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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s management views each of its casino properties located in Las Vegas, the casino properties located in Laughlin and Pahrump and its branded taverns as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Company has aggregated its operating segments into three reportable segments: Nevada Casino Resorts, Nevada Locals Casinos and Nevada Taverns. The Nevada Casino Resorts segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities. The casino resort properties in this segment cater primarily to a regional drive-in customer base seeking a value-oriented vacation experience, with guests typically traveling from Southern California or Arizona. The Company’s casino resort properties in Nevada have a significantly larger number of hotel rooms compared to the other casino properties in its portfolio. While hotel stays at these casino resorts are typically longer, the overall frequency of visitation from guests is lower when compared to the Nevada Locals Casinos. The Nevada Locals Casinos segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius of these properties. The Company’s locals casino properties typically experience a higher frequency of customer visits compared to its casino resort properties, with many of the customers visiting the Company’s Nevada Locals Casinos on a weekly basis. The casino properties within this reportable segment have no or a limited number of hotel rooms and offer fewer food and beverage outlets or other amenities, with revenues primarily generated from slot machine play. The Nevada Taverns segment is comprised of branded tavern locations that offer a casual, upscale environment catering to local patrons offering superior food, craft beer and other alcoholic beverages and are typically limited to 15 slot machines. Prior to the sale of the Company’s distributed gaming operations in Nevada, the Company owned and operated the slot machines located within each tavern. Following the sale, slot machines at the Company’s branded tavern locations are owned and operated by the independent third party that acquired the distributed gaming operations from the Company. Accordingly, the Company typically receives a large percentage of the gaming revenue from the tavern slot machines in exchange for allowing the independent third party to place the slot machines in the taverns. As discussed in “Note 1 — Nature of Business and Basis of Presentation” and “Note 2 — Divestitures” the Company completed the sale of its distributed gaming operations in Nevada on January 10, 2024 for cash consideration of $213.5 million plus working capital and other adjustments and net of cash transferred at closing. Prior to the sale, the results of the Company’s distributed gaming operations in Nevada were presented in the Company’s Distributed Gaming reportable segment. The Corporate and Other category includes certain unallocated corporate overhead costs not easily allocable to reportable segments as to do so would not be practical. The Company presents Adjusted EBITDA in its segment disclosures because it is the primary metric used by the Company’s chief operating decision maker (“CODM”) in measuring both the Company’s past and future expectations of performance and it is the metric that the Company’s annual performance plan used to determine compensation of its executive officers and employees is tied to. Adjusted EBITDA represents each segment’s earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, impairment of assets, interest, income taxes, and other non-cash charges and non-recurring expenses that are deemed to be not indicative of the Company’s core operating results. The function of the CODM is currently performed by the Company’s Chief Executive Officer and Chairman of the Company’s Board of Directors. The CODM assesses performance of each reportable segment and decides how to allocate resources based on the monthly review of the budget-to-actual and current period versus prior year comparable period Adjusted EBITDA results. 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:
|  | Three Months Ended March 31, 2025
(In thousands) |  | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Nevada Taverns |  | Total Reportable Segments |  | Corporate and Other |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 38,720 |  |  | $ | 27,621 |  |  | $ | 13,920 |  |  | $ | 80,261 |  |  | $ | — |  |  | $ | 80,261 |
Food and beverage |  | 22,980 |  |  | 6,862 |  |  | 12,442 |  |  | 42,284 |  |  | — |  |  | 42,284 |
Rooms |  | 24,883 |  |  | 2,286 |  |  | — |  |  | 27,169 |  |  | — |  |  | 27,169 |
Other (1) |  | 7,638 |  |  | 2,062 |  |  | 1,108 |  |  | 10,808 |  |  | 321 |  |  | 11,129 |
Total revenues |  | 94,221 |  |  | 38,831 |  |  | 27,470 |  |  | 160,522 |  |  | 321 |  |  | 160,843 |
Segment (expenses) income |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related |  | (38,242) |  |  | (9,611) |  |  | (7,134) |  |  | (54,987) |  |  | — |  |  | (54,987) |
Operating expenses |  | (25,742) |  |  | (9,288) |  |  | (9,175) |  |  | (44,205) |  |  | — |  |  | (44,205) |
Cost of sales |  | (5,741) |  |  | (2,214) |  |  | (3,758) |  |  | (11,713) |  |  | — |  |  | (11,713) |
Other segment items (2) (3) |  | 273 |  |  | 147 |  |  | (55) |  |  | 365 |  |  | (12,722) |  |  | (12,357) |
Adjusted EBITDA |  | $ | 24,769 |  |  | $ | 17,865 |  |  | $ | 7,348 |  |  | $ | 49,982 |  |  | $ | (12,401) |  |  | $ | 37,581 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (22,469) |
Non-cash lease benefit |  |  |  |  |  |  |  |  |  |  |  | 93 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | (3,062) |
Gain on disposal of assets |  |  |  |  |  |  |  |  |  |  |  | 27 |
Preopening and related expenses |  |  |  |  |  |  |  |  |  |  |  | (157) |
System implementation costs (4) |  |  |  |  |  |  |  |  |  |  |  | (69) |
Other, net |  |  |  |  |  |  |  |  |  |  |  | (875) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (7,499) |
Income before income tax provision |  |  |  |  |  |  |  |  |  |  |  | 3,570 |
Income tax provision |  |  |  |  |  |  |  |  |  |  |  | (1,071) |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 2,499 |
(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” in the Company’s Annual Report for the year ended December 31, 2024 previously filed with the SEC. (2)Other segment items for each reportable segment included the following items: •Nevada Casino Resorts — expenses included depreciation and amortization, non-cash lease expense, share-based compensation, 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. •Nevada Locals Casinos — expenses included depreciation and amortization, non-cash lease expense, share-based compensation, 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, 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 Corporate and Other category included payroll and related, operating expenses, depreciation and amortization, non-cash lease benefit, share-based compensation, gain on disposal of assets, interest expense, preopening expenses, system implementation costs and other non-cash charges that are deemed to be not indicative of the Company’s core operating results. (4)System implementation costs represent expenses related to the implementation of new enterprise resource planning, finance, payroll and human capital management software.
