Schedule of Segment Reporting Information |
The following tables set forth, for the periods indicated, certain operating data for the Company’s segments, and reconciles Adjusted EBITDA to net income (loss):
|
|
Three Months Ended September 30, 2018 |
|
(In thousands) |
|
Casinos |
|
|
Distributed
Gaming |
|
|
Corporate and
Other |
|
|
Consolidated |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming |
|
$ |
60,440 |
|
|
$ |
67,324 |
|
|
$ |
— |
|
|
$ |
127,764 |
|
Food and beverage |
|
|
29,666 |
|
|
|
12,333 |
|
|
|
— |
|
|
|
41,999 |
|
Rooms |
|
|
28,104 |
|
|
|
— |
|
|
|
— |
|
|
|
28,104 |
|
Other |
|
|
10,627 |
|
|
|
1,531 |
|
|
|
312 |
|
|
|
12,470 |
|
Total revenues |
|
$ |
128,837 |
|
|
$ |
81,188 |
|
|
$ |
312 |
|
|
$ |
210,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
19,113 |
|
|
$ |
5,014 |
|
|
$ |
(27,251 |
) |
|
$ |
(3,124 |
) |
Depreciation and amortization |
|
|
17,667 |
|
|
|
5,292 |
|
|
|
371 |
|
|
|
23,330 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
1,123 |
|
|
|
1,123 |
|
Loss on disposal of property and equipment |
|
|
770 |
|
|
|
4 |
|
|
|
— |
|
|
|
774 |
|
Share-based compensation |
|
|
37 |
|
|
|
3 |
|
|
|
2,743 |
|
|
|
2,783 |
|
Preopening expenses |
|
|
— |
|
|
|
73 |
|
|
|
(52 |
) |
|
|
21 |
|
Class action litigation expenses |
|
|
— |
|
|
|
— |
|
|
|
219 |
|
|
|
219 |
|
Executive severance |
|
|
54 |
|
|
|
1 |
|
|
|
65 |
|
|
|
120 |
|
Other, net |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
50 |
|
Interest expense, net |
|
|
25 |
|
|
|
21 |
|
|
|
16,245 |
|
|
|
16,291 |
|
Change in fair value of derivative |
|
|
— |
|
|
|
— |
|
|
|
(1,222 |
) |
|
|
(1,222 |
) |
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(2,222 |
) |
|
|
(2,222 |
) |
Adjusted EBITDA |
|
$ |
37,666 |
|
|
$ |
10,408 |
|
|
$ |
(9,931 |
) |
|
$ |
38,143 |
|
|
|
Three Months Ended September 30, 2017 |
|
(In thousands) |
|
Casinos |
|
|
Distributed
Gaming |
|
|
Corporate and
Other |
|
|
Consolidated |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming |
|
$ |
19,958 |
|
|
$ |
66,686 |
|
|
$ |
— |
|
|
$ |
86,644 |
|
Food and beverage |
|
|
3,674 |
|
|
|
11,495 |
|
|
|
— |
|
|
|
15,169 |
|
Rooms |
|
|
2,237 |
|
|
|
— |
|
|
|
— |
|
|
|
2,237 |
|
Other |
|
|
1,552 |
|
|
|
1,966 |
|
|
|
92 |
|
|
|
3,610 |
|
Total revenues |
|
$ |
27,421 |
|
|
$ |
80,147 |
|
|
$ |
92 |
|
|
$ |
107,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
6,686 |
|
|
$ |
7,517 |
|
|
$ |
(5,648 |
) |
|
$ |
8,555 |
|
Depreciation and amortization |
|
|
2,202 |
|
|
|
4,937 |
|
|
|
400 |
|
|
|
7,539 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
2,975 |
|
|
|
2,975 |
|
Loss on disposal of property and equipment |
|
|
35 |
|
|
|
272 |
|
|
|
1 |
|
|
|
308 |
|
Gain on contingent consideration |
|
|
— |
|
|
|
(1,719 |
) |
|
|
— |
|
|
|
(1,719 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,603 |
|
|
|
1,603 |
|
Preopening expenses |
|
|
— |
|
|
|
121 |
|
|
|
161 |
|
|
|
282 |
|
Class action litigation expenses |
|
|
— |
|
|
|
— |
|
|
|
1,530 |
|
|
|
1,530 |
|
Sign-on bonuses |
|
|
— |
|
|
|
— |
|
|
|
166 |
|
|
|
166 |
|
Interest expense, net |
|
|
5 |
|
|
|
41 |
|
|
|
1,839 |
|
|
|
1,885 |
|
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(8,051 |
) |
|
|
(8,051 |
) |
Adjusted EBITDA |
|
$ |
8,928 |
|
|
$ |
11,169 |
|
|
$ |
(5,024 |
) |
|
$ |
15,073 |
|
|
|
Nine Months Ended September 30, 2018 |
|
(In thousands) |
|
Casinos |
|
|
Distributed
Gaming |
|
|
Corporate and
Other |
|
|
