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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2012
SEGMENT INFORMATION |
SEGMENT INFORMATION |
NOTE 10. SEGMENT INFORMATION We have defined two reportable operating segments: the Atlantis and Rivera Black Hawk. We use Adjusted EBITDA (as defined below) to compare operating results among our segments and allocate resources. The following table highlights our Adjusted EBITDA and reconciles Adjusted EBITDA to net income for the three and nine months ended September 30, 2012 and 2011.
|  | Three months ended September 30, |  | Nine months ended September 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Net revenues: |  |  |  |  |  |  |  |  |
Atlantis |  | $ | 36,830,127 |  | $ | 36,174,386 |  | $ | 107,752,749 |  | $ | 106,620,075 |
Black Hawk (a) |  | 11,031,584 |  | — |  | 18,955,648 |  | — |
Total net revenue |  | $ | 47,861,711 |  | $ | 36,174,386 |  | $ | 126,708,397 |  | $ | 106,620,075 |
Adjusted EBITDA (b): |  |  |  |  |  |  |  |  |
Atlantis |  | $ | 9,170,407 |  | $ | 8,602,316 |  | $ | 25,177,650 |  | $ | 27,217,220 |
Black Hawk (a) |  | 4,085,155 |  | — |  | 6,631,341 |  | — |
|  | 13,255,562 |  | 8,602,316 |  | 31,808,991 |  | 27,217,220 |
Corporate and other expense (c) |  | (934,398 | ) | (818,595 | ) | (3,318,457 | ) | (3,400,035 | )
Total Adjusted EBITDA |  | $ | 12,321,164 |  | $ | 7,783,721 |  | $ | 28,490,534 |  | $ | 23,817,185 |
Expenses: |  |  |  |  |  |  |  |  |
Stock based compensation |  | (352,900 | ) | (361,130 | ) | (938,251 | ) | (1,238,972 | )
Depreciation and amortization |  | (4,647,002 | ) | (3,314,598 | ) | (12,282,291 | ) | (10,144,999 | )
Acquisition expense |  | (454,701 | ) | (437,400 | ) | (2,155,522 | ) | (437,400 | )
Adventure Inn demolition |  | — |  | (3,519,148 | ) | — |  | (3,519,148 | )
Interest expense |  | (479,772 | ) | (160,237 | ) | (1,396,632 | ) | (643,505 | )
(Provision) benefit for income taxes |  | (2,249,708 | ) | 20,071 |  | (4,146,633 | ) | (2,724,600 | )
Net income |  | $ | 4,137,081 |  | $ | 11,279 |  | $ | 7,571,205 |  | $ | 5,108,561 |
|  | September 30, 2012 |  | December 31, 2011 |
Assets: |  |  |  |  |
Atlantis |  | $ | 148,995,874 |  | $ | 171,303,164 |
Black Hawk (a) |  | 90,254,483 |  | — |
Corporate and other (d) |  | 8,369,189 |  | 8,296,440 |
Total assets |  | $ | 247,619,546 |  | $ | 179,599,604 |
|  | Nine Months Ended September 30, |
|  | 2012 |  | 2011 |
Capital Expenditures: |  |  |  |  |
Atlantis |  | $ | 3,882,410 |  | $ | 3,831,301 |
Black Hawk (a) |  | 4,071,945 |  | — |
|  | $ | 7,954,355 |  | $ | 3,831,301 |
(a) We acquired Black Hawk on April 26, 2012. (b) We define Adjusted EBITDA for each segment as net income plus provision for income taxes, interest expense, acquisition expense, depreciation and amortization and stock based compensation. (c) Corporate and other expenses represent unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations. (d) Corporate assets include assets not directly related to our casino and hotel operations and the assets of our non-operating subsidiaries.

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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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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=6534315&loc=d3e8906-108599 Reference 3: 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=6534315&loc=d3e8933-108599 Reference 4: 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=6534315&loc=d3e8984-108599 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=6534315&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 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: 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=6534315&loc=d3e9054-108599 Reference 8: 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=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: 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=6534315&loc=d3e8981-108599 Reference 11: 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=6534315&loc=d3e8971-108599 Reference 12: 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=6534315&loc=d3e8844-108599 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=6534315&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 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: 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=6534315&loc=d3e9038-108599 + Details
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