Golden Entertainment (GDEN) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-24993
Entity Registrant Name	GOLDEN ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1913991
Entity Address, Address Line One	6595 S Jones Boulevard
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89118
City Area Code	702
Local Phone Number	893-7777
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	GDEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,837,173
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001071255
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 110,474	$ 136,889
Accounts receivable, net of allowance for credit losses of $931 and $775 at March 31, 2023 and December 31, 2022, respectively	15,097	20,495
Prepaid expenses	21,257	25,900
Inventories	7,239	8,117
Other	8,234	13,610
Assets held for sale	293,365	39,562
Total current assets	455,666	244,573
Property and equipment, net	812,308	840,731
Operating lease right-of-use assets, net	80,619	147,893
Goodwill	80,751	158,396
Intangible assets, net	49,718	89,552
Deferred income tax assets	11,822	11,822
Other assets	9,000	15,703
Total assets	1,499,884	1,508,670
Current liabilities
Current portion of long-term debt and finance leases	477	555
Current portion of operating leases	12,989	42,200
Accounts payable	17,722	25,168
Accrued payroll and related	19,556	21,227
Accrued liabilities	36,680	33,365
Liabilities related to assets held for sale	74,472	10,187
Total current liabilities	161,896	132,702
Long-term debt, net and non-current finance leases	901,405	900,464
Non-current operating leases	83,609	121,979
Deferred income tax liabilities	53	53
Other long-term obligations	448	552
Total liabilities	1,147,411	1,155,750
Commitments and contingencies (Note 10)
Shareholders’ equity
Common stock, $.01 par value; authorized 100,000 shares; 28,837 and 28,179 common shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	288	282
Additional paid-in capital	467,977	480,060
Accumulated deficit	(115,792)	(127,422)
Total shareholders’ equity	352,473	352,920
Total liabilities and shareholders’ equity	$ 1,499,884	$ 1,508,670

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 931	$ 775
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	28,837,000	28,179,000
Common stock, shares outstanding (in shares)	28,837,000	28,179,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 278,051	$ 273,644
Expenses
Other operating	3,830	3,976
Selling, general and administrative	62,036	60,910
Depreciation and amortization	23,508	26,276
Gain on disposal of assets	(86)	(41)
Preopening expenses	384	55
Total expenses	245,401	240,758
Operating income	32,650	32,886
Non-operating expense
Interest expense, net	(18,236)	(15,118)
Loss on debt extinguishment	0	(181)
Total non-operating expense, net	(18,236)	(15,299)
Income before income tax (provision) benefit	14,414	17,587
Income tax (provision) benefit	(2,784)	18,479
Net income	$ 11,630	$ 36,066
Weighted-average common shares outstanding
Basic (in shares)	28,308	28,894
Diluted (in shares)	30,904	32,149
Net income per share
Basic (USD per share)	$ 0.41	$ 1.25
Diluted (USD per share)	$ 0.38	$ 1.12
Gaming
Revenues
Total revenues	$ 188,087	$ 190,787
Expenses
Cost of goods and services sold	106,926	105,651
Food and beverage
Revenues
Total revenues	46,271	42,456
Expenses
Cost of goods and services sold	34,022	31,457
Rooms
Revenues
Total revenues	30,577	25,746
Expenses
Cost of goods and services sold	14,781	12,474
Other
Revenues
Total revenues	$ 13,116	$ 14,655

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		28,830
Beginning balance at Dec. 31, 2021	$ 319,541	$ 288	$ 477,829	$ (158,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock on options exercised and restricted stock units vested (in shares)		419
Issuance of stock on options exercised and restricted stock units vested	$ 4	$ 4
Repurchases of common stock (in shares)	(269)	(269)
Repurchase of common stock	$ (15,196)	$ (2)		(15,194)
Share-based compensation	3,141		3,141
Tax benefit from share-based compensation	(10,298)		(10,298)
Net income	36,066			36,066
Ending balance (in shares) at Mar. 31, 2022		28,980
Ending balance at Mar. 31, 2022	$ 333,258	$ 290	470,672	(137,704)
Beginning balance (in shares) at Dec. 31, 2022	28,179	28,179
Beginning balance at Dec. 31, 2022	$ 352,920	$ 282	480,060	(127,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock on options exercised and restricted stock units vested (in shares)		658
