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Segment Information (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025
(In thousands) |  | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Nevada Taverns |  | Total Reportable Segments |  | Corporate and Other |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 38,221 |  |  | $ | 25,881 |  |  | $ | 12,976 |  |  | $ | 77,078 |  |  | $ | — |  |  | $ | 77,078 |
Food and beverage |  | 21,843 |  |  | 6,149 |  |  | 11,631 |  |  | 39,623 |  |  | — |  |  | 39,623 |
Rooms |  | 23,533 |  |  | 1,861 |  |  | — |  |  | 25,394 |  |  | — |  |  | 25,394 |
Other (1) |  | 9,423 |  |  | 1,898 |  |  | 1,126 |  |  | 12,447 |  |  | 276 |  |  | 12,723 |
Total revenues |  | 93,020 |  |  | 35,789 |  |  | 25,733 |  |  | 154,542 |  |  | 276 |  |  | 154,818 |
Segment (expenses) income |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related |  | (37,107) |  |  | (9,499) |  |  | (7,063) |  |  | (53,669) |  |  | — |  |  | (53,669) |
Operating expenses |  | (29,649) |  |  | (9,481) |  |  | (9,735) |  |  | (48,865) |  |  | — |  |  | (48,865) |
Cost of sales |  | (5,578) |  |  | (2,058) |  |  | (3,533) |  |  | (11,169) |  |  | — |  |  | (11,169) |
Other segment items (2) (3) |  | 777 |  |  | 188 |  |  | (111) |  |  | 854 |  |  | (11,488) |  |  | (10,634) |
Adjusted EBITDA |  | $ | 21,463 |  |  | $ | 14,939 |  |  | $ | 5,291 |  |  | $ | 41,693 |  |  | $ | (11,212) |  |  | $ | 30,481 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (22,868) |
Non-cash lease benefit |  |  |  |  |  |  |  |  |  |  |  | 86 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | (2,059) |
Loss on disposal of assets |  |  |  |  |  |  |  |  |  |  |  | (1,901) |
Preopening and related expenses |  |  |  |  |  |  |  |  |  |  |  | (210) |
System implementation costs (4) |  |  |  |  |  |  |  |  |  |  |  | (208) |
Other, net |  |  |  |  |  |  |  |  |  |  |  | (2,439) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (7,941) |
Loss before income tax benefit |  |  |  |  |  |  |  |  |  |  |  | (7,059) |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  | 2,401 |
Net loss |  |  |  |  |  |  |  |  |  |  |  | $ | (4,658) |
(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, 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, 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, preopening expenses, 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.
|  | Nine Months Ended September 30, 2025
(In thousands) |  | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Nevada Taverns |  | Total Reportable Segments |  | Corporate and Other |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 115,173 |  |  | $ | 80,799 |  |  | $ | 40,097 |  |  | $ | 236,069 |  |  | $ | — |  |  | $ | 236,069 |
Food and beverage |  | 67,547 |  |  | 19,467 |  |  | 35,961 |  |  | 122,975 |  |  | — |  |  | 122,975 |
Rooms |  | 75,325 |  |  | 6,662 |  |  | — |  |  | 81,987 |  |  | — |  |  | 81,987 |
Other (1) |  | 27,392 |  |  | 6,603 |  |  | 3,400 |  |  | 37,395 |  |  | 855 |  |  | 38,250 |
Total revenues |  | 285,437 |  |  | 113,531 |  |  | 79,458 |  |  | 478,426 |  |  | 855 |  |  | 479,281 |
Segment (expenses) income |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related |  | (113,702) |  |  | (28,550) |  |  | (21,447) |  |  | (163,699) |  |  | — |  |  | (163,699) |
Operating expenses |  | (84,512) |  |  | (28,294) |  |  | (28,436) |  |  | (141,242) |  |  | — |  |  | (141,242) |
Cost of sales |  | (16,961) |  |  | (6,376) |  |  | (10,914) |  |  | (34,251) |  |  | — |  |  | (34,251) |
Other segment items (2) (3) |  | 1,940 |  |  | 555 |  |  | (145) |  |  | 2,350 |  |  | (35,938) |  |  | (33,588) |
Adjusted EBITDA |  | $ | 72,202 |  |  | $ | 50,866 |  |  | $ | 18,516 |  |  | $ | 141,584 |  |  | $ | (35,083) |  |  | $ | 106,501 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (67,812) |
Non-cash lease benefit |  |  |  |  |  |  |  |  |  |  |  | 291 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | (7,335) |
Loss on disposal of assets |  |  |  |  |  |  |  |  |  |  |  | (1,953) |
Preopening and related expenses |  |  |  |  |  |  |  |  |  |  |  | (430) |
System implementation costs (4) |  |  |  |  |  |  |  |  |  |  |  | (486) |
Other, net |  |  |  |  |  |  |  |  |  |  |  | (4,909) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (23,167) |
Income before income tax benefit |  |  |  |  |  |  |  |  |  |  |  | 700 |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  | 1,773 |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 2,473 |
(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, 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, share-based compensation, 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, 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 September 30, 2024
(In thousands) |  | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Nevada Taverns |  | Total Reportable Segments |  | Corporate and Other |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 38,619 |  |  | $ | 25,241 |  |  | $ | 11,824 |  |  | $ | 75,684 |  |  | $ | — |  |  | $ | 75,684 |
Food and beverage |  | 23,242 |  |  | 6,376 |  |  | 12,231 |  |  | 41,849 |  |  | — |  |  | 41,849 |
Rooms |  | 26,968 |  |  | 1,970 |  |  | — |  |  | 28,938 |  |  | — |  |  | 28,938 |
Other (1) |  | 10,718 |  |  | 1,818 |  |  | 1,987 |  |  | 14,523 |  |  | 239 |  |  | 14,762 |
Total revenues |  | 99,547 |  |  | 35,405 |  |  | 26,042 |  |  | 160,994 |  |  | 239 |  |  | 161,233 |
