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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
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-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

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