Issuance of stock on options exercised and restricted stock units vested	6	$ 6
Share-based compensation	3,290		3,290
Tax benefit from share-based compensation	(15,373)		(15,373)
Net income	$ 11,630			11,630
Ending balance (in shares) at Mar. 31, 2023	28,837	28,837
Ending balance at Mar. 31, 2023	$ 352,473	$ 288	$ 467,977	$ (115,792)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 11,630	$ 36,066
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,508	26,276
Non-cash lease expense	33	181
Share-based compensation	3,290	3,141
Amortization of debt issuance costs and discounts on debt	1,079	1,117
Gain on disposal of assets	(86)	(41)
Provision for credit losses	232	188
Deferred income taxes	0	(20,559)
Loss on debt extinguishment	0	181
Changes in operating assets and liabilities:
Accounts receivable	2,691	(2,003)
Prepaid expenses, inventories and other current assets	6,690	(10,177)
Other assets	144	(167)
Accounts payable and other accrued expenses	5,434	9,492
Other liabilities	(99)	(177)
Net cash provided by operating activities	54,546	43,518
Cash flows from investing activities
Purchase of property and equipment, net of change in construction payables	(25,072)	(10,813)
Proceeds from disposal of property and equipment	211	90
Net cash used in investing activities	(24,861)	(10,723)
Cash flows from financing activities
Repayments of term loan	0	(25,000)
Repayments of notes payable	(24)	(433)
Principal payments under finance leases	(125)	(117)
Payment for debt extinguishment and modification costs	0	(12)
Tax withholding on share-based payments	(15,373)	(10,298)
Proceeds from issuance of common stock, net of costs	6	4
Repurchases of common stock	0	(15,196)
Net cash used in financing activities	(15,516)	(51,052)
Change in cash and cash equivalents	14,169	(18,257)
Balance, beginning of period	142,034	220,540
Balance, end of period	156,203	202,283
Cash and cash equivalents
Cash and cash equivalents	110,474	202,283
Cash and cash equivalents included in assets held for sale	45,729	0
Balance, end of period	156,203	202,283
Supplemental cash flow disclosures
Cash paid for interest	11,109	6,435
Non-cash investing and financing activities
Payables incurred for capital expenditures	2,342	2,790
Loss on debt extinguishment	0	181
Operating lease right-of-use assets obtained in exchange for lease obligations	$ 110	$ 4,352

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Overview Golden Entertainment, Inc. and its wholly-owned subsidiaries own and operate a diversified entertainment platform, consisting of a portfolio of gaming assets that focus on casino and distributed gaming operations (including gaming in the Company’s branded taverns). The Company’s portfolio includes ten casino properties located in Nevada and Maryland. The Company’s Nevada Taverns segment is comprised of the operation of its branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. The Company’s distributed gaming operations involve the installation, maintenance and operation of slot machines and amusement devices in third-party non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada and Montana. Unless otherwise indicated, the terms “Golden” and the “Company,” refer to Golden Entertainment, Inc. together with its subsidiaries. The Company conducts its business through five reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino Resort, Nevada Taverns, and Distributed Gaming. Each reportable segment is comprised of the following properties and operations: Reportable Segment Location Nevada Casino Resorts The STRAT Hotel, Casino & SkyPod (“The STRAT”) Las Vegas, Nevada Aquarius Casino Resort (“Aquarius”) Laughlin, Nevada Edgewater Casino Resort (“Edgewater”) Laughlin, Nevada Colorado Belle Casino Resort (“Colorado Belle”) (1) Laughlin, Nevada Nevada Locals Casinos Arizona Charlie’s Boulder Las Vegas, Nevada Arizona Charlie’s Decatur Las Vegas, Nevada Gold Town Casino Pahrump, Nevada Lakeside Casino & RV Park Pahrump, Nevada Pahrump Nugget Hotel Casino (“Pahrump Nugget”) Pahrump, Nevada Maryland Casino Resort Rocky Gap Casino Resort (“Rocky Gap”) Flintstone, Maryland Nevada Taverns 64 branded tavern locations Nevada Distributed Gaming Nevada distributed gaming Nevada Montana distributed gaming Montana (1) The operations of the Colorado Belle remain suspended. On August 24, 2022, the Company entered into definitive agreements to sell Rocky Gap to Century Casinos, Inc. (“Century”) and VICI Properties, L.P. (“VICI”), an affiliate of VICI Properties Inc., for