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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Value of Initial Fixed $100 Investment Based On:
YearSummary Compensation Table Total for PEO
Compensation Actually Paid to PEO (1)
Average Summary Compensation Table Total for Non-PEO NEOs
Average Compensation Actually Paid to Non-PEO NEOs (1)
Total Shareholder Return
Peer Group Total Shareholder Return (2)
Net Income (Loss), in thousands
Adjusted EBITDA, in thousands (3)
2024$5,404,137 $2,711,157 $2,006,108 $795,598 $178.40 $74.15 $50,731 $155,375 
20236,059,187 8,606,995 2,254,502 1,461,595 207.76 75.38 255,756 226,826 
20226,160,513 9,090,358 2,261,769 1,381,929 194.59 56.89 82,346 271,330 
20218,781,384 25,380,010 3,780,476 3,992,503 262.90 77.17 161,776 300,718 
20205,225,783 8,071,979 1,683,770 1,688,553 103.48 88.55 (136,611)194,800 
       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote For 2024, 2023, 2022 and 2021, the non-PEO NEOs consisted of Messrs. Protell, Sartini II, Haas and Stephen A. Arcana. For 2020, the non-PEO NEOs consisted of Messrs. Protell, Arcana, Sartini II, Haas, and Sean T. Higgins, our former Executive Vice President of Governmental Affairs.        
PEO Total Compensation Amount $ 5,404,137 $ 6,059,187 $ 6,160,513 $ 8,781,384 $ 5,225,783
PEO Actually Paid Compensation Amount $ 2,711,157 8,606,995 9,090,358 25,380,010 8,071,979
Adjustment To PEO Compensation, Footnote Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below). For 2024, 2023, 2022 and 2021, the non-PEO NEOs consisted of Messrs. Protell, Sartini II, Haas and Stephen A. Arcana. For 2020, the non-PEO NEOs consisted of Messrs. Protell, Arcana, Sartini II, Haas, and Sean T. Higgins, our former Executive Vice President of Governmental Affairs.
The amounts reported in the “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to Non-PEO NEOs” columns do not reflect the actual compensation paid to or realized by our PEO or our non-PEO NEOs during each applicable year. The calculation of compensation actually paid for purposes of this table includes point-in-time fair values of stock awards and these values will fluctuate based on our stock price, various accounting valuation assumptions and projected performance related to our performance awards. See the “2024 Summary Compensation Table” for certain other compensation of our PEO and our non-PEO NEOs for each applicable fiscal year and the “2024 Option Exercises and Stock Vested” table for the value realized by each of them upon the vesting of stock awards during 2024.
To calculate the amounts in the compensation actually paid to our PEO and the average for the other NEOs in the table above, the following amounts were deducted from and added to (as applicable) the “total” compensation as reported in the “2024 Summary Compensation Table”.
Summary Compensation Table Total Exclusion of Stock Awards Reported in the Summary Compensation Table for Applicable Fiscal Year
Inclusion of Equity Values (a)
Compensation Actually Paid
Blake L. Sartini
2024$5,404,137 $(4,025,075)$1,332,095 $2,711,157 
20236,059,187 (3,641,842)6,189,650 8,606,995 
20226,160,513 (3,412,493)6,342,338 9,090,358 
20218,781,384 (2,999,992)19,598,618 25,380,010 
20205,225,783 (2,750,002)5,596,198 8,071,979 
Average of Non-PEO NEOs
2024$2,006,108 $(1,392,642)$182,132 $795,598 
20232,254,502 (1,257,307)464,400 1,461,595 
20222,261,769 (1,165,622)285,782 1,381,929 
20213,780,476 (1,224,888)1,436,915 3,992,503 
20201,683,770 (822,499)827,282 1,688,553 
(a) The amounts in the Inclusion of Equity Values in the table above are calculated as follows:
Year - End Fair Value of Equity Awards Granted During Year that Remained Unvested as of Last Day of YearChange in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards Granted in Prior YearsVesting - Date Fair Value of Equity Awards Granted During Year that Vested During YearChange in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards Granted in Prior Years that Vested During YearTotal - Inclusion of Equity Values
Blake L. Sartini
2024$3,734,362 $(1,420,697)$— $(981,570)$1,332,095 
20233,647,909 719,254 — 1,822,487 6,189,650 
202210,123,769 (4,195,915)— 414,484 6,342,338 
20217,230,995 11,212,885 — 1,154,738 19,598,618 
20206,173,538 (120,277)— (457,062)5,596,198 
Average of Non-PEO NEOs
2024$395,228 $(97,849)$— $(115,248)$182,132 
2023314,850 56,131 — 93,419 464,400 
2022465,459 (198,202)— 18,525 285,782 
2021340,119 661,841 351,682 83,273 1,436,915 
2020385,208 (1,664)502,066 (58,328)827,282 
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely service-vesting RSU awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting date(s); (ii) for PSU awards, the same valuation methodology as RSU awards above except that the year-end values are multiplied by the probability of achievement of the applicable performance objective as of the applicable date; and (iii) for stock options, a Black-Scholes value as of the applicable year-end or vesting date(s), determined based on the same methodology as used to determine grant date fair value but using the closing stock price on the applicable revaluation date as the current market price and with an expected life set equal to the remaining life of the award in the case of underwater stock options and, in the case of in the money options, an expected life equal to the original ratio of expected life relative to the ten year contractual life multiplied times the remaining life as of the applicable revaluation date, and in all cases based on volatility and risk free rates determined as of the revaluation date based on the expected life period and based on an expected dividend rate of 0%. For additional information on the assumptions used to calculate the
valuation of the awards, see Note 8 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, and prior years.
       
