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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

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:

						Three Months Ended June 30, 2025
(In thousands)						Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Total Reportable Segments						Corporate and Other						Consolidated
Revenues
Gaming						$	38,232					$	27,297					$	13,201					$	78,730					$	—					$	78,730
Food and beverage						22,724						6,456						11,888						41,068						—						41,068
Rooms						26,909						2,515						—						29,424						—						29,424
Other (1)						10,331						2,643						1,166						14,140						258						14,398
Total revenues						98,196						38,911						26,255						163,362						258						163,620
Segment (expenses) income
Payroll and related						(38,353)						(9,440)						(7,250)						(55,043)						—						(55,043)
Operating expenses						(29,121)						(9,525)						(9,526)						(48,172)						—						(48,172)
Cost of sales						(5,642)						(2,104)						(3,623)						(11,369)						—						(11,369)
Other segment items (2) (3)						890						221						21						1,132						(11,728)						(10,596)
Adjusted EBITDA						$	25,970					$	18,063					$	5,877					$	49,910					$	(11,470)					$	38,440
Adjustments
Depreciation and amortization																																				(22,475)
Non-cash lease benefit																																				111
Share-based compensation																																				(2,214)
Loss on disposal of assets																																				(79)
Preopening and related expenses																																				(63)
System implementation costs (4)																																				(209)
Other, net																																				(1,595)
Interest expense, net																																				(7,727)
Income before income tax benefit																																				4,189
Income tax benefit																																				443
Net income																																				$	4,632

(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 benefit, share-based compensation, loss on disposal of assets, preopening expenses, interest expense, and other non-cash charges that are deemed to be not indicative of the segment’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 segment’s core operating results.

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

(3)Other segment items for the Corporate and Other category included payroll and related, operating expenses, depreciation and amortization, share-based compensation, interest expense, 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.

						Six Months Ended June 30, 2025
(In thousands)						Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Total Reportable Segments						Corporate and Other						Consolidated
Revenues
Gaming						$	76,952					$	54,918					$	27,121					$	158,991					$	—					$	158,991
Food and beverage						45,704						13,318						24,330						83,352						—						83,352
Rooms						51,792						4,801						—						56,593						—						56,593
Other (1)						17,969						4,705						2,274						24,948						579						25,527
Total revenues						192,417						77,742						53,725						323,884						579						324,463
Segment (expenses) income
Payroll and related						(76,595)						(19,051)						(14,384)						(110,030)						—						(110,030)
Operating expenses						(54,863)						(18,813)						(18,701)						(92,377)						—						(92,377)
Cost of sales						(11,383)						(4,318)						(7,381)						(23,082)						—						(23,082)
Other segment items (2) (3)						1,163						368						(34)						1,497						(24,450)						(22,953)
Adjusted EBITDA						$	50,739					$	35,928					$	13,225					$	99,892					$	(23,871)					$	76,021
Adjustments
Depreciation and amortization																																				(44,944)
Non-cash lease benefit																																				204
Share-based compensation																																				(5,276)
Loss on disposal of assets																																				(52)
Preopening and related expenses																																				(220)
System implementation costs (4)																																				(278)
Other, net																																				(2,470)
Interest expense, net																																				(15,226)
Income before income tax provision																																				7,759
Income tax provision																																				(628)
Net income																																				$	7,131

(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 benefit, share-based compensation, gain on disposal of assets, preopening expenses, interest expense, and other non-cash charges that are deemed to be not indicative of the segment’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 segment’s core operating results.

