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SEGMENT REPORTING (Tables) | 6 Months Ended
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Jun. 30, 2016
Segment Reporting [Abstract] |
Schedule of selected statement of operations data | The following tables reflect selected operating information for our reporting segments for the three and six months ended June 30, 2016 and 2015 and include a reconciliation of Adjusted Property EBITDA to operating income (loss) and net income (loss):
For the three months ended June 30, 2016
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |
| Silver Slipper Casino & Hotel |  | Rising Star Casino Resort |  | Bronco Billy's Casino & Hotel |  | Northern Nevada |  | Corporate |  | Consolidated
Revenues, net | $ | 14,494 |  |  | $ | 12,053 |  |  | $ | 3,584 |  |  | $ | 4,716 |  |  | $ | — |  |  | $ | 34,847 |
Adjusted Property EBITDA | $ | 2,369 |  |  | $ | 432 |  |  | $ | 1,088 |  |  | $ | 624 |  |  | $ | — |  |  | $ | 4,513 |
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 835 |  |  | 664 |  |  | 219 |  |  | 178 |  |  | 3 |  |  | 1,899 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 1,113 |  |  | 1,113 |
Project development and acquisition costs | — |  |  | — |  |  | — |  |  | — |  |  | 485 |  |  | 485 |
Stock compensation | — |  |  | — |  |  | — |  |  | — |  |  | 164 |  |  | 164 |
Operating income (loss) | 1,534 |  |  | (232 | ) |  | 869 |  |  | 446 |  |  | (1,765 | ) |  | 852 |
Non-operating expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | 4 |  |  | 52 |  |  | — |  |  | — |  |  | 2,174 |  |  | 2,230 |
Debt modification costs | — |  |  | — |  |  | — |  |  | — |  |  | 601 |  |  | 601 |
Adjustment to fair value of warrants | — |  |  | — |  |  | — |  |  | — |  |  | 241 |  |  | 241 |
Non-operating expense | 4 |  |  | 52 |  |  | — |  |  | — |  |  | 3,016 |  |  | 3,072 |
Income (loss) before income taxes | 1,530 |  |  | (284 | ) |  | 869 |  |  | 446 |  |  | (4,781 | ) |  | (2,220 | )
Provision for income taxes | 143 |  |  | — |  |  | 31 |  |  | — |  |  | 6 |  |  | 180 |
Net income (loss) | $ | 1,387 |  |  | $ | (284 | ) |  | $ | 838 |  |  | $ | 446 |  |  | $ | (4,787 | ) |  | $ | (2,400 | )
For the three months ended June 30, 2015
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |
| Silver Slipper Casino & Hotel |  | Rising Star Casino Resort |  | Bronco Billy's Hotel & Casino |  | Northern Nevada |  | Corporate |  | Consolidated
Revenues, net | $ | 14,350 |  |  | $ | 11,766 |  |  | $ | — |  |  | $ | 4,610 |  |  | $ | — |  |  | $ | 30,726 |
Adjusted Property EBITDA | $ | 2,665 |  |  | $ | 592 |  |  | $ | — |  |  | $ | 679 |  |  | $ | — |  |  | $ | 3,936 |
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 1,159 |  |  | 673 |  |  | — |  |  | 194 |  |  | 4 |  |  | 2,030 |
Other losses (recoveries) | — |  |  | — |  |  | — |  |  | — |  |  | (450 | ) |  | (450 | )
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 995 |  |  | 995 |
Project development and acquisition costs | — |  |  | — |  |  | — |  |  | — |  |  | 48 |  |  | 48 |
Pre-opening | 75 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 75 |
Stock compensation | — |  |  | — |  |  | — |  |  | — |  |  | 191 |  |  | 191 |
Operating income (loss) | 1,431 |  |  | (81 | ) |  | — |  |  | 485 |  |  | (788 | ) |  | 1,047 |
Non-operating expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | 4 |  |  | 42 |  |  | — |  |  | — |  |  | 1,477 |  |  | 1,523 |
Non-operating expense | 4 |  |  | 42 |  |  | — |  |  | — |  |  | 1,477 |  |  | 1,523 |
Income (loss) before income taxes | 1,427 |  |  | (123 | ) |  | — |  |  | 485 |  |  | (2,265 | ) |  | (476 | )
Provision (benefit) for income taxes | (49 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (49 | )
Net income (loss) | $ | 1,476 |  |  | $ | (123 | ) |  | $ | — |  |  | $ | 485 |  |  | $ | (2,265 | ) |  | $ | (427 | )
For the six months ended June 30, 2016
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |
| Silver Slipper Casino & Hotel |  | Rising Star Casino Resort |  | Bronco Billy's Hotel & Casino |  | Northern Nevada |  | Corporate |  | Consolidated
Revenues, net | $ | 29,339 |  |  | $ | 24,299 |  |  | $ | 3,584 |  |  | $ | 9,632 |  |  | $ | — |  |  | $ | 66,854 |
Adjusted Property EBITDA | $ | 5,030 |  |  | $ | 1,733 |  |  | $ | 1,088 |  |  | $ | 1,390 |  |  | $ | — |  |  | $ | 9,241 |
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 1,664 |  |  | 1,333 |  |  | 219 |  |  | 368 |  |  | 7 |  |  | 3,591 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 2,275 |  |  | 2,275 |
