Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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:


	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.

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

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.