Schedule of Total Revenues By Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Three Months Ended June 30, 2025 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
46,155 |
|
$ |
10,828 |
|
$ |
— |
|
$ |
56,983 |
Food and beverage |
|
|
8,143 |
|
|
1,437 |
|
|
— |
|
|
9,580 |
Hotel |
|
|
1,847 |
|
|
1,873 |
|
|
— |
|
|
3,720 |
Other operations, including contracted sports wagering |
|
|
1,657 |
|
|
347 |
|
|
1,659 |
|
|
3,663 |
Total consolidated revenues |
|
|
57,802 |
|
|
14,485 |
|
|
1,659 |
|
|
73,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related costs |
|
|
15,434 |
|
|
6,122 |
|
|
— |
|
|
21,556 |
Cost of sales |
|
|
4,135 |
|
|
674 |
|
|
— |
|
|
4,809 |
Taxes(1) |
|
|
10,535 |
|
|
1,502 |
|
|
13 |
|
|
12,050 |
Other segment items(2) |
|
|
14,941 |
|
|
7,325 |
|
|
35 |
|
|
22,301 |
Total segment expenses |
|
|
45,045 |
|
|
15,623 |
|
|
48 |
|
|
60,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
|
12,757 |
|
|
(1,138) |
|
|
1,611 |
|
|
13,230 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(10,588) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(2,096) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(33) |
Gain on sale of Stockman’s |
|
|
|
|
|
|
|
|
|
|
|
7 |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(594) |
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
(74) |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(10,354) |
Other |
|
|
|
|
|
|
|
|
|
|
|
(50) |
|
|
|
|
|
|
|
|
|
|
|
|
(10,404) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(10,478) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
(95) |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(10,383) |
__________
(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 June 30, 2024 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
43,051 |
|
$ |
11,634 |
|
$ |
— |
|
$ |
54,685 |
Food and beverage |
|
|
8,683 |
|
|
1,720 |
|
|
— |
|
|
10,403 |
Hotel |
|
|
2,126 |
|
|
1,616 |
|
|
— |
|
|
3,742 |
Other operations, including contracted sports wagering |
|
|
1,598 |
|
|
181 |
|
|
2,883 |
|
|
4,662 |
Total consolidated revenues |
|
|
55,458 |
|
|
15,151 |
|
|
2,883 |
|
|
73,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related costs |
|
|
14,225 |
|
|
6,153 |
|
|
— |
|
|
20,378 |
Cost of sales |
|
|
4,659 |
|
|
943 |
|
|
— |
|
|
5,602 |
Taxes(1) |
|
|
9,799 |
|
|
663 |
|
|
13 |
|
|
10,475 |
Other segment items(2) |
|
|
14,500 |
|
|
6,527 |
|
|
293 |
|
|
21,320 |
Total segment expenses |
|
|
43,183 |
|
|
14,286 |
|
|
306 |
|
|
57,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
|
12,275 |
|
|
865 |
|
|
2,577 |
|
|
15,717 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(10,326) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(1,576) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(3) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(757) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(740) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
2,315 |
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(11,023) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(8,708) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
(79) |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(8,629) |
__________
(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) |
|
Six Months Ended June 30, 2025 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
90,199 |
|
$ |
22,084 |
|
$ |
— |
|
$ |
112,283 |
Food and beverage |
|
|
16,314 |
|
|
3,327 |
|
|
— |
|
|
19,641 |
Hotel |
|
|
3,548 |
|
|
4,014 |
|
|
— |
|
|
7,562 |
Other operations, including contracted sports wagering |
|
|
4,915 |
|
|
664 |
|
|
3,939 |
|
|
9,518 |
Total consolidated revenues |
|
|
114,976 |
|
|
30,089 |
|
|
3,939 |
|
|
149,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related costs |
|
|
30,714 |
|
|
13,119 |
|
|
— |
|
|
43,833 |
Cost of sales |
|
|
8,108 |
|
|
1,630 |
|
|
— |
|
|
9,738 |
Taxes(1) |
|
|
20,517 |
|
|
3,267 |
|
|
25 |
|
|
23,809 |
Other segment items(2) |
|
|
29,772 |
|
|
15,679 |
|
|
123 |
|
|
45,574 |
Total segment expenses |
|
|
89,111 |
|
|
33,695 |
|
|
148 |
|
|
122,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
|
25,865 |
|
|
(3,606) |
|
|
3,791 |
|
|
26,050 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(21,195) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(3,429) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(174) |
Loss on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
(6) |
Loss on sale of Stockman’s, net |
|
|
|
|
|
|
|
|
|
|
|
(205) |
Stock-based compensation, net |
|
|
|
|
|
|
|
|
|
|
|
(377) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
664 |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(20,651) |
Other |
|
|
|
|
|
|
|
|
|
|
|
(50) |
|
|
|
|
|
|
|
|
|
|
|
|
(20,701) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(20,037) |
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
111 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(20,148) |
__________
(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) |
|
Six Months Ended June 30, 2024 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
83,960 |
|
$ |
22,398 |
|
$ |
— |
|
$ |
106,358 |
Food and beverage |
|
|
17,193 |
|
|
2,979 |
|
|
— |
|
|
20,172 |
Hotel |
|
|
4,132 |
|
|
2,462 |
|
|
— |
|
|
6,594 |
Other operations, including contracted sports wagering |
|
|
4,803 |
|
|
346 |
|
|
5,143 |
|
|
10,292 |
Total consolidated revenues |
|
|
110,088 |
|
|
28,185 |
|
|
5,143 |
|
|
143,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related costs |
|
|
28,354 |
|
|
11,797 |
|
|
— |
|
|
40,151 |
Cost of sales |
|
|
9,271 |
|
|
1,687 |
|
|
— |
|
|
10,958 |
Taxes(1) |
|
|
19,003 |
|
|
1,906 |
|
|
26 |
|
|
20,935 |
Other segment items(2) |
|
|
28,502 |
|
|
12,064 |
|
|
605 |
|
|
41,171 |
Total segment expenses |
|
|
85,130 |
|
|
27,454 |
|
|
631 |
|
|
113,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
|
24,958 |
|
|
731 |
|
|
4,512 |
|
|
30,201 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(20,951) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(3,651) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(3) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(2,420) |
Loss on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
(18) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(1,449) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
1,709 |
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(21,273) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(19,564) |
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
337 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(19,901) |
__________
(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.
|
|