| Schedule of segment information |
|
|
|
|
|
|
|
(In thousands) |
|
December 31, |
|
|
2025 |
|
2024 |
Total Assets |
|
|
|
|
|
|
Midwest & South |
|
$ |
285,831 |
|
$ |
293,466 |
West |
|
|
339,720 |
|
|
360,057 |
Contracted Sports Wagering |
|
|
168 |
|
|
68 |
Corporate and Other |
|
|
24,090 |
|
|
19,743 |
|
|
$ |
649,809 |
|
$ |
673,334 |
|
|
|
|
|
|
|
(In thousands) |
|
December 31, |
|
|
2025 |
|
2024 |
Property and Equipment, net |
|
|
|
|
|
|
Midwest & South |
|
$ |
110,566 |
|
$ |
131,083 |
West |
|
|
301,734 |
|
|
315,426 |
Contracted Sports Wagering |
|
|
— |
|
|
— |
Corporate and Other |
|
|
156 |
|
|
165 |
|
|
$ |
412,456 |
|
$ |
446,674 |
|
| Schedule of total revenues by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Year Ended December 31, 2025 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
183,834 |
|
$ |
46,426 |
|
$ |
— |
|
$ |
230,260 |
Food and beverage |
|
|
32,647 |
|
|
6,655 |
|
|
— |
|
|
39,302 |
Hotel |
|
|
7,054 |
|
|
8,969 |
|
|
— |
|
|
16,023 |
Other operations, including contracted sports wagering |
|
|
7,929 |
|
|
1,595 |
|
|
7,267 |
|
|
16,791 |
Total consolidated revenues |
|
|
231,464 |
|
|
63,645 |
|
|
7,267 |
|
|
302,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related costs |
|
|
61,489 |
|
|
24,415 |
|
|
— |
|
|
85,904 |
Cost of sales |
|
|
16,944 |
|
|
3,257 |
|
|
— |
|
|
20,201 |
Gaming taxes and other(1) |
|
|
42,326 |
|
|
6,095 |
|
|
47 |
|
|
48,468 |
Other segment items(2) |
|
|
61,589 |
|
|
32,307 |
|
|
264 |
|
|
94,160 |
Total segment expenses |
|
|
182,348 |
|
|
66,074 |
|
|
311 |
|
|
248,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
|
49,116 |
|
|
(2,429) |
|
|
6,956 |
|
|
53,643 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(42,609) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(5,512) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(310) |
Loss on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
(32) |
Loss on sale of Stockman’s, net |
|
|
|
|
|
|
|
|
|
|
|
(320) |
Stock-based compensation, net |
|
|
|
|
|
|
|
|
|
|
|
(1,736) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
3,124 |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(42,741) |
Other |
|
|
|
|
|
|
|
|
|
|
|
(50) |
|
|
|
|
|
|
|
|
|
|
|
|
(42,791) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(39,667) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
530 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(40,197) |
__________
| (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) |
|
Year Ended December 31, 2024 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
169,107 |
|
$ |
47,773 |
|
$ |
— |
|
$ |
216,880 |
Food and beverage |
|
|
34,410 |
|
|
7,461 |
|
|
— |
|
|
41,871 |
Hotel |
|
|
8,260 |
|
|
7,449 |
|
|
— |
|
|
15,709 |
Other operations, including contracted sports wagering |
|
|
7,849 |
|
|
965 |
|
|
8,791 |
|
|
17,605 |
Total consolidated revenues |
|
|
219,626 |
|
|
63,648 |
|
|
8,791 |
|
|
292,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related costs |
|
|
57,822 |
|
|
25,010 |
|
|
— |
|
|
82,832 |
Cost of sales |
|
|
18,403 |
|
|
4,278 |
|
|
— |
|
|
22,681 |
Gaming taxes and other(1) |
|
|
37,810 |
|
|
6,090 |
|
|
57 |
|
|
43,957 |
Other segment items(2) |
|
|
59,854 |
|
|
29,572 |
|
|
(769) |
|
|
88,657 |
Total segment expenses |
|
|
173,889 |
|
|
64,950 |
|
|
(712) |
|
|
238,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
|
45,737 |
|
|
(1,302) |
|
|
9,503 |
|
|
53,938 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(42,101) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(5,290) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(368) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(2,464) |
Loss on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
(18) |
Gain on sale of Stockman’s |
|
|
|
|
|
|
|
|
|
|
|
1,926 |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(2,873) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
2,750 |
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(43,201) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(40,451) |
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
221 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(40,672) |
__________
| (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.
|
|