aggregate consideration of $260.0 million (the “Rocky Gap Transactions”). Specifically, Century agreed to acquire the operations of Rocky Gap from Golden for $56.1 million in cash (subject to adjustment based on Rocky Gap’s working capital and cage cash at closing), subject to the conditions and terms set forth therein, and VICI agreed to acquire the real estate assets relating to Rocky Gap from Golden for $203.9 million in cash, subject to the conditions and terms set forth therein. The Rocky Gap Transactions are required by their terms to close concurrently and the Company expects the Rocky Gap Transactions to close during the second quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions. Refer to discussion in “ Note 2 — Assets Held for Sale ” for further information. On March 3, 2023, the Company entered into definitive agreements to sell its distributed gaming operations in Nevada and Montana (the “Distributed Gaming Operations”) to J&J Ventures Gaming, LLC (“J&J Gaming”), for aggregate consideration of $322.5 million. Specifically, J&J Gaming will acquire the Company’s Distributed Gaming Operations in Nevada for $213.5 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing), and the Company’s Distributed Gaming operations in Montana for $109 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing), subject in each case to the conditions and terms set forth therein (the “Distributed Gaming Transactions”). The sale of the Nevada Distributed Gaming Operations is contingent upon the closing of the sale of the Montana Distributed Gaming Operations. The Company expects the Distributed Gaming Transactions to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions. Refer to discussion in “ Note 2 — Assets Held for Sale ” for further information. Basis of Presentation The unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. Accordingly, certain information normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) has been condensed and/or omitted. For further information, refer to the audited consolidated financial statements of the Company for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) previously filed with the SEC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which included only normal recurring adjustments, necessary to present fairly the Company’s results for the periods presented. Results for interim periods should not be considered indicative of the results to be expected for the full year and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Reclassifications were made to the Company’s prior period consolidated financial statements to conform to the current period presentation, where applicable. These reclassifications had no effect on previously reported net income. Significant Accounting Policies There have been no changes to the significant accounting policies disclosed in the Company’s Annual Report. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and in banks and highly liquid investments with original maturities of three months or less. As of March 31, 2023, the Company had $156.2 million in cash and cash equivalents, which included $45.7 million of cash and cash equivalents related to assets held for sale. Although cash and cash equivalents balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institutions holding such deposits. Net Income Per Share Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net income by the weighted-average of all common and potentially dilutive shares outstanding. In the event of a net loss, diluted shares are not considered because of their anti-dilutive effect. For the three months ended March 31, 2023, diluted net income per share excluded the weighted average effect of 51,819 shares of common stock, related to time-based and performance-based restricted stock units due to such shares being anti-dilutive. No shares of common stock related to time-based and performance-based restricted stock units were anti-dilutive for the three months ended March 31, 2022. Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Accounting Standards Issued and Adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The ASU improves the accounting for revenue contracts with customers acquired in a business combination by addressing diversity in practice and inconsistency related to recognition of contract assets and liabilities acquired in a business combination. The provisions of this ASU require that an acquiring entity account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. The Company adopted the standard effective January 1, 2023, and the adoption did not have a material impact on the Company’s financial statements or disclosures. Management does not believe that any other recently issued accounting standards that are not yet effective are likely to have a

