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v3.20.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | 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 June 30, 2020 |
(In thousands) |  | Casinos |  |  | Distributed Gaming |  |  | Corporate and Other |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 25,210 |  |  | $ | 31,467 |  |  | $ | — |  |  | $ | 56,677 |
Food and beverage |  |  | 6,016 |  |  |  | 4,152 |  |  |  | — |  |  |  | 10,168 |
Rooms |  |  | 5,987 |  |  |  | — |  |  |  | — |  |  |  | 5,987 |
Other |  |  | 2,219 |  |  |  | 720 |  |  |  | 203 |  |  |  | 3,142 |
Total revenues |  | $ | 39,432 |  |  | $ | 36,339 |  |  | $ | 203 |  |  | $ | 75,974 |
Net loss |  | $ | (45,979 | ) |  | $ | (5,194 | ) |  | $ | (27,393 | ) |  | $ | (78,566 | )
Depreciation and amortization |  |  | 25,344 |  |  |  | 5,902 |  |  |  | 684 |  |  |  | 31,930 |
Impairment of goodwill and intangible assets |  |  | 21,411 |  |  |  | — |  |  |  | — |  |  |  | 21,411 |
Acquisition and severance expenses |  |  | 189 |  |  |  | 134 |  |  |  | 44 |  |  |  | 367 |
Preopening and related expenses (1) |  |  | — |  |  |  | (1 | ) |  |  | 10 |  |  |  | 9 |
Asset disposal and other writedowns |  |  | 683 |  |  |  | 24 |  |  |  | (5 | ) |  |  | 702 |
Share-based compensation |  |  | — |  |  |  | — |  |  |  | 1,756 |  |  |  | 1,756 |
Other, net |  |  | 48 |  |  |  | 41 |  |  |  | 28 |  |  |  | 117 |
Interest expense, net |  |  | 91 |  |  |  | 10 |  |  |  | 16,306 |  |  |  | 16,407 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | 206 |  |  |  | 206 |
Adjusted EBITDA |  | $ | 1,787 |  |  | $ | 916 |  |  | $ | (8,364 | ) |  | $ | (5,661 | )
|  | Three Months Ended June 30, 2019 |
(In thousands) |  | Casinos |  |  | Distributed Gaming |  |  | Corporate and Other |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 72,237 |  |  | $ | 74,009 |  |  | $ | — |  |  | $ | 146,246 |
Food and beverage |  |  | 39,049 |  |  |  | 13,055 |  |  |  | — |  |  |  | 52,104 |
Rooms |  |  | 35,514 |  |  |  | — |  |  |  | — |  |  |  | 35,514 |
Other |  |  | 11,916 |  |  |  | 2,089 |  |  |  | 201 |  |  |  | 14,206 |
Total revenues |  | $ | 158,716 |  |  | $ | 89,153 |  |  | $ | 201 |  |  | $ | 248,070 |
Net income (loss) |  | $ | 22,471 |  |  | $ | 7,347 |  |  | $ | (44,226 | ) |  | $ | (14,408 | )
Depreciation and amortization |  |  | 24,052 |  |  |  | 5,569 |  |  |  | 355 |  |  |  | 29,976 |
Acquisition and severance expenses |  |  | 101 |  |  |  | 9 |  |  |  | 1,013 |  |  |  | 1,123 |
Preopening and related expenses (1) |  |  | 700 |  |  |  | 660 |  |  |  | 137 |  |  |  | 1,497 |
Asset disposal and other writedowns |  |  | 511 |  |  |  | 74 |  |  |  | — |  |  |  | 585 |
Share-based compensation |  |  | — |  |  |  | — |  |  |  | 2,134 |  |  |  | 2,134 |
Other, net |  |  | 81 |  |  |  | — |  |  |  | 406 |  |  |  | 487 |
Interest expense, net |  |  | 64 |  |  |  | 23 |  |  |  | 19,048 |  |  |  | 19,135 |
Loss on extinguishment and modification of debt |  |  | — |  |  |  | — |  |  |  | 9,150 |  |  |  | 9,150 |
Change in fair value of derivative |  |  | — |  |  |  | — |  |  |  | 1,489 |  |  |  | 1,489 |
Income tax benefit |  |  | — |  |  |  | — |  |  |  | (1,344 | ) |  |  | (1,344 | )
Adjusted EBITDA |  | $ | 47,980 |  |  | $ | 13,682 |  |  | $ | (11,838 | ) |  | $ | 49,824 |
|  | Six Months Ended June 30, 2020 |
