XML 49 R37.htm IDEA: XBRL DOCUMENT
v3.22.4

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income (loss) determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below:
|  | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Revenues |  |  |  |  |  |
Nevada Casino Resorts |  |  |  |  |  |
Gaming |  | $ | 175,014 |  |  | $ | 179,793 |  |  | $ | 114,571 |
Food and beverage |  | 89,424 |  |  | 83,092 |  |  | 55,588 |
Rooms |  | 104,375 |  |  | 94,952 |  |  | 61,070 |
Other (1) |  | 38,137 |  |  | 31,875 |  |  | 19,414 |
Nevada Casino Resorts revenues |  | $ | 406,950 |  |  | $ | 389,712 |  |  | $ | 250,643 |
Nevada Locals Casinos |  |  |  |  |  |
Gaming |  | $ | 114,388 |  |  | $ | 120,537 |  |  | $ | 82,522 |
Food and beverage |  | 25,219 |  |  | 24,036 |  |  | 18,406 |
Rooms |  | 10,162 |  |  | 7,626 |  |  | 5,598 |
Other (1) |  | 7,745 |  |  | 7,656 |  |  | 6,505 |
Nevada Locals Casinos revenues |  | $ | 157,514 |  |  | $ | 159,855 |  |  | $ | 113,031 |
Maryland Casino Resort |  |  |  |  |  |
Gaming |  | $ | 59,553 |  |  | $ | 60,797 |  |  | $ | 40,505 |
Food and beverage |  | 8,440 |  |  | 7,932 |  |  | 4,669 |
Rooms |  | 7,787 |  |  | 7,224 |  |  | 4,743 |
Other |  | 2,230 |  |  | 2,202 |  |  | 1,719 |
Maryland Casino Resort revenues |  | $ | 78,010 |  |  | $ | 78,155 |  |  | $ | 51,636 |
Nevada Taverns |  |  |  |  |  |
Gaming |  | $ | 53,619 |  |  | $ | 53,909 |  |  | $ | 28,128 |
Food and beverage |  | 51,564 |  |  | 52,002 |  |  | 33,047 |
Other (1) |  | 4,782 |  |  | 4,259 |  |  | 2,866 |
Nevada Taverns revenues |  | $ | 109,965 |  |  | $ | 110,170 |  |  | $ | 64,041 |
Distributed Gaming |  |  |  |  |  |
Gaming |  | $ | 358,332 |  |  | $ | 351,274 |  |  | $ | 211,027 |
Food and beverage |  | 716 |  |  | 753 |  |  | 371 |
Other (1) |  | 6,424 |  |  | 5,387 |  |  | 2,817 |
Distributed Gaming revenues |  | $ | 365,472 |  |  | $ | 357,414 |  |  | $ | 214,215 |
Corporate and other |  | 3,808 |  |  | 1,237 |  |  | 589 |
Total Revenues |  | $ | 1,121,719 |  |  | $ | 1,096,543 |  |  | $ | 694,155 |
(1) Includes lease revenue accounted for under ASC 842 for the arrangements in which the Company is a lessor. Refer to “Note 2 — Summary of Significant Accounting Policies” and “Note 12 — Leases” for details.
