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FINANCIAL REPORTING BY BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 500,869 | ​ | $ | 91,589 | ​ | $ | — | ​ | $ | 592,458
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 48,668 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 48,668
Food and beverage | ​ | ​ | 139,961 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 139,961
Other hotel expenses (1) | ​ | ​ | 144,882 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 144,882
Management fees | ​ | ​ | 16,551 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 16,551
Employment costs | ​ | ​ | ​ | ​ | ​ | 28,736 | ​ | ​ | ​ | ​ | ​ | 28,736
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 13,492 | ​ | ​ | ​ | ​ | ​ | 13,492
Contract services | ​ | ​ | ​ | ​ | ​ | 9,713 | ​ | ​ | ​ | ​ | ​ | 9,713
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 3,806 | ​ | ​ | ​ | ​ | ​ | 3,806
Preopening costs | ​ | ​ | ​ | ​ | ​ | 1,289 | ​ | ​ | ​ | ​ | ​ | 1,289
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 12,188 | ​ | ​ | 10,062 | ​ | ​ | 22,250
Loss on sale of assets | ​ | ​ | ​ | ​ | ​ | 1,296 | ​ | ​ | ​ | ​ | ​ | 1,296
Depreciation and amortization | ​ | ​ | 63,729 | ​ | ​ | 9,242 | ​ | ​ | 231 | ​ | ​ | 73,202
Operating income (loss) | ​ | $ | 87,078 | ​ | $ | 11,827 | ​ | $ | (10,293) | ​ | $ | 88,612
Interest expense | ​ | ​ | (11) | ​ | ​ | (9,572) | ​ | ​ | (55,290) | ​ | ​ | (64,873)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,836
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (380)
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (37)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,168
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 30,326
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended September 30, 2024
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 467,043 | ​ | $ | 82,915 | ​ | $ | — | ​ | $ | 549,958
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 45,129 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 45,129
Food and beverage | ​ | ​ | 127,040 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 127,040
Other hotel expenses (1) | ​ | ​ | 123,716 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 123,716
Management fees | ​ | ​ | 16,889 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 16,889
Employment costs | ​ | ​ | ​ | ​ | ​ | 25,685 | ​ | ​ | ​ | ​ | ​ | 25,685
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 11,977 | ​ | ​ | ​ | ​ | ​ | 11,977
Contract services | ​ | ​ | ​ | ​ | ​ | 8,935 | ​ | ​ | ​ | ​ | ​ | 8,935
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 4,659 | ​ | ​ | ​ | ​ | ​ | 4,659
Preopening costs | ​ | ​ | ​ | ​ | ​ | 870 | ​ | ​ | ​ | ​ | ​ | 870
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 10,403 | ​ | ​ | 9,724 | ​ | ​ | 20,127
Depreciation and amortization | ​ | ​ | 51,488 | ​ | ​ | 7,336 | ​ | ​ | 227 | ​ | ​ | 59,051
Operating income (loss) | ​ | $ | 102,781 | ​ | $ | 13,050 | ​ | $ | (9,951) | ​ | $ | 105,880
Interest expense | ​ | ​ | 2 | ​ | ​ | (8,984) | ​ | ​ | (45,564) | ​ | ​ | (54,546)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,219
Income from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,758
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 61,320
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Nine Months Ended September 30, 2025
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,514,810 | ​ | $ | 324,443 | ​ | $ | — | ​ | $ | 1,839,253
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 142,195 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 142,195
Food and beverage | ​ | ​ | 414,252 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 414,252
Other hotel expenses (1) | ​ | ​ | 399,394 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 399,394
