Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING AND DISAGGREGATED REVENUE

v3.22.1
SEGMENT REPORTING AND DISAGGREGATED REVENUE
3 Months Ended
Mar. 31, 2022
SEGMENT REPORTING AND DISAGGREGATED REVENUE  
SEGMENT REPORTING AND DISAGGREGATED REVENUE

10. SEGMENT REPORTING AND DISAGGREGATED REVENUE

The Company manages its reporting segments based on geographic regions within the United States and type of income. Its current operating segments, as of 2022, are:  Mississippi, Indiana, Colorado, Nevada, and Contracted Sports Wagering. The Company’s management views the states where each of its casino resorts are located as operating segments, in addition to its contracted sports wagering segment. Operating segments are aggregated based on geography, economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure.

The Company utilizes Adjusted Segment EBITDA as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening 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 segment.

The following tables present the Company’s segment information:

(In thousands)

Three Months Ended March 31, 2022

Contracted

Sports

Mississippi

Indiana

Colorado

Nevada

Wagering

Total

Revenues

Casino

$

14,683

$

6,716

$

3,631

$

4,054

$

$

29,084

Food and beverage

 

4,939

 

873

 

420

 

279

 

 

6,511

Hotel

 

1,222

 

822

 

135

 

 

 

2,179

Other operations, including
contracted sports wagering

 

469

 

225

 

47

 

78

 

2,830

 

3,649

$

21,313

$

8,636

$

4,233

$

4,411

$

2,830

$

41,423

Adjusted Segment EBITDA

$

5,950

$

1,138

$

(319)

$

828

$

2,767

$

10,364

Other operating expenses:

Depreciation and amortization

 

(1,792)

Corporate expenses

 

(1,967)

Project development costs

 

(165)

Preopening costs

(786)

Loss on disposal of assets, net

(8)

Stock-based compensation

(343)

Operating income

 

5,303

Other expenses:

Interest expense, net

 

(6,399)

Loss on modification of debt

 

(4,406)

(10,805)

Loss before income taxes

(5,502)

Income tax benefit

 

(5,612)

Net income

$

110

(In thousands)

Three Months Ended March 31, 2021

Contracted

Sports

Mississippi

Indiana

Colorado

Nevada

Wagering

Total

Revenues

Casino

$

16,040

$

6,715

$

5,264

$

4,045

$

$

32,064

Food and beverage

 

4,693

 

748

 

413

 

247

 

 

6,101

Hotel

 

1,170

 

919

 

122

 

 

 

2,211

Other operations,
including contracted sports wagering

 

453

 

208

 

106

 

76

 

989

 

1,832

$

22,356

$

8,590

$

5,905

$

4,368

$

989

$

42,208

Adjusted Segment EBITDA

$

7,630

$

1,134

$

1,710

$

1,224

$

976

$

12,674

Other operating expenses:

Depreciation and amortization

 

(1,800)

Corporate expenses

(1,905)

Project development costs

 

(47)

Loss on disposal of assets, net

(104)

Stock-based compensation

 

(124)

Operating income

 

8,694

Other expenses:

Interest expense, net

 

(4,456)

Loss on extinguishment of debt

 

(6,134)

Adjustment to fair value of warrants

(1,347)

(11,937)

Loss before income taxes

(3,243)

Income tax provision

 

202

Net loss

$

(3,445)

(In thousands)

March 31, 

December 31, 

    

2022

    

2021

Total Assets

Mississippi

$

78,465

$

85,838

Indiana

 

32,414

 

34,857

Colorado

 

308,475

 

258,436

Nevada

 

11,810

 

13,091

Contracted Sports Wagering

3,410

2,168

Corporate and Other(1)

 

129,956

 

79,452

$

564,530

$

473,842

__________

(1)Includes $15.3 million related to American Place, which is expected to open in Fall 2022.