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Note 9 - Segment Information
 6 Months Ended
Jun. 30, 2021
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

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, 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:

 

  

Three Months Ended June 30, 2021

 

 

     Food &             

 

 Gaming  Beverage  Room  Other  Total 

(In thousands)

 

Revenue

  Revenue  

Revenue

  

Revenue

  

Revenue

 

Revenues

                    

Las Vegas Locals

 $187,511  $19,117  $18,481  $10,986  $236,095 

Downtown Las Vegas

  27,190   6,502   3,448   1,640   38,780 

Midwest & South

  512,761   31,809   17,148   57,009   618,727 

Total Revenues

 $727,462  $57,428  $39,077  $69,635  $893,602 

 

  

Three Months Ended June 30, 2020

 

 

     Food &             

 

 Gaming  Beverage  Room  Other  Total 

(In thousands)

 

Revenue

  Revenue  

Revenue

  

Revenue

  

Revenue

 

Revenues

                    

Las Vegas Locals

 $40,846  $3,367  $2,383  $2,095  $48,691 

Downtown Las Vegas

  3,140   882   327   315   4,664 

Midwest & South

  141,125   6,412   4,208   4,759   156,504 

Total Revenues

 $185,111  $10,661  $6,918  $7,169  $209,859 

 

  

Six Months Ended June 30, 2021

 

 

     Food &             

 

 Gaming  Beverage  Room  Other  Total 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                    

Las Vegas Locals

 $336,733  $32,547  $29,168  $20,070  $418,518 

Downtown Las Vegas

  42,036   10,314   5,269   2,594   60,213 

Midwest & South

  966,619   58,679   30,630   112,250   1,168,178 

Total Revenues

 $1,345,388  $101,540  $65,067  $134,914  $1,646,909 

 

  

Six Months Ended June 30, 2020

 

 

     Food &             

 

 Gaming  Beverage  Room  Other  Total 

(In thousands)

 

Revenue

  

Revenue

  

Revenue

  

Revenue

  

Revenue

 

Revenues

                    

Las Vegas Locals

 $157,164  $34,538  $24,364  $13,389  $229,455 

Downtown Las Vegas

  32,985   12,607   6,475   6,710   58,777 

Midwest & South

  504,727   53,400   22,806   21,219   602,152 

Total Revenues

 $694,876  $100,545  $53,645  $41,318  $890,384 

 

The following table reconciles, for the periods indicated, total Adjusted EBITDAR to operating income, as reported in our accompanying condensed consolidated statements of operations:

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 

(In thousands)

 

2021

  

2020

  

2021

  

2020

 

Adjusted EBITDAR

                

Las Vegas Locals

 $133,570  $2,858  $224,212  $49,620 

Downtown Las Vegas

  15,421   (7,220)  17,861   2,736 

Midwest & South

  259,992   32,655   478,141   138,484 

Corporate expense

  (23,588)  (12,171)  (42,222)  (30,285)

Adjusted EBITDAR

  385,395   16,122   677,992   160,555 
                 

Other operating costs and expenses

                

Deferred rent

  207   227   414   449 

Master lease rent expense

  26,175   25,413   52,090   50,078 

Depreciation and amortization

  67,279   69,213   131,746   136,178 

Share-based compensation expense

  12,823   2,693   18,524   10,884 

Project development, preopening and writedowns

  1,454   3,825   2,869   7,333 

Impairment of assets

  —   —   —   171,100 

Other operating items, net

  11,115   1,099   12,272   8,642 

Total other operating costs and expenses

  119,053   102,470   217,915   384,664 

Operating income (loss)

 $266,342  $(86,348) $460,077  $(224,109)

 

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:

 

  

June 30,

  

December 31,

 

(In thousands)

 

2021

  

2020

 

Assets

        

Las Vegas Locals

 $1,673,175  $1,690,511 

Downtown Las Vegas

  241,533   213,507 

Midwest & South

  3,930,588   3,984,063 

Total Reportable Segment Assets

  5,845,296   5,888,081 

Corporate

  446,617   670,867 

Total Assets

 $6,291,913  $6,558,948