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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
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) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |
Nevada Casino Resorts |  |  |  |  |  |  |  |
Gaming |  | $ | 38,625 |  |  | $ | 46,114 |  |  | $ | 80,918 |  |  | $ | 90,344 |
Food and beverage |  | 24,473 |  |  | 23,123 |  |  | 48,704 |  |  | 44,507 |
Rooms |  | 26,353 |  |  | 28,573 |  |  | 52,563 |  |  | 50,602 |
Other |  | 13,111 |  |  | 9,688 |  |  | 20,553 |  |  | 18,480 |
Nevada Casino Resorts revenues |  | $ | 102,562 |  |  | $ | 107,498 |  |  | $ | 202,738 |  |  | $ | 203,933 |
Nevada Locals Casinos |  |  |  |  |  |  |  |
Gaming |  | $ | 28,796 |  |  | $ | 29,048 |  |  | $ | 58,445 |  |  | $ | 58,429 |
Food and beverage |  | 6,564 |  |  | 6,301 |  |  | 13,255 |  |  | 12,480 |
Rooms |  | 2,416 |  |  | 2,529 |  |  | 5,238 |  |  | 4,773 |
Other |  | 2,053 |  |  | 1,907 |  |  | 4,129 |  |  | 3,992 |
Nevada Locals Casinos revenues |  | $ | 39,829 |  |  | $ | 39,785 |  |  | $ | 81,067 |  |  | $ | 79,674 |
Maryland Casino Resort |  |  |  |  |  |  |  |
Gaming |  | $ | 14,421 |  |  | $ | 15,456 |  |  | $ | 28,935 |  |  | $ | 29,913 |
Food and beverage |  | 2,348 |  |  | 2,222 |  |  | 4,214 |  |  | 3,870 |
Rooms |  | 2,149 |  |  | 2,072 |  |  | 3,694 |  |  | 3,545 |
Other |  | 687 |  |  | 796 |  |  | 890 |  |  | 1,110 |
Maryland Casino Resort revenues |  | $ | 19,605 |  |  | $ | 20,546 |  |  | $ | 37,733 |  |  | $ | 38,438 |
Nevada Taverns |  |  |  |  |  |  |  |
Gaming |  | $ | 13,187 |  |  | $ | 14,289 |  |  | $ | 26,212 |  |  | $ | 28,611 |
Food and beverage |  | 12,962 |  |  | 12,630 |  |  | 26,267 |  |  | 25,683 |
Other |  | 1,170 |  |  | 1,225 |  |  | 2,433 |  |  | 2,304 |
Nevada Taverns revenue |  | $ | 27,319 |  |  | $ | 28,144 |  |  | $ | 54,912 |  |  | $ | 56,598 |
Distributed Gaming |  |  |  |  |  |  |  |
Gaming |  | $ | 87,326 |  |  | $ | 91,772 |  |  | $ | 175,932 |  |  | $ | 180,169 |
Food and beverage |  | 187 |  |  | 175 |  |  | 365 |  |  | 367 |
Other |  | 1,571 |  |  | 1,278 |  |  | 3,188 |  |  | 3,457 |
Distributed Gaming revenues |  | $ | 89,084 |  |  | $ | 93,225 |  |  | $ | 179,485 |  |  | $ | 183,993 |
Corporate and other |  | 8,282 |  |  | 174 |  |  | 8,797 |  |  | 380 |
Total revenues |  | $ | 286,681 |  |  | $ | 289,372 |  |  | $ | 564,732 |  |  | $ | 563,016 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Adjusted EBITDA |  |  |  |  |  |  |  |
Nevada Casino Resorts |  | $ | 28,044 |  |  | $ | 38,892 |  |  | $ | 59,755 |  |  | $ | 72,467 |
Nevada Locals Casinos |  | 19,471 |  |  | 19,795 |  |  | 39,631 |  |  | 39,833 |
Maryland Casino Resort |  | 5,898 |  |  | 7,242 |  |  | 11,026 |  |  | 12,814 |
Nevada Taverns |  | 8,450 |  |  | 10,654 |  |  | 16,988 |  |  | 21,430 |
Distributed Gaming |  | 9,950 |  |  | 11,540 |  |  | 19,734 |  |  | 22,817 |
Corporate and other |  | (13,403) |  |  | (13,107) |  |  | (26,557) |  |  | (27,020) |
Total Adjusted EBITDA |  | 58,410 |  |  | 75,016 |  |  | 120,577 |  |  | 142,341 |
Adjustments |  |  |  |  |  |  |  |
Depreciation and amortization |  | (21,454) |  |  | (25,332) |  |  | (44,962) |  |  | (51,608) |
Non-cash lease expense |  | 9 |  |  | (230) |  |  | (24) |  |  | (411) |
Share-based compensation |  | (3,288) |  |  | (3,311) |  |  | (7,181) |  |  | (6,983) |
Gain (loss) on disposal of assets |  | 34 |  |  | (710) |  |  | 120 |  |  | (669) |
Loss on debt extinguishment and modification |  | (405) |  |  | (1,073) |  |  | (405) |  |  | (1,254) |
Preopening and related expenses (1) |  | (141) |  |  | (4) |  |  | (525) |  |  | (59) |
Other, net |  | 2,168 |  |  | (838) |  |  | 383 |  |  | (5,134) |
Interest expense, net |  | (18,803) |  |  | (14,738) |  |  | (37,039) |  |  | (29,856) |
Income tax (provision) benefit |  | (4,248) |  |  | (7,560) |  |  | (7,032) |  |  | 10,919 |
Net Income |  | $ | 12,282 |  |  | $ | 21,220 |  |  | $ | 23,912 |  |  | $ | 57,286 |
(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. The Company’s assets by reportable 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 June 30, 2023 | $ | 780,041 |  |  | $ | 159,834 |  |  | $ | 41,236 |  |  | $ | 134,849 |  |  | $ | 248,574 |  |  | $ | 129,712 |  |  | $ | 1,494,246 |
Balance at December 31, 2022 | $ | 784,242 |  |  | $ | 164,580 |  |  | $ | 39,562 |  |  | $ | 145,065 |  |  | $ | 258,260 |  |  | $ | 116,961 |  |  | $ | 1,508,670 |

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- 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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