Management fees | ​ | ​ | 52,930 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 52,930
Employment costs | ​ | ​ | ​ | ​ | ​ | 91,107 | ​ | ​ | ​ | ​ | ​ | 91,107
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 43,410 | ​ | ​ | ​ | ​ | ​ | 43,410
Contract services | ​ | ​ | ​ | ​ | ​ | 51,942 | ​ | ​ | ​ | ​ | ​ | 51,942
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 21,933 | ​ | ​ | ​ | ​ | ​ | 21,933
Preopening costs | ​ | ​ | ​ | ​ | ​ | 1,474 | ​ | ​ | ​ | ​ | ​ | 1,474
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 39,689 | ​ | ​ | 31,591 | ​ | ​ | 71,280
Loss on sale of assets | ​ | ​ | ​ | ​ | ​ | 1,296 | ​ | ​ | ​ | ​ | ​ | 1,296
Depreciation and amortization | ​ | ​ | 175,232 | ​ | ​ | 27,954 | ​ | ​ | 696 | ​ | ​ | 203,882
Operating income (loss) | ​ | $ | 330,807 | ​ | $ | 45,638 | ​ | $ | (32,287) | ​ | $ | 344,158
Interest expense | ​ | ​ | (39) | ​ | ​ | (27,979) | ​ | ​ | (149,672) | ​ | ​ | (177,690)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 15,878
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,922)
Loss from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (66)
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,864
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 181,222
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Nine Months Ended September 30, 2024
​ | ​ | Hospitality | ​ | Entertainment | ​ | Corporate and Other | ​ | Total
Revenues | ​ | $ | 1,447,600 | ​ | $ | 243,993 | ​ | $ | — | ​ | $ | 1,691,593
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rooms | ​ | ​ | 134,292 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 134,292
Food and beverage | ​ | ​ | 387,588 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 387,588
Other hotel expenses (1) | ​ | ​ | 360,298 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 360,298
Management fees | ​ | ​ | 56,300 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 56,300
Employment costs | ​ | ​ | ​ | ​ | ​ | 75,057 | ​ | ​ | ​ | ​ | ​ | 75,057
Cost of goods sold | ​ | ​ | ​ | ​ | ​ | 33,908 | ​ | ​ | ​ | ​ | ​ | 33,908
Contract services | ​ | ​ | ​ | ​ | ​ | 25,177 | ​ | ​ | ​ | ​ | ​ | 25,177
Non-income taxes and insurance | ​ | ​ | ​ | ​ | ​ | 9,384 | ​ | ​ | ​ | ​ | ​ | 9,384
Preopening costs | ​ | ​ | ​ | ​ | ​ | 3,361 | ​ | ​ | ​ | ​ | ​ | 3,361
Other segment expenses (1) | ​ | ​ | ​ | ​ | ​ | 30,280 | ​ | ​ | 31,080 | ​ | ​ | 61,360
Gain on sale of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (270) | ​ | ​ | (270)
Depreciation and amortization | ​ | ​ | 152,271 | ​ | ​ | 21,842 | ​ | ​ | 693 | ​ | ​ | 174,806
Operating income (loss) | ​ | $ | 356,851 | ​ | $ | 44,984 | ​ | $ | (31,503) | ​ | $ | 370,332
Interest expense | ​ | ​ | (14,612) | ​ | ​ | (29,805) | ​ | ​ | (127,149) | ​ | ​ | (171,566)
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,805
Loss on extinguishment of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,319)
Income from unconsolidated joint ventures (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 224
Other gains and (losses), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,075
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 221,551
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ | ​ | 2025 | ​ | 2024
Total assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 4,962,260 | ​ | $ | 4,081,754
Entertainment | ​ |  | 751,779 | ​ |  | 653,969
Corporate and Other | ​ |  | 482,606 | ​ |  | 481,850
Total assets | ​ | $ | 6,196,645 | ​ | $ | 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​
​ |  | 2025 |  | 2024 |
Hospitality | ​ | $ | 229,726 | ​ | $ | 230,187 | ​
Entertainment | ​ |  | 22,154 | ​ |  | 87,086 | ​
Corporate and Other | ​ |  | 223 | ​ |  | 50 | ​
Total capital expenditures | ​ | $ | 252,103 | ​ | $ | 317,323 | ​
​

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