XML 50 R40.htm IDEA: XBRL DOCUMENT v3.25.1

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The Company’s revenues, significant expenses and Adjusted EBITDA by reportable segment and reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP are presented in the table below:

						Year Ended December 31, 2024
(In thousands)						Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Distributed Gaming (1)						Total Reportable Segments						Corporate and Other						Consolidated
Revenues
Gaming						$	155,472					$	106,531					$	51,283					$	5,981					$	319,267					$	—					$	319,267
Food and beverage						95,082						26,669						50,157						17						171,925						—						171,925
Rooms						109,941						9,624						—						—						119,565						—						119,565
Other (2)						38,644						8,148						8,283						21						55,096						965						56,061
Total revenues						399,139						150,972						109,723						6,019						665,853						965						666,818
Segment (expenses) income
Payroll and related						(156,550)						(37,951)						(27,759)						—						(222,260)						—						(222,260)
Operating expenses						(121,361)						(38,837)						(39,305)						—						(199,503)						—						(199,503)
Cost of sales						(22,437)						(8,657)						(15,166)						—						(46,260)						—						(46,260)
Other segment items (3) (4) (5)						4,547						977						(356)						(5,535)						(367)						(43,053)						(43,420)
Adjusted EBITDA						$	103,338					$	66,504					$	27,137					$	484					$	197,463					$	(42,088)					$	155,375
Adjustments
Depreciation and amortization																																										(90,034)
Non-cash lease benefit																																										380
Share-based compensation																																										(10,434)
Gain on disposal of assets																																										213
Gain on sale of businesses																																										69,238
Loss on debt extinguishment and modification																																										(4,446)
Preopening and related expenses																																										(508)
Impairment of assets																																										(2,399)
Other, net																																										(9,707)
Interest expense, net																																										(34,884)
Income before income tax provision																																										72,794
Income tax provision																																										(22,063)
Net income																																										$	50,731

(1) Relates to the distributed gaming operations in Nevada sold on January 10, 2024.

(2)    Includes lease revenue accounted for under ASC 842 for the arrangements in which the Company is a lessor. Refer to “Note 2 — Summary of Significant Accounting Policies” and “Note 12 — Leases” for details.

(3) Other segment items for each reportable segment included the following items:

•Nevada Casino Resorts — expenses included depreciation and amortization, non-cash lease benefit, share-based compensation, loss on disposal of assets, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

•Nevada Locals Casinos — expenses included depreciation and amortization, non-cash lease expense, gain on disposal of assets, impairment of assets, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

•Nevada Taverns — expenses included depreciation and amortization, non-cash lease benefit, loss on disposal of assets, interest expense, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

(4) Other segment items for the Distributed Gaming reportable segment divested in 2024 for the period of January 1, 2024 - January 10, 2024 included payroll and related, operating expenses, cost of sales and interest expense.

(5) Other segment items in Corporate and Other included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, share-based compensation, gain on disposal of assets, gain on sale of businesses, loss on debt extinguishment and modification, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

						Year Ended December 31, 2023
(In thousands)						Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Distributed Gaming						Maryland Casino Resort						Total Reportable Segments						Corporate and Other						Consolidated
Revenues
Gaming						$	160,371					$	112,772					$	52,817					$	315,182					$	33,159					$	674,301					$	—					$	674,301
Food and beverage						98,748						26,372						51,642						765						4,881						182,408						—						182,408
Rooms						109,996						10,331						—						—						4,322						124,649						—						124,649
Other (1)						43,943						7,960						4,756						4,733						1,094						62,486						9,305						71,791
Total revenues						413,058						157,435						109,215						320,680						43,456						1,043,844						9,305						1,053,149
Segment (expenses) income
Payroll and related						(147,730)						(36,884)						(25,052)						—						—						(209,666)						—						(209,666)
Operating expenses						(125,385)						(39,278)						(36,102)						—						—						(200,765)						—						(200,765)
Cost of sales						(22,531)						(8,545)						(15,447)						—						—						(46,523)						—						(46,523)
Other segment items (2) (3) (4)						2,844						1,118						68						(286,135)						(30,804)						(312,909)						(60,764)						(373,673)
Adjusted EBITDA						$	120,256					$	73,846					$	32,682					$	34,545					$	12,652					$	273,981					$	(51,459)					$	222,522
Adjustments
Depreciation and amortization																																																(88,933)
Non-cash lease benefit																																																15
Share-based compensation																																																(13,476)
Gain on disposal of assets																																																228
Gain on sale of businesses																																																303,179
Loss on debt extinguishment and modification																																																(1,734)
Preopening and related expenses																																																(760)
Impairment of assets																																																(12,072)
Other, net																																																(11,491)
Interest expense, net																																																(65,515)
Income before income tax provision																																																331,963
Income tax provision																																																(76,207)
Net income																																																$	255,756

(1) Includes lease revenue accounted for under ASC 842 for the arrangements in which the Company is a lessor. Refer to “Note 2 — Summary of Significant Accounting Policies” and “Note 12 — Leases” for details.

