Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Revenues
Nevada Casino Resorts
Gaming	$	40,289	$	42,812	$	121,207	$	133,156
Food and beverage	24,782		21,537		73,486		66,044
Rooms	28,394		26,068		80,957		76,670
Other	12,059		8,439		32,612		26,919
Nevada Casino Resorts revenues	$	105,524	$	98,856	$	308,262	$	302,789
Nevada Locals Casinos
Gaming	$	27,254	$	27,457	$	85,699	$	85,886
Food and beverage	6,482		6,208		19,737		18,688
Rooms	2,395		2,325		7,633		7,098
Other	1,770		1,745		5,899		5,737
Nevada Locals Casinos revenues	$	37,901	$	37,735	$	118,968	$	117,409
Maryland Casino Resort (1)
Gaming	$	4,224	$	16,027	$	33,159	$	45,940
Food and beverage	667		2,463		4,881		6,333
Rooms	628		2,372		4,322		5,917
Other	204		762		1,094		1,872
Maryland Casino Resort revenues	$	5,723	$	21,624	$	43,456	$	60,062
Nevada Taverns
Gaming	$	12,985	$	12,589	$	39,197	$	41,200
Food and beverage	12,387		12,657		38,654		38,340
Other	1,168		1,237		3,601		3,541
Nevada Taverns revenue	$	26,540	$	26,483	$	81,452	$	83,081
Distributed Gaming (2)
Gaming	$	80,425	$	89,535	$	256,357	$	269,704
Food and beverage	189		170		554		537
Other	1,258		1,458		4,446		4,915
Distributed Gaming revenues	$	81,872	$	91,163	$	261,357	$	275,156
Corporate and other	166		3,132		8,963		3,512
Total revenues	$	257,726	$	278,993	$	822,458	$	842,009

(1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023.

(2) Comprised of distributed gaming operations in Nevada and Montana. On September 13, 2023, the Company completed the sale of its distributed gaming operations in Montana. The Company’s proposed sale of its distributed gaming operations in Nevada remains pending and is expected to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary closing conditions, including receipt of gaming approvals.

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Adjusted EBITDA
Nevada Casino Resorts	$	30,837	$	30,122	$	90,592	$	102,589
Nevada Locals Casinos	16,878		16,818		56,509		56,651
Maryland Casino Resort (1)	1,626		7,446		12,652		20,260
Nevada Taverns	7,519		8,306		24,507		29,738
Distributed Gaming (2)	8,441		10,539		28,175		33,354
Corporate and other	(12,116)		(12,176)		(38,673)		(39,196)
Total Adjusted EBITDA	53,185		61,055		173,762		203,396
Adjustments
Depreciation and amortization	(22,213)		(24,286)		(67,175)		(75,894)
Non-cash lease expense	10		298		(14)		(113)
Share-based compensation	(3,444)		(3,286)		(10,625)		(10,269)
Gain (loss) on disposal of assets	5		(266)		125		(935)
Gain on sale of business	305,829		—		305,829		—
Loss on debt extinguishment and modification	—		(158)		(405)		(1,412)
Preopening and related expenses (3)	(50)		(2)		(575)		(61)
Severance expenses	(128)		(58)		(128)		(295)
Other, net	(9,485)		1,597		(9,102)		(3,300)
Interest expense, net	(15,306)		(15,709)		(52,345)		(45,565)
Income tax (provision) benefit	(67,187)		(5,182)		(74,219)		5,737
Net Income	$	241,216	$	14,003	$	265,128	$	71,289

(1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023.

(2) Comprised of distributed gaming operations in Nevada and Montana. On September 13, 2023, the Company completed the sale of its distributed gaming operations in Montana. The Company’s proposed sale of its distributed gaming operations in Nevada remains pending and is expected to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary closing conditions, including receipt of gaming approvals.

(3) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and casino locations as well as food and beverage and other venues within the casino locations.

The Company’s assets by reportable segment consisted of the following amounts:

(In thousands)	Nevada Casino Resorts		Nevada Locals Casinos		Maryland Casino Resort		Nevada Taverns		Distributed Gaming		Corporate and Other		Consolidated
Balance at September 30, 2023	$	781,874	$	159,378	$	—	$	132,232	$	204,209	$	266,970	$	1,544,663
Balance at December 31, 2022	$	784,242	$	164,580	$	39,562	$	145,065	$	258,260	$	116,961	$	1,508,670