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Note 9 - Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Notes Tables |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
|  | Three Months Ended June 30, 2024 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 162,915 |  |  | $ | 23,373 |  |  | $ | 24,697 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,069 |  |  | $ | 225,054 |
Downtown Las Vegas |  |  | 36,725 |  |  |  | 11,085 |  |  |  | 6,893 |  |  |  | — |  |  |  | — |  |  |  | 2,998 |  |  |  | 57,701 |
Midwest & South |  |  | 440,296 |  |  |  | 42,536 |  |  |  | 21,005 |  |  |  | — |  |  |  | — |  |  |  | 17,913 |  |  |  | 521,750 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 129,930 |  |  |  | — |  |  |  | — |  |  |  | 129,930 |
Managed & Other |  |  | 10,891 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,252 |  |  |  | 934 |  |  |  | 33,077 |
Total Revenues |  | $ | 650,827 |  |  | $ | 76,994 |  |  | $ | 52,595 |  |  | $ | 129,930 |  |  | $ | 21,252 |  |  | $ | 35,914 |  |  | $ | 967,512 |
|  | Three Months Ended June 30, 2023 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 171,986 |  |  | $ | 22,219 |  |  | $ | 23,295 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,440 |  |  | $ | 230,940 |
Downtown Las Vegas |  |  | 34,432 |  |  |  | 10,142 |  |  |  | 5,636 |  |  |  | — |  |  |  | — |  |  |  | 2,781 |  |  |  | 52,991 |
Midwest & South |  |  | 443,440 |  |  |  | 38,005 |  |  |  | 20,830 |  |  |  | — |  |  |  | — |  |  |  | 16,571 |  |  |  | 518,846 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85,002 |  |  |  | — |  |  |  | — |  |  |  | 85,002 |
Managed & Other |  |  | 10,871 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,446 |  |  |  | 854 |  |  |  | 29,171 |
Total Revenues |  | $ | 660,729 |  |  | $ | 70,366 |  |  | $ | 49,761 |  |  | $ | 85,002 |  |  | $ | 17,446 |  |  | $ | 33,646 |  |  | $ | 916,950 |
|  | Six Months Ended June 30, 2024 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 324,371 |  |  | $ | 45,795 |  |  | $ | 50,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,057 |  |  | $ | 450,676 |
Downtown Las Vegas |  |  | 70,446 |  |  |  | 21,500 |  |  |  | 13,461 |  |  |  | — |  |  |  | — |  |  |  | 5,825 |  |  |  | 111,232 |
Midwest & South |  |  | 868,537 |  |  |  | 82,338 |  |  |  | 37,628 |  |  |  | — |  |  |  | — |  |  |  | 34,013 |  |  |  | 1,022,516 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 276,100 |  |  |  | — |  |  |  | — |  |  |  | 276,100 |
Managed & Other |  |  | 21,604 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,497 |  |  |  | 2,408 |  |  |  | 67,509 |
Total Revenues |  | $ | 1,284,958 |  |  | $ | 149,633 |  |  | $ | 101,542 |  |  | $ | 276,100 |  |  | $ | 43,497 |  |  | $ | 72,303 |  |  | $ | 1,928,033 |
|  | Six Months Ended June 30, 2023 |
|  |  |  |  |  | Food & |  |  |  |  |  |  |  |  |  |  | Management |  |  |  |  |  |  |  |  |
|  | Gaming |  |  | Beverage |  |  | Room |  |  | Online |  |  | Fee |  |  | Other |  |  | Total |
(In thousands) |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 348,307 |  |  | $ | 44,982 |  |  | $ | 48,676 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,245 |  |  | $ | 471,210 |
Downtown Las Vegas |  |  | 70,849 |  |  |  | 20,639 |  |  |  | 12,485 |  |  |  | — |  |  |  | — |  |  |  | 5,575 |  |  |  | 109,548 |
