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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
(In thousands)						2024						2023
Revenues
Nevada Casino Resorts
Gaming						$	40,289					$	42,293
Food and beverage						24,263						24,231
Rooms						26,949						26,210
Other						9,511						7,442
Nevada Casino Resorts revenues						$	101,012					$	100,176
Nevada Locals Casinos
Gaming						$	27,820					$	29,649
Food and beverage						6,653						6,691
Rooms						2,451						2,822
Other						2,067						2,076
Nevada Locals Casinos revenues						$	38,991					$	41,238
Maryland Casino Resort (1)
Gaming						$	—					$	14,514
Food and beverage						—						1,866
Rooms						—						1,545
Other						—						203
Maryland Casino Resort revenues						$	—					$	18,128
Nevada Taverns
Gaming						$	12,859					$	13,025
Food and beverage						12,728						13,305
Other						2,220						1,263
Nevada Taverns revenue						$	27,807					$	27,593
Distributed Gaming (2)
Gaming						$	5,981					$	88,606
Food and beverage						17						178
Other						21						1,617
Distributed Gaming revenues						$	6,019					$	90,401
Corporate and other						218						515
Total revenues						$	174,047					$	278,051

(1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023.

(2) Comprised of distributed gaming operations in Montana (for the three months ended March 31, 2023 only) and Nevada, which were sold on September 13, 2023 and January 10, 2024, respectively.

						Three Months Ended March 31,
(In thousands)						2024						2023
Adjusted EBITDA
Nevada Casino Resorts						$	26,891					$	31,711
Nevada Locals Casinos						17,536						20,160
Maryland Casino Resort (1)						—						5,128
Nevada Taverns						7,561						8,538
Distributed Gaming (2)						484						9,784
Corporate and other						(11,480)						(13,154)
Total Adjusted EBITDA						40,992						62,167
Adjustments
Depreciation and amortization						(22,120)						(23,508)
Non-cash lease expense						85						(33)
Share-based compensation						(3,269)						(3,893)
(Loss) gain on disposal of assets						(14)						86
Gain on sale of business						69,736						—
Preopening and related expenses (3)						(139)						(384)
Other, net						(5,129)						(1,785)
Interest expense, net						(10,686)						(18,236)
Income tax provision						(27,493)						(2,784)
Net Income						$	41,963					$	11,630

(1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023.

(2) Comprised of distributed gaming operations in Montana (for the three months ended March 31, 2023 only) and Nevada, which were sold on September 13, 2023 and January 10, 2024, respectively.

(3) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded taverns and 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						Nevada Taverns						Distributed Gaming						Corporate and Other						Consolidated
Balance at March 31, 2024			$	755,685					$	161,253					$	146,598					$	—					$	438,395					$	1,501,931
Balance at December 31, 2023			$	758,622					$	160,059					$	148,250					$	204,271					$	181,081					$	1,452,283

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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

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- References

No definition available.

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