |  | 763,227 |  |  |  | 668,977 |
Corporate expense |  |  | (83,937 | ) |  |  | (81,938 | ) |  |  | (73,046 | )
Adjusted EBITDAR |  |  | 896,688 |  |  |  | 681,289 |  |  |  | 595,931 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |
Deferred rent |  |  | 979 |  |  |  | 1,100 |  |  |  | 1,267 |
Master lease rent expense |  |  | 97,723 |  |  |  | 20,682 |  |  |  | — |
Depreciation and amortization |  |  | 276,569 |  |  |  | 229,979 |  |  |  | 217,522 |
Share-based compensation expense |  |  | 25,202 |  |  |  | 25,379 |  |  |  | 17,413 |
Project development, preopening and writedowns |  |  | 21,728 |  |  |  | 45,698 |  |  |  | 14,454 |
Impairment of assets |  |  | — |  |  |  | 993 |  |  |  | (426 | )
Other operating items, net |  |  | 1,919 |  |  |  | 2,174 |  |  |  | 1,900 |
Total other operating costs and expenses |  |  | 424,120 |  |  |  | 326,005 |  |  |  | 252,130 |
Operating income |  | $ | 472,568 |  |  | $ | 355,284 |  |  | $ | 343,801 |
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:
|  | December 31, |  |  | December 31, |
(In thousands) |  | 2019 |  |  | 2018 |
Assets |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 1,804,476 |  |  | $ | 1,732,138 |
Downtown Las Vegas |  |  | 212,936 |  |  |  | 169,495 |
Midwest & South |  |  | 4,229,174 |  |  |  | 3,562,926 |
Total Reportable Segment Assets |  |  | 6,246,586 |  |  |  | 5,464,559 |
Corporate |  |  | 403,559 |  |  |  | 291,780 |
Total Assets |  | $ | 6,650,145 |  |  | $ | 5,756,339 |
Capital Expenditures The Company's capital expenditures by Reportable Segment consisted of the following:
|  | Year Ended December 31, |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Capital Expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 26,207 |  |  | $ | 33,503 |  |  | $ | 59,382 |
Downtown Las Vegas |  |  | 8,881 |  |  |  | 12,885 |  |  |  | 21,705 |
Midwest & South |  |  | 80,883 |  |  |  | 69,285 |  |  |  | 37,657 |
Total Reportable Segment Capital Expenditures |  |  | 115,971 |  |  |  | 115,673 |  |  |  | 118,744 |
Corporate |  |  | 88,633 |  |  |  | 50,238 |  |  |  | 71,673 |
Total Capital Expenditures |  |  | 204,604 |  |  |  | 165,911 |  |  |  | 190,417 |
Change in Accrued Property Additions |  |  | 3,033 |  |  |  | (4,367 | ) |  |  | 47 |
Cash-Based Capital Expenditures |  | $ | 207,637 |  |  | $ | 161,544 |  |  | $ | 190,464 |
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.

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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 + Details
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