XML 36 R27.htm IDEA: XBRL DOCUMENT
v3.22.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  |  |  |  |  |  |  |
Nevada Casino Resorts |  |  |  |  |  |  |  |
Gaming |  | $ | 46,114 |  |  | $ | 50,018 |  |  | $ | 90,344 |  |  | $ | 88,844 |
Food and beverage |  | 23,123 |  |  | 22,716 |  |  | 44,507 |  |  | 37,681 |
Rooms |  | 28,573 |  |  | 26,164 |  |  | 50,602 |  |  | 41,792 |
Other |  | 9,688 |  |  | 7,109 |  |  | 18,480 |  |  | 12,495 |
Nevada Casino Resorts revenues |  | $ | 107,498 |  |  | $ | 106,007 |  |  | $ | 203,933 |  |  | $ | 180,812 |
Nevada Locals Casinos |  |  |  |  |  |  |  |
Gaming |  | $ | 29,048 |  |  | $ | 33,253 |  |  | $ | 58,429 |  |  | $ | 62,789 |
Food and beverage |  | 6,301 |  |  | 6,323 |  |  | 12,480 |  |  | 11,836 |
Rooms |  | 2,529 |  |  | 2,084 |  |  | 4,773 |  |  | 3,562 |
Other |  | 1,907 |  |  | 1,867 |  |  | 3,992 |  |  | 3,885 |
Nevada Locals Casinos revenues |  | $ | 39,785 |  |  | $ | 43,527 |  |  | $ | 79,674 |  |  | $ | 82,072 |
Maryland Casino Resort |  |  |  |  |  |  |  |
Gaming |  | $ | 15,456 |  |  | $ | 16,451 |  |  | $ | 29,913 |  |  | $ | 29,483 |
Food and beverage |  | 2,222 |  |  | 2,111 |  |  | 3,870 |  |  | 3,553 |
Rooms |  | 2,072 |  |  | 2,001 |  |  | 3,545 |  |  | 3,293 |
Other |  | 796 |  |  | 677 |  |  | 1,110 |  |  | 1,011 |
Maryland Casino Resort revenues |  | $ | 20,546 |  |  | $ | 21,240 |  |  | $ | 38,438 |  |  | $ | 37,340 |
Distributed Gaming |  |  |  |  |  |  |  |
Gaming |  | $ | 106,061 |  |  | $ | 105,235 |  |  | $ | 208,780 |  |  | $ | 200,841 |
Food and beverage |  | 12,805 |  |  | 13,788 |  |  | 26,050 |  |  | 25,672 |
Other |  | 2,503 |  |  | 2,380 |  |  | 5,761 |  |  | 4,799 |
Distributed gaming revenues |  | $ | 121,369 |  |  | $ | 121,403 |  |  | $ | 240,591 |  |  | $ | 231,312 |
Corporate and other |  | 174 |  |  | 290 |  |  | 380 |  |  | 627 |
Total revenues |  | $ | 289,372 |  |  | $ | 292,467 |  |  | $ | 563,016 |  |  | $ | 532,163 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Adjusted EBITDA |  |  |  |  |  |  |  |
Nevada Casino Resorts |  | $ | 38,892 |  |  | $ | 46,635 |  |  | $ | 72,467 |  |  | $ | 73,291 |
Nevada Locals Casinos |  | 19,795 |  |  | 23,576 |  |  | 39,833 |  |  | 43,127 |
Maryland Casino Resort |  | 7,242 |  |  | 8,289 |  |  | 12,814 |  |  | 13,162 |
Distributed Gaming |  | 22,194 |  |  | 24,913 |  |  | 44,247 |  |  | 45,793 |
Corporate and other |  | (13,107) |  |  | (12,401) |  |  | (27,020) |  |  | (24,863) |
Total Adjusted EBITDA |  | 75,016 |  |  | 91,012 |  |  | 142,341 |  |  | 150,510 |
Adjustments |  |  |  |  |  |  |  |
Other non-operating income |  | — |  |  | 60,000 |  |  | — |  |  | 60,000 |
Depreciation and amortization |  | (25,332) |  |  | (26,682) |  |  | (51,608) |  |  | (53,868) |
Change in non-cash lease expense |  | (230) |  |  | (221) |  |  | (411) |  |  | (660) |
Share-based compensation |  | (3,311) |  |  | (2,668) |  |  | (6,983) |  |  | (5,673) |
Loss on disposal of assets |  | (710) |  |  | (610) |  |  | (669) |  |  | (819) |
Loss on debt extinguishment |  | (1,073) |  |  | — |  |  | (1,254) |  |  | — |
Preopening and related expenses (1) |  | (4) |  |  | (109) |  |  | (59) |  |  | (229) |
Other, net |  | (838) |  |  | (761) |  |  | (5,134) |  |  | (2,929) |
Interest expense, net |  | (14,738) |  |  | (16,169) |  |  | (29,856) |  |  | (32,217) |
Income tax (expense) benefit |  | (7,560) |  |  | (786) |  |  | 10,919 |  |  | (489) |
Net Income |  | $ | 21,220 |  |  | $ | 103,006 |  |  | $ | 57,286 |  |  | $ | 113,626 |
(1) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of tavern and casino locations. The Company’s assets by reportable segment consisted of the following amounts:
(In thousands) | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Maryland Casino Resort |  | Distributed Gaming |  | Corporate and Other |  | Consolidated
Balance at June 30, 2022 | $ | 791,927 |  |  | $ | 160,664 |  |  | $ | 40,988 |  |  | $ | 407,644 |  |  | $ | 145,626 |  |  | $ | 1,546,849 |
Balance at December 31, 2021 | $ | 811,016 |  |  | $ | 165,362 |  |  | $ | 41,403 |  |  | $ | 411,342 |  |  | $ | 186,441 |  |  | $ | 1,615,564 |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration