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FINANCIAL REPORTING BY BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 516,211 | ​ | $ | 143,304 | ​ | $ | — | ​ | $ | 659,515
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 47,238 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 47,238
Food and beverage | ​ | ​ | 136,152 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 136,152
Other hotel expenses (1) | ​ | ​ | 130,588 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 130,588
Management fees | ​ | ​ | 17,916 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 17,916
Employment costs | ​ | ​ | ​ | ​ | ​ | 35,061 | ​ | ​ | ​ | ​ | ​ | 35,061
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 14,383 | ​ | ​ | ​ | ​ | ​ | 14,383
Contract services | ​ | ​ | ​ | ​ | ​ | 32,218 | ​ | ​ | ​ | ​ | ​ | 32,218
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 13,275 | ​ | ​ | ​ | ​ | ​ | 13,275
Preopening costs | ​ | ​ | ​ | ​ | ​ | 98 | ​ | ​ | ​ | ​ | ​ | 98
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 15,439 | ​ | ​ | 10,759 | ​ | ​ | 26,198
Depreciation and amortization | ​ | ​ | 57,397 | ​ | ​ | 9,335 | ​ | ​ | 231 | ​ | ​ | 66,963
Operating income (loss) | ​ | $ | 126,920 | ​ | $ | 23,495 | ​ | $ | (10,990) | ​ | $ | 139,425
Interest expense | ​ | ​ | (3) | ​ | ​ | (9,537) | ​ | ​ | (48,994) | ​ | ​ | (58,534)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,583
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,542)
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (13)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (196)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 83,723
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended June 30, 2024
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 519,087 | ​ | $ | 94,203 | ​ | $ | — | ​ | $ | 613,290
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 45,062 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 45,062
Food and beverage | ​ | ​ | 132,369 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 132,369
Other hotel expenses (1) | ​ | ​ | 117,769 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 117,769
Management fees | ​ | ​ | 21,449 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,449
Employment costs | ​ | ​ | ​ | ​ | ​ | 26,183 | ​ | ​ | ​ | ​ | ​ | 26,183
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 12,606 | ​ | ​ | ​ | ​ | ​ | 12,606
Contract services | ​ | ​ | ​ | ​ | ​ | 8,678 | ​ | ​ | ​ | ​ | ​ | 8,678
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 1,072 | ​ | ​ | ​ | ​ | ​ | 1,072
Preopening costs | ​ | ​ | ​ | ​ | ​ | 1,055 | ​ | ​ | ​ | ​ | ​ | 1,055
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 11,021 | ​ | ​ | 9,402 | ​ | ​ | 20,423
Depreciation and amortization | ​ | ​ | 50,553 | ​ | ​ | 7,766 | ​ | ​ | 234 | ​ | ​ | 58,553
Operating income (loss) | ​ | $ | 151,885 | ​ | $ | 25,822 | ​ | $ | (9,636) | ​ | $ | 168,071
Interest expense | ​ | ​ | 1 | ​ | ​ | (10,620) | ​ | ​ | (45,958) | ​ | ​ | (56,577)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,064
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,797)
Income from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 183
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 116,940
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended June 30, 2025
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,013,941 | ​ | $ | 232,854 | ​ | $ | — | ​ | $ | 1,246,795
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 93,527 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 93,527
Food and beverage | ​ | ​ | 274,291 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 274,291
Other hotel expenses (1) | ​ | ​ | 254,512 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 254,512
Management fees | ​ | ​ | 36,379 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 36,379
Employment costs | ​ | ​ | ​ | ​ | ​ | 62,371 | ​ | ​ | ​ | ​ | ​ | 62,371
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 29,918 | ​ | ​ | ​ | ​ | ​ | 29,918
Contract services | ​ | ​ | ​ | ​ | ​ | 42,229 | ​ | ​ | ​ | ​ | ​ | 42,229
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 18,127 | ​ | ​ | ​ | ​ | ​ | 18,127
Preopening costs | ​ | ​ | ​ | ​ | ​ | 185 | ​ | ​ | ​ | ​ | ​ | 185
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 27,501 | ​ | ​ | 21,529 | ​ | ​ | 49,030
Depreciation and amortization | ​ | ​ | 111,503 | ​ | ​ | 18,712 | ​ | ​ | 465 | ​ | ​ | 130,680
Operating income (loss) | ​ | $ | 243,729 | ​ | $ | 33,811 | ​ | $ | (21,994) | ​ | $ | 255,546
Interest expense | ​ | ​ | (28) | ​ | ​ | (18,407) | ​ | ​ | (94,382) | ​ | ​ | (112,817)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 11,042
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,542)
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (29)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (304)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 150,896
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended June 30, 2024
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 980,557 | ​ | $ | 161,078 | ​ | $ | — | ​ | $ | 1,141,635
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 89,163 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 89,163
Food and beverage | ​ | ​ | 260,548 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 260,548
Other hotel expenses (1) | ​ | ​ | 236,582 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 236,582
Management fees | ​ | ​ | 39,411 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 39,411
Employment costs | ​ | ​ | ​ | ​ | ​ | 49,372 | ​ | ​ | ​ | ​ | ​ | 49,372
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 21,931 | ​ | ​ | ​ | ​ | ​ | 21,931
Contract services | ​ | ​ | ​ | ​ | ​ | 16,242 | ​ | ​ | ​ | ​ | ​ | 16,242
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 4,725 | ​ | ​ | ​ | ​ | ​ | 4,725
Preopening costs | ​ | ​ | ​ | ​ | ​ | 2,491 | ​ | ​ | ​ | ​ | ​ | 2,491
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 19,877 | ​ | ​ | 21,356 | ​ | ​ | 41,233
Gain on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (270) | ​ | ​ | (270)
Depreciation and amortization | ​ | ​ | 100,783 | ​ | ​ | 14,506 | ​ | ​ | 466 | ​ | ​ | 115,755
Operating income (loss) | ​ | $ | 254,070 | ​ | $ | 31,934 | ​ | $ | (21,552) | ​ | $ | 264,452
Interest expense | ​ | ​ | (14,614) | ​ | ​ | (20,821) | ​ | ​ | (81,585) | ​ | ​ | (117,020)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 14,586
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,319)
Income from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 215
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 317
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 160,231
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2025 | ​ | 2024
Total assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 4,877,526 | ​ | $ | 4,081,754
Entertainment | ​ |  | 738,501 | ​ |  | 653,969
Corporate and Other | ​ |  | 494,593 | ​ |  | 481,850
Total assets | ​ | $ | 6,110,620 | ​ | $ | 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |
Hospitality | ​ | $ | 165,056 | ​ | $ | 134,694 | ​
Entertainment | ​ |  | 17,028 | ​ |  | 50,180 | ​
Corporate and Other | ​ |  | 154 | ​ |  | 62 | ​
Total capital expenditures | ​ | $ | 182,238 | ​ | $ | 184,936 | ​
​

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