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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2017
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We manage our casinos based on geographic regions within the United States. The casino/resort operations include four segments: Silver Slipper Casino and Hotel (Hancock County, Mississippi); Rising Star Casino Resort (Rising Sun, Indiana); Bronco Billy's Casino and Hotel (Cripple Creek, Colorado); and the Northern Nevada segment, consisting of Grand Lodge Casino (Incline Village, Nevada) and Stockman’s Casino (Fallon, Nevada). Bronco Billy's Casino and Hotel was acquired on May 13, 2016. The Company's management utilizes 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, pre-opening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, and non-cash share-based compensation expense. EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, provides our investors a more complete understanding of our operating results and facilitates comparisons between us and our competitors. Management has historically utilized Adjusted EBITDA and Adjusted Property EBITDA when evaluating operating performance because we believe these measures are (1) widely used measures of operating performance in the gaming and hospitality industries, (2) a principal basis for valuation of gaming and hospitality companies, and (3) are utilized in the covenants within our debt agreements, although not necessarily defined in the same way as above. Adjusted EBITDA and Adjusted Property EBITDA should not be construed as an alternative to operating income and net income for use as indicators of our performance; or as an alternative to cash flows from operating activities for use as a measure of liquidity; or as an alternative to 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 and/or Adjusted Property EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA and/or Adjusted Property EBITDA information may calculate Adjusted EBITDA or Adjusted Property EBITDA in a different manner. The following tables present the Company's segment information:
(In thousands, unaudited) |  |  |  |  |  |  |
| For the Three Months Ended, |  | For the Six Months Ended,
| June 30, 2017 |  | June 30, 2016 |  | June 30, 2017 |  | June 30, 2016
Net Revenues |  |  |  |  |  |  |
Silver Slipper Casino and Hotel | $ | 16,437 |  |  | $ | 14,494 |  |  | $ | 33,095 |  |  | $ | 29,339 |
Rising Star Casino Resort | 12,595 |  |  | 12,053 |  |  | 24,800 |  |  | 24,299 |
Bronco Billy's Hotel and Casino | 6,773 |  |  | 3,334 |  |  | 12,635 |  |  | 3,334 |
Northern Nevada Casinos | 4,316 |  |  | 4,678 |  |  | 9,211 |  |  | 9,571 |
| $ | 40,121 |  |  | $ | 34,559 |  |  | $ | 79,741 |  |  | $ | 66,543 |
Adjusted Property EBITDA (1) |  |  |  |  |  |  |
Silver Slipper Casino and Hotel | $ | 2,907 |  |  | $ | 2,369 |  |  | $ | 5,959 |  |  | $ | 5,030 |
Rising Star Casino Resort | 637 |  |  | 432 |  |  | 1,956 |  |  | 1,733 |
Bronco Billy's Hotel and Casino | 1,477 |  |  | 1,088 |  |  | 2,323 |  |  | 1,088 |
Northern Nevada Casinos | (53 | ) |  | 624 |  |  | 499 |  |  | 1,390 |
| 4,968 |  |  | 4,513 |  |  | 10,737 |  |  | 9,241 |
Other operating (expenses) income: |  |  |  |  |  |  |
Depreciation and amortization | (2,138 | ) |  | (1,899 | ) |  | (4,235 | ) |  | (3,591 | )
Corporate expenses | (1,280 | ) |  | (1,113 | ) |  | (2,454 | ) |  | (2,275 | )
Project development and acquisition costs | (53 | ) |  | (485 | ) |  | (185 | ) |  | (772 | )
Gain on disposals, net | 14 |  |  | — |  |  | 1 |  |  | — |
Share-based compensation | (176 | ) |  | (164 | ) |  | (269 | ) |  | (220 | )
Operating income | 1,335 |  |  | 852 |  |  | 3,595 |  |  | 2,383 |
Other (expense) income: |  |  |  |  |  |  |
Interest expense | (2,707 | ) |  | (2,230 | ) |  | (5,386 | ) |  | (3,992 | )
Debt modification costs | — |  |  | (601 | ) |  | — |  |  | (601 | )
Adjustment to fair value of warrants and other | 32 |  |  | (241 | ) |  | 32 |  |  | (241 | )
| (2,675 | ) |  | (3,072 | ) |  | (5,354 | ) |  | (4,834 | )
Loss before income taxes | (1,340 | ) |  | (2,220 | ) |  | (1,759 | ) |  | (2,451 | )
Provision for income taxes | 184 |  |  | 180 |  |  | 368 |  |  | 280 |
Net loss | $ | (1,524 | ) |  | $ | (2,400 | ) |  | $ | (2,127 | ) |  | $ | (2,731 | )
(1) Please refer to Item 2 - "Management's Discussion and Analysis of Financial Condition and Results of Operations" - "Non-GAAP Financial Measures" for a reconciliation of Adjusted Property EBITDA to its most directly comparable financial measure calculated and presented in accordance with GAAP.
(In thousands) |  |  |
| June 30, 2017 |  | December 31, 2016
| (unaudited) |  |
Total Assets |  |  |
Silver Slipper Casino and Hotel | $ | 79,918 |  |  | $ | 79,975 |
Rising Star Casino Resort | 37,209 |  |  | 36,444 |
Bronco Billy's Hotel and Casino | 36,522 |  |  | 36,732 |
Northern Nevada Casinos | 13,423 |  |  | 12,722 |
Corporate and Other | 8,570 |  |  | 11,333 |
| $ | 175,642 |  |  | $ | 177,206 |

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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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8906-108599 + Details
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