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SEGMENT REPORTING AND DISAGGREGATED REVENUE (Tables) | 9 Months Ended
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Sep. 30, 2023
SEGMENT REPORTING AND DISAGGREGATED REVENUE |
Schedule of Total Revenues By 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | Three Months Ended September 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | Contracted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Sports | ​ | ​
​ | ​ | Midwest & South | ​ | West | ​ | Wagering | ​ | Total
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Casino | ​ | $ | 40,341 | ​ | $ | 9,899 | ​ | $ | — | ​ | $ | 50,240
Food and beverage | ​ |  | 8,242 | ​ |  | 844 | ​ |  | — | ​ |  | 9,086
Hotel | ​ |  | 2,369 | ​ |  | 191 | ​ |  | — | ​ |  | 2,560
Other operations, including contracted sports wagering | ​ |  | 1,601 | ​ |  | 151 | ​ |  | 7,905 | ​ |  | 9,657
​ | ​ | $ | 52,553 | ​ | $ | 11,085 | ​ | $ | 7,905 | ​ | $ | 71,543
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted Segment EBITDA | ​ | $ | 11,750 | ​ | $ | 2,308 | ​ | $ | 7,852 | ​ | $ | 21,910
Other operating costs and expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (8,468)
Corporate expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1,280)
Project development costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (21)
Preopening costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,051)
Loss on disposal of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (7)
Stock-based compensation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (726)
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 10,357
Other (expense) income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (5,867)
Gain on settlements | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 29
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,838)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,519
Income tax benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (74)
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 4,593
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | Three Months Ended September 30, 2022
​ | ​ | ​ | ​ | ​ | ​ | Contracted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Sports | ​ | ​
​ | ​ | Midwest & South | ​ | West | ​ | Wagering | ​ | Total
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Casino | ​ | $ | 20,153 | ​ | $ | 9,568 | ​ | $ | — | ​ | $ | 29,721
Food and beverage | ​ |  | 6,078 | ​ |  | 733 | ​ |  | — | ​ |  | 6,811
Hotel | ​ |  | 2,267 | ​ |  | 223 | ​ |  | — | ​ |  | 2,490
Other operations, including contracted sports wagering | ​ |  | 1,122 | ​ |  | 151 | ​ |  | 1,098 | ​ |  | 2,371
​ | ​ | $ | 29,620 | ​ | $ | 10,675 | ​ | $ | 1,098 | ​ | $ | 41,393
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted Segment EBITDA | ​ | $ | 5,578 | ​ | $ | 2,316 | ​ | $ | 1,083 | ​ | $ | 8,977
Other operating costs and expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (2,386)
Corporate expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,219)
Project development costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 149
Preopening costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,594)
Stock-based compensation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (532)
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2,395
Other expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (5,838)
Loss on modification of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (105)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,943)
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,548)
Income tax provision | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 29
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (3,577)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | Nine Months Ended September 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | Contracted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Sports | ​ | ​
​ | ​ | Midwest & South | ​ | West | ​ | Wagering | ​ | Total
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Casino | ​ | $ | 107,474 | ​ | $ | 24,112 | ​ | $ | — | ​ | $ | 131,586
Food and beverage | ​ |  | 23,032 | ​ |  | 2,387 | ​ |  | — | ​ |  | 25,419
Hotel | ​ |  | 6,638 | ​ |  | 414 | ​ |  | — | ​ |  | 7,052
Other operations, including contracted sports wagering | ​ |  | 6,123 | ​ |  | 384 | ​ |  | 10,467 | ​ |  | 16,974
​ | ​ | $ | 143,267 | ​ | $ | 27,297 | ​ | $ | 10,467 | ​ | $ | 181,031
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted Segment EBITDA | ​ | $ | 31,830 | ​ | $ | 2,538 | ​ | $ | 10,373 | ​ | $ | 44,741
Other operating costs and expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (22,482)
Corporate expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,479)
Project development costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (45)
Preopening costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (12,634)
Loss on disposal of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (7)
Stock-based compensation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (2,129)
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 3,965
Other (expense) income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (16,319)
Gain on settlements | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 384
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (15,935)
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (11,970)
Income tax provision | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 452
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (12,422)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | Nine Months Ended September 30, 2022
​ | ​ | ​ | ​ | ​ | ​ | Contracted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Sports | ​ | ​
​ | ​ | Midwest & South | ​ | West | ​ | Wagering | ​ | Total
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Casino | ​ | $ | 62,747 | ​ | $ | 25,546 | ​ | $ | — | ​ | $ | 88,293
Food and beverage | ​ |  | 18,126 | ​ |  | 2,129 | ​ |  | — | ​ |  | 20,255
Hotel | ​ |  | 6,573 | ​ |  | 503 | ​ |  | — | ​ |  | 7,076
Other operations, including contracted sports wagering | ​ |  | 5,055 | ​ |  | 422 | ​ |  | 6,098 | ​ |  | 11,575
​ | ​ | $ | 92,501 | ​ | $ | 28,600 | ​ | $ | 6,098 | ​ | $ | 127,199
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted Segment EBITDA | ​ | $ | 21,816 | ​ | $ | 4,508 | ​ | $ | 6,047 | ​ | $ | 32,371
Other operating costs and expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,012)
Corporate expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,130)
Project development costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (33)
Preopening costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,914)
Loss on disposal of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3)
Stock-based compensation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (1,362)
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 15,917
Other expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (19,225)
Loss on modification of debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (4,530)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (23,755)
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (7,838)
Income tax benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (16)
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (7,822)
​
Schedule of Total Assets By Segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | September 30, | ​ | December 31,
​ |  | 2023 |  | 2022
Total Assets | ​ | ​ | ​ | ​ | ​ | ​
Midwest & South | ​ | $ | 287,358 | ​ | $ | 194,033
West | ​ |  | 359,610 | ​ |  | 351,069
Contracted Sports Wagering | ​ | ​ | 5,027 | ​ | ​ | 1,658
Corporate and Other | ​ |  | 13,109 | ​ |  | 48,569
​ | ​ | $ | 665,104 | ​ | $ | 595,329
​

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