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Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2015
Segment Information |
Segment Information | 10. Segment Information The following tables present certain information with respect to the Company’s segments. Intersegment revenues between the Company’s segments were not material in any of the periods presented below. The income (loss) from operations by segment presented below does not include allocations for corporate overhead costs or expenses associated with utilizing property subject to the Master Lease.
Three months ended September 30, 2015 |  | East/Midwest |  | West |  | Southern Plains |  | Other (1) |  | Total |
Income (loss) from operations |  | $ | 117,254 |  | $ | 11,021 |  | $ | 53,701 |  | $ | (39,804 | ) | $ | 142,172 |
Charge for stock compensation |  | — |  | — |  | — |  | 2,025 |  | 2,025 |
Depreciation and amortization |  | 26,303 |  | 4,115 |  | 10,886 |  | 24,837 |  | 66,141 |
Plainridge contingent purchase price |  | (6,651 | ) | — |  | — |  | — |  | (6,651 | )
(Gain) loss on disposal of assets |  | 33 |  | 185 |  | 35 |  | 24 |  | 277 |
Income from unconsolidated affiliates |  | — |  | — |  | 3,832 |  | (73 | ) | 3,759 |
Non-operating items for Kansas JV |  | — |  | — |  | 2,539 |  | — |  | 2,539 |
Adjusted EBITDA |  | $ | 136,939 |  | $ | 15,321 |  | $ | 70,993 |  | $ | (12,991 | ) | $ | 210,262 |
Three months ended September 30, 2014 |  | East/Midwest |  | West |  | Southern Plains |  | Other (1) |  | Total |
|  | (Restated) |  | (Restated) |  | (Restated) |  | (Restated) |  | (Restated) |
Income (loss) from operations |  | $ | 86,941 |  | $ | 12,000 |  | $ | 53,789 |  | $ | (46,877 | ) | $ | 105,853 |
Charge for stock compensation |  | — |  | — |  | — |  | 2,915 |  | 2,915 |
Insurance recoveries |  | — |  | — |  | (5,674 | ) | — |  | (5,674 | )
Depreciation and amortization |  | 23,394 |  | 1,913 |  | 12,265 |  | 24,449 |  | 62,021 |
Loss (gain) on disposal of assets |  | 12 |  | 47 |  | 89 |  | (3 | ) | 145 |
Income (loss) from unconsolidated affiliates |  | — |  | — |  | 2,546 |  | (255 | ) | 2,291 |
Non-operating items for Kansas JV |  | — |  | — |  | 2,944 |  | — |  | 2,944 |
Adjusted EBITDA |  | $ | 110,347 |  | $ | 13,960 |  | $ | 65,959 |  | $ | (19,771 | ) | $ | 170,495 |
Nine months ended September 30, 2015 |  | East/Midwest |  | West |  | Southern Plains |  | Other (1) |  | Total |
Income (loss) from operations |  | $ | 309,131 |  | $ | 42,275 |  | $ | 166,129 |  | $ | (140,313 | ) | $ | 377,222 |
Charge for stock compensation |  | — |  | — |  | — |  | 6,446 |  | 6,446 |
Depreciation and amortization |  | 76,214 |  | 8,374 |  | 32,366 |  | 74,831 |  | 191,785 |
Plainridge contingent purchase price |  | (5,944 | ) | — |  | — |  | — |  | (5,944 | )
(Gain) loss on disposal of assets |  | (11 | ) | 509 |  | 155 |  | 148 |  | 801 |
Income from unconsolidated affiliates |  | — |  | — |  | 12,020 |  | (125 | ) | 11,895 |
Non-operating items for Kansas JV |  | — |  | — |  | 7,818 |  | — |  | 7,818 |
Adjusted EBITDA |  | $ | 379,390 |  | $ | 51,158 |  | $ | 218,488 |  | $ | (59,013 | ) | $ | 590,023 |
Nine months ended September 30, 2014 |  | East/Midwest |  | West |  | Southern Plains |  | Other (1) |  | Total |
|  | (Restated) |  | (Restated) |  | (Restated) |  | (Restated) |  | (Restated) |
Income (loss) from operations |  | $ | 246,532 |  | $ | 44,250 |  | $ | 154,964 |  | $ | (131,912 | ) | $ | 313,834 |
Charge for stock compensation |  | — |  | — |  | — |  | 8,012 |  | 8,012 |
Impairment losses |  | 4,560 |  | — |  | — |  | — |  | 4,560 |
Insurance recoveries |  | — |  | — |  | (5,674 | ) | — |  | (5,674 | )
Depreciation and amortization |  | 76,128 |  | 5,154 |  | 47,088 |  | 73,710 |  | 202,080 |
(Gain) loss on disposal of assets |  | (104 | ) | 112 |  | 106 |  | (16 | ) | 98 |
Income (loss) from unconsolidated affiliates |  | — |  | — |  | 7,619 |  | (1,372 | ) | 6,247 |
