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Note 14 - Segment Information | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 14. SEGMENT INFORMATION We view each gaming entertainment property as an operating segment and have aggregated these operating segments 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 28 gaming entertainment 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 extinguishments and modifications 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 gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest & South segments. We aggregate non-reportable segments and other business activities with our Reportable Segments. Results for our Downtown Las Vegas segment include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties cater to the Hawaiian market. Our Midwest & South segment includes the results of the following non-reportable segments and business activities: (i) Lattner, our Illinois distributed gaming operator, whose operations were suspended on March 16, 2020, resumed on July 1, 2020, temporarily closed on November 20, 2020 and subsequently reopened on January 16, 2021; (ii) online gaming operations, which includes the operations of Pala Interactive, the online gaming technology company we acquired on November 1, 2022, and through our partnership with FanDuel Group and market access agreements with other operators, includes online operations in New Jersey, and as of December 31, 2022, six of the nine states in the Midwest & South segment where we operate our gaming entertainment properties; and (iii) management fees from our management agreement with Wilton Rancheria. The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments:
|  | Year Ended December 31, 2022 |
|  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 700,230 |  |  | $ | 88,219 |  |  | $ | 87,726 |  |  | $ | 54,555 |  |  | $ | 930,730 |
Downtown Las Vegas |  |  | 139,115 |  |  |  | 41,578 |  |  |  | 24,950 |  |  |  | 9,689 |  |  |  | 215,332 |
Midwest & South |  |  | 1,835,385 |  |  |  | 146,182 |  |  |  | 76,395 |  |  |  | 351,353 |  |  |  | 2,409,315 |
Total Revenues |  | $ | 2,674,730 |  |  | $ | 275,979 |  |  | $ | 189,071 |  |  | $ | 415,597 |  |  | $ | 3,555,377 |
|  | Year Ended December 31, 2021 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | 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 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | 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 |
The following table reconciles, for the periods indicated, Total Reportable Segment Adjusted EBITDAR to net income, as reported in our accompanying consolidated statements of operations:
|  | Year Ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Adjusted EBITDAR |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 481,643 |  |  | $ | 473,187 |  |  | $ | 198,744 |
Downtown Las Vegas |  |  | 86,049 |  |  |  | 51,300 |  |  |  | 1,075 |
Midwest & South |  |  | 911,541 |  |  |  | 926,955 |  |  |  | 480,446 |
Corporate expense |  |  | (88,724 | ) |  |  | (85,457 | ) |  |  | (70,371 | )
Adjusted EBITDAR |  |  | 1,390,509 |  |  |  | 1,365,985 |  |  |  | 609,894 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |
Deferred rent |  |  | 768 |  |  |  | 828 |  |  |  | 888 |
Master lease rent expense |  |  | 106,616 |  |  |  | 104,702 |  |  |  | 101,907 |
Depreciation and amortization |  |  | 258,179 |  |  |  | 267,787 |  |  |  | 281,031 |
Share-based compensation expense |  |  | 34,066 |  |  |  | 37,773 |  |  |  | 9,202 |
Project development, preopening and writedowns |  |  | (18,936 | ) |  |  | 31,815 |  |  |  | (661 | )
Impairment of assets |  |  | 40,775 |  |  |  | 8,200 |  |  |  | 174,700 |
Other operating items, net |  |  | (12,183 | ) |  |  | 14,776 |  |  |  | 28,564 |
Total other operating costs and expenses |  |  | 409,285 |  |  |  | 465,881 |  |  |  | 595,631 |
Operating income |  |  | 981,224 |  |  |  | 900,104 |  |  |  | 14,263 |
Other expense (income) |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (21,530 | ) |  |  | (1,819 | ) |  |  | (1,900 | )
Interest expense, net of amounts capitalized |  |  | 151,249 |  |  |  | 199,442 |  |  |  | 230,484 |
Loss on early extinguishments and modifications of debt |  |  | 19,815 |  |  |  | 95,155 |  |  |  | 1,791 |
Other, net |  |  | 2,884 |  |  |  | 3,387 |  |  |  | (45,098 | )
Total other expense, net |  |  | 152,418 |  |  |  | 296,165 |  |  |  | 185,277 |
Income before income taxes |  |  | 828,806 |  |  |  | 603,939 |  |  |  | (171,014 | )
Income tax provision |  |  | (189,429 | ) |  |  | (140,093 | ) |  |  | 36,314 |
Net income |  | $ | 639,377 |  |  | $ | 463,846 |  |  | $ | (134,700 | )
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) |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 1,613,553 |  |  | $ | 1,641,409 |
Downtown Las Vegas |  |  | 265,876 |  |  |  | 228,161 |
Midwest & South |  |  | 4,040,681 |  |  |  | 3,947,076 |
Total Reportable Segment Assets |  |  | 5,920,110 |  |  |  | 5,816,646 |
Corporate |  |  | 391,017 |  |  |  | 407,523 |
Total Assets |  | $ | 6,311,127 |  |  | $ | 6,224,169 |
Capital Expenditures The Company's capital expenditures by Reportable Segment consisted of the following:
|  | Year Ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 37,339 |  |  | $ | 24,724 |  |  | $ | 23,936 |
Downtown Las Vegas |  |  | 52,423 |  |  |  | 36,954 |  |  |  | 15,150 |
Midwest & South |  |  | 114,041 |  |  |  | 90,994 |  |  |  | 68,933 |
Total Reportable Segment Capital Expenditures |  |  | 203,803 |  |  |  | 152,672 |  |  |  | 108,019 |
Corporate |  |  | 67,874 |  |  |  | 49,953 |  |  |  | 66,767 |
Total Capital Expenditures |  |  | 271,677 |  |  |  | 202,625 |  |  |  | 174,786 |
Change in Accrued Capital Expenditure Additions |  |  | (2,522 | ) |  |  | (3,173 | ) |  |  | 244 |
Cash-Based Capital Expenditures |  | $ | 269,155 |  |  | $ | 199,452 |  |  | $ | 175,030 |
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.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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