| Schedule of Total Revenues By Segment |
As a result of the change in reportable segments described above, the Company has recast previously-reported segment information to conform to the current presentation in the following tables:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Three Months Ended September 30, 2023 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
40,341 |
|
$ |
9,899 |
|
$ |
— |
|
$ |
50,240 |
Food and beverage |
|
|
8,242 |
|
|
844 |
|
|
— |
|
|
9,086 |
Hotel |
|
|
2,369 |
|
|
191 |
|
|
— |
|
|
2,560 |
Other operations, including
contracted sports wagering |
|
|
1,601 |
|
|
151 |
|
|
7,905 |
|
|
9,657 |
|
|
$ |
52,553 |
|
$ |
11,085 |
|
$ |
7,905 |
|
$ |
71,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
$ |
11,750 |
|
$ |
2,308 |
|
$ |
7,852 |
|
$ |
21,910 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(8,468) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(1,280) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(21) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(1,051) |
Loss on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
(7) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(726) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
10,357 |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(5,867) |
Gain on settlements |
|
|
|
|
|
|
|
|
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
(5,838) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
|
4,519 |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
(74) |
Net income |
|
|
|
|
|
|
|
|
|
|
$ |
4,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Three Months Ended September 30, 2022 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
20,153 |
|
$ |
9,568 |
|
$ |
— |
|
$ |
29,721 |
Food and beverage |
|
|
6,078 |
|
|
733 |
|
|
— |
|
|
6,811 |
Hotel |
|
|
2,267 |
|
|
223 |
|
|
— |
|
|
2,490 |
Other operations,
including contracted sports wagering |
|
|
1,122 |
|
|
151 |
|
|
1,098 |
|
|
2,371 |
|
|
$ |
29,620 |
|
$ |
10,675 |
|
$ |
1,098 |
|
$ |
41,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
$ |
5,578 |
|
$ |
2,316 |
|
$ |
1,083 |
|
$ |
8,977 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(2,386) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(1,219) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
149 |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(2,594) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(532) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
2,395 |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(5,838) |
Loss on modification of debt |
|
|
|
|
|
|
|
|
|
|
|
(105) |
|
|
|
|
|
|
|
|
|
|
|
|
(5,943) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(3,548) |
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
29 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(3,577) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Nine Months Ended September 30, 2023 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
107,474 |
|
$ |
24,112 |
|
$ |
— |
|
$ |
131,586 |
Food and beverage |
|
|
23,032 |
|
|
2,387 |
|
|
— |
|
|
25,419 |
Hotel |
|
|
6,638 |
|
|
414 |
|
|
— |
|
|
7,052 |
Other operations,
including contracted sports wagering |
|
|
6,123 |
|
|
384 |
|
|
10,467 |
|
|
16,974 |
|
|
$ |
143,267 |
|
$ |
27,297 |
|
$ |
10,467 |
|
$ |
181,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
$ |
31,830 |
|
$ |
2,538 |
|
$ |
10,373 |
|
$ |
44,741 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(22,482) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(3,479) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(45) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(12,634) |
Loss on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
(7) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(2,129) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
3,965 |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(16,319) |
Gain on settlements |
|
|
|
|
|
|
|
|
|
|
|
384 |
|
|
|
|
|
|
|
|
|
|
|
|
(15,935) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(11,970) |
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
452 |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(12,422) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Nine Months Ended September 30, 2022 |
|
|
|
|
|
|
Contracted |
|
|
|
|
|
|
|
|
Sports |
|
|
|
|
Midwest & South |
|
West |
|
Wagering |
|
Total |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
62,747 |
|
$ |
25,546 |
|
$ |
— |
|
$ |
88,293 |
Food and beverage |
|
|
18,126 |
|
|
2,129 |
|
|
— |
|
|
20,255 |
Hotel |
|
|
6,573 |
|
|
503 |
|
|
— |
|
|
7,076 |
Other operations,
including contracted sports wagering |
|
|
5,055 |
|
|
422 |
|
|
6,098 |
|
|
11,575 |
|
|
$ |
92,501 |
|
$ |
28,600 |
|
$ |
6,098 |
|
$ |
127,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Segment EBITDA |
|
$ |
21,816 |
|
$ |
4,508 |
|
$ |
6,047 |
|
$ |
32,371 |
Other operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(6,012) |
Corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(4,130) |
Project development costs |
|
|
|
|
|
|
|
|
|
|
|
(33) |
Preopening costs |
|
|
|
|
|
|
|
|
|
|
|
(4,914) |
Loss on disposal of assets |
|
|
|
|
|
|
|
|
|
|
|
(3) |
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(1,362) |
Operating income |
|
|
|
|
|
|
|
|
|
|
|
15,917 |
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
|
|
|
(19,225) |
Loss on modification of debt |
|
|
|
|
|
|
|
|
|
|
|
(4,530) |
|
|
|
|
|
|
|
|
|
|
|
|
(23,755) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(7,838) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
(16) |
Net loss |
|
|
|
|
|
|
|
|
|
|
$ |
(7,822) |
|