|  | Three Months Ended March 31, 2024
(In thousands) |  | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Nevada Taverns |  | Distributed Gaming (1) |  | Total Reportable Segments |  | Corporate and Other |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 40,289 |  |  | $ | 27,820 |  |  | $ | 12,859 |  |  | $ | 5,981 |  |  | $ | 86,949 |  |  | $ | — |  |  | $ | 86,949 |
Food and beverage |  | 24,263 |  |  | 6,653 |  |  | 12,728 |  |  | 17 |  |  | 43,661 |  |  | — |  |  | 43,661 |
Rooms |  | 26,949 |  |  | 2,451 |  |  | — |  |  | — |  |  | 29,400 |  |  | — |  |  | 29,400 |
Other (2) |  | 9,511 |  |  | 2,067 |  |  | 2,220 |  |  | 21 |  |  | 13,819 |  |  | 218 |  |  | 14,037 |
Total revenues |  | 101,012 |  |  | 38,991 |  |  | 27,807 |  |  | 6,019 |  |  | 173,829 |  |  | 218 |  |  | 174,047 |
Segment (expenses) income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related |  | (39,522) |  |  | (9,664) |  |  | (6,672) |  |  | 483 |  |  | (55,375) |  |  | — |  |  | (55,375) |
Operating expenses |  | (31,415) |  |  | (9,936) |  |  | (9,687) |  |  | (19) |  |  | (51,057) |  |  | — |  |  | (51,057) |
Cost of sales |  | (5,624) |  |  | (2,145) |  |  | (3,839) |  |  | (5,999) |  |  | (17,607) |  |  | — |  |  | (17,607) |
Other segment items (3) (4) (5) |  | 2,440 |  |  | 290 |  |  | (48) |  |  | — |  |  | 2,682 |  |  | (11,698) |  |  | (9,016) |
Adjusted EBITDA |  | $ | 26,891 |  |  | $ | 17,536 |  |  | $ | 7,561 |  |  | $ | 484 |  |  | $ | 52,472 |  |  | $ | (11,480) |  |  | $ | 40,992 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  | (22,120) |
Non-cash lease benefit |  |  |  |  |  |  |  |  |  |  |  |  |  | 85 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,269) |
Loss on disposal of assets |  |  |  |  |  |  |  |  |  |  |  |  |  | (14) |
Gain on sale of business |  |  |  |  |  |  |  |  |  |  |  |  |  | 69,736 |
Preopening and related expenses |  |  |  |  |  |  |  |  |  |  |  |  |  | (139) |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,129) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,686) |
Income before income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  | 69,456 |
Income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  | (27,493) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 41,963 |
(1)Relates to the Company’s 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” in the Company’s Annual Report for the year ended December 31, 2024 previously filed with the SEC. (3)Other segment items for each reportable segment included the following items: •Nevada Casino Resorts — expenses included 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. •Nevada Locals Casinos — expenses included depreciation and amortization, non-cash lease expense, 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 for the Corporate and Other category included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, share-based compensation, gain on sale of businesses, 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 reportable segment consisted of the following amounts:
(In thousands) | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Nevada Taverns |  | Total Reportable Segments |  | Corporate and Other |  | Consolidated
Balance at March 31, 2025 | $ | 703,911 |  |  | $ | 155,458 |  |  | $ | 148,605 |  |  | $ | 1,007,974 |  |  | $ | 50,109 |  |  | $ | 1,058,083 |
Balance at December 31, 2024 | $ | 714,907 |  |  | $ | 158,864 |  |  | $ | 151,633 |  |  | $ | 1,025,404 |  |  | $ | 54,502 |  |  | $ | 1,079,906 |
Capital Expenditures The Company’s capital expenditures by reportable segment consisted of the following amounts:
(In thousands) |  | Nevada Casino Resorts (1) |  | Nevada Locals Casinos (2) |  | Nevada Taverns (3) |  | Distributed Gaming |  | Total Reportable Segments |  | Corporate and Other (4) |  | Consolidated
For three months ended March 31, 2025 |  | $ | 8,964 |  |  | $ | 1,190 |  |  | $ | 1,342 |  |  | $ | — |  |  | $ | 11,496 |  |  | $ | 422 |  |  | $ | 11,918 |
For three months ended March 31, 2024 |  | $ | 9,814 |  |  | $ | 3,018 |  |  | $ | 1,568 |  |  | $ | 240 |  |  | $ | 14,640 |  |  | $ | 1,619 |  |  | $ | 16,259 |
(1)Capital expenditures in the Nevada Casino Resorts segment excluded non-cash purchases of property and equipment of $1.0 million and $5.6 million as of March 31, 2025 and 2024, respectively. (2)Capital expenditures in the Nevada Locals Casinos segment excluded non-cash purchases of property and equipment of $0.4 million and $1.3 million as of March 31, 2025 and 2024, respectively. (3)Capital expenditures in the Nevada Taverns segment excluded non-cash purchases of property and equipment of $0.3 million and $0.5 million as of March 31, 2025 and 2024, respectively. (4)Capital expenditures for the Corporate and Other category excluded non-cash purchases of property and equipment of $0.1 million as of March 31, 2025.

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