Quarterly report [Sections 13 or 15(d)]

SEGMENT INFORMATION (Tables)

v3.25.3
SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 30, 2025
SEGMENT INFORMATION  
Schedule of Total Revenues By Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(In thousands)

​

Three Months Ended September 30, 2025

​

​

​

​

​

​

Contracted

​

​

​

​

​

​

​

​

Sports

​

​

​

​

Midwest & South

​

West

​

Wagering

​

Total

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

Casino

​

$

46,667

​

$

13,156

​

$

—

​

$

59,823

Food and beverage

​

 

8,248

​

 

1,702

​

 

—

​

 

9,950

Hotel

​

 

1,777

​

 

2,688

​

 

—

​

 

4,465

Other operations,
including contracted sports wagering

​

 

1,633

​

 

447

​

 

1,632

​

 

3,712

Total consolidated revenues

​

​

58,325

​

​

17,993

​

​

1,632

​

​

77,950

​

​

​

​

​

​

​

​

​

​

​

​

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Payroll and related costs

​

​

15,622

​

​

5,874

​

​

—

​

​

21,496

Cost of sales

​

​

4,460

​

​

827

​

​

—

​

​

5,287

Gaming taxes and other(1)

​

​

10,782

​

​

766

​

​

13

​

​

11,561

Other segment items(2)

​

​

15,909

​

​

7,317

​

​

77

​

​

23,303

Total segment expenses

​

​

46,773

​

​

14,784

​

​

90

​

​

61,647

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Segment EBITDA

​

​

11,552

​

​

3,209

​

​

1,542

​

​

16,303

Other operating costs and expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

 

(10,641)

Corporate expenses

​

​

​

​

​

​

​

​

​

​

 

(1,491)

Project development costs

​

​

​

​

​

​

​

​

​

​

 

(57)

Loss on sale of Stockman’s

​

​

​

​

​

​

​

​

​

​

​

(4)

Stock-based compensation

​

​

​

​

​

​

​

​

​

​

​

(674)

Operating income

​

​

​

​

​

​

​

​

​

​

 

3,436

Other expense:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense, net

​

​

​

​

​

​

​

​

​

​

 

(11,128)

Loss before income taxes

​

​

​

​

​

​

​

​

​

​

​

(7,692)

Income tax benefit

​

​

​

​

​

​

​

​

​

​

 

(14)

Net loss

​

​

​

​

​

​

​

​

​

​

$

(7,678)

__________

(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 September 30, 2024

​

​

​

​

​

​

Contracted

​

​

​

​

​

​

​

​

Sports

​

​

​

​

Midwest & South

​

West

​

Wagering

​

Total

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

Casino

​

$

41,855

​

$

14,261

​

$

—

​

$

56,116

Food and beverage

​

 

8,866

​

 

2,234

​

 

—

​

 

11,100

Hotel

​

 

2,136

​

 

2,557

​

 

—

​

 

4,693

Other operations,
including contracted sports wagering

​

 

1,653

​

 

335

​

 

1,790

​

 

3,778

Total consolidated revenues

​

​

54,510

​

​

19,387

​

​

1,790

​

​

75,687

​

​

​

​

​

​

​

​

​

​

​

​

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Payroll and related costs

​

​

15,205

​

​

6,767

​

​

—

​

​

21,972

Cost of sales

​

​

4,811

​

​

1,130

​

​

—

​

​

5,941

Gaming taxes and other(1)

​

​

9,358

​

​

2,218

​

​

19

​

​

11,595

Other segment items(2)

​

​

14,887

​

​

8,074

​

​

(266)

​

​

22,695

Total segment expenses

​

​

44,261

​

​

18,189

​

​

(247)

​

​

62,203

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Segment EBITDA

​

​

10,249

​

​

1,198

​

​

2,037

​

​

13,484

Other operating costs and expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

 

(10,493)

Corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(1,742)

Project development costs

​

​

​

​

​

​

​

​

​

​

 

(52)

Preopening costs

​

​

​

​

​

​

​

​

​

​

​

(42)

Gain on sale of Stockman’s

​

​

​

​

​

​

​

​

​

​

​

2,000

Stock-based compensation

​

​

​

​

​

​

​

​

​

​

 

(706)

Operating income

​

​

​

​

​

​

​

​

​

​

 

2,449

Other expense:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense, net

​

​

​

​

​

​

​

​

​

​

 

(11,047)

Loss before income taxes

​

​

​

​

​

​

​

​

​

​

​

(8,598)

Income tax benefit

​

​

​

​

​

​

​

​

​

​

 

(126)

Net loss

​

​

​

​

​

​

​

​

​

​

$

(8,472)

__________

(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)

​

Nine Months Ended September 30, 2025

​

​

​

​

​

​

Contracted

​

​

​

​

​

​

​

​

Sports

​

​

​

​

Midwest & South

​

West

​

Wagering

​

Total

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

Casino

​

$

136,865

​

$

35,241

​

$

—

​

$

172,106

Food and beverage

​

 

