SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

SEGMENT INFORMATION

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

	Twelve months ended December 31,
	2013			2012			2011
Net revenues:
Atlantis	$	141,298,217		$	133,624,332		$	134,529,379
Monarch Black Hawk (a)	47,451,133			29,678,086			—
Total net revenue	$	188,749,350		$	163,302,418		$	134,529,379
Adjusted EBITDA (b)
Atlantis	$	36,444,691		$	30,109,062		$	33,310,003
Monarch Black Hawk (a)	16,495,646			9,630,100			—
	52,940,337			39,739,162			33,310,003
Corporate and other (c)	(4,450,880		)	(3,581,912		)	(4,047,823		)
Total Adjusted EBITDA	48,489,457			36,157,250			29,262,180
Expenses:
Stock-based compensation	(1,220,345		)	(1,367,967		)	(1,619,652		)
Depreciation and amortization	(16,637,932		)	(16,650,604		)	(13,379,538		)
Acquisition expenses	—			(2,155,521		)	(973,607		)
Building demolition expense	—			—			(3,519,148		)
Loss on asset sale	(175,946		)	—			—
Interest expense	(1,860,367		)	(2,023,957		)	(914,308		)
Provision for income taxes	(10,634,045		)	(5,048,353		)	(3,180,073		)
Net income	$	17,960,822		$	8,910,848		$	5,675,854

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

(b) We define Adjusted EBITDA, a non-GAAP measure, for each segment as net income plus provision for income taxes, interest expense, acquisition expenses, 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 represents 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.

Schedule of reconciliation of capital expenditure

	Twelve Months Ended December 31,
	2013		2012		2011
Capital Expenditures (in thousands):
Atlantis	$	3,813	$	3,530	$	5,231
Monarch Black Hawk (a)	8,587		6,799		—
	$	12,400	$	10,329	$	5,231

	Twelve Months Ended December 31,
	2013		2012		2011
Assets (in thousands):
Atlantis	$	144,796	$	147,645	$	168,922
Monarch Black Hawk (a)	94,518		91,192		—
Corporate and other (d)	5,209		9,283		10,678
Total assets	$	244,523	$	248,120	$	179,600

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

(b) We define Adjusted EBITDA, a non-GAAP measure, for each segment as net income plus provision for income taxes, interest expense, acquisition expenses, 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 represents 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.