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Note 10 - Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Notes Tables |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
|  | Three Months Ended September 30, 2023 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 165,153 |  |  | $ | 21,454 |  |  | $ | 21,324 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,902 |  |  | $ | 221,833 |
Downtown Las Vegas |  |  | 31,916 |  |  |  | 9,876 |  |  |  | 5,312 |  |  |  | — |  |  |  | — |  |  |  | 2,441 |  |  |  | 49,545 |
Midwest & South |  |  | 433,650 |  |  |  | 39,656 |  |  |  | 22,084 |  |  |  | — |  |  |  | — |  |  |  | 17,638 |  |  |  | 513,028 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 90,288 |  |  |  | — |  |  |  | — |  |  |  | 90,288 |
Managed & Other |  |  | 10,449 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,153 |  |  |  | 868 |  |  |  | 28,470 |
Total Revenues |  | $ | 641,168 |  |  | $ | 70,986 |  |  | $ | 48,720 |  |  | $ | 90,288 |  |  | $ | 17,153 |  |  | $ | 34,849 |  |  | $ | 903,164 |
|  | Three Months Ended September 30, 2022 (1) |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | 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 |  |  | 452,052 |  |  |  | 37,089 |  |  |  | 21,138 |  |  |  | — |  |  |  | — |  |  |  | 17,257 |  |  |  | 527,536 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 52,353 |  |  |  | — |  |  |  | — |  |  |  | 52,353 |
Managed & Other |  |  | 11,788 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,159 |  |  |  | 129 |  |  |  | 22,076 |
Total Revenues |  | $ | 667,975 |  |  | $ | 67,792 |  |  | $ | 46,672 |  |  | $ | 52,353 |  |  | $ | 10,159 |  |  | $ | 32,312 |  |  | $ | 877,263 |
|  | Nine Months Ended September 30, 2023 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 513,460 |  |  | $ | 66,436 |  |  | $ | 70,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,147 |  |  | $ | 693,043 |
Downtown Las Vegas |  |  | 102,765 |  |  |  | 30,515 |  |  |  | 17,797 |  |  |  | — |  |  |  | — |  |  |  | 8,016 |  |  |  | 159,093 |
Midwest & South |  |  | 1,317,175 |  |  |  | 115,985 |  |  |  | 60,749 |  |  |  | — |  |  |  | — |  |  |  | 50,138 |  |  |  | 1,544,047 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 298,153 |  |  |  | — |  |  |  | — |  |  |  | 298,153 |
Managed & Other |  |  | 32,805 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 54,629 |  |  |  | 2,310 |  |  |  | 89,744 |
Total Revenues |  | $ | 1,966,205 |  |  | $ | 212,936 |  |  | $ | 148,546 |  |  | $ | 298,153 |  |  | $ | 54,629 |  |  | $ | 103,611 |  |  | $ | 2,784,080 |
|  | Nine Months Ended September 30, 2022 (1) |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | 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 |  |  | 1,363,445 |  |  |  | 107,712 |  |  |  | 59,305 |  |  |  | — |  |  |  | — |  |  |  | 49,072 |  |  |  | 1,579,534 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 164,203 |  |  |  | — |  |  |  | — |  |  |  | 164,203 |
Managed & Other |  |  | 35,432 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,159 |  |  |  | 424 |  |  |  | 46,015 |
Total Revenues |  | $ | 2,020,854 |  |  | $ | 201,834 |  |  | $ | 138,985 |  |  | $ | 164,203 |  |  | $ | 10,159 |  |  | $ | 96,421 |  |  | $ | 2,632,456 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2023 |  |  | 2022 (1) |  |  | 2023 |  |  | 2022 (1) |
Adjusted EBITDAR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 105,985 |  |  | $ | 111,733 |  |  | $ | 350,540 |  |  | $ | 355,762 |
Downtown Las Vegas |  |  | 15,857 |  |  |  | 17,704 |  |  |  | 57,876 |  |  |  | 58,216 |
Midwest & South |  |  | 190,588 |  |  |  | 211,292 |  |  |  | 591,105 |  |  |  | 642,351 |
Online |  |  | 11,005 |  |  |  | 6,350 |  |  |  | 45,028 |  |  |  | 22,916 |
Managed & Other |  |  | 18,997 |  |  |  | 12,553 |  |  |  | 60,094 |  |  |  | 17,458 |
Corporate expense |  |  | (21,611 | ) |  |  | (21,934 | ) |  |  | (65,314 | ) |  |  | (66,296 | )
Adjusted EBITDAR |  |  | 320,821 |  |  |  | 337,698 |  |  |  | 1,039,329 |  |  |  | 1,030,407 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred rent |  |  | 177 |  |  |  | 192 |  |  |  | 531 |  |  |  | 576 |
Master lease rent expense |  |  | 27,236 |  |  |  | 26,828 |  |  |  | 81,163 |  |  |  | 79,788 |
Depreciation and amortization |  |  | 64,797 |  |  |  | 64,956 |  |  |  | 188,577 |  |  |  | 194,191 |
Share-based compensation expense |  |  | 8,033 |  |  |  | 5,653 |  |  |  | 28,050 |  |  |  | 28,486 |
Project development, preopening and writedowns |  |  | 2,405 |  |  |  | 9,645 |  |  |  | (11,268 | ) |  |  | 528 |
Impairment of assets |  |  | — |  |  |  | 5,575 |  |  |  | 4,537 |  |  |  | 5,575 |
Other operating items, net |  |  | 301 |  |  |  | (12,610 | ) |  |  | 959 |  |  |  | (12,324 | )
Total other operating costs and expenses |  |  | 102,949 |  |  |  | 100,239 |  |  |  | 292,549 |  |  |  | 296,820 |
Operating income |  |  | 217,872 |  |  |  | 237,459 |  |  |  | 746,780 |  |  |  | 733,587 |
Other expense (income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (1,585 | ) |  |  | (2,073 | ) |  |  | (22,445 | ) |  |  | (2,976 | )
Interest expense, net of amounts capitalized |  |  | 42,352 |  |  |  | 36,001 |  |  |  | 128,933 |  |  |  | 110,125 |
Loss on early extinguishments and modifications of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,809 |
Other, net |  |  | (30 | ) |  |  | 170 |  |  |  | 596 |  |  |  | 3,667 |
Total other expense, net |  |  | 40,737 |  |  |  | 34,098 |  |  |  | 107,084 |  |  |  | 130,625 |
Income before income taxes |  |  | 177,135 |  |  |  | 203,361 |  |  |  | 639,696 |  |  |  | 602,962 |
Income tax provision |  |  | (41,902 | ) |  |  | (46,359 | ) |  |  | (112,278 | ) |  |  | (136,269 | )
Net income |  | $ | 135,233 |  |  | $ | 157,002 |  |  | $ | 527,418 |  |  | $ | 466,693 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 1,612,047 |  |  | $ | 1,613,553 |
Downtown Las Vegas |  |  | 291,815 |  |  |  | 265,876 |
Midwest & South |  |  | 3,759,733 |  |  |  | 3,745,476 |
Online |  |  | 223,566 |  |  |  | 226,800 |
Managed & Other |  |  | 154,187 |  |  |  | 207,962 |
Corporate |  |  | 270,263 |  |  |  | 251,460 |
Total Assets |  | $ | 6,311,611 |  |  | $ | 6,311,127 |

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