SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENT REPORTING

Schedule of segment information


(In thousands)		December 31,
		2025			2024
Total Assets
Midwest & South		$	285,831		$	293,466
West			339,720			360,057
Contracted Sports Wagering			168			68
Corporate and Other			24,090			19,743
		$	649,809		$	673,334


(In thousands)		December 31,
		2025			2024
Property and Equipment, net
Midwest & South		$	110,566		$	131,083
West			301,734			315,426
Contracted Sports Wagering			—			—
Corporate and Other			156			165
		$	412,456		$	446,674

Schedule of total revenues by segment


(In thousands)		Year Ended December 31, 2025
								Contracted
								Sports
		Midwest & South			West			Wagering			Total
Revenues
Casino		$	183,834		$	46,426		$	—		$	230,260
Food and beverage			32,647			6,655			—			39,302
Hotel			7,054			8,969			—			16,023
Other operations, including contracted sports wagering			7,929			1,595			7,267			16,791
Total consolidated revenues			231,464			63,645			7,267			302,376

Less:
Payroll and related costs			61,489			24,415			—			85,904
Cost of sales			16,944			3,257			—			20,201
Gaming taxes and other⁽¹⁾			42,326			6,095			47			48,468
Other segment items⁽²⁾			61,589			32,307			264			94,160
Total segment expenses			182,348			66,074			311			248,733

Adjusted Segment EBITDA			49,116			(2,429)			6,956			53,643
Other operating costs and expenses:
Depreciation and amortization												(42,609)
Corporate expenses												(5,512)
Project development costs												(310)
Loss on disposal of assets												(32)
Loss on sale of Stockman’s, net												(320)
Stock-based compensation, net												(1,736)
Operating income												3,124
Other expenses:
Interest expense, net												(42,741)
Other												(50)
												(42,791)
Loss before income taxes												(39,667)
Income tax expense												530
Net loss											$	(40,197)

__________

(1)	Excludes real estate and property taxes.

(2)	For each reportable segment, the “Other segment items” category includes:

●

Midwest & South and West ─ Advertising and marketing, rent expense, insurance, and other miscellaneous costs.

●

Contracted Sports Wagering ─ Credit loss expense net of recoveries, as well as certain overhead expenses.


(In thousands)		Year Ended December 31, 2024
								Contracted
								Sports
		Midwest & South			West			Wagering			Total
Revenues
Casino		$	169,107		$	47,773		$	—		$	216,880
Food and beverage			34,410			7,461			—			41,871
Hotel			8,260			7,449			—			15,709
Other operations, including contracted sports wagering			7,849			965			8,791			17,605
Total consolidated revenues			219,626			63,648			8,791			292,065

Less:
Payroll and related costs			57,822			25,010			—			82,832
Cost of sales			18,403			4,278			—			22,681
Gaming taxes and other⁽¹⁾			37,810			6,090			57			43,957
Other segment items⁽²⁾			59,854			29,572			(769)			88,657
Total segment expenses			173,889			64,950			(712)			238,127

Adjusted Segment EBITDA			45,737			(1,302)			9,503			53,938
Other operating costs and expenses:
Depreciation and amortization												(42,101)
Corporate expenses												(5,290)
Project development costs												(368)
Preopening costs												(2,464)
Loss on disposal of assets												(18)
Gain on sale of Stockman’s												1,926
Stock-based compensation												(2,873)
Operating income												2,750
Other expense:
Interest expense, net												(43,201)
Loss before income taxes												(40,451)
Income tax expense												221
Net loss											$	(40,672)

__________

(1)	Excludes real estate and property taxes.

(2)	For each reportable segment, the “Other segment items” category includes:

●

Midwest & South and West ─ Advertising and marketing, rent expense, insurance, and other miscellaneous costs.

●

Contracted Sports Wagering ─ Credit loss expense net of recoveries, as well as certain overhead expenses.