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Note 9 - Segment Information

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 9.    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, 2020
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	141,143			$	12,501			$	10,914			$	6,518			$	171,076
Downtown Las Vegas			12,678				2,992				1,350				519				17,539
Midwest & South			412,144				23,285				14,661				13,533				463,623
Total Revenues		$	565,965			$	38,778			$	26,925			$	20,570			$	652,238

		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

		Nine Months Ended September 30, 2020
(In thousands)		Gaming Revenue				Food & Beverage Revenue				Room Revenue				Other Revenue				Total Revenue
Revenues
Las Vegas Locals		$	298,307			$	47,039			$	35,278			$	19,907			$	400,531
Downtown Las Vegas			45,663				15,599				7,825				7,229				76,316
Midwest & South			916,871				76,685				37,467				34,752				1,065,775
Total Revenues		$	1,260,841			$	139,323			$	80,570			$	61,888			$	1,542,622

		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

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)		2020				2019				2020				2019
Adjusted EBITDAR
Las Vegas Locals		$	78,900			$	64,062			$	128,520			$	209,745
Downtown Las Vegas			(1,511	)			11,903				1,225				42,830
Midwest & South			182,502				156,202				320,986				477,737
Corporate expense			(21,048	)			(18,658	)			(51,333	)			(61,182	)
Adjusted EBITDAR			238,843				213,509				399,398				669,130
Other operating costs and expenses
Deferred rent			217				245				666				734
Master lease rent expense			25,914				24,665				75,992				73,058
Depreciation and amortization			69,320				65,092				205,498				200,396
Share-based compensation expense			(858	)			3,559				10,026				21,426
Project development, preopening and writedowns			2,249				5,297				9,582				14,243
Impairment of assets			—				—				171,100				—
Other operating items, net			14,928				1,260				23,570				1,564
Total other operating costs and expenses			111,770				100,118				496,434				311,421
Operating income (loss)		$	127,073			$	113,391			$	(97,036	)		$	357,709

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)		2020				2019
Assets
Las Vegas Locals		$	1,707,799			$	1,804,476
Downtown Las Vegas			202,311				212,936
Midwest & South			3,974,476				4,229,174
Total Reportable Segment Assets			5,884,586				6,246,586
Corporate			683,057				403,559
Total Assets		$	6,567,643			$	6,650,145

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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.

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