Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING AND DISAGGREGATED REVENUE (Tables)

v3.20.2
SEGMENT REPORTING AND DISAGGREGATED REVENUE (Tables)
9 Months Ended
Sep. 30, 2020
SEGMENT REPORTING AND DISAGGREGATED REVENUE  
Schedule of Total Revenues By Segment

The following tables present the Company’s segment information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Three Months Ended September 30, 2020

 

    

Silver

    

 

 

    

Bronco

    

 

 

    

 

 

 

 

Slipper

 

Rising Star

 

Billy’s

 

Northern

 

 

 

 

 

Casino

 

Casino

 

Casino

 

Nevada

 

 

 

 

 

and Hotel

 

Resort

 

and Hotel

 

Casinos

 

Total

Total Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

$

13,972

 

$

7,204

 

$

6,866

 

$

3,868

 

$

31,910

Food and beverage

 

 

4,231

 

 

711

 

 

505

 

 

165

 

 

5,612

Hotel

 

 

1,303

 

 

1,034

 

 

174

 

 

 —

 

 

2,511

Other operations

 

 

460

 

 

1,018

 

 

365

 

 

80

 

 

1,923

 

 

$

19,966

 

$

9,967

 

$

7,910

 

$

4,113

 

$

41,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA

 

$

6,495

 

$

2,436

 

$

3,393

 

$

1,032

 

$

13,356

Other operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,848)

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(870)

Project development costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(108)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(121)

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,409

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,391)

Adjustment to fair value of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(403)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,794)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,615

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(93)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Three Months Ended September 30, 2019

 

    

Silver

    

 

 

    

Bronco

    

 

 

    

 

 

 

 

Slipper

 

Rising Star

 

Billy’s

 

Northern

 

 

 

 

 

Casino

 

Casino

 

Casino

 

Nevada

 

 

 

 

 

and Hotel

 

Resort

 

and Hotel

 

Casinos

 

Total

Total Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

$

10,718

 

$

7,744

 

$

6,438

 

$

5,744

 

$

30,644

Food and beverage

 

 

5,676

 

 

1,760

 

 

1,345

 

 

481

 

 

9,262

Hotel

 

 

1,266

 

 

1,560

 

 

251

 

 

 —

 

 

3,077

Other operations

 

 

406

 

 

671

 

 

80

 

 

119

 

 

1,276

 

 

$

18,066

 

$

11,735

 

$

8,114

 

$

6,344

 

$

44,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA

 

$

3,009

 

$

156

 

$

1,582

 

$

2,108

 

$

6,855

Other operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,089)

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,064)

Project development costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(228)

Loss on disposal of assets, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(70)

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,394

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,428)

Adjustment to fair value of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(262)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,690)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

704

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(234)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Nine Months Ended September 30, 2020

 

    

Silver

    

 

 

    

Bronco

    

 

 

    

 

 

 

 

Slipper

 

Rising Star

 

Billy’s

 

Northern

 

 

 

 

 

Casino

 

Casino

 

Casino

 

Nevada

 

 

 

 

 

and Hotel

 

Resort

 

and Hotel

 

Casinos

 

Total

Total Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

$

29,688

 

$

14,055

 

$

12,357

 

$

7,516

 

$

63,616

Food and beverage

 

 

10,666

 

 

1,956

 

 

1,360

 

 

614

 

 

14,596

Hotel

 

 

2,833

 

 

2,010

 

 

361

 

 

 —

 

 

5,204

Other operations

 

 

994

 

 

2,204

 

 

529

 

 

177

 

 

3,904

 

 

$

44,181

 

$

20,225

 

$

14,607

 

$

8,307

 

$

87,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA

 

$

9,526

 

$

348

 

$

2,798

 

$

79

 

$

12,751

Other operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,868)

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,899)

Project development costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(423)

Loss on disposal of asset, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(439)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(307)

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,815

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,329)

Adjustment to fair value of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,170)

Loss before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,355)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(3,353)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Nine Months Ended September 30, 2019

 

    

Silver

    

 

 

    

Bronco

    

 

 

    

 

 

 

 

Slipper

 

Rising Star

 

Billy’s

 

Northern

 

 

 

 

 

Casino

 

Casino

 

Casino

 

Nevada

 

 

 

 

 

and Hotel

 

Resort

 

and Hotel

 

Casinos

 

Total

Total Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

$

34,732

 

$

22,614

 

$

17,244

 

$

12,802

 

$

87,392

Food and beverage

 

 

16,562

 

 

5,373

 

 

3,370

 

 

1,478

 

 

26,783

Hotel

 

 

3,713

 

 

4,544

 

 

586

 

 

 —

 

 

8,843

Other operations

 

 

1,231

 

 

1,671

 

 

231

 

 

265

 

 

3,398

 

 

$

56,238

 

$

34,202

 

$

21,431

 

$

14,545

 

$

126,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA

 

$

10,448

 

$

1,163

 

$

3,074

 

$

2,516

 

$

17,201

Other operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,263)

Corporate expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,582)

Project development costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(503)

Loss on disposal of assets, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(263)

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,585

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,062)

Adjustment to fair value of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(161)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,223)

Loss before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,638)

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,689)

 

Schedule of Total Assets By Segment

 

 

 

 

 

 

 

(In thousands)

 

September 30, 

 

December 31, 

 

    

2020

    

2019

Total Assets

 

 

 

 

 

 

Silver Slipper Casino and Hotel

 

$

84,509

 

$

87,980

Rising Star Casino Resort

 

 

36,217

 

 

40,277

Bronco Billy's Casino and Hotel

 

 

45,167

 

 

45,034

Northern Nevada Casinos

 

 

13,140

 

 

18,612

Corporate and Other

 

 

29,014

 

 

19,432

 

 

$

208,047

 

$

211,335