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Note 10 - Segment Information

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 10.    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, including the operating results of Resorts Digital upon acquisition on September 1, 2024, 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 September 30, 2024
						Food &												Management
		Gaming				Beverage				Room				Online				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	155,683			$	20,545			$	21,749			$	—			$	—			$	13,884			$	211,861
Downtown Las Vegas			33,586				10,622				6,309				—				—				2,783				53,300
Midwest & South			440,823				41,561				22,168				—				—				17,848				522,400
Online			—				—				—				141,312				—				—				141,312
Managed & Other			10,436				—				—				—				21,030				907				32,373
Total Revenues		$	640,528			$	72,728			$	50,226			$	141,312			$	21,030			$	35,422			$	961,246

		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

		Nine Months Ended September 30, 2024
						Food &												Management
		Gaming				Beverage				Room				Online				Fee				Other				Total
(In thousands)		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Revenues
Las Vegas Locals		$	480,054			$	66,340			$	72,202			$	—			$	—			$	43,941			$	662,537
Downtown Las Vegas			104,032				32,122				19,770				—				—				8,608				164,532
Midwest & South			1,309,360				123,899				59,796				—				—				51,861				1,544,916
Online			—				—				—				417,412				—				—				417,412
Managed & Other			32,040				—				—				—				64,527				3,315				99,882
Total Revenues		$	1,925,486			$	222,361			$	151,768			$	417,412			$	64,527			$	107,725			$	2,889,279

		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

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								Nine Months Ended
		September 30,								September 30,
(In thousands)		2024				2023				2024				2023
Adjusted EBITDAR
Las Vegas Locals		$	96,414			$	105,985			$	316,105			$	350,540
Downtown Las Vegas			16,511				15,857				56,344				57,876
Midwest & South			196,867				190,588				573,316				591,105
Online			26,005				11,005				63,538				45,028
Managed & Other			22,529				18,997				70,450				60,094
Corporate expense			(21,694	)			(21,611	)			(68,444	)			(65,314	)
Adjusted EBITDAR			336,632				320,821				1,011,309				1,039,329
Other operating costs and expenses
Deferred rent			162				177				486				531
Master lease rent expense			28,160				27,236				83,247				81,163
Depreciation and amortization			70,344				64,797				198,934				188,577
Share-based compensation expense			7,540				8,033				24,765				28,050
Project development, preopening and writedowns			11,347				2,405				21,954				(11,268	)
Impairment of assets			—				—				10,500				4,537
Other operating items, net			(906	)			301				4,947				959
Total other operating costs and expenses			116,647				102,949				344,833				292,549
Operating income			219,985				217,872				666,476				746,780
Other expense (income)
Interest income			(392	)			(1,585	)			(1,241	)			(22,445	)
Interest expense, net of amounts capitalized			46,208				42,352				131,466				128,933
Other, net			189				(30	)			289				596
Total other expense, net			46,005				40,737				130,514				107,084
Income before income taxes			173,980				177,135				535,962				639,696
Income tax provision			(42,852	)			(41,902	)			(128,516	)			(112,278	)
Net income		$	131,128			$	135,233			$	407,446			$	527,418

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:

		September 30,				December 31,
(In thousands)		2024				2023
Assets
Las Vegas Locals		$	1,618,234			$	1,634,732
Downtown Las Vegas			289,410				295,494
Midwest & South			3,814,474				3,805,301
Online			184,678				155,356
Managed & Other			115,803				124,161
Corporate			279,832				258,082
Total Assets		$	6,302,431			$	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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