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Segment Information (Tables)
12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

 

 

 

Year Ended December 31, 2017

 

(In thousands)

 

Casinos

 

 

Distributed

Gaming

 

 

Corporate

and Other

 

 

Consolidated

 

Net revenues

 

$

179,175

 

 

$

330,050

 

 

$

583

 

 

$

509,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

50,979

 

 

 

48,890

 

 

 

(26,954

)

 

 

72,915

 

Acquisition expenses

 

 

 

 

 

 

 

 

(5,041

)

 

 

(5,041

)

Share-based compensation

 

 

 

 

 

 

 

 

(8,754

)

 

 

(8,754

)

Gain on revaluation of contingent consideration

 

 

 

 

 

1,719

 

 

 

 

 

 

1,719

 

Preopening expenses

 

 

 

 

 

(1,234

)

 

 

(398

)

 

 

(1,632

)

Class action litigation expenses

 

 

 

 

 

 

 

 

(1,617

)

 

 

(1,617

)

Executive severance and sign-on bonuses

 

 

(636

)

 

 

 

 

 

(506

)

 

 

(1,142

)

Other operating, net

 

 

(377

)

 

 

(174

)

 

 

267

 

 

 

(284

)

Depreciation and amortization

 

 

(19,544

)

 

 

(19,601

)

 

 

(1,641

)

 

 

(40,786

)

Income (loss) from operations

 

 

30,422

 

 

 

29,600

 

 

 

(44,644

)

 

 

15,378

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

16

 

 

 

(390

)

 

 

(19,224

)

 

 

(19,598

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(1,708

)

 

 

(1,708

)

Gain on change in fair value of derivative

 

 

 

 

 

 

 

 

178

 

 

 

178

 

Total non-operating income (expense), net

 

 

16

 

 

 

(390

)

 

 

(20,754

)

 

 

(21,128

)

Income (loss) before income tax benefit

 

 

30,438

 

 

 

29,210

 

 

 

(65,398

)

 

 

(5,750

)

Income tax benefit

 

 

 

 

 

 

 

 

7,921

 

 

 

7,921

 

Net income (loss)

 

$

30,438

 

 

$

29,210

 

 

$

(57,477

)

 

$

2,171

 

 

 

 

Year Ended December 31, 2016

 

(In thousands)

 

Casinos

 

 

Distributed

Gaming

 

 

Corporate

and Other

 

 

Consolidated

 

Net revenues

 

$

97,132

 

 

$

305,792

 

 

$

280

 

 

$

403,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

23,571

 

 

 

43,555

 

 

 

(18,531

)

 

 

48,595

 

Merger expenses

 

 

 

 

 

 

 

 

(614

)

 

 

(614

)

Share-based compensation

 

 

 

 

 

 

 

 

(3,878

)

 

 

(3,878

)

Loss (gain) on disposal of property and equipment

 

 

(94

)

 

 

40

 

 

 

 

 

 

(54

)

Preopening expenses

 

 

 

 

 

(2,179

)

 

 

(292

)

 

 

(2,471

)

Executive severance and sign-on bonuses

 

 

 

 

 

 

 

 

(1,037

)

 

 

(1,037

)

Depreciation and amortization

 

 

(7,351

)

 

 

(18,889

)

 

 

(1,266

)

 

 

(27,506

)

Income (loss) from operations

 

 

16,126

 

 

 

22,527

 

 

 

(25,618

)

 

 

13,035

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(9

)

 

 

(144

)

 

 

(6,301

)

 

 

(6,454

)

Gain on sale of land held for sale

 

 

 

 

 

 

 

 

4,525

 

 

 

4,525

 

Other, net

 

 

 

 

 

 

 

 

869

 

 

 

869

 

Total non-operating expense, net

 

 

(9

)

 

 

(144

)

 

 

(907

)

 

 

(1,060

)

Income (loss) before income tax benefit (provision)

 

 

16,117

 

 

 

22,383

 

 

 

(26,525

)

 

 

11,975

 

