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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2015
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We manage our casinos based on geographical regions within the United States. The casino/resort segments include the Silver Slipper Casino and Hotel in Bay St. Louis, Mississippi; the Rising Star Casino Resort in Rising Sun, Indiana; and the Northern Nevada segment, which consists of the Grand Lodge Casino in Incline Village, Nevada and Stockman’s Casino in Fallon, Nevada. The Development/Management segment includes costs associated with casino-related development and management projects, including our management contract with the Pueblo of Pojoaque that expired in September 2014. In 2015, the Company's management began utilizing Adjusted Property EBITDA as the primary profit measure for its segments. Adjusted Property EBITDA is a non-GAAP measure defined as Adjusted EBITDA before corporate-related costs and expenses that are not allocated to each property. Adjusted EBITDA is a non-GAAP measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, board and executive transition costs, project development and acquisition costs, and non-cash share based compensation expense. Adjusted EBITDA or Adjusted Property EBITDA should not be construed as an alternative to operating income or net income for use as an indicator of our performance; or as an alternative to cash flows from operating activities for use as a measure of liquidity; or as any other measure determined in accordance with GAAP. We have significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA or Adjusted Property EBITDA information may calculate Adjusted EBITDA or Adjusted Property EBITDA in a different manner. The following tables reflect selected operating information for our reporting segments for the three and nine months ended September 30, 2015 and 2014 and include a reconciliation of Adjusted Property EBITDA to operating income (loss) and net income (loss):
For the three months ended September 30, 2015
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |  |  |
| Northern Nevada |  | Rising Star Casino Resort |  | Silver Slipper Casino & Hotel |  | Development/ Management |  | Corporate |  | Consolidated
Revenues, net | $ | 6,809 |  |  | $ | 12,563 |  |  | $ | 14,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,266 |
Adjusted Property EBITDA | $ | 2,227 |  |  | $ | 2,455 |  |  | $ | 2,413 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,095 |
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 199 |  |  | 678 |  |  | 1,322 |  |  | — |  |  | 4 |  |  | 2,203 |
Preopening costs | — |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 844 |  |  | 844 |
Project development and acquisition costs | — |  |  | — |  |  | — |  |  | 709 |  |  | — |  |  | 709 |
Stock compensation | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 57 |
Operating income (loss) | 2,028 |  |  | 1,777 |  |  | 1,070 |  |  | (709 | ) |  | (905 | ) |  | 3,261 |
Non-operating expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | — |  |  | 40 |  |  | 4 |  |  | — |  |  | 1,785 |  |  | 1,829 |
Non-operating expense | — |  |  | 40 |  |  | 4 |  |  | — |  |  | 1,785 |  |  | 1,829 |
Income (loss) before income taxes | 2,028 |  |  | 1,737 |  |  | 1,066 |  |  | (709 | ) |  | (2,690 | ) |  | 1,432 |
Provision (benefit) for income taxes | — |  |  | (61 | ) |  | 3 |  |  | — |  |  | (545 | ) |  | (603 | )
