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Note 10 - Segment Information
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 10.    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 March 31, 2020

  

(In thousands)

  

Gaming Revenue

     Food & Beverage Revenue    

Room Revenue

    

Other Revenue

    

Total Revenue

  

Revenues

                                        

Las Vegas Locals

   $ 116,318     $ 31,171     $ 21,981     $ 11,294     $ 180,764  

Downtown Las Vegas

     29,845       11,725       6,148       6,395       54,113  

Midwest & South

     363,602       46,988       18,598       16,460       445,648  

Total Revenues

   $ 509,765     $ 89,884     $ 46,727     $ 34,149     $ 680,525  

 

   

Three Months Ended March 31, 2019

  

(In thousands)

  

Gaming Revenue

     Food & Beverage Revenue    

Room Revenue

    

Other Revenue

    

Total Revenue

  

Revenues

                                        

Las Vegas Locals

   $ 143,643     $ 39,056     $ 26,204     $ 13,947     $ 222,850  

Downtown Las Vegas

     33,939       14,103       7,198       7,786       63,026  

Midwest & South

     442,671       57,931       23,842       16,968       541,412  

Total Revenues

   $ 620,253     $ 111,090     $ 57,244     $ 38,701     $ 827,288  

 

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

  
   

March 31,

  

(In thousands)

  

2020

    

2019

  

Adjusted EBITDAR

                

Las Vegas Locals

   $ 46,762     $ 74,234  

Downtown Las Vegas

     9,956       15,025  

Midwest & South

     105,829       156,471  

Total Reportable Segment Adjusted EBITDAR

     162,547       245,730  

Corporate expense

     (18,114 )     (22,705 )

Adjusted EBITDAR

     144,433       223,025  
                 

Other operating costs and expenses

                

Deferred rent

     222       245  

Master lease rent expense

     24,665       23,962  

Depreciation and amortization

     66,965       67,253  

Share-based compensation expense

     8,191       9,709  

Project development, preopening and writedowns

     3,508       4,031  
Impairment of assets     171,100       —  

Other operating items, net

     7,543       199  

Total other operating costs and expenses

     282,194       105,399  

Operating income (loss)

   $ (137,761 )   $ 117,626  

 

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)

  

2020

    

2019

  

Assets

                
Las Vegas Locals   $ 1,698,479     $ 1,804,476  
Downtown Las Vegas     204,270       212,936  
Midwest & South     3,927,635       4,229,174  

Total Reportable Segment Assets

     5,830,384       6,246,586  
Corporate     1,186,478       403,559  

Total Assets

   $ 7,016,862     $ 6,650,145