Segment (expenses) income |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related |  | (38,805) |  |  | (9,440) |  |  | (6,959) |  |  | (55,204) |  |  | — |  |  | (55,204) |
Operating expenses |  | (31,570) |  |  | (9,966) |  |  | (9,972) |  |  | (51,508) |  |  | — |  |  | (51,508) |
Cost of sales |  | (5,464) |  |  | (2,101) |  |  | (3,723) |  |  | (11,288) |  |  | — |  |  | (11,288) |
Other segment items (2) (3) |  | 906 |  |  | 376 |  |  | (71) |  |  | 1,211 |  |  | (10,430) |  |  | (9,219) |
Adjusted EBITDA |  | $ | 24,614 |  |  | $ | 14,274 |  |  | $ | 5,317 |  |  | $ | 44,205 |  |  | $ | (10,191) |  |  | $ | 34,014 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (22,626) |
Non-cash lease benefit |  |  |  |  |  |  |  |  |  |  |  | 65 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  | (2,969) |
Gain on disposal of assets |  |  |  |  |  |  |  |  |  |  |  | 256 |
Preopening and related expenses |  |  |  |  |  |  |  |  |  |  |  | (234) |
Other, net |  |  |  |  |  |  |  |  |  |  |  | (1,778) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  | (7,959) |
Loss before income tax benefit |  |  |  |  |  |  |  |  |  |  |  | (1,231) |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  | 6,398 |
Net income |  |  |  |  |  |  |  |  |  |  |  | $ | 5,167 |
(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, 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, 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, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
|  | Nine Months Ended September 30, 2024
(In thousands) |  | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Nevada Taverns |  | Distributed Gaming (1) |  | Total Reportable Segments |  | Corporate and Other |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming |  | $ | 117,221 |  |  | $ | 79,272 |  |  | $ | 38,406 |  |  | $ | 5,981 |  |  | $ | 240,880 |  |  | $ | — |  |  | $ | 240,880 |
Food and beverage |  | 71,456 |  |  | 19,951 |  |  | 37,199 |  |  | 17 |  |  | 128,623 |  |  | — |  |  | 128,623 |
Rooms |  | 82,795 |  |  | 6,965 |  |  | — |  |  | — |  |  | 89,760 |  |  | — |  |  | 89,760 |
Other (2) |  | 30,180 |  |  | 6,074 |  |  | 6,396 |  |  | 21 |  |  | 42,671 |  |  | 680 |  |  | 43,351 |
Total revenues |  | 301,652 |  |  | 112,262 |  |  | 82,001 |  |  | 6,019 |  |  | 501,934 |  |  | 680 |  |  | 502,614 |
Segment (expenses) income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and related |  | (117,591) |  |  | (28,536) |  |  | (20,622) |  |  | — |  |  | (166,749) |  |  | — |  |  | (166,749) |
Operating expenses |  | (92,306) |  |  | (29,419) |  |  | (29,211) |  |  | — |  |  | (150,936) |  |  | — |  |  | (150,936) |
Cost of sales |  | (16,512) |  |  | (6,470) |  |  | (11,218) |  |  | — |  |  | (34,200) |  |  | — |  |  | (34,200) |
Other segment items (3) (4) (5) |  | 3,654 |  |  | 901 |  |  | (281) |  |  | (5,535) |  |  | (1,261) |  |  | (33,270) |  |  | (34,531) |
Adjusted EBITDA |  | $ | 78,897 |  |  | $ | 48,738 |  |  | $ | 20,669 |  |  | $ | 484 |  |  | $ | 148,788 |  |  | $ | (32,590) |  |  | $ | 116,198 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  | (67,362) |
Non-cash lease benefit |  |  |  |  |  |  |  |  |  |  |  |  |  | 298 |
Share-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  | (8,688) |
Gain on disposal of assets |  |  |  |  |  |  |  |  |  |  |  |  |  | 242 |
Gain on sale of business |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,944 |
Loss on debt extinguishment and modification |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,446) |
Preopening and related expenses |  |  |  |  |  |  |  |  |  |  |  |  |  | (377) |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (8,850) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  | (27,255) |
Income before income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,704 |
Income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,951) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 47,753 |
(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 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, 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 September 30, 2025 | $ | 674,886 |  |  | $ | 156,017 |  |  | $ | 143,974 |  |  | $ | 974,877 |  |  | $ | 61,166 |  |  | $ | 1,036,043 |
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
Nine Months Ended September 30, 2025 |  | $ | 18,674 |  |  | $ | 6,396 |  |  | $ | 4,606 |  |  | $ | — |  |  | $ | 29,676 |  |  | $ | 3,212 |  |  | $ | 32,888 |
Nine Months Ended September 30, 2024 |  | $ | 24,515 |  |  | $ | 8,796 |  |  | $ | 4,297 |  |  | $ | 240 |  |  | $ | 37,848 |  |  | $ | 3,848 |  |  | $ | 41,696 |
(1)Capital expenditures in the Nevada Casino Resorts segment excluded non-cash purchases of property and equipment of $1.7 million and $0.7 million as of September 30, 2025 and 2024, respectively. (2)Capital expenditures in the Nevada Locals Casinos segment excluded non-cash purchases of property and equipment of $1.9 million and $0.8 million as of September 30, 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 $0.4 million as of September 30, 2025 and 2024, respectively. (4)Capital expenditures for the Corporate and Other category excluded non-cash purchases of property and equipment of $0.7 million and $0.4 million as of September 30, 2025 and 2024, respectively.

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- 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
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