| 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 June 30, 2023 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
38,281 |
|
$ |
7,078 |
|
$ |
— |
|
$ |
45,359 |
Food and beverage |
|
|
7,894 |
|
|
779 |
|
|
— |
|
|
8,673 |
Hotel |
|
|
2,229 |
|
|
119 |
|
|
— |
|
|
2,348 |
Other operations, including
contracted sports wagering |
|
|
1,507 |
|
|
113 |
|
|
1,382 |
|
|
3,002 |
|
|
$ |
49,911 |
|
$ |
8,089 |
|
$ |
1,382 |
|
$ |
59,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
$ |
9,391 |
|
$ |
177 |
|
$ |
1,361 |
|
$ |
10,929 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(8,155) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(422) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(17) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(1,086) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(655) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
594 |
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(5,633) |
|
|
|
|
|
|
|
|
|
|
|
|
(5,633) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(5,039) |
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
561 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(5,600) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Three Months Ended June 30, 2022 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
21,197 |
|
$ |
8,291 |
|
$ |
— |
|
$ |
29,488 |
Food and beverage |
|
|
6,236 |
|
|
697 |
|
|
— |
|
|
6,933 |
Hotel |
|
|
2,262 |
|
|
145 |
|
|
— |
|
|
2,407 |
Other operations,
including contracted sports wagering |
|
|
3,241 |
|
|
145 |
|
|
2,169 |
|
|
5,555 |
|
|
$ |
32,936 |
|
$ |
9,278 |
|
$ |
2,169 |
|
$ |
44,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
$ |
9,149 |
|
$ |
1,684 |
|
$ |
2,196 |
|
$ |
13,029 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(1,834) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(943) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(17) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(1,534) |
Gain on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
5 |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(487) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
8,219 |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(6,988) |
Loss on modification of debt |
|
|
|
|
|
|
|
|
|
|
|
(19) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
1,212 |
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
5,567 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(4,355) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Six Months Ended June 30, 2023 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
67,133 |
|
$ |
14,213 |
|
$ |
— |
|
$ |
81,346 |
Food and beverage |
|
|
14,791 |
|
|
1,542 |
|
|
— |
|
|
16,333 |
Hotel |
|
|
4,269 |
|
|
223 |
|
|
— |
|
|
4,492 |
Other operations,
including contracted sports wagering |
|
|
4,520 |
|
|
235 |
|
|
2,562 |
|
|
7,317 |
|
|
$ |
90,713 |
|
$ |
16,213 |
|
$ |
2,562 |
|
$ |
109,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
$ |
20,077 |
|
$ |
234 |
|
$ |
2,522 |
|
$ |
22,833 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(14,014) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(2,201) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(24) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(11,583) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(1,403) |
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
(6,392) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(10,452) |
Gain on insurance settlement |
|
|
|
|
|
|
|
|
|
|
|
355 |
|
|
|
|
|
|
|
|
|
|
|
|
(10,097) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(16,489) |
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
526 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(17,015) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Six Months Ended June 30, 2022 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
42,595 |
|
$ |
15,977 |
|
$ |
— |
|
$ |
58,572 |
Food and beverage |
|
|
12,048 |
|
|
1,396 |
|
|
— |
|
|
13,444 |
Hotel |
|
|
4,305 |
|
|
281 |
|
|
— |
|
|
4,586 |
Other operations,
including contracted sports wagering |
|
|
3,934 |
|
|
270 |
|
|
5,000 |
|
|
9,204 |
|
|
$ |
62,882 |
|
$ |
17,924 |
|
$ |
5,000 |
|
$ |
85,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
$ |
16,239 |
|
$ |
2,191 |
|
$ |
4,964 |
|
$ |
23,394 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(3,626) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(2,911) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(182) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(2,320) |
Loss on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
(3) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(830) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
13,522 |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(13,387) |
Loss on modification of debt |
|
|
|
|
|
|
|
|
|
|
|
(4,425) |
|
|
|
|
|
|
|
|
|
|
|
|
(17,812) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(4,290) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
(45) |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(4,245) |
|