Non-operating items for Kansas JV |  | — |  | — |  | 8,804 |  | — |  | 8,804 |
Adjusted EBITDA |  | $ | 327,116 |  | $ | 49,516 |  | $ | 212,907 |  | $ | (51,578 | ) | $ | 537,961 |
|  | East/Midwest |  | West |  | Southern Plains |  | Other (1) |  | Total |
|  | (in thousands) |
Three months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 449,821 |  | $ | 70,828 |  | $ | 213,284 |  | $ | 5,364 |  | $ | 739,297 |
Capital expenditures |  | 40,022 |  | 1,423 |  | 4,623 |  | 478 |  | 46,546 |
Three months ended September 30, 2014 (as restated) |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 371,505 |  | $ | 58,626 |  | $ | 210,309 |  | $ | 5,500 |  | $ | 645,940 |
Capital expenditures |  | 63,979 |  | 8,091 |  | 7,124 |  | 1,759 |  | 80,953 |
Nine months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 1,254,121 |  | $ | 197,078 |  | $ | 637,242 |  | $ | 15,950 |  | $ | 2,104,391 |
Capital expenditures |  | 138,746 |  | 6,637 |  | 19,074 |  | 2,578 |  | 167,035 |
Nine months ended September 30, 2014 (as restated) |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 1,082,310 |  | $ | 178,579 |  | $ | 658,792 |  | $ | 19,485 |  | $ | 1,939,166 |
Capital expenditures |  | 91,077 |  | 24,138 |  | 40,457 |  | 5,595 |  | 161,267 |
Balance sheet at September 30, 2015 |  |  |  |  |  |  |  |  |  |  |
Total assets |  | 1,077,562 |  | 764,443 |  | 1,095,062 |  | 2,204,939 |  | 5,142,006 |
Investment in and advances to unconsolidated affiliates |  | 89 |  | — |  | 105,439 |  | 66,376 |  | 171,904 |
Goodwill and other intangible assets, net |  | 427,516 |  | 158,339 |  | 753,718 |  | 4,226 |  | 1,343,799 |
Balance sheet at December 31, 2014 (as restated) |  |  |  |  |  |  |  |  |  |  |
Total assets |  | 1,007,162 |  | 287,551 |  | 1,076,290 |  | 2,293,891 |  | 4,664,894 |
Investment in and advances to unconsolidated affiliates |  | 94 |  | — |  | 115,469 |  | 63,988 |  | 179,551 |
Goodwill and other intangible assets, net |  | 427,335 |  | 143,242 |  | 718,982 |  | 4,078 |  | 1,293,637 |
| (1) |  | Includes depreciation expense associated with the real property assets under the Master Lease with GLPI. In addition, total assets include these assets. The interest expense associated with the financing obligation is reflected in the other category. Net revenues and income (loss) from unconsolidated affiliates relate to the Company’s stand-alone racing operations, namely Rosecroft Raceway, Sanford Orlando Kennel Club and the Company’s Texas and New Jersey joint ventures which do not have gaming operations.
Management uses adjusted EBITDA as the primary measure of the operating performance of its segments, including the evaluation of operating personnel and is especially relevant in evaluating large, long lived casino projects because they provide a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects. The Company defines adjusted EBITDA as earnings before interest, taxes, stock compensation, debt extinguishment charges, impairment charges, insurance recoveries and deductible charges, depreciation and amortization, changes in the estimated fair value of contingent purchase price to the previous owners of Plainridge Racecourse, gain or loss on disposal of assets, and other income or expenses. Adjusted EBITDA is also inclusive of results from discontinued operations, income or loss from unconsolidated affiliates, with our share of non-operating items (such as depreciation and amortization) added back for our joint venture in Kansas Entertainment. Adjusted EBITDA should not be construed as alternatives to operating income, as indicators of the Company’s operating performance, as alternatives to cash flows from operating activities, as measures of liquidity, or as any other measures of performance determined in accordance with GAAP. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in adjusted EBITDA.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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