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FINANCIAL REPORTING BY BUSINESS SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
FINANCIAL REPORTING BY BUSINESS SEGMENTS |
Segments' Internal Financial Reports | The following information is derived directly from the segments’ internal financial reports used by the CODM for corporate management purposes (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended March 31, 2025
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 497,730 | ​ | $ | 89,550 | ​ | $ | — | ​ | $ | 587,280
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 46,289 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 46,289
Food and beverage | ​ | ​ | 138,139 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 138,139
Other hotel expenses (1) | ​ | ​ | 123,924 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 123,924
Management fees | ​ | ​ | 18,463 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18,463
Employment costs | ​ | ​ | ​ | ​ | ​ | 27,310 | ​ | ​ | ​ | ​ | ​ | 27,310
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 15,535 | ​ | ​ | ​ | ​ | ​ | 15,535
Contract services | ​ | ​ | ​ | ​ | ​ | 10,011 | ​ | ​ | ​ | ​ | ​ | 10,011
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 4,852 | ​ | ​ | ​ | ​ | ​ | 4,852
Preopening costs | ​ | ​ | ​ | ​ | ​ | 87 | ​ | ​ | ​ | ​ | ​ | 87
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 12,062 | ​ | ​ | 10,770 | ​ | ​ | 22,832
Depreciation and amortization | ​ | ​ | 54,106 | ​ | ​ | 9,377 | ​ | ​ | 234 | ​ | ​ | 63,717
Operating income (loss) | ​ | $ | 116,809 | ​ | $ | 10,316 | ​ | $ | (11,004) | ​ | $ | 116,121
Interest expense | ​ | ​ | (25) | ​ | ​ | (8,870) | ​ | ​ | (45,388) | ​ | ​ | (54,283)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,459
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (108)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 67,173
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended March 31, 2024
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 461,470 | ​ | $ | 66,875 | ​ | $ | — | ​ | $ | 528,345
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 44,101 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 44,101
Food and beverage | ​ | ​ | 128,179 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 128,179
Other hotel expenses (1) | ​ | ​ | 118,813 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 118,813
Management fees | ​ | ​ | 17,962 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 17,962
Employment costs | ​ | ​ | ​ | ​ | ​ | 23,189 | ​ | ​ | ​ | ​ | ​ | 23,189
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 9,325 | ​ | ​ | ​ | ​ | ​ | 9,325
Contract services | ​ | ​ | ​ | ​ | ​ | 7,564 | ​ | ​ | ​ | ​ | ​ | 7,564
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 3,653 | ​ | ​ | ​ | ​ | ​ | 3,653
Preopening costs | ​ | ​ | ​ | ​ | ​ | 1,436 | ​ | ​ | ​ | ​ | ​ | 1,436
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 8,856 | ​ | ​ | 11,954 | ​ | ​ | 20,810
Gain on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (270) | ​ | ​ | (270)
Depreciation and amortization | ​ | ​ | 50,230 | ​ | ​ | 6,740 | ​ | ​ | 232 | ​ | ​ | 57,202
Operating income (loss) | ​ | $ | 102,185 | ​ | $ | 6,112 | ​ | $ | (11,916) | ​ | $ | 96,381
Interest expense | ​ | ​ | (14,901) | ​ | ​ | (10,201) | ​ | ​ | (35,341) | ​ | ​ | (60,443)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,522
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (522)
Income from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 32
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 321
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 43,291
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2025 | ​ | 2024
Total assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 4,004,737 | ​ | $ | 4,081,754
Entertainment | ​ |  | 772,848 | ​ |  | 653,969
Corporate and Other | ​ |  | 461,522 | ​ |  | 481,850
Total assets | ​ | $ | 5,239,107 | ​ | $ | 5,217,573
| (1) | Other segment expenses include: Hospitality segment – administrative employment costs, utilities, property taxes, supplies, advertising, maintenance and consulting expenses 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.
Capital Expenditures for Continuing Operations | The following table represents capital expenditures by segment for the periods presented (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ |  | 2025 |  | 2024 |
Hospitality | ​ | $ | 101,810 | ​ | $ | 56,843 | ​
Entertainment | ​ |  | 10,886 | ​ |  | 22,542 | ​
Corporate and Other | ​ |  | 31 | ​ |  | 45 | ​
Total capital expenditures | ​ | $ | 112,727 | ​ | $ | 79,430 | ​
​

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