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Note 9 - Segment Information

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 9.    SEGMENT INFORMATION

The Company has the following four reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively "Reportable Segments"). The Las Vegas Locals, Downtown Las Vegas and Midwest & South segments include the operating results of our gaming entertainment properties. The table below lists the Reportable Segment classification of each of our gaming entertainment properties, which are each also operating segments, that were aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Online segment includes the operating results of Boyd Interactive and our online gaming operations through collaborative arrangements with third parties throughout the United States, both of which are also operating segments. To reconcile Reportable Segments information to the condensed consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category. The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator. 

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⁾ Due to the current levels of demand in the market, Eastside Cannery has remained closed since March 18, 2020, when it closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus.

⁽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 profitability based on Adjusted EBITDAR, which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedown 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 Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and Adjusted EBITDAR related to the online operations in our Online segment. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency and captive insurance company as our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii. 

EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.

The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments and our Managed & Other category to reconcile to total revenues:

		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

The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income, as reported in our accompanying condensed consolidated statements of operations:

		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

For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations.

Total Reportable Segment Assets

The Company's assets by Reportable Segment and Managed & Other category consisted of the following amounts:

		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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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.

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