|  | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Adjusted EBITDA |  |  |  |  |  |
Nevada Casino Resorts |  | $ | 135,104 |  |  | $ | 149,077 |  |  | $ | 57,462 |
Nevada Locals Casinos |  | 75,848 |  |  | 80,005 |  |  | 45,610 |
Maryland Casino Resort |  | 25,383 |  |  | 26,697 |  |  | 15,094 |
Nevada Taverns |  | 37,610 |  |  | 39,762 |  |  | 10,086 |
Distributed Gaming |  | 44,021 |  |  | 47,514 |  |  | 16,866 |
Corporate and other |  | (50,886) |  |  | (51,337) |  |  | (34,861) |
Total Adjusted EBITDA |  | 267,080 |  |  | 291,718 |  |  | 110,257 |
Adjustments |  |  |  |  |  |
Other non-operating income |  | — |  |  | 60,000 |  |  | — |
Depreciation and amortization |  | (100,123) |  |  | (106,692) |  |  | (124,430) |
Non-cash lease expense |  | (165) |  |  | (762) |  |  | (1,344) |
Share-based compensation |  | (13,433) |  |  | (14,401) |  |  | (9,637) |
Loss on disposal of assets |  | (934) |  |  | (1,260) |  |  | (803) |
Loss on debt extinguishment and modification |  | (1,590) |  |  | (975) |  |  | — |
Preopening and related expenses (1) |  | (161) |  |  | (246) |  |  | (533) |
Severance expenses |  | (378) |  |  | (228) |  |  | (3,710) |
Impairment of goodwill and intangible assets |  | — |  |  | — |  |  | (33,964) |
Other, net |  | (3,939) |  |  | (2,089) |  |  | (3,275) |
Interest expense, net |  | (63,490) |  |  | (62,853) |  |  | (69,110) |
Change in fair value of derivative |  | — |  |  | — |  |  | (1) |
Income tax provision |  | (521) |  |  | (436) |  |  | (61) |
Net income (loss) |  | $ | 82,346 |  |  | $ | 161,776 |  |  | $ | (136,611) |
(1) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and casino locations as well as food and beverage and other venues within the casino locations. Assets The Company’s assets by segment consisted of the following amounts:
(In thousands) | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Maryland Casino Resort |  | Nevada Taverns |  | Distributed Gaming |  | Corporate and Other |  | Consolidated
Balance at December 31, 2022 | $ | 784,242 |  |  | $ | 164,580 |  |  | $ | 39,562 |  |  | $ | 145,065 |  |  | $ | 258,260 |  |  | $ | 116,961 |  |  | $ | 1,508,670 |
Balance at December 31, 2021 | $ | 811,016 |  |  | $ | 165,362 |  |  | $ | 41,403 |  |  | $ | 149,296 |  |  | $ | 262,046 |  |  | $ | 186,441 |  |  | $ | 1,615,564 |
Capital Expenditures The Company’s capital expenditures by segment consisted of the following amounts:
(In thousands) |  | Nevada Casino Resorts (1) |  | Nevada Locals Casinos (2) |  | Maryland Casino Resort (3) |  | Nevada Taverns (4) |  | Distributed Gaming (5) |  | Corporate and Other (6) |  | Consolidated
For the year ended December 31, 2022 |  | $ | 26,347 |  |  | $ | 4,035 |  |  | $ | 1,878 |  |  | $ | 2,712 |  |  | $ | 9,146 |  |  | $ | 7,301 |  |  | $ | 51,419 |
For the year ended December 31, 2021 |  | $ | 7,859 |  |  | $ | 2,813 |  |  | $ | 1,447 |  |  | $ | 1,573 |  |  | $ | 9,912 |  |  | $ | 5,655 |  |  | $ | 29,259 |
For the year ended December 31, 2020 |  | $ | 23,649 |  |  | $ | 911 |  |  | $ | 2,531 |  |  | $ | 1,750 |  |  | $ | 5,136 |  |  | $ | 2,525 |  |  | $ | 36,502 |
(1)Capital expenditures in the Nevada Casino Resorts segment exclude non-cash purchases of property and equipment of $5.0 million, $0.6 million, and $1.1 million as of December 31, 2022, 2021, and 2020, respectively. (2)Capital expenditures in the Nevada Locals Casinos segment exclude non-cash purchases of property and equipment of $0.1 million and $0.2 million as of December 31, 2022 and 2021, respectively. (3)Capital expenditures in the Maryland Casino Resort segment exclude non-cash purchases of property and equipment of $0.5 million as of December 31, 2020. (4)Capital expenditures in the Nevada Taverns segment exclude non-cash purchases of property and equipment of $0.2 million, $0.3 million, and $0.1 million as of December 31, 2022, 2021 and 2020, respectively. (5)Capital expenditures in the Distributed Gaming segment exclude non-cash purchases of property and equipment of $0.3 million and $2.4 million as of December 31, 2021 and 2020, respectively. (6)Capital expenditures for Corporate and Other exclude non-cash purchases of property and equipment of $0.1 million and $0.5 million as of December 31, 2022 and 2021, respectively.

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