XML 47 R37.htm IDEA: XBRL DOCUMENT

FINANCIAL REPORTING BY BUSINESS SEGMENTS (Tables)

9 Months Ended

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