| 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 September 30, 2026 | | | Hospitality | | Entertainment | | Corporate and Other | | Total | Revenues | | $ | 562,812 | | $ | 92,989 | | $ | — | | $ | 655,801 | Expenses: | | | | | | | | | | | | | Rooms | | | 54,481 | | | | | | | | | 54,481 | Food and beverage | | | 158,134 | | | | | | | | | 158,134 | Other hotel expenses (1) | | | 156,829 | | | | | | | | | 156,829 | Management fees | | | 19,946 | | | | | | | | | 19,946 | Employment costs | | | | | | 29,504 | | | | | | 29,504 | Cost of goods sold | | | | | | 12,627 | | | | | | 12,627 | Contract services | | | | | | 9,747 | | | | | | 9,747 | Non-income taxes and insurance | | | | | | 6,231 | | | | | | 6,231 | Preopening costs | | | | | | 897 | | | | | | 897 | Impairment charges | | | | | | 4,858 | | | | | | 4,858 | Other segment expenses (1) | | | | | | 12,681 | | | 12,369 | | | 25,050 | Depreciation and amortization | | | 73,447 | | | 9,460 | | | 256 | | | 83,163 | Operating income (loss) | | $ | 99,975 | | $ | 6,984 | | $ | (12,625) | | $ | 94,334 | Interest expense | | | (3) | | | (8,261) | | | (60,011) | | | (68,275) | Interest income | | | | | | | | | | | | 5,096 | Other gains and (losses), net | | | | | | | | | | | | 2,074 | Income before income taxes | | | | | | | | | | | $ | 33,229 |
| | | | | | | | | | | | | | | For the Three Months Ended September 30, 2025 | | | Hospitality | | Entertainment | | Corporate and Other | | Total | Revenues | | $ | 500,869 | | $ | 91,589 | | $ | — | | $ | 592,458 | Expenses: | | | | | | | | | | | | | Rooms | | | 48,668 | | | | | | | | | 48,668 | Food and beverage | | | 139,961 | | | | | | | | | 139,961 | Other hotel expenses (1) | | | 144,882 | | | | | | | | | 144,882 | Management fees | | | 16,551 | | | | | | | | | 16,551 | Employment costs | | | | | | 28,736 | | | | | | 28,736 | Cost of goods sold | | | | | | 13,492 | | | | | | 13,492 | Contract services | | | | | | 9,713 | | | | | | 9,713 | Non-income taxes and insurance | | | | | | 3,806 | | | | | | 3,806 | Preopening costs | | | | | | 1,289 | | | | | | 1,289 | Other segment expenses (1) | | | | | | 12,188 | | | 10,062 | | | 22,250 | Loss on sale of assets | | | | | | 1,296 | | | | | | 1,296 | Depreciation and amortization | | | 63,729 | | | 9,242 | | | 231 | | | 73,202 | Operating income (loss) | | $ | 87,078 | | $ | 11,827 | | $ | (10,293) | | $ | 88,612 | Interest expense | | | (11) | | | (9,572) | | | (55,290) | | | (64,873) | Interest income | | | | | | | | | | | | 4,836 | Loss on extinguishment of debt | | | | | | | | | | | | (380) | Loss from unconsolidated joint ventures | | | | | | | | | | | | (37) | Other gains and (losses), net | | | | | | | | | | | | 2,168 | Income before income taxes | | | | | | | | | | | $ | 30,326 |
| | | | | | | | | | | | | | | For the Nine Months Ended September 30, 2026 | | | Hospitality | | Entertainment | | Corporate and Other | | Total | Revenues | | $ | 1,753,165 | | $ | 316,186 | | $ | — | | $ | 2,069,351 | Expenses: | | | | | | | | | | | | | Rooms | | | 157,656 | | | | | | | | | 157,656 | Food and beverage | | | 475,417 | | | | | | | | | 475,417 | Other hotel expenses (1) | | | 451,711 | | | | | | | | | 451,711 | Management fees | | | 63,003 | | | | | | | | | 63,003 | Employment costs | | | | | | 93,024 | | | | | | 93,024 | Cost of goods sold | | | | | | 38,970 | | | | | | 38,970 | Contract services | | | | | | 43,172 | | | | | | 43,172 | Non-income taxes and insurance | | | | | | 24,260 | | | | | | 24,260 | Preopening costs | | | | | | 1,722 | | | | | | 1,722 | Impairment charges | | | | | | 4,858 | | | | | | 4,858 | Other segment expenses (1) | | | | | | 38,036 | | | 34,899 | | | 72,935 | Depreciation and amortization | | | 206,673 | | | 28,503 | | | 772 | | | 235,948 | Operating income (loss) | | $ | 398,705 | | $ | 43,641 | | $ | (35,671) | | $ | 406,675 | Interest expense | | | (16) | | | (24,756) | | | (171,497) | | | (196,269) | Interest income | | | | | | | | | | | | 14,009 | Loss on extinguishment of debt | | | | | | | | | | | | (2,200) | Income from unconsolidated joint ventures | | | | | | | | | | | | 4 | Other gains and (losses), net | | | | | | | | | | | | 1,453 | Income before income taxes | | | | | | | | | | | $ | 223,672 |
| | | | | | | | | | | | | | | For the Nine Months Ended September 30, 2025 | | | Hospitality | | Entertainment | | Corporate and Other | | Total | Revenues | | $ | 1,514,810 | | $ | 324,443 | | $ | — | | $ | 1,839,253 | Expenses: | | | | | | | | | | | | | Rooms | | | 142,195 | | | | | | | | | 142,195 | Food and beverage | | | 414,252 | | | | | | | | | 414,252 | Other hotel expenses (1) | | | 399,394 | | | | | | | | | 399,394 | Management fees | | | 52,930 | | | | | | | | | 52,930 | Employment costs | | | | | | 91,107 | | | | | | 91,107 | Cost of goods sold | | | | | | 43,410 | | | | | | 43,410 | Contract services | | | | | | 51,942 | | | | | | 51,942 | Non-income taxes and insurance | | | | | | 21,933 | | | | | | 21,933 | Preopening costs | | | | | | 1,474 | | | | | | 1,474 | Other segment expenses (1) | | | | | | 39,689 | | | 31,591 | | | 71,280 | Loss on sale of assets | | | | | | 1,296 | | | | | | 1,296 | Depreciation and amortization | | | 175,232 | | | 27,954 | | | 696 | | | 203,882 | Operating income (loss) | | $ | 330,807 | | $ | 45,638 | | $ | (32,287) | | $ | 344,158 | Interest expense | | | (39) | | | (27,979) | | | (149,672) | | | (177,690) | Interest income | | | | | | | | | | | | 15,878 | Loss on extinguishment of debt | | | | | | | | | | | | (2,922) | Loss from unconsolidated joint ventures | | | | | | | | | | | | (66) | Other gains and (losses), net | | | | | | | | | | | | 1,864 | Income before income taxes | | | | | | | | | | | $ | 181,222 |
| (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 |
| | | | | | | | | September 30, | | December 31, | | | 2026 | | 2025 | Total assets: | | | | | | | Hospitality | | $ | 6,484,754 | | $ | 4,996,594 | Entertainment | | | 792,438 | | | 745,755 | Corporate and Other | | | 364,147 | | | 438,834 | Total assets | | $ | 7,641,339 | | $ | 6,181,183 |
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