Net income (loss) | $ | 2,028 |  |  | $ | 1,798 |  |  | $ | 1,063 |  |  | $ | (709 | ) |  | $ | (2,145 | ) |  | $ | 2,035 |
For the three months ended September 30, 2014
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |  |  |
| Northern Nevada |  | Rising Star Casino Resort |  | Silver Slipper Casino & Hotel |  | Development/ Management |  | Corporate |  | Consolidated
Revenues, net | $ | 7,134 |  |  | $ | 13,399 |  |  | $ | 12,111 |  |  | $ | 273 |  |  | $ | — |  |  | $ | 32,917 |
Adjusted Property EBITDA | $ | 2,463 |  |  | $ | 1,650 |  |  | $ | 1,736 |  |  | $ | 273 |  |  | $ | — |  |  | $ | 6,122 |
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 209 |  |  | 766 |  |  | 1,419 |  |  | — |  |  | 4 |  |  | 2,398 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 936 |  |  | 936 |
Project development and acquisition costs | — |  |  | — |  |  | — |  |  | 72 |  |  | — |  |  | 72 |
Stock compensation | — |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | 59 |
Operating income (loss) | 2,254 |  |  | 884 |  |  | 317 |  |  | 201 |  |  | (999 | ) |  | 2,657 |
Non-operating expense: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | — |  |  | 62 |  |  | 5 |  |  | — |  |  | 1,547 |  |  | 1,614 |
Settlement loss | — |  |  | — |  |  | — |  |  | — |  |  | 1,700 |  |  | 1,700 |
Other | 21 |  |  | 31 |  |  | 9 |  |  | — |  |  | — |  |  | 61 |
Non-operating expense | 21 |  |  | 93 |  |  | 14 |  |  | — |  |  | 3,247 |  |  | 3,375 |
Income (loss) before income taxes | 2,233 |  |  | 791 |  |  | 303 |  |  | 201 |  |  | (4,246 | ) |  | (718 | )
Provision (benefit) for income taxes | 759 |  |  | 471 |  |  | 103 |  |  | 159 |  |  | (1,444 | ) |  | 48 |
Net income (loss) | $ | 1,474 |  |  | $ | 320 |  |  | $ | 200 |  |  | $ | 42 |  |  | $ | (2,802 | ) |  | $ | (766 | )
For the nine months ended September 30, 2015
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |  |  |
| Northern Nevada |  | Rising Star Casino Resort |  | Silver Slipper Casino & Hotel |  | Development/ Management |  | Corporate |  | Consolidated
Revenues, net | $ | 15,665 |  |  | $ | 35,444 |  |  | $ | 42,967 |  |  | $ | — |  |  | $ | — |  |  | $ | 94,076 |
Adjusted Property EBITDA | $ | 3,269 |  |  | $ | 3,251 |  |  | $ | 7,774 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,294 |
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 593 |  |  | 2,039 |  |  | 3,582 |  |  | — |  |  | 11 |  |  | 6,225 |
Write-offs, recoveries and asset disposals | 80 |  |  | — |  |  | — |  |  | — |  |  | (446 | ) |  | (366 | )
Preopening costs | — |  |  | — |  |  | 134 |  |  | — |  |  | — |  |  | 134 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 2,964 |  |  | 2,964 |
Project development and acquisition costs | — |  |  | — |  |  | — |  |  | 760 |  |  | — |  |  | 760 |
Stock compensation | — |  |  | — |  |  | — |  |  | — |  |  | 285 |  |  | 285 |
Operating income (loss) | 2,596 |  |  | 1,212 |  |  | 4,058 |  |  | (760 | ) |  | (2,814 | ) |  | 4,292 |
Non-operating expense (income): |  |  |  |  |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | — |  |  | 124 |  |  | 13 |  |  | — |  |  | 4,739 |  |  | 4,876 |
Other | — |  |  | (11 | ) |  | — |  |  | — |  |  | (1 | ) |  | (12 | )
Non-operating expense | — |  |  | 113 |  |  | 13 |  |  | — |  |  | 4,738 |  |  | 4,864 |
Income (loss) before income taxes | 2,596 |  |  | 1,099 |  |  | 4,045 |  |  | (760 | ) |  | (7,552 | ) |  | (572 | )
Provision (benefit) for income taxes | — |  |  | (61 | ) |  | 8 |  |  | — |  |  | (372 | ) |  | (425 | )