Income tax benefit (provision)

 

 

 

 

 

(60

)

 

 

4,385

 

 

 

4,325

 

Net income (loss)

 

$

16,117

 

 

$

22,323

 

 

$

(22,140

)

 

$

16,300

 

 

 

 

 

Year Ended December 31, 2015

 

(In thousands)

 

Casinos

 

 

Distributed

Gaming (1)

 

 

Corporate

and Other

 

 

Eliminations

 

 

Consolidated

 

Net revenues

 

$

73,245

 

 

$

103,610

 

 

$

1,985

 

 

$

(1,798

)

 

$

177,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Adjusted EBITDA

 

 

14,390

 

 

 

14,254

 

 

 

(10,370

)

 

 

 

 

 

18,274

 

Merger expenses

 

 

 

 

 

 

 

 

(11,525

)

 

 

 

 

 

(11,525

)

Disposition of notes receivable

 

 

 

 

 

 

 

 

23,590

 

 

 

 

 

 

23,590

 

Share-based compensation

 

 

 

 

 

 

 

 

(809

)

 

 

 

 

 

(809

)

Loss on disposal of property and equipment

 

 

(8

)

 

 

 

 

 

(8

)

 

 

 

 

 

(16

)

Gain on sale of investment

 

 

 

 

 

 

 

 

750

 

 

 

 

 

 

750

 

Impairments and other losses

 

 

 

 

 

 

 

 

(682

)

 

 

 

 

 

(682

)

Preopening expenses

 

 

 

 

 

(380

)

 

 

(41

)

 

 

 

 

 

(421

)

Depreciation and amortization

 

 

(4,928

)

 

 

(5,315

)

 

 

(555

)

 

 

 

 

 

(10,798

)

Income from operations

 

 

9,454

 

 

 

8,559

 

 

 

350

 

 

 

 

 

 

18,363

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(626

)

 

 

(68

)

 

 

(2,034

)

 

 

 

 

 

(2,728

)

Loss on extinguishment of debt

 

 

(1,174

)

 

 

 

 

 

 

 

 

 

 

 

(1,174

)

Other, net

 

 

(1,798

)

 

 

1

 

 

 

1,887

 

 

 

 

 

 

90

 

Total non-operating expense, net

 

 

(3,598

)

 

 

(67

)

 

 

(147

)

 

 

 

 

 

(3,812

)

Income before income tax benefit

 

 

5,856

 

 

 

8,492

 

 

 

203

 

 

 

 

 

 

14,551

 

Income tax benefit

 

 

 

 

 

 

 

 

9,969

 

 

 

 

 

 

9,969

 

Net income

 

$

5,856

 

 

$

8,492

 

 

$

10,172

 

 

$

 

 

$

24,520

 

 

Assets

 

The Company’s assets by segment consisted of the following amounts:

 

(In thousands)

 

Casinos

 

 

Distributed

Gaming

 

 

Corporate

and Other

 

 

Consolidated

 

 

Balance at December 31, 2017

 

$

1,039,025

 

 

$

298,453

 

 

$

27,697

 

 

$

1,365,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2016

 

$

108,418

 

 

$

294,822

 

 

$

15,838

 

 

$

419,078

 

 

 

 

 

Capital Expenditures

 

The Company’s capital expenditures by segment consisted of the following amounts:

 

 

 

(In thousands)

 

Casinos

 

 

Distributed

Gaming

 

 

Corporate

and Other

 

 

Consolidated

 

For the year ended December 31, 2017

 

$

9,665

 

 

$

18,011

 

 

$

1,787

 

 

$

29,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2016

 

$

10,267

 

 

$

17,730

 

 

$

2,637

 

 

$

30,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2015

 

$

2,594

 

 

$

4,595

 

 

$

757

 

 

$

7,946

 

 

(1)

Capital expenditures in the Distributed Gaming segment exclude non-cash purchases of property and equipment of approximately $2.6 million and $0.7 million for the years ended December 31, 2017 and 2016, respectively.