| SEGMENT REPORTING AND DISAGGREGATED REVENUE |
8. SEGMENT REPORTING AND DISAGGREGATED REVENUE
The Company manages its reporting segments based on geographic regions within the United States and type of income. The Company’s management views the regions where each of its casino resorts are located as reportable segments, in addition to its contracted sports wagering segment. Reportable 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 profitability 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, certain 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:
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(In thousands) |
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Three Months Ended March 31, 2024 |
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Contracted |
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Sports |
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Midwest & South |
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West |
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Wagering |
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Total |
Revenues |
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Casino |
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$ |
40,909 |
|
$ |
10,764 |
|
$ |
— |
|
$ |
51,673 |
Food and beverage |
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|
8,510 |
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|
1,259 |
|
|
— |
|
|
9,769 |
Hotel |
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|
2,008 |
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|
844 |
|
|
— |
|
|
2,852 |
Other operations,
including contracted sports wagering |
|
|
3,205 |
|
|
165 |
|
|
2,260 |
|
|
5,630 |
|
|
$ |
54,632 |
|
$ |
13,032 |
|
$ |
2,260 |
|
$ |
69,924 |
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Adjusted Segment EBITDA |
|
$ |
12,682 |
|
$ |
(133) |
|
$ |
1,935 |
|
$ |
14,484 |
Other operating costs and expenses: |
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Depreciation and amortization |
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(10,625) |
Corporate expenses |
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(2,075) |
Preopening costs |
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(1,663) |
Loss on disposal of assets |
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|
|
|
|
|
|
|
|
(18) |
Stock-based compensation |
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|
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|
|
(709) |
Operating loss |
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|
|
|
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(606) |
Other expense: |
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Interest expense, net |
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(10,250) |
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|
|
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(10,250) |
Loss before income taxes |
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|
|
|
|
|
|
|
|
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(10,856) |
Income tax expense |
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|
|
|
|
|
|
|
|
|
|
416 |
Net loss |
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|
|
|
|
|
|
|
$ |
(11,272) |
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(In thousands) |
|
Three Months Ended March 31, 2023 |
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Contracted |
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Sports |
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|
|
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Midwest & South |
|
West |
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Wagering |
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Total |
Revenues |
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Casino |
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$ |
28,852 |
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$ |
7,135 |
|
$ |
— |
|
$ |
35,987 |
Food and beverage |
|
|
6,897 |
|
|
763 |
|
|
— |
|
|
7,660 |
Hotel |
|
|
2,040 |
|
|
104 |
|
|
— |
|
|
2,144 |
Other operations,
including contracted sports wagering |
|
|
3,013 |
|
|
122 |
|
|
1,180 |
|
|
4,315 |
|
|
$ |
40,802 |
|
$ |
8,124 |
|
$ |
1,180 |
|
$ |
50,106 |
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|
|
|
|
|
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Adjusted Segment EBITDA |
|
$ |
10,687 |
|
$ |
56 |
|
$ |
1,161 |
|
$ |
11,904 |
Other operating costs and expenses: |
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Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(5,859) |
Corporate expenses |
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|
|
|
|
|
|
|
|
|
|
(1,779) |
Project development costs |
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|
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|
|
|
|
|
|
(7) |
Preopening costs |
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|
(10,497) |
Stock-based compensation |
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|
|
|
|
|
|
|
|
|
|
(748) |
Operating loss |
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|
|
|
|
|
|
|
|
|
|
(6,986) |
Other (expense) income: |
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|
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|
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Interest expense, net |
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|
|
|
|
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|
|
|
(4,819) |
Gain on insurance settlement |
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|
|
|
|
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|
|
|
355 |
|
|
|
|
|
|
|
|
|
|
|
|
(4,464) |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
|
(11,450) |
Income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
(35) |
Net loss |
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|
|
|
|
|
|
|
|
|
$ |
(11,415) |
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|
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(In thousands) |
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March 31, |
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December 31, |
|
|
2024 |
|
2023 |
Total Assets |
|
|
|
|
|
|
Midwest & South |
|
$ |
300,099 |
|
$ |
298,072 |
West |
|
|
359,974 |
|
|
372,875 |
Contracted Sports Wagering |
|
|
1,222 |
|
|
977 |
Corporate and Other |
|
|
9,144 |
|
|
16,533 |
|
|
$ |
670,439 |
|
$ |
688,457 |
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