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Segment Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

Note 11 – Segment Information

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, impairment of goodwill, acquisition and severance expenses, preopening and related expenses, asset disposals and other writedowns, share-based compensation expenses, and change in fair value of derivative, 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 March 31, 2020
(In thousands)		Casinos				Distributed Gaming				Corporate and Other				Consolidated
Revenues
Gaming		$	61,905			$	65,310			$	—			$	127,215
Food and beverage			29,805				11,742				—				41,547
Rooms			25,605				—				—				25,605
Other			10,655				1,932				203				12,790
Total revenues		$	127,970			$	78,984			$	203			$	207,157
Net income (loss)		$	(2,938	)		$	604			$	(30,286	)		$	(32,620	)
Depreciation and amortization			24,713				5,865				578				31,156
Impairment of goodwill			6,461				—				—				6,461
Acquisition and severance expenses			2,417				478				81				2,976
Preopening and related expenses(1)			225				—				105				330
Asset disposals and other writedowns			627				(38	)			—				589
Share-based compensation			—				—				2,246				2,246
Other, net			47				197				113				357
Interest expense, net			245				15				18,486				18,746
Change in fair value of derivative			—				—				1				1
Income tax provision			—				—				52				52
Adjusted EBITDA		$	31,797			$	7,121			$	(8,624	)		$	30,294

		Three Months Ended March 31, 2019
(In thousands)		Casinos				Distributed Gaming				Corporate and Other				Consolidated
Revenues
Gaming		$	70,885			$	72,907			$	—			$	143,792
Food and beverage			36,442				13,316				—				49,758
Rooms			31,287				—				—				31,287
Other			12,760				2,134				161				15,055
Total revenues		$	151,374			$	88,357			$	161			$	239,892
Net income (loss)		$	22,689			$	7,606			$	(38,313	)		$	(8,018	)
Depreciation and amortization			21,643				5,329				293				27,265
Acquisition and severance expenses			286				26				1,232				1,544
Preopening and related expenses(1)			1,654				566				12				2,232
Asset disposals and other writedowns			256				(9	)			390				637
Share-based compensation			11				5				4,168				4,184
Other, net			11				—				853				864
Interest expense, net			52				16				18,067				18,135
Change in fair value of derivative			—				—				2,248				2,248
Income tax benefit			—				—				(651	)			(651	)
Adjusted EBITDA		$	46,602			$	13,539			$	(11,701	)		$	48,440

(1) Preopening and related 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.

Assets

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

(In thousands)		Casinos				Distributed Gaming				Corporate and Other				Consolidated
Balance at March 31, 2020		$	1,175,915			$	439,281			$	287,072			$	1,902,268
Balance at December 31, 2019		$	1,204,574			$	482,294			$	54,049			$	1,740,917

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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