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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2025
SEGMENT REPORTING |
SEGMENT INFORMATION | 9. SEGMENT INFORMATION The Company manages its reporting segments based on geographic regions within the United States and type of income. The Company’s management views the regions where each of its casino resorts are located as reportable segments, in addition to its contracted sports wagering segment. Reportable segments are aggregated based on geography, economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. Therefore, the Company has determined three reportable segments as follows: Midwest & South, West, and Contracted Sports Wagering (see Note 1). The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The Company’s CODM assesses the performance of each segment by using Adjusted Segment EBITDA as the measure of segment profitability. Adjusted Segment EBITDA is 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 sales and 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. The Company’s CODM uses Adjusted Segment EBITDA for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances and period-over-period fluctuations when making decisions about the allocation of operating and capital resources to each segment, as well as a basis for determining certain incentive compensation. The following tables present the Company’s segment information: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | Three Months Ended March 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | Contracted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Sports | ​ | ​
​ | ​ | Midwest & South | ​ | West | ​ | Wagering | ​ | Total
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Casino | ​ | $ | 44,044 | ​ | $ | 11,256 | ​ | $ | — | ​ | $ | 55,300
Food and beverage | ​ |  | 8,171 | ​ |  | 1,890 | ​ |  | — | ​ |  | 10,061
Hotel | ​ |  | 1,700 | ​ |  | 2,142 | ​ |  | — | ​ |  | 3,842
Other operations, including contracted sports wagering | ​ |  | 3,257 | ​ |  | 318 | ​ |  | 2,280 | ​ |  | 5,855
Total consolidated revenues | ​ | ​ | 57,172 | ​ | ​ | 15,606 | ​ | ​ | 2,280 | ​ | ​ | 75,058
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Payroll and related costs | ​ | ​ | 15,280 | ​ | ​ | 6,997 | ​ | ​ | — | ​ | ​ | 22,277
Cost of sales | ​ | ​ | 3,972 | ​ | ​ | 956 | ​ | ​ | — | ​ | ​ | 4,928
Taxes(1) | ​ | ​ | 9,982 | ​ | ​ | 1,764 | ​ | ​ | 13 | ​ | ​ | 11,759
Other segment items(2) | ​ | ​ | 14,831 | ​ | ​ | 8,356 | ​ | ​ | 87 | ​ | ​ | 23,274
Total segment expenses | ​ | ​ | 44,065 | ​ | ​ | 18,073 | ​ | ​ | 100 | ​ | ​ | 62,238
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted Segment EBITDA | ​ | ​ | 13,107 | ​ | ​ | (2,467) | ​ | ​ | 2,180 | ​ | ​ | 12,820
Other operating costs and expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (10,607)
Corporate expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,333)
Project development costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (141)
Loss on disposal of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6)
Impairment of assets held for sale at Stockman’s | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (212)
Stock-based compensation, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 217
Operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 738
Other expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (10,297)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (10,297)
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (9,559)
Income tax provision | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 206
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (9,765)
__________
(1) | Excludes real estate and property taxes.
(2) | For each reportable segment, the “Other segment items” category includes:
| ● | Midwest & South and West ─ Advertising and marketing, rent expense, insurance, and other miscellaneous costs.
| ● | Contracted Sports Wagering ─ Credit loss expense net of recoveries, as well as certain overhead expenses.
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | Three Months Ended March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | Contracted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Sports | ​ | ​
​ | ​ | Midwest & South | ​ | West | ​ | Wagering | ​ | Total
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Casino | ​ | $ | 40,909 | ​ | $ | 10,764 | ​ | $ | — | ​ | $ | 51,673
Food and beverage | ​ |  | 8,510 | ​ |  | 1,259 | ​ |  | — | ​ |  | 9,769
Hotel | ​ |  | 2,008 | ​ |  | 844 | ​ |  | — | ​ |  | 2,852
Other operations, including contracted sports wagering | ​ |  | 3,205 | ​ |  | 165 | ​ |  | 2,260 | ​ |  | 5,630
Total consolidated revenues | ​ | ​ | 54,632 | ​ | ​ | 13,032 | ​ | ​ | 2,260 | ​ | ​ | 69,924
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Payroll and related costs | ​ | ​ | 14,129 | ​ | ​ | 5,644 | ​ | ​ | — | ​ | ​ | 19,773
Cost of sales | ​ | ​ | 4,612 | ​ | ​ | 745 | ​ | ​ | — | ​ | ​ | 5,357
Taxes(1) | ​ | ​ | 9,204 | ​ | ​ | 1,243 | ​ | ​ | 13 | ​ | ​ | 10,460
Other segment items(2) | ​ | ​ | 14,005 | ​ | ​ | 5,533 | ​ | ​ | 312 | ​ | ​ | 19,850
Total segment expenses | ​ | ​ | 41,950 | ​ | ​ | 13,165 | ​ | ​ | 325 | ​ | ​ | 55,440
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted Segment EBITDA | ​ | ​ | 12,682 | ​ | ​ | (133) | ​ | ​ | 1,935 | ​ | ​ | 14,484
Other operating costs and expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (10,625)
Corporate expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,075)
Preopening costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,663)
Loss on disposal of assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (18)
Stock-based compensation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (709)
Operating loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (606)
Other expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (10,250)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (10,250)
Loss before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (10,856)
Income tax provision | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 416
Net loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (11,272)
__________
(1) | Excludes real estate and property taxes.
(2) | For each reportable segment, the “Other segment items” category includes:
| ● | Midwest & South and West ─ Advertising and marketing, rent expense, insurance, and other miscellaneous costs.
| ● | Contracted Sports Wagering ─ Credit loss expense net of recoveries, as well as certain overhead expenses.
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | March 31, | ​ | December 31,
​ |  | 2025 |  | 2024
Total Assets | ​ | ​ | ​ | ​ | ​ | ​
Midwest & South | ​ | $ | 290,880 | ​ | $ | 293,466
West | ​ |  | 353,493 | ​ |  | 360,057
Contracted Sports Wagering | ​ | ​ | 4 | ​ | ​ | 68
Corporate and Other | ​ |  | 12,822 | ​ |  | 19,743
​ | ​ | $ | 657,199 | ​ | $ | 673,334
​

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- Definition The entire disclosure for reporting segments including data and tables. 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