XML 40 R24.htm IDEA: XBRL DOCUMENT
v3.25.4

Segments | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | Segments The Company views each of its Las Vegas casino properties and each of its Native American management arrangements as an individual operating segment. The Company aggregates all of its Las Vegas properties into one reportable segment because all of the properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing techniques, are directed by a centralized management structure and have similar economic characteristics. The Company also aggregates its Native American management arrangements into one reportable segment. The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company utilizes adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as its primary performance measure. The CODM uses Adjusted EBITDA to evaluate segment performance and make decisions about allocating resources. The Company’s segment information and a reconciliation of Adjusted EBITDA to net income are presented below (amounts in thousands):
| Year ended December 31, 2025
| Las Vegas operations |  | Native American |  | Total
Net revenues |  |  |  |  |
Casino | $ | 1,340,529 |  |  | $ | — |  |  | $ | 1,340,529 |
Food and beverage | 362,424 |  |  | — |  |  | 362,424 |
Room | 190,128 |  |  | — |  |  | 190,128 |
Development fees | — |  |  | 17,632 |  |  | 17,632 |
Other (a) | 88,701 |  |  | — |  |  | 88,701 |
Segment net revenues | 1,981,782 |  |  | 17,632 |  |  | 1,999,414 |
Corporate and other revenues (b) |  |  |  |  | 12,069 |
Net revenues |  |  |  |  | $ | 2,011,483 |
Less: |  |  |  |  |
Payroll and related | 545,732 |  |  | — |  |  |
Cost of sales (c) | 94,528 |  |  | — |  |  |
Gaming taxes | 101,978 |  |  | — |  |  |
Other segment expenses (d) | 323,660 |  |  | — |  |  |
Segment Adjusted EBITDA | 915,884 |  |  | 17,632 |  |  | 933,516 |
Corporate and other Adjusted EBITDA (e) |  |  |  |  | (84,925) |
Adjusted EBITDA (f) |  |  |  |  | $ | 848,591 |
Adjustments and other reconciling items |  |  |  |  |
Depreciation and amortization |  |  |  |  | $ | 197,405 |
Share-based compensation |  |  |  |  | 32,134 |
Write-downs and other, net |  |  |  |  | 19,019 |
Interest expense, net |  |  |  |  | 201,876 |
Loss on extinguishment/modification of debt |  |  |  |  | 25 |
Change in fair value of derivative instruments |  |  |  |  | 4,288 |
Gain on Native American development |  |  |  |  | (8,476) |
Provision for income tax |  |  |  |  | 46,650 |
Net income |  |  |  |  | $ | 355,670 |
Total assets |  |  |  |  |
Las Vegas operations |  |  |  |  | $ | 3,481,076 |
Native American management |  |  |  |  | 19,632 |
Corporate and other |  |  |  |  | 666,365 |
|  |  |  |  | $ | 4,167,073 |
___________________________________ (a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. Tenant lease revenue is accounted for under the lease accounting guidance. See Note 16. (b)Includes corporate tenant lease revenue and other. (c)Primarily cost of goods sold for restaurants, bars and catering. (d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses. (e)Primarily corporate expense including payroll and related and other general and administrative expenses. (f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments, Gain on Native American development and provision for income tax.
| Year ended December 31, 2024
| Las Vegas operations |  | Native American |  | Total
Net revenues |  |  |  |  |
Casino | $ | 1,277,249 |  |  | $ | — |  |  | $ | 1,277,249 |
Food and beverage | 360,388 |  |  | — |  |  | 360,388 |
Room | 200,517 |  |  | — |  |  | 200,517 |
Other (a) | 87,974 |  |  | — |  |  | 87,974 |
Segment net revenues | 1,926,128 |  |  | — |  |  | 1,926,128 |
Corporate and other revenues (b) |  |  |  |  | 12,883 |
Net revenues |  |  |  |  | $ | 1,939,011 |
Less: |  |  |  |  |
Payroll and related | 531,878 |  |  | — |  |  |
Cost of sales (c) | 94,284 |  |  | — |  |  |
Gaming taxes | 98,271 |  |  | — |  |  |
Other segment expenses (d) | 322,335 |  |  | — |  |  |
Segment Adjusted EBITDA | 879,360 |  |  | — |  |  | 879,360 |
Corporate and other Adjusted EBITDA (e) |  |  |  |  | (83,460) |
Adjusted EBITDA (f) |  |  |  |  | $ | 795,900 |
Adjustments and other reconciling items |  |  |  |  |
Depreciation and amortization |  |  |  |  | $ | 187,112 |
Share-based compensation |  |  |  |  | 30,945 |
Write-downs and other, net |  |  |  |  | 6,705 |
Interest expense, net |  |  |  |  | 228,804 |
Loss on extinguishment/modification of debt |  |  |  |  | 14,402 |
Change in fair value of derivative instruments |  |  |  |  | (274) |
Provision for income tax |  |  |  |  | 36,914 |
Net income |  |  |  |  | $ | 291,292 |
Total assets |  |  |  |  |
Las Vegas operations |  |  |  |  | $ | 3,282,609 |
Native American management |  |  |  |  | 83,673 |
Corporate and other |  |  |  |  | 679,249 |
|  |  |  |  | $ | 4,045,531 |
___________________________________ (a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. Tenant lease revenue is accounted for under the lease accounting guidance. See Note 16. (b)Includes corporate tenant lease revenue and other. (c)Primarily cost of goods sold for restaurants, bars and catering. (d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses. (e)Primarily corporate expense including payroll and related and other general and administrative expenses. (f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments and provision for income tax.
| Year ended December 31, 2023
| Las Vegas operations |  | Native American |  | Total
Net revenues |  |  |  |  |
Casino | $ | 1,132,154 |  |  | $ | — |  |  | $ | 1,132,154 |
Food and beverage | 313,619 |  |  | — |  |  | 313,619 |
Room | 183,103 |  |  | — |  |  | 183,103 |
Other (a) | 81,075 |  |  | — |  |  | 81,075 |
Segment net revenues | 1,709,951 |  |  | — |  |  | 1,709,951 |
Corporate and other revenues (b) |  |  |  |  | 14,135 |
Net revenues |  |  |  |  | $ | 1,724,086 |
Less: |  |  |  |  |
Payroll and related | 442,844 |  |  | — |  |  |
Cost of sales (c) | 80,184 |  |  | — |  |  |
Gaming taxes | 86,034 |  |  | — |  |  |
Other segment expenses (d) | 282,069 |  |  | — |  |  |
Segment Adjusted EBITDA | 818,820 |  |  | — |  |  | 818,820 |
Corporate and other Adjusted EBITDA (e) |  |  |  |  | (72,852) |
Adjusted EBITDA (f) |  |  |  |  | $ | 745,968 |
Adjustments and other reconciling items |  |  |  |  |
Depreciation and amortization |  |  |  |  | $ | 132,536 |
Share-based compensation |  |  |  |  | 19,673 |
Write-downs and other, net |  |  |  |  | 31,976 |
Interest expense, net |  |  |  |  | 181,023 |
Provision for income tax |  |  |  |  | 42,984 |
Net income |  |  |  |  | $ | 337,776 |
___________________________________ (a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. Tenant lease revenue is accounted for under the lease accounting guidance. See Note 16. (b)Includes corporate tenant lease revenue and other. (c)Primarily cost of goods sold for restaurants, bars and catering. (d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses. (e)Primarily corporate expense including payroll and related and other general and administrative expenses. (f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, demolition costs, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net and provision for income tax. The Company’s capital expenditures, which were primarily related to Las Vegas operations, were $319.0 million, $283.9 million and $699.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration