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Financial Reporting By Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
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 by the CODM and for corporate management purposes. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2024
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,997,050 | ​ | $ | 342,176 | ​ | $ | — | ​ | $ | 2,339,226
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 179,358 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 179,358
Food and beverage | ​ | ​ | 516,309 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 516,309
Other hotel expenses | ​ | ​ | 555,554 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 555,554
Management fees | ​ | ​ | 73,531 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 73,531
Employment costs | ​ | ​ | ​ | ​ | ​ | 102,653 | ​ | ​ | ​ | ​ | ​ | 102,653
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 46,112 | ​ | ​ | ​ | ​ | ​ | 46,112
Contract services | ​ | ​ | ​ | ​ | ​ | 39,736 | ​ | ​ | ​ | ​ | ​ | 39,736
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 11,973 | ​ | ​ | ​ | ​ | ​ | 11,973
Preopening costs | ​ | ​ | ​ | ​ | ​ | 4,618 | ​ | ​ | ​ | ​ | ​ | 4,618
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 41,373 | ​ | ​ | 41,819 | ​ | ​ | 83,192
Gain on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (270) | ​ | ​ | (270)
Depreciation and amortization | ​ | ​ | 205,189 | ​ | ​ | 29,519 | ​ | ​ | 918 | ​ | ​ | 235,626
Operating income (loss) | ​ | $ | 467,109 | ​ | $ | 66,192 | ​ | $ | (42,467) | ​ | $ | 490,834
Interest expense | ​ | ​ | (14,611) | ​ | ​ | (38,283) | ​ | ​ | (172,501) | ​ | ​ | (225,395)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 27,977
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,479)
Income from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 275
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,814
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 294,026
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2023
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,833,478 | ​ | $ | 324,658 | ​ | $ | — | ​ | $ | 2,158,136
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 173,749 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 173,749
Food and beverage | ​ | ​ | 465,963 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 465,963
Other hotel expenses | ​ | ​ | 519,328 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 519,328
Management fees | ​ | ​ | 66,425 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 66,425
Employment costs | ​ | ​ | ​ | ​ | ​ | 91,317 | ​ | ​ | ​ | ​ | ​ | 91,317
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 43,544 | ​ | ​ | ​ | ​ | ​ | 43,544
Contract services | ​ | ​ | ​ | ​ | ​ | 32,925 | ​ | ​ | ​ | ​ | ​ | 32,925
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 17,645 | ​ | ​ | ​ | ​ | ​ | 17,645
Preopening costs | ​ | ​ | ​ | ​ | ​ | 1,308 | ​ | ​ | ​ | ​ | ​ | 1,308
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 38,232 | ​ | ​ | 42,789 | ​ | ​ | 81,021
Depreciation and amortization | ​ | ​ | 186,749 | ​ | ​ | 23,611 | ​ | ​ | 867 | ​ | ​ | 211,227
Operating income (loss) | ​ | $ | 421,264 | ​ | $ | 76,076 | ​ | $ | (43,656) | ​ | $ | 453,684
Interest expense | ​ | ​ | (55,865) | ​ | ​ | (40,988) | ​ | ​ | (114,517) | ​ | ​ | (211,370)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,423
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,252)
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (17,308)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,921
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 248,098
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2022
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,537,974 | ​ | $ | 267,995 | ​ | $ | — | ​ | $ | 1,805,969
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 155,817 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 155,817
Food and beverage | ​ | ​ | 381,142 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 381,142
Other hotel expenses | ​ | ​ | 457,291 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 457,291
Management fees | ​ | ​ | 43,425 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 43,425
Employment costs | ​ | ​ | ​ | ​ | ​ | 75,916 | ​ | ​ | ​ | ​ | ​ | 75,916
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 39,653 | ​ | ​ | ​ | ​ | ​ | 39,653
Contract services | ​ | ​ | ​ | ​ | ​ | 27,523 | ​ | ​ | ​ | ​ | ​ | 27,523
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 13,901 | ​ | ​ | ​ | ​ | ​ | 13,901
Preopening costs | ​ | ​ | ​ | ​ | ​ | 532 | ​ | ​ | ​ | ​ | ​ | 532
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 31,552 | ​ | ​ | 42,982 | ​ | ​ | 74,534
Loss on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 469 | ​ | ​ | 469
Depreciation and amortization | ​ | ​ | 189,375 | ​ | ​ | 18,420 | ​ | ​ | 821 | ​ | ​ | 208,616
Operating income (loss) | ​ | $ | 310,924 | ​ | $ | 60,498 | ​ | $ | (44,272) | ​ | $ | 327,150
Interest expense | ​ | ​ | (41,863) | ​ | ​ | (19,993) | ​ | ​ | (86,550) | ​ | ​ | (148,406)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,750
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,547)
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (10,967)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,743
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 173,723
| (1) | Other segment expense include: Entertainment segment – advertising, utilities, maintenance and certain overhead expenses Corporate and Other – information technology, human resources, accounting, equity-based compensation and other administrative expenses
| (2) | Income (loss) from unconsolidated joint ventures relates to the Entertainment segment.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
Total assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 4,081,754 | ​ | $ | 4,039,804
Entertainment | ​ |  | 653,969 | ​ |  | 610,663
Corporate and Other | ​ |  | 481,850 | ​ |  | 538,070
Total assets | ​ | $ | 5,217,573 | ​ | $ | 5,188,537
Capital Expenditures for Continuing Operations | The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Hospitality | ​ | $ | 300,867 | ​ | $ | 145,805 | ​ | $ | 70,406
Entertainment | ​ |  | 106,828 | ​ |  | 60,428 | ​ |  | 18,767
Corporate and Other | ​ |  | 210 | ​ |  | 543 | ​ |  | 347
Total capital expenditures | ​ | $ | 407,905 | ​ | $ | 206,776 | ​ | $ | 89,520
​

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