(In thousands) |  | Casinos |  |  | Distributed Gaming |  |  | Corporate and Other |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 87,115 |  |  | $ | 96,777 |  |  | $ | — |  |  | $ | 183,892 |
Food and beverage |  |  | 35,821 |  |  |  | 15,894 |  |  |  | — |  |  |  | 51,715 |
Rooms |  |  | 31,592 |  |  |  | — |  |  |  | — |  |  |  | 31,592 |
Other |  |  | 12,874 |  |  |  | 2,652 |  |  |  | 406 |  |  |  | 15,932 |
Total revenues |  | $ | 167,402 |  |  | $ | 115,323 |  |  | $ | 406 |  |  | $ | 283,131 |
Net loss |  | $ | (48,917 | ) |  | $ | (4,590 | ) |  | $ | (57,679 | ) |  | $ | (111,186 | )
Depreciation and amortization |  |  | 50,057 |  |  |  | 11,767 |  |  |  | 1,262 |  |  |  | 63,086 |
Impairment of goodwill and intangible assets |  |  | 27,872 |  |  |  | — |  |  |  | — |  |  |  | 27,872 |
Acquisition and severance expenses |  |  | 2,606 |  |  |  | 612 |  |  |  | 125 |  |  |  | 3,343 |
Preopening and related expenses (1) |  |  | 225 |  |  |  | (1 | ) |  |  | 115 |  |  |  | 339 |
Asset disposal and other writedowns |  |  | 1,310 |  |  |  | (14 | ) |  |  | (5 | ) |  |  | 1,291 |
Share-based compensation |  |  | — |  |  |  | — |  |  |  | 4,002 |  |  |  | 4,002 |
Other, net |  |  | 95 |  |  |  | 238 |  |  |  | 141 |  |  |  | 474 |
Interest expense, net |  |  | 336 |  |  |  | 25 |  |  |  | 34,792 |  |  |  | 35,153 |
Change in fair value of derivative |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | 258 |  |  |  | 258 |
Adjusted EBITDA |  | $ | 33,584 |  |  | $ | 8,037 |  |  | $ | (16,988 | ) |  | $ | 24,633 |
|  | Six Months Ended June 30, 2019 |
(In thousands) |  | Casinos |  |  | Distributed Gaming |  |  | Corporate and Other |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 143,122 |  |  | $ | 146,916 |  |  | $ | — |  |  | $ | 290,038 |
Food and beverage |  |  | 75,491 |  |  |  | 26,371 |  |  |  | — |  |  |  | 101,862 |
Rooms |  |  | 66,801 |  |  |  | — |  |  |  | — |  |  |  | 66,801 |
Other |  |  | 24,676 |  |  |  | 4,223 |  |  |  | 362 |  |  |  | 29,261 |
Total revenues |  | $ | 310,090 |  |  | $ | 177,510 |  |  | $ | 362 |  |  | $ | 487,962 |
Net income (loss) |  | $ | 45,160 |  |  | $ | 14,953 |  |  | $ | (82,539 | ) |  | $ | (22,426 | )
Depreciation and amortization |  |  | 45,695 |  |  |  | 10,898 |  |  |  | 648 |  |  |  | 57,241 |
Acquisition and severance expenses |  |  | 387 |  |  |  | 35 |  |  |  | 2,245 |  |  |  | 2,667 |
Preopening and related expenses (1) |  |  | 2,354 |  |  |  | 1,226 |  |  |  | 149 |  |  |  | 3,729 |
Asset disposal and other writedowns |  |  | 767 |  |  |  | 65 |  |  |  | 390 |  |  |  | 1,222 |
Share-based compensation |  |  | 11 |  |  |  | 5 |  |  |  | 6,302 |  |  |  | 6,318 |
Other, net |  |  | 92 |  |  |  | — |  |  |  | 1,259 |  |  |  | 1,351 |
Interest expense, net |  |  | 116 |  |  |  | 39 |  |  |  | 37,115 |  |  |  | 37,270 |
Loss on extinguishment and modification of debt |  |  | — |  |  |  | — |  |  |  | 9,150 |  |  |  | 9,150 |
Change in fair value of derivative |  |  | — |  |  |  | — |  |  |  | 3,737 |  |  |  | 3,737 |
Income tax benefit |  |  | — |  |  |  | — |  |  |  | (1,995 | ) |  |  | (1,995 | )
Adjusted EBITDA |  | $ | 94,582 |  |  | $ | 27,221 |  |  | $ | (23,539 | ) |  | $ | 98,264 |
| (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 June 30, 2020 |  | $ | 1,131,272 |  |  | $ | 448,182 |  |  | $ | 44,482 |  |  | $ | 1,623,936 |
Balance at December 31, 2019 |  | $ | 1,204,574 |  |  | $ | 482,294 |  |  | $ | 54,049 |  |  | $ | 1,740,917 |

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