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Note 14 - Segment Information
 12 Months Ended
Dec. 31, 2020
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, and for our online gaming initiatives 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, 2020

 

(In thousands)

 

Gaming Revenue

  

Food & Beverage Revenue

  

Room Revenue

  

Other Revenue

  

Total Revenue

 

Revenues

                    

Las Vegas Locals

 $430,303  $59,564  $45,446  $26,676  $561,989 

Downtown Las Vegas

  58,468   18,647   9,369   8,019   94,503 

Midwest & South

  1,286,587   100,667   50,153   84,591   1,521,998 

Total Revenues

 $1,775,358  $178,878  $104,968  $119,286  $2,178,490 

 

  

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 

 

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)

 

2020

  

2019

  

2018

 

Adjusted EBITDAR

            

Las Vegas Locals

 $198,744  $283,030  $274,344 

Downtown Las Vegas

  1,075   62,413   56,517 

Midwest & South

  480,446   635,182   432,366 

Corporate expense

  (70,371)  (83,937)  (81,938)

Adjusted EBITDAR

  609,894   896,688   681,289 
             

Other operating costs and expenses

            

Deferred rent

  888   979   1,100 

Master lease rent expense

  101,907   97,723   20,682 

Depreciation and amortization

  281,031   276,569   229,979 

Share-based compensation expense

  9,202   25,202   25,379 

Project development, preopening and writedowns

  (661)  21,728   45,698 

Impairment of assets

  174,700   —   993 

Other operating items, net

  28,564   1,919   2,174 

Total other operating costs and expenses

  595,631   424,120   326,005 

Operating income

 $14,263  $472,568  $355,284 

 

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)

 

2020

  

2019

 

Assets

        

Las Vegas Locals

 $1,690,511  $1,804,476 

Downtown Las Vegas

  213,507   212,936 

Midwest & South

  3,984,063   4,229,174 

Total Reportable Segment Assets

  5,888,081   6,246,586 

Corporate

  670,867   403,559 

Total Assets

 $6,558,948  $6,650,145 

 

Capital Expenditures

The Company's capital expenditures by Reportable Segment consisted of the following:

 

  

Year Ended December 31,

 

(In thousands)

 

2020

  

2019

  

2018

 

Capital Expenditures:

            

Las Vegas Locals

 $23,936  $26,207  $33,503 

Downtown Las Vegas

  15,150   8,881   12,885 

Midwest & South

  68,933   80,883   69,285 

Total Reportable Segment Capital Expenditures

  108,019   115,971   115,673 

Corporate

  66,767   88,633   50,238 

Total Capital Expenditures

  174,786   204,604   165,911 

Change in Accrued Property Additions

  244   3,033   (4,367)

Cash-Based Capital Expenditures

 $175,030  $207,637  $161,544 

 

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.