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Financial Reporting By Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2022
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.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Revenues: |  | ​ |  |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 1,537,974 | ​ | $ | 786,583 | ​ | $ | 466,045
Entertainment | ​ |  | 267,995 | ​ |  | 152,790 | ​ |  | 58,430
Corporate and Other | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 1,805,969 | ​ | $ | 939,373 | ​ | $ | 524,475
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | 189,375 | ​ | $ | 203,675 | ​ | $ | 198,073
Entertainment | ​ |  | 18,420 | ​ |  | 14,655 | ​ |  | 14,371
Corporate and Other | ​ |  | 821 | ​ |  | 2,027 | ​ |  | 2,638
Total | ​ | $ | 208,616 | ​ | $ | 220,357 | ​ | $ | 215,082
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss): | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | 310,924 | ​ | $ | (38,013) | ​ | $ | (204,868)
Entertainment | ​ |  | 61,030 | ​ |  | 20,382 | ​ |  | (34,242)
Corporate and Other | ​ |  | (43,803) | ​ |  | (40,624) | ​ |  | (31,433)
Preopening costs | ​ |  | (532) | ​ |  | (737) | ​ |  | (1,665)
Gain (loss) on sale of assets | ​ | ​ | (469) | ​ | ​ | 317 | ​ | ​ | 1,161
Credit loss on held-to-maturity securities (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (32,784)
Total operating income (loss) | ​ |  | 327,150 | ​ |  | (58,675) | ​ |  | (303,831)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ |  | (148,406) | ​ |  | (125,347) | ​ |  | (115,783)
Interest income | ​ |  | 5,750 | ​ |  | 5,685 | ​ |  | 7,304
Loss on extinguishment of debt | ​ | ​ | (1,547) | ​ | ​ | (2,949) | ​ | ​ | —
Loss from unconsolidated joint ventures (2) | ​ |  | (10,967) | ​ |  | (8,963) | ​ |  | (6,451)
Other gains and (losses), net | ​ |  | 1,743 | ​ |  | 405 | ​ |  | (14,976)
Income (loss) before income taxes | ​ | $ | 173,723 | ​ | $ | (189,844) | ​ | $ | (433,737)
(1) Credit loss on held-to-maturity securities for 2020 relates to the Hospitality segment.
| (2) | Loss from unconsolidated joint ventures relates to the Entertainment segment.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2022 | ​ | 2021
Identifiable assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 3,314,444 | ​ | $ | 3,266,679
Entertainment | ​ |  | 502,913 | ​ |  | 214,270
Corporate and Other | ​ |  | 223,266 | ​ |  | 99,576
Total identifiable assets | ​ | $ | 4,040,623 | ​ | $ | 3,580,525
​
Capital Expenditures for Continuing Operations | The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Hospitality | ​ | $ | 70,406 | ​ | $ | 73,199 | ​ | $ | 146,654
Entertainment | ​ |  | 18,767 | ​ |  | 3,560 | ​ |  | 13,697
Corporate and other | ​ |  | 347 | ​ |  | 667 | ​ |  | 5,112
Total capital expenditures | ​ | $ | 89,520 | ​ | $ | 77,426 | ​ | $ | 165,463

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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