| SEGMENT REPORTING |
15. SEGMENT REPORTING
The following tables reflect selected information for the Company’s reporting segments for the twelve months
ended December 31, 2011 and 2010. The casino operations segment includes the Rising Star Casino Resort’s operation in Rising Sun, Indiana, the Grand Lodge Casino operation in Lake Tahoe, Nevada and Stockman’s Casino operation in
Fallon, Nevada. The Company reviews operating results, assesses performance and makes decisions related to the allocation of resources on a property-by-property basis, and therefore management believes that each property is an operating segment that
is appropriately aggregated and presented as one reportable segment. To enhance disclosure, the Company also chooses to include regional information on this segment. The development/management segment includes costs associated with casino
development and management projects and the Michigan and Delaware joint ventures. The Corporate segment includes general and administrative expenses of the Company.
Selected statement of operations data as of and for 2011 and 2010 is as follows:
| |
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
2011
|
|
Casino
Operations
Nevada
|
|
|
Casino
Operations
Mid-west
|
|
|
Development/
Management
|
|
|
Corporate |
|
|
Consolidated |
|
|
Revenues
|
|
$ |
12,313,161 |
|
|
$ |
68,957,305 |
|
|
$ |
24,185,594 |
|
|
$ |
5,000 |
|
|
$ |
105,461,060 |
|
|
Selling, general and administrative expense
|
|
|
3,540,791 |
|
|
|
16,378,319 |
|
|
|
610,097 |
|
|
|
4,899,792 |
|
|
|
25,428,999 |
|
|
Depreciation and amortization
|
|
|
1,051,176 |
|
|
|
3,550,241 |
|
|
|
2,372,446 |
|
|
|
27,913 |
|
|
|
7,001,776 |
|
|
Operating gains (losses)*
|
|
|
(4,500,000 |
) |
|
|
— |
|
|
|
2,878,468 |
|
|
|
— |
|
|
|
(1,621,532 |
) |
|
Operating income (loss)
|
|
|
(3,433,408 |
) |
|
|
4,240,440 |
|
|
|
23,555,904 |
|
|
|
(5,189,838 |
) |
|
|
19,173,098 |
|
|
Income (loss) attributable to Company
|
|
|
(2,265,815 |
) |
|
|
1,250,237 |
|
|
|
9,078,382 |
|
|
|
(5,719,805 |
) |
|
|
2,342,999 |
|
| * |
Operating gains (losses) include impairment losses.
|
| |
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
2010
|
|
Casino
Operations
Nevada
|
|
|
Casino
Operations
Mid-west
|
|
|
Development/
Management
|
|
|
Corporate |
|
|
Consolidated |
|
| |
|
|
|
|
|
|
Revenues
|
|
$ |
8,338,757 |
|
|
$ |
— |
|
|
$ |
24,558,372 |
|
|
$ |
— |
|
|
$ |
32,897,129 |
|
|
Selling, general and administrative expense
|
|
|
1,729,554 |
|
|
|
— |
|
|
|
730,035 |
|
|
|
3,970,256 |
|
|
|
6,429,845 |
|
|
Depreciation and amortization
|
|
|
960,675 |
|
|
|
— |
|
|
|
2,372,781 |
|
|
|
87,800 |
|
|
|
3,421,256 |
|
|
Operating gains
|
|
|
— |
|
|
|
— |
|
|
|
5,091,764 |
|
|
|
— |
|
|
|
5,091,764 |
|
|
Operating income
|
|
|
1,472,935 |
|
|
|
— |
|
|
|
26,545,979 |
|
|
|
(4,479,875 |
) |
|
|
23,539,039 |
|
|
Income (loss) attributable to Company
|
|
|
976,664 |
|
|
|
— |
|
|
|
9,680,712 |
|
|
|
(2,988,129 |
) |
|
|
7,669,247 |
|
Selected balance sheet data as of December 31, 2011 and 2010 is as follows:
| |
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
2011
|
|
Casino
Operations
Nevada
|
|
|
Casino
Operations
Mid-west
|
|
|
Development/
Management
|
|
|
Corporate |
|
|
Consolidated |
|
|
Total assets
|
|
$ |
18,488,888 |
|
|
$ |
54,923,492 |
|
|
$ |
13,192,504 |
|
|
$ |
8,013,057 |
|
|
$ |
94,617,941 |
|
|
Property and equipment, net
|
|
|
7,350,840 |
|
|
|
31,296,224 |
|
|
|
— |
|
|
|
21,219 |
|
|
|
38,668,283 |
|
|
Goodwill
|
|
|
5,808,520 |
|
|
|
1,647,198 |
|
|
|
— |
|
|
|
— |
|
|
|
7,455,718 |
|
|
Liabilities
|
|
|
4,604,218 |
|
|
|
9,649,198 |
|
|
|
102,709 |
|
|
|
24,816,772 |
|
|
|
39,172,897 |
|
| |
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
September 30, |
|
|
2010
|
|
Casino
Operations
Nevada
|
|
|
Casino
Operations
Mid-west
|
|
|
Development/
Management
|
|
|
Corporate |
|
|
Consolidated |
|
|
Total assets
|
|
$ |
19,949,159 |
|
|
|
— |
|
|
$ |
16,705,051 |
|
|
$ |
19,796,576 |
|
|
$ |
56,450,786 |
|
|
Property and equipment, net
|
|
|
7,325,852 |
|
|
|
— |
|
|
|
241 |
|
|
|
46,158 |
|
|
|
7,372,251 |
|
|
Goodwill
|
|
|
10,308,520 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,308,520 |
|
|
Liabilities
|
|
|
1,319,064 |
|
|
|
— |
|
|
|
1,621,394 |
|
|
|
715,481 |
|
|
|
3,655,939 |
|
|