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Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

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.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

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