Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING AND DISAGGREGATED REVENUE

v3.22.4
SEGMENT REPORTING AND DISAGGREGATED REVENUE
12 Months Ended
Dec. 31, 2022
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. Those five segments, as of 2022, are:  Mississippi, Indiana, Colorado, Nevada, and Contracted Sports Wagering. Operating 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.

The Company utilizes Adjusted Segment EBITDA as the measure of segment profitability 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, preopening 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.

The following tables present the Company’s segment information:

(In thousands)

Year Ended December 31, 2022

Contracted

Sports

Mississippi

Indiana

Colorado

Nevada

Wagering

Total

Revenues

Casino

$

54,167

$

27,514

$

13,636

$

18,559

$

$

113,876

Food and beverage

 

19,774

 

3,943

 

1,734

 

1,043

 

 

26,494

Hotel

 

4,987

 

3,663

 

632

 

 

 

9,282

Other operations,
including contracted sports wagering

 

1,932

 

3,970

 

183

 

348

 

7,196

 

13,629

$

80,860

$

39,090

$

16,185

$

19,950

$

7,196

$

163,281

Adjusted Segment EBITDA

$

19,488

$

6,888

$

(688)

$

4,908

$

7,127

$

37,723

Other operating costs and expenses:

Depreciation and amortization

 

(7,930)

Corporate expenses

(5,589)

Project development costs, net

 

(228)

Preopening costs

(9,558)

Loss on disposal of assets, net

(42)

Stock-based compensation

 

(1,693)

Operating income

 

12,683

Other expenses:

Interest expense, net

 

(22,988)

Loss on modification of debt

 

(4,530)

(27,518)

Loss before income taxes

(14,835)

Income tax benefit

 

(31)

Net loss

$

(14,804)

(In thousands)

Year Ended December 31, 2021

Contracted

Sports

Mississippi

Indiana

Colorado

Nevada

Wagering

Total

Revenues

Casino

$

63,318

$

29,762

$

20,342

$

17,009

$

$

130,431

Food and beverage

 

20,296

 

3,522

 

2,362

 

1,167

 

 

27,347

Hotel

 

4,930

 

4,057

 

637

 

 

 

9,624

Other operations,
including contracted sports wagering

 

2,084

 

4,094

 

319

 

340

 

5,920

 

12,757

$

90,628

$

41,435

$

23,660

$

18,516

$

5,920

$

180,159

Adjusted Segment EBITDA

$

29,843

$

8,736

$

5,545

$

4,933

$

5,890

$

54,947

Other operating costs and expenses:

Depreciation and amortization

(7,219)

Corporate expenses

(7,733)

Project development costs

 

(782)

Preopening costs

(17)

Loss on disposal of assets, net

(676)

Stock-based compensation

 

(966)

Operating income

 

37,554

Other expenses:

Interest expense, net

 

(23,657)

Loss on extinguishment of debt, net

 

(409)

Adjustment to fair value of warrants

(1,347)

(25,413)

Income before income taxes

12,141

Income tax expense

 

435

Net income

$

11,706

(In thousands)

December 31,

    

2022

    

2021

Total Assets

Mississippi

$

83,670

$

85,838

Indiana

 

33,199

 

34,857

Colorado

 

339,944

 

258,436

Nevada

 

11,125

 

13,091

Contracted Sports Wagering

1,658

2,168

Corporate and Other(1)

 

125,733

 

79,452

$

595,329

$

473,842

__________

(1)Includes $77.2 million related to American Place in 2022, which subsequently opened in February 2023 (see Note 12).

(In thousands)

December 31, 

    

2022

    

2021

Property and Equipment, net

 

  

 

  

Mississippi

$

50,401

$

52,382

Indiana

 

27,437

 

28,705

Colorado

 

182,142

 

61,572

Nevada

 

6,307

 

6,105

Contracted Sports Wagering

Corporate and Other(1)

 

72,770

 

776

$

339,057

$

149,540

__________

(1)Includes $72.4 million related to American Place in 2022, which subsequently opened in February 2023 (see Note 12).