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Segment Information
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segment Information

Note 11 – Segment Information

The Company conducts its business through two reportable operating segments: Distributed Gaming and Casinos.

The Company’s Distributed Gaming segment involves the installation, maintenance and operation of gaming and amusement devices in certain strategic, high-traffic, non-casino locations (such as grocery stores, convenience stores, restaurants, bars, taverns, saloons and liquor stores) in Nevada and Montana, and the operation of traditional, branded taverns targeting local patrons, primarily in the greater Las Vegas, Nevada metropolitan area. The Company’s Casinos segment includes results of operations and assets related to Rocky Gap in Flintstone, Maryland and its three casino properties in Pahrump, Nevada. The Corporate and Other segment includes the Company’s cash and cash equivalents and corporate overhead. Costs recorded in the Corporate and Other segment have not been allocated to the Company’s reportable operating segments because these costs are not easily allocable and to do so would not be practical.

 

 

 

Three months ended March 31, 2017

 

(In thousands)

 

Distributed

Gaming

 

 

Casinos

 

 

Corporate

and Other

 

 

Eliminations

 

 

Consolidated

 

Net revenues

 

$

82,259

 

 

$

24,308

 

 

$

79

 

 

$

—

 

 

$

106,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

13,106

 

 

 

6,302

 

 

 

(5,839

)

 

 

—

 

 

 

13,569

 

Share-based compensation

 

 

—

 

 

 

—

 

 

 

(1,427

)

 

 

—

 

 

 

(1,427

)

Preopening expenses

 

 

(209

)

 

 

—

 

 

 

(63

)

 

 

—

 

 

 

(272

)

Depreciation and amortization

 

 

(4,634

)

 

 

(1,571

)

 

 

(347

)

 

 

—

 

 

 

(6,552

)

Income (loss) from operations

 

 

8,263

 

 

 

4,731

 

 

 

(7,676

)

 

 

—

 

 

 

5,318

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(42

)

 

 

(4

)

 

 

(1,637

)

 

 

—

 

 

 

(1,683

)

Total non-operating expense, net

 

 

(42

)

 

 

(4

)

 

 

(1,637

)

 

 

—

 

 

 

(1,683

)

Income (loss) before income tax benefit

   (provision)

 

 

8,221

 

 

 

4,727

 

 

 

(9,313

)

 

 

—

 

 

 

3,635

 

Income tax benefit (provision)

 

 

—

 

 

 

—

 

 

 

1,707

 

 

 

—

 

 

 

1,707

 

Net income (loss)

 

$

8,221

 

 

$

4,727

 

 

$

(7,606

)

 

$

—

 

 

$

5,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2017

 

Total assets

 

$

300,128

 

 

$

105,638

 

 

$

66,478

 

 

$

(53,398

)

 

$

418,846

 

 

 

 

 

Three months ended March 31, 2016

 

(In thousands)

 

Distributed

Gaming

 

 

Casinos

 

 

Corporate

and Other

 

 

Eliminations

 

 

Consolidated

 

Net revenues

 

$

68,584

 

 

$

22,413

 

 

$

37

 

 

$

—

 

 

$

91,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

10,221

 

 

 

4,764

 

 

 

(4,437

)

 

 

—

 

 

 

10,548

 

Merger expenses

 

 

—

 

 

 

—

 

 

 

(41

)

 

 

—

 

 

 

(41

)

Share-based compensation

 

 

—

 

 

 

—

 

 

 

(405

)

 

 

—

 

 

 

(405

)

Depreciation and amortization

 

 

(3,699

)

 

 

(1,769

)

 

 

(324

)

 

 

—

 

 

 

(5,792

)

Other operating items, net

 

 

(560

)

 

 

—

 

 

 

(13

)

 

 

—

 

 

 

(573

)

Income (loss) from operations

 

 

5,962

 

 

 

2,995

 

 

 

(5,220

)

 

 

—

 

 

 

3,737

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(35

)

 

 

—

 

 

 

(1,422

)

 

 

—

 

 

 

(1,457

)

Loss on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other, net

 

 

—

 

 

 

—

 

 

 

18

 

 

 

—

 

 

 

18

 

Total non-operating expense, net

 

 

(35

)

 

 

—

 

 

 

(1,404

)

 

 

—

 

 

 

(1,439

)

Income (loss) before income tax benefit

   (provision)

 

 

5,927

 

 

 

2,995

 

 

 

(6,624

)

 

 

—

 

 

 

2,298

 

Income tax benefit (provision)

 

 

—

 

 

 

—

 

 

 

(59

)

 

 

—

 

 

 

(59

)

Net income (loss)

 

$

5,927

 

 

$

2,995

 

 

$

(6,683

)

 

$

—

 

 

$

2,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2016

 

Total assets

 

$

294,822

 

 

$

108,418

 

 

$

69,236

 

 

$

(53,398

)

 

$

419,078