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Note 9 - Segment Information
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 9.    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 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

 

Henderson, Nevada

Downtown Las Vegas

  

California Hotel and Casino

 

Las Vegas, Nevada

Fremont Hotel & Casino

 

Las Vegas, Nevada

Main Street Station Hotel and Casino

 

Las Vegas, Nevada

Midwest & South

  

Par-A-Dice Casino

 

East Peoria, Illinois

Belterra Casino Resort (2)

 

Florence, Indiana

Blue Chip Casino Hotel Spa

 

Michigan City, Indiana

Diamond Jo Casino

 

Dubuque, Iowa

Diamond Jo Worth

 

Northwood, Iowa

Kansas Star Casino

 

Mulvane, Kansas

Amelia Belle Casino

 

Amelia, Louisiana

Delta Downs Racetrack Hotel & Casino

 

Vinton, Louisiana

Evangeline Downs Racetrack & Casino

 

Opelousas, Louisiana

Sam's Town Shreveport

 

Shreveport, Louisiana

Treasure Chest Casino

 

Kenner, Louisiana

IP Casino Resort Spa

 

Biloxi, Mississippi

Sam's Town Hotel and Gambling Hall Tunica

 

Tunica, Mississippi

Ameristar Casino * Hotel Kansas City (2)

 

Kansas City, Missouri

Ameristar Casino * Resort * Spa St. Charles (2)

 

St. Charles, Missouri

Belterra Park (2)

 

Cincinnati, Ohio

Valley Forge Casino Resort

 

King of Prussia, Pennsylvania

 

(1) Eastside Cannery is currently closed due to local market conditions.

(2) Property is subject to a master lease agreement with a real estate investment trust.

 

Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR

We evaluate each of our property's profitability based on 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, other items, net 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 March 31, 2022

 
      Food &             
  Gaming  Beverage  Room  Other  Total 

(In thousands)

 

Revenue

  Revenue  

Revenue

  

Revenue

  

Revenue

 

Revenues

                    

Las Vegas Locals

 $173,590  $20,337  $19,657  $13,978  $227,562 

Downtown Las Vegas

  32,443   9,709   5,396   1,936   49,484 

Midwest & South

  461,921   33,697   17,356   70,723   583,697 

Total Revenues

 $667,954  $63,743  $42,409  $86,637  $860,743 

 

  

Three Months Ended March 31, 2021

 
      Food &             
  Gaming  Beverage  Room  Other  Total 

(In thousands)

 

Revenue

  Revenue  

Revenue

  

Revenue

  

Revenue

 

Revenues

                    

Las Vegas Locals

 $149,222  $13,430  $10,687  $9,084  $182,423 

Downtown Las Vegas

  14,846   3,812   1,821   954   21,433 

Midwest & South

  453,858   26,870   13,482   55,241   549,451 

Total Revenues

 $617,926  $44,112  $25,990  $65,279  $753,307 

 

 

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

 

  

Three Months Ended

 
  

March 31,

 

(In thousands)

 

2022

  

2021

 

Adjusted EBITDAR

        

Las Vegas Locals

 $118,695  $90,642 

Downtown Las Vegas

  18,389   2,440 

Midwest & South

  223,481   218,149 

Corporate expense

  (21,729)  (18,634)

Adjusted EBITDAR

  338,836   292,597 

Other operating costs and expenses

        

Deferred rent

  191   207 

Master lease rent expense

  26,306   25,915 

Depreciation and amortization

  62,478   64,467 

Share-based compensation expense

  8,734   5,701 

Project development, preopening and writedowns

  (10,029)  1,415 

Other operating items, net

  98   1,157 

Total other operating costs and expenses

  87,778   98,862 

Operating income

  251,058   193,735 

Other expense (income)

        

Interest income

  (420)  (509)

Interest expense, net of amounts capitalized

  37,658   57,890 

Loss on early extinguishments and modifications of debt

  3,300   — 

Other, net

  (253)  1,932 

Total other expense, net

  40,285   59,313 

Income before income taxes

  210,773   134,422 

Income tax provision

  (47,845)  (32,261)

Net income

 $162,928  $102,161 

 

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:

 

  

March 31,

  

December 31,

 

(In thousands)

 

2022

  

2021

 

Assets

        

Las Vegas Locals

 $1,625,364  $1,641,409 

Downtown Las Vegas

  238,713   228,161 

Midwest & South

  3,914,299   3,947,076 

Total Reportable Segment Assets

  5,778,376   5,816,646 

Corporate

  472,044   407,523 

Total Assets

 $6,250,420  $6,224,169