Non-PEO NEO Average Total Compensation Amount $ 2,006,108 2,254,502 2,261,769 3,780,476 1,683,770
Non-PEO NEO Average Compensation Actually Paid Amount $ 795,598 1,461,595 1,381,929 3,992,503 1,688,553
Adjustment to Non-PEO NEO Compensation Footnote Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below). For 2024, 2023, 2022 and 2021, the non-PEO NEOs consisted of Messrs. Protell, Sartini II, Haas and Stephen A. Arcana. For 2020, the non-PEO NEOs consisted of Messrs. Protell, Arcana, Sartini II, Haas, and Sean T. Higgins, our former Executive Vice President of Governmental Affairs.
The amounts reported in the “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to Non-PEO NEOs” columns do not reflect the actual compensation paid to or realized by our PEO or our non-PEO NEOs during each applicable year. The calculation of compensation actually paid for purposes of this table includes point-in-time fair values of stock awards and these values will fluctuate based on our stock price, various accounting valuation assumptions and projected performance related to our performance awards. See the “2024 Summary Compensation Table” for certain other compensation of our PEO and our non-PEO NEOs for each applicable fiscal year and the “2024 Option Exercises and Stock Vested” table for the value realized by each of them upon the vesting of stock awards during 2024.
To calculate the amounts in the compensation actually paid to our PEO and the average for the other NEOs in the table above, the following amounts were deducted from and added to (as applicable) the “total” compensation as reported in the “2024 Summary Compensation Table”.
Summary Compensation Table Total Exclusion of Stock Awards Reported in the Summary Compensation Table for Applicable Fiscal Year
Inclusion of Equity Values (a)
Compensation Actually Paid
Blake L. Sartini
2024$5,404,137 $(4,025,075)$1,332,095 $2,711,157 
20236,059,187 (3,641,842)6,189,650 8,606,995 
20226,160,513 (3,412,493)6,342,338 9,090,358 
20218,781,384 (2,999,992)19,598,618 25,380,010 
20205,225,783 (2,750,002)5,596,198 8,071,979 
Average of Non-PEO NEOs
2024$2,006,108 $(1,392,642)$182,132 $795,598 
20232,254,502 (1,257,307)464,400 1,461,595 
20222,261,769 (1,165,622)285,782 1,381,929 
20213,780,476 (1,224,888)1,436,915 3,992,503 
20201,683,770 (822,499)827,282 1,688,553 
(a) The amounts in the Inclusion of Equity Values in the table above are calculated as follows:
Year - End Fair Value of Equity Awards Granted During Year that Remained Unvested as of Last Day of YearChange in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards Granted in Prior YearsVesting - Date Fair Value of Equity Awards Granted During Year that Vested During YearChange in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards Granted in Prior Years that Vested During YearTotal - Inclusion of Equity Values
Blake L. Sartini
2024$3,734,362 $(1,420,697)$— $(981,570)$1,332,095 
20233,647,909 719,254 — 1,822,487 6,189,650 
202210,123,769 (4,195,915)— 414,484 6,342,338 
20217,230,995 11,212,885 — 1,154,738 19,598,618 
20206,173,538 (120,277)— (457,062)5,596,198 
Average of Non-PEO NEOs
2024$395,228 $(97,849)$— $(115,248)$182,132 
2023314,850 56,131 — 93,419 464,400 
2022465,459 (198,202)— 18,525 285,782 
2021340,119 661,841 351,682 83,273 1,436,915 
2020385,208 (1,664)502,066 (58,328)827,282 
Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely service-vesting RSU awards, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting date(s); (ii) for PSU awards, the same valuation methodology as RSU awards above except that the year-end values are multiplied by the probability of achievement of the applicable performance objective as of the applicable date; and (iii) for stock options, a Black-Scholes value as of the applicable year-end or vesting date(s), determined based on the same methodology as used to determine grant date fair value but using the closing stock price on the applicable revaluation date as the current market price and with an expected life set equal to the remaining life of the award in the case of underwater stock options and, in the case of in the money options, an expected life equal to the original ratio of expected life relative to the ten year contractual life multiplied times the remaining life as of the applicable revaluation date, and in all cases based on volatility and risk free rates determined as of the revaluation date based on the expected life period and based on an expected dividend rate of 0%. For additional information on the assumptions used to calculate the
valuation of the awards, see Note 8 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, and prior years.
       
