| SEGMENT REPORTING |
SEGMENT REPORTING
We manage our casinos based on geographic regions within the United States. The casino/resort operations includes four segments: the Silver Slipper Casino and Hotel (Hancock County, Mississippi); Bronco Billy's Casino and Hotel (Cripple Creek, Colorado); the Rising Star Casino Resort (Rising Sun, Indiana); and the Northern Nevada segment, consisting of the Grand Lodge Casino (Incline Village, Nevada) and Stockman’s Casino (Fallon, Nevada). Bronco Billy's Casino and Hotel was acquired on May 13, 2016.
The Company utilizes Adjusted Property EBITDA as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, pre-opening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property.
The following tables present the Company's segment information:
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(In thousands) |
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For the Year Ended, |
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December 31,
2017 |
|
December 31,
2016 |
Net Revenues |
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|
|
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Silver Slipper Casino and Hotel |
|
$ |
64,046 |
|
|
$ |
59,093 |
|
Bronco Billy's Hotel and Casino |
|
26,222 |
|
|
16,220 |
|
Rising Star Casino Resort |
|
49,751 |
|
|
49,472 |
|
Northern Nevada Casinos |
|
21,248 |
|
|
21,207 |
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|
$ |
161,267 |
|
|
$ |
145,992 |
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Adjusted Property EBITDA |
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Silver Slipper Casino and Hotel |
|
$ |
10,733 |
|
|
$ |
9,994 |
|
Bronco Billy's Hotel and Casino |
|
4,758 |
|
|
3,423 |
|
Rising Star Casino Resort |
|
2,678 |
|
|
2,931 |
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Northern Nevada Casinos |
|
2,789 |
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|
3,941 |
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20,958 |
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|
20,289 |
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Other operating expenses: |
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Depreciation and amortization |
|
(8,602 |
) |
|
(7,928 |
) |
Corporate expenses |
|
(4,491 |
) |
|
(4,105 |
) |
Project development and acquisition costs |
|
(284 |
) |
|
(1,314 |
) |
Gain (loss) on asset disposals, net |
|
1 |
|
|
(344 |
) |
Share-based compensation |
|
(525 |
) |
|
(409 |
) |
Operating income |
|
7,057 |
|
|
6,189 |
|
Other expenses |
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|
Interest expense, net of capitalized interest |
|
(10,856 |
) |
|
(9,486 |
) |
Debt modification costs |
|
— |
|
|
(624 |
) |
Adjustment to fair value of warrants |
|
(1,379 |
) |
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(543 |
) |
|
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(12,235 |
) |
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(10,653 |
) |
Loss before income taxes |
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(5,178 |
) |
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(4,464 |
) |
(Benefit) provision for income taxes |
|
(150 |
) |
|
630 |
|
Net loss |
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$ |
(5,028 |
) |
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$ |
(5,094 |
) |
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(In thousands) |
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December 31,
2017 |
|
December 31,
2016 |
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Total Assets |
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Silver Slipper Casino and Hotel |
$ |
80,780 |
|
|
$ |
79,975 |
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Bronco Billy's Hotel and Casino |
35,567 |
|
|
36,732 |
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Rising Star Casino Resort |
36,327 |
|
|
36,444 |
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Northern Nevada Casinos |
12,235 |
|
|
12,722 |
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Corporate and Other |
8,576 |
|
|
11,333 |
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|
$ |
173,485 |
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$ |
177,206 |
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(In thousands) |
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December 31,
2017 |
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December 31,
2016 |
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Property and Equipment, net |
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Silver Slipper Casino and Hotel |
$ |
58,059 |
|
|
$ |
58,856 |
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Bronco Billy's Hotel and Casino |
15,276 |
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|
16,020 |
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Rising Star Casino Resort |
30,534 |
|
|
29,819 |
|
Northern Nevada Casinos |
7,868 |
|
|
6,202 |
|
Corporate and Other |
2,321 |
|
|
568 |
|
|
$ |
114,058 |
|
|
$ |
111,465 |
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