BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
| Schedule of Accounts receivable |
|
|
|
|
|
|
|
(In thousands) |
|
March 31, |
|
December 31, |
|
|
2025 |
|
2024 |
Casino |
|
$ |
575 |
|
$ |
653 |
Trade Accounts |
|
|
3,170 |
|
|
2,898 |
Other Operations, excluding Contracted Sports Wagering |
|
|
208 |
|
|
144 |
Contracted Sports Wagering(1) |
|
|
4 |
|
|
1,017 |
Other |
|
|
1,077 |
|
|
527 |
|
|
|
5,034 |
|
|
5,239 |
Less: Provision for credit losses |
|
|
(155) |
|
|
(138) |
|
|
$ |
4,879 |
|
$ |
5,101 |
__________
| (1) |
Beginning in July 2024, annual prepayments of contracted revenue are now required in all of the Company’s active sports wagering contracts. |
|
| Credit losses recognized for accounts receivable |
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
2025 |
|
2024 |
Balance at January 1 |
|
$ |
138 |
|
$ |
1,189 |
Current period provision for credit losses(1) |
|
|
26 |
|
|
255 |
Write-offs |
|
|
(9) |
|
|
(145) |
Balance at March 31 |
|
$ |
155 |
|
$ |
1,299 |
__________
| (1) |
Estimated loss reserves for the 2024 period included a provision of $250,000 for two online sports wagering agreements.
|
|
| Schedule of other indefinite-lived intangible assets |
|
|
|
|
|
|
|
(In thousands) |
|
March 31, |
|
December 31, |
|
|
2025 |
|
2024 |
Estimated IGB Reconciliation Fee(1) |
|
$ |
48,629 |
|
$ |
46,039 |
Less: Amount representing interest(2) |
|
|
(10,803) |
|
|
(11,173) |
Present value of IGB Reconciliation Fee |
|
$ |
37,826 |
|
$ |
34,866 |
__________
| (1) |
Calculated based upon gaming revenues generated during the trailing 12-months of the corresponding dates. This one-time fee will be paid in six annual installments (without interest) beginning in February 2026.
|
| (2) |
The effective interest rate of the Revolving Credit Facility (see Note 5) is used to impute interest on this long-term obligation and its corresponding increase to the Illinois gaming license valuation, which approximates their fair values.
|
|
| Schedule of Deferred revenues |
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
March 31, |
|
December 31, |
|
|
Balance Sheet Location |
|
2025 |
|
2024 |
Deferred revenue, current |
|
Other accrued liabilities |
|
$ |
4,831 |
|
$ |
5,854 |
Deferred revenue, net of current portion |
|
Contract liabilities, net of current portion |
|
|
3,359 |
|
|
4,550 |
|
|
|
|
$ |
8,190 |
|
$ |
10,404 |
|
| Schedule of Contract With Customer Liability [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding |
|
Players |
|
Contracted |
|
Progressive |
(In thousands) |
|
Chip Liability |
|
Club Points |
|
Sports Wagering(1) |
|
Jackpots and Other |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Balance at January 1 |
|
$ |
683 |
|
$ |
527 |
|
$ |
930 |
|
$ |
765 |
|
$ |
10,404 |
|
$ |
12,367 |
|
$ |
5,767 |
|
$ |
4,477 |
Balance at March 31 |
|
|
538 |
|
|
499 |
|
|
926 |
|
|
826 |
|
|
8,190 |
|
|
10,653 |
|
|
5,685 |
|
|
5,033 |
Increase (Decrease) |
|
$ |
(145) |
|
$ |
(28) |
|
$ |
(4) |
|
$ |
61 |
|
$ |
(2,214) |
|
$ |
(1,714) |
|
$ |
(82) |
|
$ |
556 |
__________
| (1) |
There were three active skins at March 31, 2025, compared to four active skins at March 31, 2024.
|
|