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Segment Information (Tables)

9 Months Ended

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.

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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