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SEGMENT REPORTING AND DISAGGREGATED REVENUE | 3 Months Ended
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Mar. 31, 2021
SEGMENT REPORTING AND DISAGGREGATED REVENUE |
SEGMENT REPORTING AND DISAGGREGATED REVENUE | 11. SEGMENT REPORTING AND DISAGGREGATED REVENUE The Company manages its reporting segments based on geographic regions within the United States and type of income. The casino/resort operations include five segments as of 2021: Mississippi, Indiana, Colorado, Nevada, and Contracted Sports Wagering. The Company’s management views the states where each of its casino resorts are located as operating segments, in addition to its contracted sports wagering segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. During the first quarter of 2021, since it is a significantly different business than its core casino business, the Company changed the aggregation of its operations to present Contracted Sports Wagering as a separate segment. This change of the reportable segments reflects realignment within the Company stemming from the expansion of the Company’s contracted on-site and online sports wagering skins. Additionally, this new segment breakout aims to enhance transparency of operations and allow more appropriate valuation of the Company’s various business components. See Note 1 for further information. The Company utilizes Adjusted Segment EBITDA as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is 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, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment. As a result of the change in reportable segments described above, the Company has recast previously-reported segment information to conform to the current presentation in the following tables for enhanced comparability, which had no effect on previously reported results of operations or financial position. The following tables present the Company’s segment information:
(In thousands) |  | Three Months Ended March 31, 2021
|  |  |  |  |  |  |  |  |  | Contracted |  |
|  |  |  |  |  |  |  |  |  | Sports |  |
|  | Mississippi |  | Indiana |  | Colorado |  | Nevada |  | Wagering |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casino |  | $ | 16,040 |  | $ | 6,715 |  | $ | 5,264 |  | $ | 4,045 |  | $ | — |  | $ | 32,064
Food and beverage |  |  | 4,693 |  |  | 748 |  |  | 413 |  |  | 247 |  |  | — |  |  | 6,101
Hotel |  |  | 1,170 |  |  | 919 |  |  | 122 |  |  | — |  |  | — |  |  | 2,211
Other operations |  |  | 453 |  |  | 208 |  |  | 106 |  |  | 76 |  |  | 989 |  |  | 1,832
|  | $ | 22,356 |  | $ | 8,590 |  | $ | 5,905 |  | $ | 4,368 |  | $ | 989 |  | $ | 42,208
Adjusted Segment EBITDA |  | $ | 7,630 |  | $ | 1,134 |  | $ | 1,710 |  | $ | 1,224 |  | $ | 976 |  | $ | 12,674
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,800)
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,905)
Project development costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (47)
Loss on disposal of asset, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (104)
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (124)
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,694
Other expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,456)
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,134)
Adjustment to fair value of warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,347)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,937)
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,243)
Income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 202
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,445)
(In thousands) |  | Three Months Ended March 31, 2020
|  |  |  |  |  |  |  |  |  | Contracted |  |
|  |  |  |  |  |  |  |  |  | Sports |  |
|  | Mississippi |  | Indiana |  | Colorado |  | Nevada |  | Wagering |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casino |  | $ | 9,070 |  | $ | 5,028 |  | $ | 4,005 |  | $ | 2,648 |  | $ | — |  | $ | 20,751
Food and beverage |  |  | 4,679 |  |  | 1,153 |  |  | 767 |  |  | 391 |  |  | — |  |  | 6,990
Hotel |  |  | 969 |  |  | 858 |  |  | 147 |  |  | — |  |  | — |  |  | 1,974
Other operations |  |  | 374 |  |  | 208 |  |  | 63 |  |  | 69 |  |  | 424 |  |  | 1,138
|  | $ | 15,092 |  | $ | 7,247 |  | $ | 4,982 |  | $ | 3,108 |  | $ | 424 |  | $ | 30,853
Adjusted Segment EBITDA |  | $ | 1,831 |  | $ | (1,490) |  | $ | (471) |  | $ | (390) |  | $ | 390 |  | $ | (130)
Other operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,040)
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,119)
Project development costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (56)
Gain on disposal of assets, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (83)
Operating loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,428)
Other (expense) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,491)
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | —
Adjustment to fair value of warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,656
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (835)
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,263)
Income tax provision |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 95
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,358)
(In thousands) |  | March 31, |  | December 31,
|  | 2021 |  | 2020
Total Assets |  |  |  |  |  |
Mississippi |  | $ | 85,467 |  | $ | 83,809
Indiana |  |  | 35,268 |  |  | 37,798
Colorado |  |  | 227,580 |  |  | 44,961
Nevada |  |  | 13,082 |  |  | 13,248
Contracted Sports Wagering |  |  | 1,948 |  |  | 1,329
Corporate and Other |  |  | 90,598 |  |  | 31,471
|  | $ | 453,943 |  | $ | 212,616

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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