Consolidated |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming |
|
$ |
186,828 |
|
|
$ |
207,345 |
|
|
$ |
— |
|
|
$ |
394,173 |
|
Food and beverage |
|
|
90,405 |
|
|
|
37,619 |
|
|
|
— |
|
|
|
128,024 |
|
Rooms |
|
|
81,737 |
|
|
|
— |
|
|
|
— |
|
|
|
81,737 |
|
Other |
|
|
31,280 |
|
|
|
5,782 |
|
|
|
673 |
|
|
|
37,735 |
|
Total revenues |
|
$ |
390,250 |
|
|
$ |
250,746 |
|
|
$ |
673 |
|
|
$ |
641,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
67,190 |
|
|
$ |
20,014 |
|
|
$ |
(82,804 |
) |
|
$ |
4,400 |
|
Depreciation and amortization |
|
|
54,714 |
|
|
|
15,419 |
|
|
|
1,288 |
|
|
|
71,421 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
2,429 |
|
|
|
2,429 |
|
Loss on disposal of property and equipment |
|
|
1,050 |
|
|
|
19 |
|
|
|
— |
|
|
|
1,069 |
|
Share-based compensation |
|
|
37 |
|
|
|
3 |
|
|
|
7,345 |
|
|
|
7,385 |
|
Preopening expenses |
|
|
— |
|
|
|
309 |
|
|
|
549 |
|
|
|
858 |
|
Class action litigation expenses |
|
|
16 |
|
|
|
195 |
|
|
|
343 |
|
|
|
554 |
|
Executive severance |
|
|
273 |
|
|
|
38 |
|
|
|
367 |
|
|
|
678 |
|
Other, net |
|
|
144 |
|
|
|
167 |
|
|
|
129 |
|
|
|
440 |
|
Interest expense, net |
|
|
74 |
|
|
|
93 |
|
|
|
46,933 |
|
|
|
47,100 |
|
Change in fair value of derivative |
|
|
— |
|
|
|
— |
|
|
|
(5,895 |
) |
|
|
(5,895 |
) |
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(106 |
) |
|
|
(106 |
) |
Adjusted EBITDA |
|
$ |
123,498 |
|
|
$ |
36,257 |
|
|
$ |
(29,422 |
) |
|
$ |
130,333 |
|
|
|
Nine Months Ended September 30, 2017 |
|
(In thousands) |
|
Casinos |
|
|
Distributed
Gaming |
|
|
Corporate and
Other |
|
|
Consolidated |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming |
|
$ |
57,385 |
|
|
$ |
204,694 |
|
|
$ |
— |
|
|
$ |
262,079 |
|
Food and beverage |
|
|
10,747 |
|
|
|
34,314 |
|
|
|
— |
|
|
|
45,061 |
|
Rooms |
|
|
5,646 |
|
|
|
— |
|
|
|
— |
|
|
|
5,646 |
|
Other |
|
|
4,112 |
|
|
|
6,263 |
|
|
|
267 |
|
|
|
10,642 |
|
Total revenues |
|
$ |
77,890 |
|
|
$ |
245,271 |
|
|
$ |
267 |
|
|
$ |
323,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
16,365 |
|
|
$ |
23,596 |
|
|
$ |
(24,351 |
) |
|
$ |
15,610 |
|
Depreciation and amortization |
|
|
5,798 |
|
|
|
14,513 |
|
|
|
1,188 |
|
|
|
21,499 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
5,041 |
|
|
|
5,041 |
|
Loss on disposal of property and equipment |
|
|
35 |
|
|
|
272 |
|
|
|
1 |
|
|
|
308 |
|
Gain on contingent consideration |
|
|
— |
|
|
|
(1,719 |
) |
|
|
— |
|
|
|
(1,719 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
5,352 |
|
|
|
5,352 |
|
Preopening expenses |
|
|
— |
|
|
|
730 |
|
|
|
398 |
|
|
|
1,128 |
|
Class action litigation expenses |
|
|
— |
|
|
|
— |
|
|
|
1,585 |
|
|
|
1,585 |
|
Sign-on bonuses |
|
|
— |
|
|
|
— |
|
|
|
166 |
|
|
|
166 |
|
Interest expense, net |
|
|
(34 |
) |
|
|
361 |
|
|
|
5,241 |
|
|
|
5,568 |
|
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(10,893 |
) |
|
|
(10,893 |
) |
Adjusted EBITDA |
|
$ |
22,164 |
|
|
$ |
37,753 |
|
|
$ |
(16,272 |
) |
|
$ |
43,645 |
|
Total Segment Assets
The Company’s assets by segment consisted of the following amounts:
(In thousands) |
|
Casinos |
|
|
Distributed
Gaming |
|
|
Corporate and
Other |
|
|
Consolidated |
|
Balance at September 30, 2018 |
|
$ |
1,012,607 |
|
|
$ |
297,151 |
|
|
$ |
80,502 |
|
|
$ |
1,390,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2017 |
|
$ |
1,039,025 |
|
|
$ |
298,453 |
|
|
$ |
27,697 |
|
|
$ |
1,365,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|