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Financial Reporting By Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2020
Financial Reporting By Business Segments |
Segments' Internal Financial Reports | The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used for corporate management purposes.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Revenues: |  | ​ |  |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 466,045 | ​ | $ | 1,421,446 | ​ | $ | 1,127,903
Entertainment | ​ |  | 58,430 | ​ |  | 183,120 | ​ |  | 147,215
Corporate and Other | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 524,475 | ​ | $ | 1,604,566 | ​ | $ | 1,275,118
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | 198,073 | ​ | $ | 201,068 | ​ | $ | 108,779
Entertainment | ​ |  | 14,371 | ​ |  | 11,150 | ​ |  | 10,280
Corporate and Other | ​ |  | 2,638 | ​ |  | 1,629 | ​ |  | 1,817
Total | ​ | $ | 215,082 | ​ | $ | 213,847 | ​ | $ | 120,876
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss): | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | (204,868) | ​ | $ | 263,203 | ​ | $ | 247,885
Entertainment | ​ |  | (34,242) | ​ |  | 45,361 | ​ |  | 27,686
Corporate and Other | ​ |  | (31,433) | ​ |  | (37,911) | ​ |  | (32,650)
Preopening costs (1) | ​ |  | (1,665) | ​ |  | (3,122) | ​ |  | (4,869)
Gain on sale of assets (2) | ​ | ​ | 1,161 | ​ | ​ | — | ​ | ​ | —
Credit loss on held-to-maturity securities (3) | ​ | ​ | (32,784) | ​ | ​ | — | ​ | ​ | —
Impairment charges (4) | ​ |  | — | ​ |  | — | ​ |  | (23,783)
Total operating income (loss) | ​ |  | (303,831) | ​ |  | 267,531 | ​ |  | 214,269
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ |  | (115,783) | ​ |  | (131,620) | ​ |  | (74,961)
Interest income | ​ |  | 7,304 | ​ |  | 11,769 | ​ |  | 10,469
Loss from extinguishment of debt | ​ | ​ | — | ​ | ​ | (494) | ​ | ​ | —
Income (loss) from unconsolidated joint ventures (5) | ​ |  | (6,451) | ​ |  | (1,110) | ​ |  | 125,005
Other gains and (losses), net | ​ |  | (14,976) | ​ |  | 693 | ​ |  | 1,633
Income (loss) before income taxes | ​ | $ | (433,737) | ​ | $ | 146,769 | ​ | $ | 276,415
| (1) | Preopening costs for 2020 include $0.3 million and $1.4 million for the Hospitality and Entertainment segments, respectively. Preopening costs for 2019 include $1.3 million and $1.9 million for the Hospitality and Entertainment segments, respectively. Preopening costs for 2018 include $2.9 million and $1.9 million for the Hospitality and Entertainment segments, respectively.
| (2) | Gain on sale of assets for 2020 relates to the Hospitality segment.
| (3) | Credit loss on held-to-maturity securities for 2020 relates to the Hospitality segment.
| (4) | Impairment charges for 2018 relate to the Entertainment segment.
| (5) | Loss from unconsolidated joint ventures for 2020 and 2019 relates to the Entertainment segment. Income from unconsolidated joint ventures for 2018 includes $124.4 million (which includes the gain discussed in Note 4) and $0.6 million for the Hospitality and Entertainment segments, respectively.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2020 | ​ | 2019
Identifiable assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 3,279,238 | ​ | $ | 3,494,084
Entertainment | ​ |  | 185,178 | ​ |  | 181,036
Corporate and Other | ​ |  | 92,079 | ​ |  | 413,348
Total identifiable assets | ​ | $ | 3,556,495 | ​ | $ | 4,088,468
​
Capital Expenditures for Continuing Operations | The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Hospitality | ​ | $ | 146,654 | ​ | $ | 120,899 | ​ | $ | 142,738
Entertainment | ​ |  | 13,697 | ​ |  | 25,000 | ​ |  | 44,863
Corporate and other | ​ |  | 5,112 | ​ |  | 6,642 | ​ |  | 616
Total capital expenditures | ​ | $ | 165,463 | ​ | $ | 152,541 | ​ | $ | 188,217

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- Definition Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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