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid Versus TSR 2020 - 2024

Pay Versus TSR 2020-2024.jpg
       
Compensation Actually Paid vs. Net Income
Compensation Actually Paid Versus Net Income (Loss) 2020 - 2024
Pay Versus Net income (loss) 2020-2024.jpg
       
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid Versus Adjusted EBITDA 2020 - 2024
Pay Versus Adjusted EBITDA 2020-2024.jpg
       
Total Shareholder Return Vs Peer Group
Compensation Actually Paid Versus TSR 2020 - 2024

Pay Versus TSR 2020-2024.jpg
       
Total Shareholder Return Amount $ 178.40 207.76 194.59 262.90 103.48
Peer Group Total Shareholder Return Amount 74.15 75.38 56.89 77.17 88.55
Net Income (Loss) $ 50,731,000 $ 255,756,000 $ 82,346,000 $ 161,776,000 $ (136,611,000)
Company Selected Measure Amount 155,375,000 226,826,000 271,330,000 300,718,000 194,800,000
PEO Name Blake L. Sartini        
Additional 402(v) Disclosure For the relevant fiscal year, represents the cumulative Total Shareholder Return (the “TSR”) of the companies included in the Dow Jones US Gambling Index.Adjusted EBITDA is a non-GAAP measure. For a discussion of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA for fiscal years 2024, 2023, and 2022, refer to page 29 of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. For a discussion of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA for fiscal year 2021 and the reconciliation of net loss to Adjusted EBITDA for fiscal year 2020, refer to page 31 of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 1, 2023. This column reflects Adjusted EBITDA, as calculated for Annual Incentive Program purposes, which includes a further adjustment to Adjusted EBITDA to exclude the awards under our Annual Incentive Program, as shown in the following reconciliation:
Year Ended December 31,
(In thousands)20242023202220212020
Net Income (loss)$50,731 $255,756 $82,346 $161,776 $(136,611)
Adjustments
Other non-operating income— — — (60,000)— 
Depreciation and amortization90,034 88,933 100,123 106,692 124,430 
Non-cash lease expense(380)(15)165 762 1,344 
Share-based compensation10,434 13,476 13,433 14,401 9,637 
(Gain) loss on disposal of assets(213)(228)934 1,260 803 
Gain on sale of businesses(69,238)(303,179)— — — 
Loss on debt extinguishment and modification4,446 1,734 1,590 975 — 
Preopening and related expenses (a)
508 760 161 246 533 
Impairment of assets2,399 12,072 — — 33,964 
Other, net9,707 11,491 4,317 2,317 6,985 
Interest expense, net34,884 65,515 63,490 62,853 69,110 
Change in fair value of derivative— — — — 
Income tax provision22,063 76,207 521 436 61 
Adjusted EBITDA$155,375 $222,522 $267,080 $291,718 $110,257 
Cost of awards payable under Annual Incentive Program— 4,304 4,250 9,000 — 
Other adjustments (b)
— — — — 84,543 
Adjusted EBITDA (as calculated for 2024 Annual Incentive Program purposes)
$155,375 $226,826 $271,330 $300,718 $194,800 
(a)Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded taverns and food and beverage and other venues within our casino locations.
(b)The Compensation Committee determined that fiscal year 2020 was exceptionally challenging given the impact of COVID-19 on our financial condition and results of operations. The Compensation Committee decided it was appropriate to bifurcate the fiscal year into two components: “Open” months and “Closed” months. To determine the adjusted performance levels, the financial component included approximately seven “open” months of adjusted performance and approximately five “closed” months of adjusted performance.
The graphs below compare the compensation actually paid to our PEO and the average of the compensation actually paid to our remaining NEOs, with (i) our cumulative TSR, (ii) our Peer Group TSR, (iii) our net income, and (iv) our Adjusted EBITDA (as calculated for Annual Incentive Program purposes), in each case, for the fiscal years ended December 31, 2020, 2021, 2022, 2023 and 2024.
TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested.
For additional details regarding Adjusted EBITDA (including how it is calculated for 2024 Annual Incentive Program purposes) and its impact on our executive compensation, refer to the section captioned “2024 Executive Compensation Decisions Annual Incentive Program” in our “Compensation Discussion and Analysis” elsewhere in this Proxy Statement.
       
Dividend Rate 0.00%        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (4,025,075) $ (3,641,842) $ (3,412,493) $ (2,999,992) $ (2,750,002)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,332,095 6,189,650 6,342,338 19,598,618 5,596,198
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,734,362 3,647,909 10,123,769 7,230,995 6,173,538
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,420,697) 719,254 (4,195,915) 11,212,885 (120,277)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (981,570) 1,822,487 414,484 1,154,738 (457,062)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,392,642) (1,257,307) (1,165,622) (1,224,888) (822,499)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 182,132 464,400 285,782 1,436,915 827,282
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 395,228 314,850 465,459 340,119 385,208
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (97,849) 56,131 (198,202) 661,841 (1,664)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 351,682 502,066
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (115,248) $ 93,419 $ 18,525 $ 83,273 $ (58,328)