| Segments' Internal Financial Reports |
The following information is derived directly from the segments’ internal financial reports used by the CODM for corporate management purposes (amounts in thousands): | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2026 | | | Hospitality | | Entertainment | | Corporate and Other | | Total | Revenues | | $ | 604,964 | | $ | 144,014 | | $ | — | | $ | 748,978 | Expenses: | | | | | | | | | | | | | Rooms | | | 52,581 | | | | | | | | | 52,581 | Food and beverage | | | 159,120 | | | | | | | | | 159,120 | Other hotel expenses (1) | | | 150,260 | | | | | | | | | 150,260 | Management fees | | | 22,142 | | | | | | | | | 22,142 | Employment costs | | | | | | 34,285 | | | | | | 34,285 | Cost of goods sold | | | | | | 15,792 | | | | | | 15,792 | Contract services | | | | | | 25,042 | | | | | | 25,042 | Non-income taxes and insurance | | | | | | 12,249 | | | | | | 12,249 | Preopening costs | | | | | | 438 | | | | | | 438 | Other segment expenses (1) | | | | | | 14,195 | | | 11,245 | | | 25,440 | Depreciation and amortization | | | 67,218 | | | 9,609 | | | 257 | | | 77,084 | Operating income (loss) | | $ | 153,643 | | $ | 32,404 | | $ | (11,502) | | $ | 174,545 | Interest expense | | | (7) | | | (8,215) | | | (55,653) | | | (63,875) | Interest income | | | | | | | | | | | | 3,727 | Income from unconsolidated joint ventures | | | | | | | | | | | | 4 | Other gains and (losses), net | | | | | | | | | | | | (259) | Income before income taxes | | | | | | | | | | | $ | 114,142 |
| | | | | | | | | | | | | | | For the Three Months Ended June 30, 2025 | | | Hospitality | | Entertainment | | Corporate and Other | | Total | Revenues | | $ | 516,211 | | $ | 143,304 | | $ | — | | $ | 659,515 | Expenses: | | | | | | | | | | | | | Rooms | | | 47,238 | | | | | | | | | 47,238 | Food and beverage | | | 136,152 | | | | | | | | | 136,152 | Other hotel expenses (1) | | | 130,588 | | | | | | | | | 130,588 | Management fees | | | 17,916 | | | | | | | | | 17,916 | Employment costs | | | | | | 35,061 | | | | | | 35,061 | Cost of goods sold | | | | | | 14,383 | | | | | | 14,383 | Contract services | | | | | | 32,218 | | | | | | 32,218 | Non-income taxes and insurance | | | | | | 13,275 | | | | | | 13,275 | Preopening costs | | | | | | 98 | | | | | | 98 | Other segment expenses (1) | | | | | | 15,439 | | | 10,759 | | | 26,198 | Depreciation and amortization | | | 57,397 | | | 9,335 | | | 231 | | | 66,963 | Operating income (loss) | | $ | 126,920 | | $ | 23,495 | | $ | (10,990) | | $ | 139,425 | Interest expense | | | (3) | | | (9,537) | | | (48,994) | | | (58,534) | Interest income | | | | | | | | | | | | 5,583 | Loss on extinguishment of debt | | | | | | | | | | | | (2,542) | Loss from unconsolidated joint ventures | | | | | | | | | | | | (13) | Other gains and (losses), net | | | | | | | | | | | | (196) | Income before income taxes | | | | | | | | | | | $ | 83,723 |
| | | | | | | | | | | | | | | For the Six Months Ended June 30, 2026 | | | Hospitality | | Entertainment | | Corporate and Other | | Total | Revenues | | $ | 1,190,353 | | $ | 223,197 | | $ | — | | $ | 1,413,550 | Expenses: | | | | | | | | | | | | | Rooms | | | 103,175 | | | | | | | | | 103,175 | Food and beverage | | | 317,283 | | | | | | | | | 317,283 | Other hotel expenses (1) | | | 294,882 | | | | | | | | | 294,882 | Management fees | | | 43,057 | | | | | | | | | 43,057 | Employment costs | | | | | | 63,520 | | | | | | 63,520 | Cost of goods sold | | | | | | 26,343 | | | | | | 26,343 | Contract services | | | | | | 33,425 | | | | | | 33,425 | Non-income taxes and insurance | | | | | | 18,029 | | | | | | 18,029 | Preopening costs | | | | | | 825 | | | | | | 825 | Other segment expenses (1) | | | | | | 25,355 | | | 22,530 | | | 47,885 | Depreciation and amortization | | | 133,226 | | | 19,043 | | | 516 | | | 152,785 | Operating income (loss) | | $ | 298,730 | | $ | 36,657 | | $ | (23,046) | | $ | 312,341 | Interest expense | | | (13) | | | (16,495) | | | (111,486) | | | (127,994) | Interest income | | | | | | | | | | | | 8,913 | Loss on extinguishment of debt | | | | | | | | | | | | (2,200) | Income from unconsolidated joint ventures | | | | | | | | | | | | 4 | Other gains and (losses), net | | | | | | | | | | | | (621) | Income before income taxes | | | | | | | | | | | $ | 190,443 |
| | | | | | | | | | | | | | | For the Six Months Ended June 30, 2025 | | | Hospitality | | Entertainment | | Corporate and Other | | Total | Revenues | | $ | 1,013,941 | | $ | 232,854 | | $ | — | | $ | 1,246,795 | Expenses: | | | | | | | | | | | | | Rooms | | | 93,527 | | | | | | | | | 93,527 | Food and beverage | | | 274,291 | | | | | | | | | 274,291 | Other hotel expenses (1) | | | 254,512 | | | | | | | | | 254,512 | Management fees | | | 36,379 | | | | | | | | | 36,379 | Employment costs | | | | | | 62,371 | | | | | | 62,371 | Cost of goods sold | | | | | | 29,918 | | | | | | 29,918 | Contract services | | | | | | 42,229 | | | | | | 42,229 | Non-income taxes and insurance | | | | | | 18,127 | | | | | | 18,127 | Preopening costs | | | | | | 185 | | | | | | 185 | Other segment expenses (1) | | | | | | 27,501 | | | 21,529 | | | 49,030 | Depreciation and amortization | | | 111,503 | | | 18,712 | | | 465 | | | 130,680 | Operating income (loss) | | $ | 243,729 | | $ | 33,811 | | $ | (21,994) | | $ | 255,546 | Interest expense | | | (28) | | | (18,407) | | | (94,382) | | | (112,817) | Interest income | | | | | | | | | | | | 11,042 | Loss on extinguishment of debt | | | | | | | | | | | | (2,542) | Loss from unconsolidated joint ventures | | | | | | | | | | | | (29) | Other gains and (losses), net | | | | | | | | | | | | (304) | Income before income taxes | | | | | | | | | | | $ | 150,896 |
| (1) | Other segment expenses include:
Hospitality segment – administrative employment costs, utilities, property taxes, supplies, advertising, maintenance and consulting expenses
Entertainment segment – advertising, utilities, maintenance and certain overhead expenses
Corporate and other – senior management salaries and benefits, legal, human resources, accounting, pension, information technology, consulting and other administrative expenses |
| | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | Total assets: | | | | | | | Hospitality | | $ | 4,971,200 | | $ | 4,996,594 | Entertainment | | | 777,281 | | | 745,755 | Corporate and Other | | | 443,355 | | | 438,834 | Total assets | | $ | 6,191,836 | | $ | 6,181,183 |
|