•Nevada Taverns — expenses included depreciation and amortization, non-cash lease benefit, preopening expenses, interest expense, and other non-cash charges that are deemed to be not indicative of the segment’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, preopening expenses, system implementation costs, interest expense, 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 June 30, 2024
(In thousands)						Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Total Reportable Segments						Corporate and Other						Consolidated
Revenues
Gaming						$	38,313					$	26,211					$	13,723					$	78,247					$	—					$	78,247
Food and beverage						23,951						6,922						12,240						43,113						—						43,113
Rooms						28,878						2,544						—						31,422						—						31,422
Other (1)						9,951						2,189						2,189						14,329						223						14,552
Total revenues						101,093						37,866						28,152						167,111						223						167,334
Segment (expenses) income
Payroll and related						(39,264)						(9,432)						(6,991)						(55,687)						—						(55,687)
Operating expenses						(29,321)						(9,517)						(9,552)						(48,390)						—						(48,390)
Cost of sales						(5,424)						(2,224)						(3,656)						(11,304)						—						(11,304)
Other segment items (2) (3)						308						235						(162)						381						(11,142)						(10,761)
Adjusted EBITDA						$	27,392					$	16,928					$	7,791					$	52,111					$	(10,919)					$	41,192
Adjustments
Depreciation and amortization																																				(22,616)
Non-cash lease benefit																																				148
Share-based compensation																																				(2,450)
Loss on sale of business																																				(792)
Loss on debt extinguishment and modification																																				(4,446)
Preopening and related expenses																																				(4)
Other, net																																				(1,943)
Interest expense, net																																				(8,610)
Income before income tax benefit																																				479
Income tax benefit																																				144
Net income																																				$	623

(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 and Nevada Locals Casinos — 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 segment’s core operating results.

•Nevada Taverns — expenses included depreciation and amortization, non-cash lease benefit, preopening expenses, interest expense, and other non-cash charges that are deemed to be not indicative of the segment’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 expense, share-based compensation, loss on sale of business, 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.

						Six Months Ended June 30, 2024
(In thousands)						Nevada Casino Resorts						Nevada Locals Casinos						Nevada Taverns						Distributed Gaming (1)						Total Reportable Segments						Corporate and Other						Consolidated
Revenues
Gaming						$	78,602					$	54,031					$	26,582					$	5,981					$	165,196					$	—					$	165,196
Food and beverage						48,214						13,575						24,968						17						86,774						—						86,774
Rooms						55,827						4,995						—						—						60,822						—						60,822
Other (2)						19,462						4,256						4,409						21						28,148						441						28,589
Total revenues						202,105						76,857						55,959						6,019						340,940						441						341,381
Segment (expenses) income
Payroll and related						(78,786)						(19,096)						(13,663)						—						(111,545)						—						(111,545)
Operating expenses						(60,736)						(19,453)						(19,239)						—						(99,428)						—						(99,428)
Cost of sales						(11,048)						(4,369)						(7,495)						—						(22,912)						—						(22,912)
Other segment items (3) (4) (5)						2,748						525						(210)						(5,535)						(2,472)						(22,840)						(25,312)
Adjusted EBITDA						$	54,283					$	34,464					$	15,352					$	484					$	104,583					$	(22,399)					$	82,184
Adjustments
Depreciation and amortization																																										(44,736)
Non-cash lease benefit																																										233
Share-based compensation																																										(5,719)
Loss on disposal of assets																																										(14)
Gain on sale of business																																										68,944
Loss on debt extinguishment and modification																																										(4,446)
Preopening and related expenses																																										(143)
Other, net																																										(7,072)
Interest expense, net																																										(19,296)
Income before income tax provision																																										69,935
Income tax provision																																										(27,349)
Net income																																										$	42,586

(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, gain on disposal of assets, interest expense, and other non-cash charges that are deemed to be not indicative of the segment’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 segment’s core operating results.

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

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 June 30, 2025			$	690,527					$	155,182					$	144,986					$	990,695					$	55,175					$	1,045,870
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
Six Months Ended June 30, 2025						$	15,135					$	4,442					$	3,510					$	—					$	23,087					$	2,255					$	25,342
Six Months Ended June 30, 2024						$	19,683					$	7,293					$	4,062					$	240					$	31,278					$	3,170					$	34,448

(1)Capital expenditures in the Nevada Casino Resorts segment excluded non-cash purchases of property and equipment of $0.1 million and $0.3 million as of June 30, 2025 and 2024, respectively.

(2)Capital expenditures in the Nevada Locals Casinos segment excluded non-cash purchases of property and equipment of $0.5 million and $0.7 million as of June 30, 2025 and 2024, respectively.

(3)Capital expenditures in the Nevada Taverns segment excluded non-cash purchases of property and equipment of $0.4 million and $0.3 million as of June 30, 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 June 30, 2025.

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

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X

- References

No definition available.

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