Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Segment Reporting Information

The following tables set forth, for the periods indicated, certain operating data for the Company’s segments, and reconciles net income (loss) to Adjusted EBITDA:

	Three Months Ended June 30, 2020
(In thousands)	Casinos			Distributed Gaming			Corporate and Other			Consolidated
Revenues
Gaming	$	25,210		$	31,467		$	—		$	56,677
Food and beverage		6,016			4,152			—			10,168
Rooms		5,987			—			—			5,987
Other		2,219			720			203			3,142
Total revenues	$	39,432		$	36,339		$	203		$	75,974

Net loss	$	(45,979	)	$	(5,194	)	$	(27,393	)	$	(78,566	)
Depreciation and amortization		25,344			5,902			684			31,930
Impairment of goodwill and intangible assets		21,411			—			—			21,411
Acquisition and severance expenses		189			134			44			367
Preopening and related expenses ⁽¹⁾		—			(1	)		10			9
Asset disposal and other writedowns		683			24			(5	)		702
Share-based compensation		—			—			1,756			1,756
Other, net		48			41			28			117
Interest expense, net		91			10			16,306			16,407
Income tax provision		—			—			206			206
Adjusted EBITDA	$	1,787		$	916		$	(8,364	)	$	(5,661	)

	Three Months Ended June 30, 2019
(In thousands)	Casinos		Distributed Gaming		Corporate and Other			Consolidated
Revenues
Gaming	$	72,237	$	74,009	$	—		$	146,246
Food and beverage		39,049		13,055		—			52,104
Rooms		35,514		—		—			35,514
Other		11,916		2,089		201			14,206
Total revenues	$	158,716	$	89,153	$	201		$	248,070

Net income (loss)	$	22,471	$	7,347	$	(44,226	)	$	(14,408	)
Depreciation and amortization		24,052		5,569		355			29,976
Acquisition and severance expenses		101		9		1,013			1,123
Preopening and related expenses ⁽¹⁾		700		660		137			1,497
Asset disposal and other writedowns		511		74		—			585
Share-based compensation		—		—		2,134			2,134
Other, net		81		—		406			487
Interest expense, net		64		23		19,048			19,135
Loss on extinguishment and modification of debt		—		—		9,150			9,150
Change in fair value of derivative		—		—		1,489			1,489
Income tax benefit		—		—		(1,344	)		(1,344	)
Adjusted EBITDA	$	47,980	$	13,682	$	(11,838	)	$	49,824

	Six Months Ended June 30, 2020
(In thousands)	Casinos			Distributed Gaming			Corporate and Other			Consolidated
Revenues
Gaming	$	87,115		$	96,777		$	—		$	183,892
Food and beverage		35,821			15,894			—			51,715
Rooms		31,592			—			—			31,592
Other		12,874			2,652			406			15,932
Total revenues	$	167,402		$	115,323		$	406		$	283,131

Net loss	$	(48,917	)	$	(4,590	)	$	(57,679	)	$	(111,186	)
Depreciation and amortization		50,057			11,767			1,262			63,086
Impairment of goodwill and intangible assets		27,872			—			—			27,872
Acquisition and severance expenses		2,606			612			125			3,343
Preopening and related expenses ⁽¹⁾		225			(1	)		115			339
Asset disposal and other writedowns		1,310			(14	)		(5	)		1,291
Share-based compensation		—			—			4,002			4,002
Other, net		95			238			141			474
Interest expense, net		336			25			34,792			35,153
Change in fair value of derivative		—			—			1			1
Income tax provision		—			—			258			258
Adjusted EBITDA	$	33,584		$	8,037		$	(16,988	)	$	24,633

	Six Months Ended June 30, 2019
(In thousands)	Casinos		Distributed Gaming		Corporate and Other			Consolidated
Revenues
Gaming	$	143,122	$	146,916	$	—		$	290,038
Food and beverage		75,491		26,371		—			101,862
Rooms		66,801		—		—			66,801
Other		24,676		4,223		362			29,261
Total revenues	$	310,090	$	177,510	$	362		$	487,962

Net income (loss)	$	45,160	$	14,953	$	(82,539	)	$	(22,426	)
Depreciation and amortization		45,695		10,898		648			57,241
Acquisition and severance expenses		387		35		2,245			2,667
Preopening and related expenses ⁽¹⁾		2,354		1,226		149			3,729
Asset disposal and other writedowns		767		65		390			1,222
Share-based compensation		11		5		6,302			6,318
Other, net		92		—		1,259			1,351
Interest expense, net		116		39		37,115			37,270
Loss on extinguishment and modification of debt		—		—		9,150			9,150
Change in fair value of derivative		—		—		3,737			3,737
Income tax benefit		—		—		(1,995	)		(1,995	)
Adjusted EBITDA	$	94,582	$	27,221	$	(23,539	)	$	98,264

(1)

Preopening and related expenses include rent, organizational costs, non-capital costs associated with the opening of tavern and casino locations, and expenses related to The Strat rebranding and the launch of the TrueRewards loyalty program.

Assets

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

(In thousands)	Casinos		Distributed Gaming		Corporate and Other		Consolidated
Balance at June 30, 2020	$	1,131,272	$	448,182	$	44,482	$	1,623,936

Balance at December 31, 2019	$	1,204,574	$	482,294	$	54,049	$	1,740,917