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Divestitures and Assets Held for Sale | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures and Assets Held for Sale | Divestitures and Assets Held for Sale The Company classifies assets as held for sale when a sale is probable, is expected to be completed within one year, and the asset group meets all of the accounting criteria to be classified as held for sale. Gains or losses associated with the disposal of assets held for sale are recorded within operating expenses. As discussed in “Note 1 — Nature of Business and Basis of Presentation,” on July 25, 2023, the Company completed the sale of Rocky Gap. Operations of Rocky Gap had historically been presented in the Company’s Maryland Casino Resort reportable segment. The Company incurred $8.5 million in transaction costs since the announcement of the sale on August 25, 2022, $0.2 million of which were incurred in 2022 and $8.3 million of which were incurred during the year ended December 31, 2023. The Company recorded transaction costs in selling, general and administrative expenses as incurred. As discussed in “Note 1 — Nature of Business and Basis of Presentation,” on March 3, 2023, the Company entered into definitive agreements to sell its distributed gaming operations in Nevada and Montana. The Company ceased recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreements on March 3, 2023 and classified the assets related to the distributed gaming operations as held for sale. On September 13, 2023, the Company completed the sale of its distributed gaming operations in Montana and incurred $0.8 million in transaction costs for the year ended December 31, 2023, which were recorded in selling, general and administrative expenses. On January 10, 2024, the Company completed the sale of its distributed gaming operations in Nevada, the assets and liabilities of which continued to be classified as held for sale as of December 31, 2023. The Company incurred $0.4 million in transaction costs related to the sale of its distributed gaming operations in Nevada for the year ended December 31, 2023. Prior to the sales, the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in the Company’s Distributed Gaming reportable segment. The assets and liabilities of Rocky Gap and the Montana distributed gaming operations previously held for sale as of the most recent balance sheet date preceding the sale are presented in the table below:
| June 30, 2023
(In thousands) | Maryland Casino Resort |  | Distributed Gaming - Montana
ASSETS |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 6,297 |  |  | $ | 4,402 |
Accounts receivables, net | 2,027 |  |  | 1,196 |
Prepaid expenses | 605 |  |  | 139 |
Inventories | 760 |  |  | — |
Other | 60 |  |  | 346 |
Total current assets held for sale | 9,749 |  |  | 6,083 |
Property and equipment, net | 24,441 |  |  | 16,373 |
Operating lease right-of-use assets, net | 5,980 |  |  | 904 |
Goodwill | — |  |  | 8,193 |
Intangible assets, net | 1,064 |  |  | 10,127 |
Other assets | 2 |  |  | 1,078 |
Total assets held for sale | $ | 41,236 |  |  | $ | 42,758 |
LIABILITIES |  |  |
Current liabilities |  |  |
Current portion of long-term debt and finance leases | $ | 105 |  |  | $ | — |
Current portion of operating leases | 436 |  |  | 603 |
Accounts payable | 1,585 |  |  | 851 |
Accrued payroll and related | 923 |  |  | 353 |
Other accrued liabilities | 2,631 |  |  | 4,090 |
Total current liabilities related to assets held for sale | 5,680 |  |  | 5,897 |
Non-current finance leases | 153 |  |  | — |
Non-current operating leases | 5,206 |  |  | 347 |
Total liabilities related to assets held for sale | $ | 11,039 |  |  | $ | 6,244 |
The following information presents the revenues and pretax income generated by Rocky Gap and the Montana distributed gaming operations previously held for sale and divested on July 25, 2023 and September 13, 2023, respectively:
|  | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Maryland Casino Resort |  |  |  |  |  |
Revenues |  | $ | 43,456 |  |  | $ | 78,010 |  |  | $ | 78,155 |
Pretax income |  | 12,435 |  |  | 22,966 |  |  | 22,182 |
Distributed Gaming – Montana |  |  |  |  |  |
Revenues |  | $ | 80,878 |  |  | $ | 109,359 |  |  | $ | 102,794 |
Pretax income |  | 8,883 |  |  | 7,417 |  |  | 7,689 |
The carrying amounts of the assets and liabilities held for sale for the distributed gaming operations in Nevada as of December 31, 2023 consisted of the following:
(In thousands) | December 31, 2023
ASSETS |
Current assets |
Cash and cash equivalents | $ | 40,050 |
Accounts receivables, net | 1,945 |
Prepaid expenses | 1,018 |
Other | 2,298 |
Total current assets held for sale | 45,311 |
Property and equipment, net | 21,221 |
Operating lease right-of-use assets, net | 33,601 |
Goodwill | 69,452 |
Intangible assets, net | 28,379 |
Other assets | 6,307 |
Total assets held for sale | $ | 204,271 |
LIABILITIES |
Current liabilities |
Current portion of finance leases | $ | 1,131 |
Current portion of operating leases | 23,323 |
Accounts payable | 1,826 |
Accrued payroll and related | 1,123 |
Other accrued liabilities | 1,151 |
Total current liabilities related to assets held for sale | 28,554 |
Non-current operating leases | 10,614 |
Other long-term obligations | 65 |
Total liabilities related to assets held for sale | $ | 39,233 |
Revenues and pretax income generated by the Nevada distributed gaming assets held for sale as of December 31, 2023 were as follows:
|  | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Distributed Gaming - Nevada |  |  |  |  |  |
Revenues |  | $ | 239,802 |  |  | $ | 256,113 |  |  | $ | 254,620 |
Pretax income |  | 22,402 |  |  | 22,766 |  |  | 25,309 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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