Midwest & South |  |  | 883,525 |  |  |  | 76,329 |  |  |  | 38,665 |  |  |  | — |  |  |  | — |  |  |  | 32,500 |  |  |  | 1,031,019 |
Online |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 207,865 |  |  |  | — |  |  |  | — |  |  |  | 207,865 |
Managed & Other |  |  | 22,356 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,476 |  |  |  | 1,442 |  |  |  | 61,274 |
Total Revenues |  | $ | 1,325,037 |  |  | $ | 141,950 |  |  | $ | 99,826 |  |  | $ | 207,865 |  |  | $ | 37,476 |  |  | $ | 68,762 |  |  | $ | 1,880,916 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Adjusted EBITDAR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 109,253 |  |  | $ | 118,395 |  |  | $ | 219,691 |  |  | $ | 244,555 |
Downtown Las Vegas |  |  | 22,018 |  |  |  | 19,652 |  |  |  | 39,833 |  |  |  | 42,019 |
Midwest & South |  |  | 195,455 |  |  |  | 201,833 |  |  |  | 376,449 |  |  |  | 400,517 |
Online |  |  | 17,057 |  |  |  | 13,400 |  |  |  | 37,533 |  |  |  | 34,023 |
Managed & Other |  |  | 23,140 |  |  |  | 19,546 |  |  |  | 47,921 |  |  |  | 41,097 |
Corporate expense |  |  | (22,732 | ) |  |  | (21,464 | ) |  |  | (46,750 | ) |  |  | (43,703 | )
Adjusted EBITDAR |  |  | 344,191 |  |  |  | 351,362 |  |  |  | 674,677 |  |  |  | 718,508 |
Other operating costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred rent |  |  | 163 |  |  |  | 177 |  |  |  | 324 |  |  |  | 354 |
Master lease rent expense |  |  | 27,852 |  |  |  | 27,099 |  |  |  | 55,087 |  |  |  | 53,927 |
Depreciation and amortization |  |  | 65,677 |  |  |  | 62,220 |  |  |  | 128,590 |  |  |  | 123,780 |
Share-based compensation expense |  |  | 10,365 |  |  |  | 12,198 |  |  |  | 17,225 |  |  |  | 20,017 |
Project development, preopening and writedowns |  |  | 7,586 |  |  |  | 5,201 |  |  |  | 10,607 |  |  |  | (13,673 | )
Impairment of assets |  |  | — |  |  |  | — |  |  |  | 10,500 |  |  |  | 4,537 |
Other operating items, net |  |  | 5,442 |  |  |  | 438 |  |  |  | 5,853 |  |  |  | 658 |
Total other operating costs and expenses |  |  | 117,085 |  |  |  | 107,333 |  |  |  | 228,186 |  |  |  | 189,600 |
Operating income |  |  | 227,106 |  |  |  | 244,029 |  |  |  | 446,491 |  |  |  | 528,908 |
Other expense (income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (403 | ) |  |  | (2,715 | ) |  |  | (849 | ) |  |  | (20,860 | )
Interest expense, net of amounts capitalized |  |  | 42,949 |  |  |  | 42,715 |  |  |  | 85,258 |  |  |  | 86,581 |
Other, net |  |  | 50 |  |  |  | 522 |  |  |  | 100 |  |  |  | 626 |
Total other expense, net |  |  | 42,596 |  |  |  | 40,522 |  |  |  | 84,509 |  |  |  | 66,347 |
Income before income taxes |  |  | 184,510 |  |  |  | 203,507 |  |  |  | 361,982 |  |  |  | 462,561 |
Income tax provision |  |  | (44,665 | ) |  |  | (11,053 | ) |  |  | (85,664 | ) |  |  | (70,376 | )
Net income |  | $ | 139,845 |  |  | $ | 192,454 |  |  | $ | 276,318 |  |  | $ | 392,185 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 1,625,829 |  |  | $ | 1,634,732 |
Downtown Las Vegas |  |  | 289,557 |  |  |  | 295,494 |
Midwest & South |  |  | 3,829,675 |  |  |  | 3,805,301 |
Online |  |  | 135,816 |  |  |  | 155,356 |
Managed & Other |  |  | 118,122 |  |  |  | 124,161 |
Corporate |  |  | 262,421 |  |  |  | 258,082 |
Total Assets |  | $ | 6,261,420 |  |  | $ | 6,273,126 |

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