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Note 9 - Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2022
Notes Tables |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
|  | Three Months Ended September 30, 2022 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 172,263 |  |  | $ | 21,120 |  |  | $ | 19,982 |  |  | $ | 12,426 |  |  | $ | 225,791 |
Downtown Las Vegas |  |  | 31,872 |  |  |  | 9,583 |  |  |  | 5,552 |  |  |  | 2,500 |  |  |  | 49,507 |
Midwest & South |  |  | 463,840 |  |  |  | 37,089 |  |  |  | 21,138 |  |  |  | 79,898 |  |  |  | 601,965 |
Total Revenues |  | $ | 667,975 |  |  | $ | 67,792 |  |  | $ | 46,672 |  |  | $ | 94,824 |  |  | $ | 877,263 |
|  | 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 |
|  | Nine Months Ended September 30, 2022 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 522,728 |  |  | $ | 64,257 |  |  | $ | 62,528 |  |  | $ | 40,301 |  |  | $ | 689,814 |
Downtown Las Vegas |  |  | 99,249 |  |  |  | 29,865 |  |  |  | 17,152 |  |  |  | 6,624 |  |  |  | 152,890 |
Midwest & South |  |  | 1,398,877 |  |  |  | 107,712 |  |  |  | 59,305 |  |  |  | 223,858 |  |  |  | 1,789,752 |
Total Revenues |  | $ | 2,020,854 |  |  | $ | 201,834 |  |  | $ | 138,985 |  |  | $ | 270,783 |  |  | $ | 2,632,456 |
|  | 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 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Adjusted EBITDAR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 111,733 |  |  | $ | 125,360 |  |  | $ | 355,762 |  |  | $ | 349,572 |
Downtown Las Vegas |  |  | 17,704 |  |  |  | 13,222 |  |  |  | 58,216 |  |  |  | 31,083 |
Midwest & South |  |  | 230,195 |  |  |  | 222,058 |  |  |  | 682,725 |  |  |  | 700,199 |
Corporate expense |  |  | (21,934 | ) |  |  | (19,943 | ) |  |  | (66,296 | ) |  |  | (62,165 | )
Adjusted EBITDAR |  |  | 337,698 |  |  |  | 340,697 |  |  |  | 1,030,407 |  |  |  | 1,018,689 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred rent |  |  | 192 |  |  |  | 207 |  |  |  | 576 |  |  |  | 621 |
Master lease rent expense |  |  | 26,828 |  |  |  | 26,306 |  |  |  | 79,788 |  |  |  | 78,396 |
Depreciation and amortization |  |  | 64,956 |  |  |  | 67,586 |  |  |  | 194,191 |  |  |  | 199,332 |
Share-based compensation expense |  |  | 5,653 |  |  |  | 9,783 |  |  |  | 28,486 |  |  |  | 28,307 |
Project development, preopening and writedowns |  |  | 9,645 |  |  |  | 10,646 |  |  |  | 528 |  |  |  | 13,515 |
Impairment of assets |  |  | 5,575 |  |  |  | — |  |  |  | 5,575 |  |  |  | — |
Other operating items, net |  |  | (12,610 | ) |  |  | 3,023 |  |  |  | (12,324 | ) |  |  | 15,295 |
Total other operating costs and expenses |  |  | 100,239 |  |  |  | 117,551 |  |  |  | 296,820 |  |  |  | 335,466 |
Operating income |  |  | 237,459 |  |  |  | 223,146 |  |  |  | 733,587 |  |  |  | 683,223 |
Other expense (income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (2,073 | ) |  |  | (442 | ) |  |  | (2,976 | ) |  |  | (1,406 | )
Interest expense, net of amounts capitalized |  |  | 36,001 |  |  |  | 45,171 |  |  |  | 110,125 |  |  |  | 158,192 |
Loss on early extinguishments and modifications of debt |  |  | — |  |  |  | 42 |  |  |  | 19,809 |  |  |  | 65,517 |
Other, net |  |  | 170 |  |  |  | 119 |  |  |  | 3,667 |  |  |  | 2,288 |
Total other expense, net |  |  | 34,098 |  |  |  | 44,890 |  |  |  | 130,625 |  |  |  | 224,591 |
Income before income taxes |  |  | 203,361 |  |  |  | 178,256 |  |  |  | 602,962 |  |  |  | 458,632 |
Income tax provision |  |  | (46,359 | ) |  |  | (40,082 | ) |  |  | (136,269 | ) |  |  | (104,568 | )
Net income |  | $ | 157,002 |  |  | $ | 138,174 |  |  | $ | 466,693 |  |  | $ | 354,064 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 1,604,202 |  |  | $ | 1,641,409 |
Downtown Las Vegas |  |  | 249,654 |  |  |  | 228,161 |
Midwest & South |  |  | 3,862,883 |  |  |  | 3,947,076 |
Total Reportable Segment Assets |  |  | 5,716,739 |  |  |  | 5,816,646 |
Corporate |  |  | 339,131 |  |  |  | 407,523 |
Total Assets |  | $ | 6,055,870 |  |  | $ | 6,224,169 |

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