(2) Other segment items for each reportable segment included the following expenses:

•Nevada Casino Resorts — expenses included depreciation and amortization, non-cash lease benefit, gain on disposal of assets, interest expense, impairment of assets, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

•Nevada Locals Casinos — expenses included depreciation and amortization, non-cash lease expense, gain on disposal of assets, interest expense, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

•Nevada Taverns — expenses included depreciation and amortization, non-cash lease benefit, loss on disposal of assets, interest expense, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

(3) Other segment items for the reportable segments divested in 2023:

•Distributed Gaming — expenses included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, gain on disposal of assets, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

•Maryland Casino Resort — expenses included payroll and related, operating expenses, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

(4) Other segment items in Corporate and Other included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, share-based compensation, gain on sale of businesses, loss on debt extinguishment and modification, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

						Year Ended December 31, 2022
(In thousands)						Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Distributed Gaming						Maryland Casino Resort						Total Reportable Segments						Corporate and Other						Consolidated
Revenues
Gaming						$	175,014					$	114,388					$	53,619					$	358,332					$	59,553					$	760,906					$	—					$	760,906
Food and beverage						89,424						25,219						51,564						716						8,440						175,363						—						175,363
Rooms						104,375						10,162						—						—						7,787						122,324						—						122,324
Other (1)						38,137						7,745						4,782						6,424						2,230						59,318						3,808						63,126
Total revenues						406,950						157,514						109,965						365,472						78,010						1,117,911						3,808						1,121,719
Segment (expenses) income
Payroll and related						(137,259)						(36,778)						(23,380)						—						—						(197,417)						—						(197,417)
Operating expenses						(113,559)						(36,425)						(33,133)						—						—						(183,117)						—						(183,117)
Cost of sales						(22,110)						(8,594)						(15,879)						—						—						(46,583)						—						(46,583)
Other segment items (2) (3) (4)						1,082						131						37						(321,451)						(52,627)						(372,828)						(54,694)						(427,522)
Adjusted EBITDA						$	135,104					$	75,848					$	37,610					$	44,021					$	25,383					$	317,966					$	(50,886)					$	267,080
Adjustments
Depreciation and amortization																																																(100,123)
Non-cash lease expense																																																(165)
Share-based compensation																																																(13,433)
Loss on disposal of assets																																																(934)
Loss on debt extinguishment and modification																																																(1,590)
Preopening and related expenses																																																(161)
Other, net																																																(4,317)
Interest expense, net																																																(63,490)
Income before income tax provision																																																82,867
Income tax provision																																																(521)
Net income																																																$	82,346

(1) Includes lease revenue accounted for under ASC 842 for the arrangements in which the Company is a lessor. Refer to “Note 2 — Summary of Significant Accounting Policies” and “Note 12 — Leases” for details.

(2) Other segment items for each reportable segment included the following items:

•Nevada Casino Resorts — expenses included depreciation and amortization, non-cash lease benefit, loss on disposal of assets, interest expense, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

•Nevada Locals Casinos — expenses included depreciation and amortization, non-cash lease expense, loss on disposal of assets, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

•Nevada Taverns — expenses included depreciation and amortization, non-cash lease expense, loss on disposal of assets, interest expense, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

(3) Other segment items for the reportable segments divested in 2023 and 2024 included the following expenses:

•Distributed Gaming — expenses included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, gain on disposal of assets, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

•Maryland Casino Resort — expenses included payroll and related, operating expenses, depreciation and amortization, non-cash lease benefit, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

(4) Other segment items in Corporate and Other included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, share-based compensation, loss on debt extinguishment and modification, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.

Assets

The Company’s assets by segment consisted of the following amounts:

(In thousands)			Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Distributed Gaming						Total Reportable Segments						Corporate and Other						Consolidated
Balance at December 31, 2024			$	714,907					$	158,864					$	151,633					$	—					$	1,025,404					$	54,502					$	1,079,906
Balance at December 31, 2023			$	758,622					$	160,059					$	148,250					$	204,271					$	1,271,202					$	181,081					$	1,452,283

Capital Expenditures

The Company’s capital expenditures by segment consisted of the following amounts:

(In thousands)						Nevada Casino Resorts (1)						Nevada Locals Casinos (2)						Nevada Taverns (3)						Distributed Gaming (4)						Maryland Casino Resort						Total Reportable Segments						Corporate and Other (5)						Consolidated
For the year ended December 31, 2024						$	29,012					$	11,648					$	4,744					$	240					$	—					$	45,644					$	4,256					$	49,900
For the year ended December 31, 2023						$	60,441					$	5,691					$	3,369					$	9,537					$	435					$	79,473					$	6,404					$	85,877
For the year ended December 31, 2022						$	26,347					$	4,035					$	2,712					$	9,146					$	1,878					$	44,118					$	7,301					$	51,419

(1)Capital expenditures in the Nevada Casino Resorts segment excluded non-cash purchases of property and equipment of $1.2 million, $1.0 million, and $5.0 million as of December 31, 2024, 2023, and 2022, respectively.

(2)Capital expenditures in the Nevada Locals Casinos segment excluded non-cash purchases of property and equipment of $0.3 million and $0.1 million as of December 31, 2024 and 2022, respectively.

(3)Capital expenditures in the Nevada Taverns segment excluded non-cash purchases of property and equipment of $0.2 million, $0.7 million and $0.2 million as of December 31, 2024, 2023 and 2022, respectively.

(4)Capital expenditures in the Distributed Gaming segment excluded non-cash purchases of property and equipment of $0.2 million as of December 31, 2023.

(5)Capital expenditures for Corporate and Other excluded non-cash purchases of property and equipment of $0.3 million as of December 31, 2024 and 2023, and $0.1 million as of December 31, 2022.

X

- 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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration