| SEGMENT REPORTING |
12. SEGMENT REPORTING AND DISAGGREGATED REVENUE
We manage our casinos based on geographic regions within the United States. The casino/resort operations include 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). Results related to our sports wagering agreements in Colorado are included in the Bronco Billy’s Casino and Hotel segment, and results related to our sports wagering agreements in Indiana are included in the Rising Star Casino Resort segment.
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 stock-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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Year Ended December 31, 2020
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Silver
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Bronco
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Slipper
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Rising Star
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Billy’s
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Northern
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Casino
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Casino
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Casino
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Nevada
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and Hotel
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Resort
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and Hotel
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Casinos
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Total
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Revenues
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Casino
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$
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42,653
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$
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20,337
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$
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17,127
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$
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10,695
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$
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90,812
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Food and beverage
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14,557
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2,681
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1,726
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|
802
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19,766
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Hotel
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3,899
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2,996
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515
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—
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7,410
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Other operations, including online/mobile sports
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1,404
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5,014
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948
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235
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7,601
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$
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62,513
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$
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31,028
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$
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20,316
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$
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11,732
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$
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125,589
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Adjusted Property EBITDA
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$
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14,669
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$
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3,841
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$
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4,479
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$
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454
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$
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23,443
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Other operating costs and expenses:
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Depreciation and amortization
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(7,666)
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Corporate expenses
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(3,789)
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Project development costs
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(423)
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Loss on disposal of asset, net
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(684)
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Stock-based compensation
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(405)
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Operating income
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10,476
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Other expenses:
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Interest expense, net
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(9,823)
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Adjustment to fair value of warrants
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(598)
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(10,421)
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Income before income taxes
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55
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Income tax benefit
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(92)
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Net income
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$
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147
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(In Thousands)
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Year Ended December 31, 2019
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Silver
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Bronco
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Slipper
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Rising Star
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Billy’s
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Northern
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Casino
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Casino
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Casino
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Nevada
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and Hotel
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Resort
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and Hotel
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Casinos
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Total
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Revenues
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Casino
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$
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44,959
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$
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29,585
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$
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22,075
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$
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16,771
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$
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113,390
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Food and beverage
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21,759
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6,980
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4,354
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1,976
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35,069
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Hotel
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4,830
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5,932
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773
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—
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11,535
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Other operations, including online/mobile sports
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1,653
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3,123
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|
305
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357
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5,438
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$
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73,201
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$
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45,620
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$
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27,507
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$
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19,104
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$
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165,432
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Adjusted Property EBITDA
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$
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13,159
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$
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1,330
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$
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3,000
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$
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3,161
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$
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20,650
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Other operating costs and expenses:
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Depreciation and amortization
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(8,331)
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Corporate expenses
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(4,710)
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Project development costs
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(1,037)
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Loss on disposal of assets, net
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(8)
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Stock-based compensation
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(348)
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Operating income
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6,216
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Other expenses:
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Interest expense, net
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(10,728)
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Adjustment to fair value of warrants
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(1,230)
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(11,958)
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Loss before income taxes
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(5,742)
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Income tax expense
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|
80
|
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Net loss
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$
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(5,822)
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(In Thousands)
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December 31,
|
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2020
|
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2019
|
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Total Assets
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Silver Slipper Casino and Hotel
|
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$
|
83,809
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$
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87,980
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|
Rising Star Casino Resort
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|
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38,552
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40,277
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Bronco Billy’s Casino and Hotel
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45,536
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|
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45,034
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Northern Nevada Casinos
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13,248
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|
|
18,612
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|
Corporate and Other
|
|
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31,471
|
|
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19,432
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|
|
|
$
|
212,616
|
|
$
|
211,335
|
|
|
|
|
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(In Thousands)
|
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December 31,
|
|
|
|
2020
|
|
2019
|
|
Property and Equipment, net
|
|
|
|
|
|
|
|
Silver Slipper Casino and Hotel
|
|
$
|
52,096
|
|
$
|
55,127
|
|
Rising Star Casino Resort
|
|
|
30,571
|
|
|
32,824
|
|
Bronco Billy’s Casino and Hotel
|
|
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25,858
|
|
|
25,164
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|
Northern Nevada Casinos
|
|
|
6,322
|
|
|
7,297
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|
Corporate and Other
|
|
|
925
|
|
|
1,075
|
|
|
|
$
|
115,772
|
|
$
|
121,487
|
|