Project development and acquisition costs | — |  |  | — |  |  | — |  |  | — |  |  | 772 |  |  | 772 |
Stock compensation | — |  |  | — |  |  | — |  |  | — |  |  | 220 |  |  | 220 |
Operating income (loss) | 3,366 |  |  | 400 |  |  | 869 |  |  | 1,022 |  |  | (3,274 | ) |  | 2,383 |
Non-operating expense: |  |  |  |  |  |  |  |  |  |  |
Interest expense | 9 |  |  | 106 |  |  | — |  |  | — |  |  | 3,877 |  |  | 3,992 |
Debt modification costs | — |  |  | — |  |  | — |  |  | — |  |  | 601 |  |  | 601 |
Adjustment to fair value of warrants | — |  |  | — |  |  | — |  |  | — |  |  | 241 |  |  | 241 |
Non-operating expense | 9 |  |  | 106 |  |  | — |  |  | — |  |  | 4,719 |  |  | 4,834 |
Income (loss) before income taxes | 3,357 |  |  | 294 |  |  | 869 |  |  | 1,022 |  |  | (7,993 | ) |  | (2,451 | )
Provision for income taxes | 241 |  |  | 1 |  |  | 31 |  |  | 1 |  |  | 6 |  |  | 280 |
Net income (loss) | $ | 3,116 |  |  | $ | 293 |  |  | $ | 838 |  |  | $ | 1,021 |  |  | $ | (7,999 | ) |  | $ | (2,731 | )
For the six months ended June 30, 2015
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |
| Silver Slipper Casino & Hotel |  | Rising Star Casino Resort |  | Bronco Billy's Hotel & Casino |  | Northern Nevada |  | Corporate |  | Consolidated
Revenues, net | $ | 28,074 |  |  | $ | 22,881 |  |  | $ | — |  |  | $ | 8,855 |  |  | $ | — |  |  | $ | 59,810 |
Adjusted Property EBITDA | $ | 5,362 |  |  | $ | 797 |  |  | $ | — |  |  | $ | 1,042 |  |  | $ | — |  |  | $ | 7,201 |
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 2,260 |  |  | 1,361 |  |  | — |  |  | 394 |  |  | 7 |  |  | 4,022 |
Impairments | — |  |  | — |  |  | — |  |  | 80 |  |  | 4 |  |  | 84 |
Other losses (recoveries) | — |  |  | — |  |  | — |  |  | — |  |  | (450 | ) |  | (450 | )
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 2,121 |  |  | 2,121 |
Project development and acquisition costs | — |  |  | — |  |  | — |  |  | — |  |  | 51 |  |  | 51 |
Pre-opening | 113 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 113 |
Stock compensation | — |  |  | — |  |  | — |  |  | — |  |  | 228 |  |  | 228 |
Operating income (loss) | 2,989 |  |  | (564 | ) |  | — |  |  | 568 |  |  | (1,961 | ) |  | 1,032 |
Non-operating expense: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | 9 |  |  | 84 |  |  | — |  |  |  |  | 2,954 |  |  | 3,047 |
Other | — |  |  | (11 | ) |  | — |  |  | — |  |  | (1 | ) |  | (12 | )
Non-operating expense | 9 |  |  | 73 |  |  | — |  |  | — |  |  | 2,953 |  |  | 3,035 |
Income (loss) before income taxes | 2,980 |  |  | (637 | ) |  | — |  |  | 568 |  |  | (4,914 | ) |  | (2,003 | )
Provision for income taxes | 178 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 179 |
Net income (loss) | $ | 2,802 |  |  | $ | (638 | ) |  | $ | — |  |  | $ | 568 |  |  | $ | (4,914 | ) |  | $ | (2,182 | )
Selected balance sheet data is as follows:
As of June 30, 2016
(In thousands, unaudited)
| Casino/Resort Operations |  |  |  |
| Silver Slipper Casino & Hotel |  | Rising Star Casino Resort |  | Bronco Billy's Hotel & Casino |  | Northern Nevada |  | Corporate |  | Consolidated
Total assets | $ | 80,494 |  |  | $ | 36,301 |  |  | $ | 35,868 |  |  | $ | 12,437 |  |  | $ | 8,311 |  |  | $ | 173,411 |
Property and equipment, net | 59,727 |  |  | 30,119 |  |  | 16,128 |  |  | 5,799 |  |  | 116 |  |  | 111,889 |
Goodwill | 14,671 |  |  | — |  |  | 4,649 |  |  | 1,809 |  |  | — |  |  | 21,129 |
Liabilities | 3,382 |  |  | 9,962 |  |  | 3,155 |  |  | 2,218 |  |  | 100,682 |  |  | 119,399 |
As of December 31, 2015
(In thousands)
| Casino/Resort Operations |  |  |  |
| Silver Slipper Casino & Hotel |  | Rising Star Casino Resort |  | Bronco Billy's Hotel & Casino |  | Northern Nevada |  | Corporate |  | Consolidated
Total assets | $ | 82,621 |  |  | $ | 37,141 |  |  | $ | — |  |  | $ | 12,105 |  |  | $ | 9,600 |  |  | $ | 141,467 |
Property and equipment, net | 61,150 |  |  | 31,391 |  |  | — |  |  | 6,098 |  |  | 343 |  |  | 98,982 |
Goodwill | 14,671 |  |  | — |  |  | — |  |  | 1,809 |  |  | — |  |  | 16,480 |
Liabilities | 3,389 |  |  | 10,034 |  |  | — |  |  | 1,834 |  |  | 69,687 |  |  | 84,944 |

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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://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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8736-108599 + Details
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