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Divestitures | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures | Divestitures As discussed in “Note 1 — Nature of Business and Basis of Presentation,” the Company completed the sales of Rocky Gap and its distributed gaming operations in Montana and Nevada on July 25, 2023, September 13, 2023 and January 10, 2024, respectively. 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 Rocky Gap sale on August 25, 2022, $8.3 million of which were incurred in 2023. The results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and had historically been presented in the Company’s Distributed Gaming reportable segment. Since the announcement of the distributed gaming operations sale on March 3, 2023, the Company incurred $0.8 million and $0.4 million in transaction costs related to the sales of the distributed gaming operations in Montana and Nevada, respectively, for the year ended December 31, 2023. The Company incurred an additional $2.3 million in transaction costs related to the sale of the distributed gaming operations in Nevada during the nine months ended September 30, 2024. The Company recorded transaction costs in selling, general and administrative expenses as incurred. 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, and the Company ceases recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreement for the sale. The assets and liabilities of the distributed gaming operations in Nevada classified as held for sale as of December 31, 2023, and subsequently sold on January 10, 2024, are presented in the table below:
| December 31, 2023
(In thousands) | Distributed Gaming - Nevada
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 long-term debt and 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 |
The following information presents the revenues and pretax income generated by Rocky Gap and the Company’s distributed gaming operations in Montana and Nevada previously reported as held for sale and divested on July 25, 2023, September 13, 2023 and January 10, 2024, respectively:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Maryland Casino Resort |  |  |  |  |  |  |  |
Revenues |  | $ | — |  |  | $ | 5,723 |  |  | $ | — |  |  | $ | 43,456 |
Pretax income |  | — |  |  | 1,625 |  |  | — |  |  | 12,435 |
Distributed Gaming- Montana |  |  |  |  |  |  |  |
Revenues |  | $ | — |  |  | $ | 24,205 |  |  | $ | — |  |  | $ | 80,878 |
Pretax income |  | — |  |  | 2,925 |  |  | — |  |  | 8,883 |
Distributed Gaming- Nevada |  |  |  |  |  |  |  |
Revenues |  | $ | — |  |  | $ | 57,667 |  |  | $ | 6,019 |  |  | $ | 180,479 |
Pretax income |  | — |  |  | 5,137 |  |  | 476 |  |  | 16,122 |

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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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