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Note 13 - Segment Information
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 13.    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 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, 2021

 

(In thousands)

 

Gaming Revenue

  

Food & Beverage Revenue

  

Room Revenue

  

Other Revenue

  

Total Revenue

 

Revenues

                    

Las Vegas Locals

 $695,635  $74,771  $71,586  $44,062  $886,054 

Downtown Las Vegas

  105,539   28,149   15,042   7,076   155,806 

Midwest & South

  1,904,349   127,125   67,552   228,924   2,327,950 

Total Revenues

 $2,705,523  $230,045  $154,180  $280,062  $3,369,810 

 

  

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 

 

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)

 

2021

  

2020

  

2019

 

Adjusted EBITDAR

            

Las Vegas Locals

 $473,187  $198,744  $283,030 

Downtown Las Vegas

  51,300   1,075   62,413 

Midwest & South

  926,955   480,446   635,182 

Corporate expense

  (85,457)  (70,371)  (83,937)

Adjusted EBITDAR

  1,365,985   609,894   896,688 
             

Other operating costs and expenses

            

Deferred rent

  828   888   979 

Master lease rent expense

  104,702   101,907   97,723 

Depreciation and amortization

  267,787   281,031   276,569 

Share-based compensation expense

  37,773   9,202   25,202 

Project development, preopening and writedowns

  31,815   (661)  21,728 

Impairment of assets

  8,200   174,700   — 

Other operating items, net

  14,776   28,564   1,919 

Total other operating costs and expenses

  465,881   595,631   424,120 

Operating income

 $900,104  $14,263  $472,568 

 

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)

 

2021

  

2020

 

Assets

        

Las Vegas Locals

 $1,641,409  $1,690,511 

Downtown Las Vegas

  228,161   213,507 

Midwest & South

  3,947,076   3,984,063 

Total Reportable Segment Assets

  5,816,646   5,888,081 

Corporate

  407,523   670,867 

Total Assets

 $6,224,169  $6,558,948 

 

Capital Expenditures

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

 

  

Year Ended December 31,

 

(In thousands)

 

2021

  

2020

  

2019

 

Capital Expenditures

            

Las Vegas Locals

 $24,724  $23,936  $26,207 

Downtown Las Vegas

  36,954   15,150   8,881 

Midwest & South

  90,994   68,933   80,883 

Total Reportable Segment Capital Expenditures

  152,672   108,019   115,971 

Corporate

  49,953   66,767   88,633 

Total Capital Expenditures

  202,625   174,786   204,604 

Change in Accrued Property Additions

  (3,173)  244   3,033 

Cash-Based Capital Expenditures

 $199,452  $175,030  $207,637 

 

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.