24,562

​

 

5,029

​

 

—

​

 

29,591

Hotel

​

 

5,325

​

 

6,702

​

 

—

​

 

12,027

Other operations,
including contracted sports wagering

​

 

6,548

​

 

1,111

​

 

5,571

​

 

13,230

Total consolidated revenues

​

​

173,300

​

​

48,083

​

​

5,571

​

​

226,954

​

​

​

​

​

​

​

​

​

​

​

​

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Payroll and related costs

​

​

46,337

​

​

18,993

​

​

—

​

​

65,330

Cost of sales

​

​

12,568

​

​

2,457

​

​

—

​

​

15,025

Gaming taxes and other(1)

​

​

31,298

​

​

4,033

​

​

38

​

​

35,369

Other segment items(2)

​

​

45,683

​

​

22,995

​

​

200

​

​

68,878

Total segment expenses

​

​

135,886

​

​

48,478

​

​

238

​

​

184,602

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Segment EBITDA

​

​

37,414

​

​

(395)

​

​

5,333

​

​

42,352

Other operating costs and expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

 

(31,836)

Corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(4,919)

Project development costs

​

​

​

​

​

​

​

​

​

​

 

(231)

Loss on disposal of assets

​

​

​

​

​

​

​

​

​

​

​

(6)

Loss on sale of Stockman’s, net

​

​

​

​

​

​

​

​

​

​

​

(209)

Stock-based compensation, net

​

​

​

​

​

​

​

​

​

​

 

(1,051)

Operating income

​

​

​

​

​

​

​

​

​

​

 

4,100

Other expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense, net

​

​

​

​

​

​

​

​

​

​

 

(31,779)

Other

​

​

​

​

​

​

​

​

​

​

​

(50)

​

​

​

​

​

​

​

​

​

​

​

​

(31,829)

Loss before income taxes

​

​

​

​

​

​

​

​

​

​

​

(27,729)

Income tax provision

​

​

​

​

​

​

​

​

​

​

 

97

Net loss

​

​

​

​

​

​

​

​

​

​

$

(27,826)

__________

(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)

​

Nine Months Ended September 30, 2024

​

​

​

​

​

​

Contracted

​

​

​

​

​

​

​

​

Sports

​

​

​

​

Midwest & South

​

West

​

Wagering

​

Total

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

Casino

​

$

125,815

​

$

36,659

​

$

—

​

$

162,474

Food and beverage

​

 

26,059

​

 

5,213

​

 

—

​

 

31,272

Hotel

​

 

6,269

​

 

5,018

​

 

—

​

 

11,287

Other operations,
including contracted sports wagering

​

 

6,456

​

 

681

​

 

6,933

​

 

14,070

Total consolidated revenues

​

​

164,599

​

​

47,571

​

​

6,933

​

​

219,103

​

​

​

​

​

​

​

​

​

​

​

​

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Payroll and related costs

​

​

43,560

​

​

18,564

​

​

—

​

​

62,124

Cost of sales

​

​

14,082

​

​

2,817

​

​

—

​

​

16,899

Gaming taxes and other(1)

​

​

28,361

​

​

4,124

​

​

45

​

​

32,530

Other segment items(2)

​

​

43,390

​

​

20,138

​

​

339

​

​

63,867

Total segment expenses

​

​

129,393

​

​

45,643

​

​

384

​

​

175,420

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted Segment EBITDA

​

​

35,206

​

​

1,928

​

​

6,549

​

​

43,683

Other operating costs and expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

(31,444)

Corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(5,391)

Project development costs

​

​

​

​

​

​

​

​

​

​

 

(55)

Preopening costs

​

​

​

​

​

​

​

​

​

​

​

(2,462)

Loss on disposal of assets

​

​

​

​

​

​

​

​

​

​

​

(18)

Gain on sale of Stockman’s

​

​

​

​

​

​

​

​

​

​

​

2,000

Stock-based compensation

​

​

​

​

​

​

​

​

​

​

 

(2,155)

Operating income

​

​

​

​

​

​

​

​

​

​

 

4,158

Other expense:

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense, net

​

​

​

​

​

​

​

​

​

​

 

(32,320)

Loss before income taxes

​

​

​

​

​

​

​

​

​

​

​

(28,162)

Income tax provision

​

​

​

​

​

​

​

​

​

​

 

211

Net loss

​

​

​

​

​

​

​

​

​

​

$

(28,373)

__________

(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.
Schedule of Segment Information

​

​

​

​

​

​

​

​

(In thousands)

​

September 30, 

​

December 31, 

​

    

2025

    

2024

Total Assets

​

​

​

​

​

​

Midwest & South

​

$

285,064

​

$

293,466

West

​

 

345,477

​

 

360,057

Contracted Sports Wagering

​

​

43

​

​

68

Corporate and Other

​

 

13,816

​

 

19,743

​

​

$

644,400

​

$

673,334

​