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Note 9 - Segment Information | 9 Months Ended
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Sep. 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 (1) |  | 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
(1) Eastside Cannery is currently closed due to local market conditions. 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 September 30, 2021 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 179,441 |  |  | $ | 20,412 |  |  | $ | 20,176 |  |  | $ | 11,235 |  |  | $ | 231,264 |
Downtown Las Vegas |  |  | 28,132 |  |  |  | 7,343 |  |  |  | 4,000 |  |  |  | 2,662 |  |  |  | 42,137 |
Midwest & South |  |  | 466,654 |  |  |  | 33,346 |  |  |  | 20,141 |  |  |  | 49,518 |  |  |  | 569,659 |
Total Revenues |  | $ | 674,227 |  |  | $ | 61,101 |  |  | $ | 44,317 |  |  | $ | 63,415 |  |  | $ | 843,060 |
|  | Three Months Ended September 30, 2020 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | 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 |
|  | Nine Months Ended September 30, 2021 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 516,174 |  |  | $ | 52,959 |  |  | $ | 49,344 |  |  | $ | 31,305 |  |  | $ | 649,782 |
Downtown Las Vegas |  |  | 70,168 |  |  |  | 17,657 |  |  |  | 9,269 |  |  |  | 5,256 |  |  |  | 102,350 |
Midwest & South |  |  | 1,433,273 |  |  |  | 92,025 |  |  |  | 50,771 |  |  |  | 161,768 |  |  |  | 1,737,837 |
Total Revenues |  | $ | 2,019,615 |  |  | $ | 162,641 |  |  | $ | 109,384 |  |  | $ | 198,329 |  |  | $ | 2,489,969 |
|  | Nine Months Ended September 30, 2020 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | 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 |
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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Adjusted EBITDAR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 125,360 |  |  | $ | 78,900 |  |  | $ | 349,572 |  |  | $ | 128,520 |
Downtown Las Vegas |  |  | 13,222 |  |  |  | (1,511 | ) |  |  | 31,083 |  |  |  | 1,225 |
Midwest & South |  |  | 222,058 |  |  |  | 182,502 |  |  |  | 700,199 |  |  |  | 320,986 |
Corporate expense |  |  | (19,943 | ) |  |  | (21,048 | ) |  |  | (62,165 | ) |  |  | (51,333 | )
Adjusted EBITDAR |  |  | 340,697 |  |  |  | 238,843 |  |  |  | 1,018,689 |  |  |  | 399,398 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred rent |  |  | 207 |  |  |  | 217 |  |  |  | 621 |  |  |  | 666 |
Master lease rent expense |  |  | 26,306 |  |  |  | 25,914 |  |  |  | 78,396 |  |  |  | 75,992 |
Depreciation and amortization |  |  | 67,586 |  |  |  | 69,320 |  |  |  | 199,332 |  |  |  | 205,498 |
Share-based compensation expense |  |  | 9,783 |  |  |  | (858 | ) |  |  | 28,307 |  |  |  | 10,026 |
Project development, preopening and writedowns |  |  | 10,646 |  |  |  | 2,249 |  |  |  | 13,515 |  |  |  | 9,582 |
Impairment of assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 171,100 |
Other operating items, net |  |  | 3,023 |  |  |  | 14,928 |  |  |  | 15,295 |  |  |  | 23,570 |
Total other operating costs and expenses |  |  | 117,551 |  |  |  | 111,770 |  |  |  | 335,466 |  |  |  | 496,434 |
Operating income (loss) |  | $ | 223,146 |  |  | $ | 127,073 |  |  | $ | 683,223 |  |  | $ | (97,036 | )
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) |  | 2021 |  |  | 2020 |
Assets |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 1,663,707 |  |  | $ | 1,690,511 |
Downtown Las Vegas |  |  | 247,110 |  |  |  | 213,507 |
Midwest & South |  |  | 3,908,874 |  |  |  | 3,984,063 |
Total Reportable Segment Assets |  |  | 5,819,691 |  |  |  | 5,888,081 |
Corporate |  |  | 680,426 |  |  |  | 670,867 |
Total Assets |  | $ | 6,500,117 |  |  | $ | 6,558,948 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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