v3.25.2
Segments
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Segment Reporting [Abstract]    
Segments Segments
The Company views each of its Las Vegas casino properties and each of its Native American arrangements as an individual operating segment. The Company aggregates all of its Las Vegas properties into one reportable segment because all of the properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing techniques, are directed by a centralized management structure and have similar economic characteristics. The Company also aggregates its Native American arrangements into one reportable segment.
The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company utilizes adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as its primary performance measure. The CODM uses Adjusted EBITDA to evaluate segment performance and make decisions about allocating resources.
The Company’s segment information and a reconciliation of Adjusted EBITDA to net income are presented below (amounts in thousands):
Three Months Ended June 30, 2025
Las Vegas operationsNative American developmentTotal
Net revenues
Casino$344,796 $— $344,796 
Food and beverage94,374 — 94,374 
Room51,187 — 51,187 
Development fees— 10,008 10,008 
Other (a)22,905 — 22,905 
Segment net revenues513,262 10,008 523,270 
Corporate and other revenues (b)3,003 
Net revenues$526,273 
Less:
Payroll and related135,511 — 
Cost of sales (c)24,142 — 
Gaming taxes26,076 — 
Other segment expenses (d)88,089 — 
Segment Adjusted EBITDA239,444 10,008 249,452 
Corporate and other Adjusted EBITDA (e)(20,093)
Adjusted EBITDA (f)$229,359 
Adjustments and other reconciling items
Depreciation and amortization$47,988 
Share-based compensation8,723 
Write-downs and other, net4,010 
Interest expense, net50,632 
Change in fair value of derivative instruments2,305 
Gain on Native American development(8,476)
Provision for income tax15,924 
Net income$108,253 
June 30, 2025
Total assets
Las Vegas operations$3,342,963 
Native American management12,008 
Corporate and other677,471 
$4,032,442 
___________________________________
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. For the three months ended June 30, 2025, tenant lease revenue was $7.3 million. Tenant lease revenue is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Income.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
(f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements, contract termination and non-routine items), interest expense, net, change in fair value of derivative instruments, gain on Native American development and provision for income tax.
Three Months Ended June 30, 2024
Las Vegas operationsNative American developmentTotal
Net revenues
Casino$319,629 $— $319,629 
Food and beverage91,718 — 91,718 
Room50,142 — 50,142 
Other (a)21,720 — 21,720 
Segment net revenues483,209 — 483,209 
Corporate and other revenues (b)3,194 
Net revenues$486,403 
Less:
Payroll and related133,362 — 
Cost of sales (c)23,576 — 
Gaming taxes24,696 — 
Other segment expenses (d)78,428 — 
Segment Adjusted EBITDA223,147 — 223,147 
Corporate and other Adjusted EBITDA (e)(21,490)
Adjusted EBITDA (f)$201,657 
Adjustments and other reconciling items
Depreciation and amortization$46,703 
Share-based compensation11,806 
Write-downs and other, net2,193 
Interest expense, net57,434 
Change in fair value of derivative instruments1,923 
Provision for income tax11,788 
Net income$69,810 
December 31, 2024
Total assets
Las Vegas operations$3,282,609 
Native American management83,673 
Corporate and other679,249 
$4,045,531 
___________________________________
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. For the three months ended June 30, 2024, tenant lease revenue was $7.4 million. Tenant lease revenue is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Income.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
(f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments and provision for income tax.
Six Months Ended June 30, 2025
Las Vegas operationsNative American developmentTotal
Net revenues
Casino$678,041 $— $678,041 
Food and beverage183,646 — 183,646 
Room101,357 — 101,357 
Development fees— 10,008 10,008 
Other (a)45,171 — 45,171 
Segment net revenues1,008,215 10,008 1,018,223 
Corporate and other revenues (b)5,911 
Net revenues$1,024,134 
Less:
Payroll and related268,975 — 
Cost of sales (c)47,613 — 
Gaming taxes51,553 — 
Other segment expenses (d)164,730 — 
Segment Adjusted EBITDA475,344 10,008 485,352 
Corporate and other Adjusted EBITDA (e)(40,913)
Adjusted EBITDA (f)$444,439 
Adjustments and other reconciling items
Depreciation and amortization$96,319 
Share-based compensation16,347 
Write-downs and other, net8,070 
Interest expense, net101,742 
Change in fair value of derivative instruments7,499 
Gain on Native American development(8,476)
Provision for income tax28,735 
Net income$194,203 
___________________________________
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. For the six months ended June 30, 2025, tenant lease revenue was $14.8 million. Tenant lease revenue is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Income.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
(f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements, contract termination and non-routine items), interest expense, net, change in fair value of derivative instruments, gain on Native American development and provision for income tax.
Six Months Ended June 30, 2024
Las Vegas operationsNative American developmentTotal
Net revenues
Casino$636,483 $— $636,483 
Food and beverage184,996 — 184,996 
Room103,030 — 103,030 
Other (a)44,267 — 44,267 
Segment net revenues968,776 — 968,776 
Corporate and other revenues (b)6,524 
Net revenues$975,300 
Less:
Payroll and related263,692 — 
Cost of sales (c)47,281 — 
Gaming taxes49,067 — 
Other segment expenses (d)155,830 — 
Segment Adjusted EBITDA452,906 — 452,906 
Corporate and other Adjusted EBITDA (e)(42,113)
Adjusted EBITDA (f)$410,793 
Adjustments and other reconciling items
Depreciation and amortization$91,576 
Share-based compensation17,681 
Write-downs and other, net4,334 
Interest expense, net114,635 
Loss on extinguishment/modification of debt14,402 
Change in fair value of derivative instruments1,923 
Provision for income tax18,061 
Net income$148,181 
___________________________________
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. For the six months ended June 30, 2024, tenant lease revenue was $15.1 million. Tenant lease revenue is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Income.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
(f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, demolition costs, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments and provision for income tax