The Company conducts its business through two reportable operating segments: Casinos and Distributed Gaming. The Company’s Casinos segment involves the ownership and operation of resort casino properties in Nevada and Maryland. The Company’s Distributed Gaming segment involves the installation, maintenance and operation of slots and amusement devices in non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada and Montana, and the operation of branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. The Corporate and Other segment includes the Company’s cash and cash equivalents, miscellaneous receivables 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.

The Company evaluates each segment’s profitability based upon such segment’s Adjusted EBITDA, which represents each segment’s earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening expense, acquisition expenses, share-based compensation expenses, executive severance, rebranding, class action litigation expenses, gain/loss on disposal of property and equipment, gain on change in fair value of derivative and other losses, calculated before corporate overhead (which is not allocated to each segment).

The following tables set forth, for the periods indicated, certain operating data for the Company’s segments, and reconciles net income (loss) to Adjusted EBITDA:

	Three Months Ended September 30, 2019
(In thousands)	Casinos			Distributed Gaming			Corporate and Other			Consolidated
Revenues
Gaming	$	69,953		$	72,615		$	—		$	142,568
Food and beverage		37,836			13,273			—			51,109
Rooms		35,347			—			—			35,347
Other		11,977			2,110			203			14,290
Total revenues	$	155,113		$	87,998		$	203		$	243,314

Net income (loss)	$	17,858		$	5,786		$	(33,091	)	$	(9,447	)
Depreciation and amortization		23,500			5,616			495			29,611
Preopening and related expenses⁽¹⁾		308			189			59			556
Acquisition and severance expenses		137			—			291			428
Asset disposal and other writedowns		(4	)		(223	)		(6	)		(233	)
Share-based compensation		—			—			2,583			2,583
Other, net		218			—			25			243
Interest expense, net		200			18			18,558			18,776
Change in fair value of derivative		—			—			352			352
Income tax provision		—			—			200			200
Adjusted EBITDA	$	42,217		$	11,386		$	(10,534	)	$	43,069

	Three Months Ended September 30, 2018
(In thousands)	Casinos		Distributed Gaming		Corporate and Other			Consolidated
Revenues
Gaming	$	60,440	$	67,324	$	—		$	127,764
Food and beverage		29,666		12,333		—			41,999
Rooms		28,227		—		—			28,227
Other		10,504		1,531		312			12,347
Total revenues	$	128,837	$	81,188	$	312		$	210,337

Net income (loss)	$	19,113	$	5,014	$	(27,251	)	$	(3,124	)
Depreciation and amortization		17,667		5,292		371			23,330
Preopening expenses⁽¹⁾		—		73		(52	)		21
Acquisition and severance expenses		54		1		1,188			1,243
Asset disposal and other writedowns		770		4		—			774
Share-based compensation		37		3		2,743			2,783
Other, net		—		—		269			269
Interest expense, net		25		21		16,245			16,291
Change in fair value of derivative		—		—		(1,222	)		(1,222	)
Income tax benefit		—		—		(2,222	)		(2,222	)
Adjusted EBITDA	$	37,666	$	10,408	$	(9,931	)	$	38,143

	Nine Months Ended September 30, 2019
(In thousands)	Casinos		Distributed Gaming			Corporate and Other			Consolidated
Revenues
Gaming	$	213,075	$	219,531		$	—		$	432,606
Food and beverage		113,327		39,644			—			152,971
Rooms		102,148		—			—			102,148
Other		36,653		6,333			565			43,551
Total revenues	$	465,203	$	265,508		$	565		$	731,276

Net income (loss)	$	63,018	$	20,739		$	(115,630	)	$	(31,873	)
Depreciation and amortization		69,195		16,514			1,143			86,852
Preopening and related expenses⁽¹⁾		2,662		1,415			208			4,285
Acquisition and severance expenses		524		35			2,536			3,095
Asset disposal and other writedowns		763		(158	)		384			989
Share-based compensation		11		5			8,885			8,901
Other, net		310		—			1,284			1,594
Interest expense, net		316		57			55,673			56,046
Loss on extinguishment and modification of debt		—		—			9,150			9,150
Change in fair value of derivative		—		—			4,089			4,089
Income tax benefit		—		—			(1,795	)		(1,795	)
Adjusted EBITDA	$	136,799	$	38,607		$	(34,073	)	$	141,333

	Nine Months Ended September 30, 2018
(In thousands)	Casinos		Distributed Gaming		Corporate and Other			Consolidated
Revenues
Gaming	$	186,828	$	207,345	$	—		$	394,173
Food and beverage		90,405		37,619		—			128,024
Rooms		82,014		—		—			82,014
Other		31,003		5,782		673			37,458
Total revenues	$	390,250	$	250,746	$	673		$	641,669

Net income (loss)	$	67,190	$	20,014	$	(82,804	)	$	4,400
Depreciation and amortization		54,714		15,419		1,288			71,421
Preopening expenses⁽¹⁾		—		309		549			858
Acquisition and severance expenses		273		38		2,796			3,107
Asset disposal and other writedowns		1,050		19		—			1,069
Share-based compensation		37		3		7,345			7,385
Other, net		160		362		472			994
Interest expense, net		74		93		46,933			47,100
Change in fair value of derivative		—		—		(5,895	)		(5,895	)
Income tax benefit		—		—		(106	)		(106	)
Adjusted EBITDA	$	123,498	$	36,257	$	(29,422	)	$	130,333

(1)	Preopening expenses include rent, organizational costs, non-capital costs associated with the opening of tavern and casino locations, and expenses related to The Strat rebranding and the launch of the TrueRewards loyalty program.

Total Segment Assets

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

(In thousands)	Casinos		Distributed Gaming		Corporate and Other		Consolidated
Balance at September 30, 2019	$	1,198,490	$	423,202	$	69,027	$	1,690,719

Balance at December 31, 2018	$	1,006,292	$	299,697	$	60,580	$	1,366,569