Net income (loss) | $ | 2,596 |  |  | $ | 1,160 |  |  | $ | 4,037 |  |  | $ | (760 | ) |  | $ | (7,180 | ) |  | $ | (147 | )
For the nine months ended September 30, 2014
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |  |  |
| Northern Nevada |  | Rising Star Casino Resort |  | Silver Slipper Casino & Hotel |  | Development/ Management |  | Corporate |  | Consolidated
Revenues, net | $ | 16,543 |  |  | $ | 40,188 |  |  | $ | 36,879 |  |  | $ | 1,066 |  |  | $ | — |  |  | $ | 94,676 |
Adjusted Property EBITDA | $ | 3,847 |  |  | $ | 2,503 |  |  | $ | 6,009 |  |  | $ | 1,066 |  |  | $ | — |  |  | $ | 13,425 |
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 640 |  |  | 2,305 |  |  | 4,207 |  |  | — |  |  | 13 |  |  | 7,165 |
Impairment | — |  |  | 11,547 |  |  | — |  |  | — |  |  | — |  |  | 11,547 |
Write-offs, recoveries and asset disposals | — |  |  | 8 |  |  | 13 |  |  | — |  |  | 30 |  |  | 51 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 3,091 |  |  | 3,091 |
Project development and acquisition costs | — |  |  | — |  |  | — |  |  | 407 |  |  | — |  |  | 407 |
Stock compensation | — |  |  | — |  |  | — |  |  | — |  |  | 219 |  |  | 219 |
Operating income (loss) | 3,207 |  |  | (11,357 | ) |  | 1,789 |  |  | 659 |  |  | (3,353 | ) |  | (9,055 | )
Non-operating expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | — |  |  | 157 |  |  | 7 |  |  | — |  |  | 4,538 |  |  | 4,702 |
Settlement loss | — |  |  | — |  |  | — |  |  | — |  |  | 1,700 |  |  | 1,700 |
Other | 20 |  |  | 31 |  |  | 17 |  |  | — |  |  | — |  |  | 68 |
Non-operating expense | 20 |  |  | 188 |  |  | 24 |  |  | — |  |  | 6,238 |  |  | 6,470 |
Income (loss) before income taxes | 3,187 |  |  | (11,545 | ) |  | 1,765 |  |  | 659 |  |  | (9,591 | ) |  | (15,525 | )
Provision (benefit) for income taxes | 1,084 |  |  | (3,821 | ) |  | 600 |  |  | 212 |  |  | (3,261 | ) |  | (5,186 | )
Net income (loss) | $ | 2,103 |  |  | $ | (7,724 | ) |  | $ | 1,165 |  |  | $ | 447 |  |  | $ | (6,330 | ) |  | $ | (10,339 | )
Selected balance sheet data as of September 30, 2015 and December 31, 2014 follows:
As of September 30, 2015
(In thousands, unaudited)
| Casino/Resort Operations |  |
| Northern Nevada |  | Rising Star Casino Resort |  | Silver Slipper Casino & Hotel |  | Development/ Management |  | Corporate |  | Consolidated
Total assets | $ | 12,110 |  |  | $ | 37,231 |  |  | $ | 83,035 |  |  | $ | 2,742 |  |  | $ | 11,168 |  |  | $ | 146,286 |
Property, equipment and capital lease, net | 6,220 |  |  | 31,792 |  |  | 61,856 |  |  | 242 |  |  | 24 |  |  | 100,134 |
Goodwill | 1,809 |  |  | — |  |  | 14,671 |  |  | — |  |  | — |  |  | 16,480 |
Liabilities | 1,649 |  |  | 10,856 |  |  | 4,048 |  |  | — |  |  | 72,098 |  |  | 88,651 |
As of December 31, 2014
(In thousands)
| Casino/Resort Operations |  |
| Northern Nevada |  | Rising Star Casino Resort |  | Silver Slipper Casino & Hotel |  | Development/ Management |  | Corporate |  | Consolidated
Total assets | $ | 12,471 |  |  | $ | 39,101 |  |  | $ | 76,898 |  |  | $ | — |  |  | $ | 12,474 |  |  | $ | 140,944 |
Property, equipment and capital lease, net | 6,656 |  |  | 33,801 |  |  | 54,548 |  |  | — |  |  | 35 |  |  | 95,040 |
Goodwill | 1,809 |  |  | — |  |  | 14,671 |  |  | — |  |  | — |  |  | 16,480 |
Liabilities | 1,970 |  |  | 11,543 |  |  | 4,182 |  |  | — |  |  | 65,752 |  |  | 83,447 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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