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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The Company tests goodwill and indefinite-lived intangible assets for impairment during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. Finite-lived intangible assets are evaluated for potential impairment whenever there is an indicator that the carrying value of an asset group may not be recoverable. Based on the results of its interim impairment assessments conducted during the three and six months ended June 30, 2024 and 2023, the Company concluded that there was no impairment of the Company’s goodwill and intangible assets.

The following table summarizes goodwill balances by reportable segment:

(In thousands)						Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Total Goodwill
Balance, December 31, 2023						$	22,105					$	38,187					$	24,033					$	84,325
Goodwill acquired (1)						—						—						3,988						3,988
Balance, June 30, 2024						$	22,105					$	38,187					$	28,021					$	88,313

(1) Related to the acquisition of GAP taverns discussed in “Note 1 — Nature of Business and basis of Presentation.”

Intangible assets, net, consisted of the following:

			June 30, 2024
(In thousands)			Useful Life (Years)						Gross Carrying Value						Cumulative Amortization						Cumulative Impairment						Intangible Assets, Net
Indefinite-lived intangible assets
Trade names			Indefinite						$	55,524					$	—					$	(6,890)					$	48,634
									55,524						—						(6,890)						48,634
Amortizing intangible assets
Player relationships			2-14						44,268						(41,457)						—						2,811
Non-compete agreements			2-5						7,147						(3,238)						—						3,909
									51,415						(44,695)						—						6,720
Balance, June 30, 2024									$	106,939					$	(44,695)					$	(6,890)					$	55,354

			December 31, 2023
(In thousands)			Useful Life (Years)						Gross Carrying Value						Cumulative Amortization						Cumulative Impairment						Intangible Assets, Net
Indefinite-lived intangible assets
Trade names			Indefinite						$	54,790					$	—					$	(6,890)					$	47,900
									54,790						—						(6,890)						47,900
Amortizing intangible assets
Player relationships			2-14						43,916						(41,050)						—						2,866
Non-compete agreements			2-5						5,747						(2,578)						—						3,169
									49,663						(43,628)						—						6,035
Balance, December 31, 2023									$	104,453					$	(43,628)					$	(6,890)					$	53,935

Total amortization expense related to intangible assets was $0.6 million and $1.0 million for the three and six months ended June 30, 2024, respectively

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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