SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of adjusted EBITDA and reconciliation of adjusted EBITDA to net income

	Twelve months ended December 31,
	2012			2011
Net revenues:
Atlantis	$	140,928,245		$	140,632,205
Black Hawk (a)	29,428,719			—
Total net revenue	$	170,356,964		$	140,632,205

Adjusted EBITDA (b)
Atlantis	$	31,111,370		$	33,310,003
Black Hawk (a)	9,630,100			—
	40,741,470			33,310,003
Corporate and other expense (c)	(4,584,220		)	(4,047,823		)
Total Adjusted EBITDA	$	36,157,250		$	29,262,180

Expenses:
Stock based compensation	(1,367,967		)	(1,619,652		)
Depreciation and amortization	(16,650,604		)	(13,379,538		)
Acquisition expense	(2,155,521		)	(973,607		)
Building demolition expense	—			(3,519,148		)
Interest expense	(2,023,957		)	(914,308		)
Provision for income taxes	(5,048,353		)	(3,180,073		)
Net income	$	8,910,848		$	5,675,854

Schedule of reconciliation of capital expenditure

	Twelve Months Ended December 31,
	2012		2011
Capital Expenditures (in thousands):
Atlantis	$	3,530	$	5,231
Black Hawk (a)	6,799		—
	$	10,329	$	5,231

	December 31, 2012		December 31, 2011
Assets (in thousands):
Atlantis	$	147,645	$	168,922
Black Hawk (a)	91,192		—
Corporate and other (d)	9,283		10,678
Total assets	$	248,120	$	179,600

(a) We acquired Black Hawk on April 26, 2012.

(b) We define Adjusted EBITDA for each segment as net income plus provision for income taxes, interest expense, acquisition expense, building demolition expense, management fee income or expense, gain or loss on disposal of assets, depreciation and amortization and stock based compensation. Adjusted EBITDA should not be construed as an alternative to operating income (as determined in accordance with generally accepted accounting principles) as an indicator of the Company’s operating performance, as an alternative to cash flows from operating activities (as determined in accordance with generally accepted accounting principles) or as a measure of liquidity. This item enables comparison of the Company’s performance with the performance of other companies that report Adjusted EBITDA, although some companies do not calculate this measure in the same manner and therefore, the measure as presented may not be comparable to similarly titled measures presented by other companies.

(c) Corporate and other expenses represent unallocated payroll, professional fees, travel expenses and other general and administrative expenses not directly related to our casino and hotel operations.

(d) Corporate assets include assets not directly related to our casino and hotel operations and the assets of our non-operating subsidiaries.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details