Assets Held for Sale

Assets Held for Sale	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale The Company classifies assets as held for sale when a sale is probable, is expected to be completed within one year, and the asset group meets all of the accounting criteria to be classified as held for sale. As discussed in “ Note 1 — Nature of Business and Basis of Presentation ,” on August 24, 2022, the Company entered into definitive agreements to sell Rocky Gap. The Rocky Gap Transactions are expected to close in the second quarter of 2023, subject to satisfaction or waiver of customary regulatory approvals and closing conditions. As a result, the assets related to the Rocky Gap property were classified as held for sale as of September 30, 2022 and the Company ceased recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreements. Operations of Rocky Gap have historically been presented in the Company’s Maryland Casino Resort reportable segment. As discussed in “ Note 1 — Nature of Business and Basis of Presentation ,” on March 3, 2023, the Company entered into definitive agreements to sell its Distributed Gaming Operations. The Distributed Gaming Transactions are expected to close during the fourth quarter of 2023, subject to satisfaction or waiver of customary regulatory approvals and closing conditions. As a result, the assets related to the Distributed Gaming Operations were classified as held for sale as of March 31, 2023 and the Company ceased recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreements. Distributed Gaming Operations have historically been presented in the Company’s Distributed Gaming reportable segment. The carrying amounts of the assets and liabilities held for sale in the Rocky Gap Transactions and Distributed Gaming Transactions consisted of the following: March 31, 2023 (In thousands) Maryland Casino Resort Distributed Gaming Total ASSETS Current assets Cash and cash equivalents $ 6,389 $ 39,340 $ 45,729 Accounts receivables, net 1,929 2,900 4,829 Prepaid expenses 431 1,480 1,911 Inventories 642 3 645 Other 169 2,615 2,784 Total current assets held for sale 9,560 46,338 55,898 Property and equipment, net 23,877 28,087 51,964 Operating lease right-of-use assets, net 5,980 55,815 61,795 Goodwill — 77,645 77,645 Intangible assets, net 1,064 38,506 39,570 Other assets 5 6,488 6,493 Total assets held for sale $ 40,486 $ 252,879 $ 293,365 LIABILITIES Current liabilities Current portion of finance leases $ 104 $ — $ 104 Current portion of operating leases 436 27,203 27,639 Accounts payable 1,291 992 2,283 Accrued payroll and related 1,092 1,231 2,323 Other accrued liabilities 2,413 5,353 7,766 Total current liabilities related to assets held for sale 5,336 34,779 40,115 Non-current finance leases 193 — 193 Non-current operating leases 5,206 28,892 34,098 Other long-term obligations — 66 66 Total liabilities related to assets held for sale $ 10,735 $ 63,737 $ 74,472 Revenues and pretax income generated by the assets held for sale were as follows: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (In thousands) Maryland Casino Resort Distributed Gaming Maryland Casino Resort Distributed Gaming Revenues $ 18,128 $ 90,401 $ 17,892 $ 90,768 Pretax income 5,117 7,543 4,488 8,364

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net, consisted of the following: (In thousands) March 31, 2023 December 31, 2022 Land $ 125,240 $ 125,240 Building and improvements 924,670 923,157 Furniture and equipment 174,239 244,735 Construction in process 32,292 23,224 Property and equipment 1,256,441 1,316,356 Accumulated depreciation (444,133) (475,625) Property and equipment, net $ 812,308 $ 840,731 Depreciation expense for property and equipment, includ ing finance leases, was $22.2 million and $24.4 million for the three months ended March 31, 2023 and 2022, respectively. The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Based on the results of its interim impairment assessments conducted during the three months ended March 31, 2023 and 2022, the Company concluded that there was no impairment of the Company’s long-lived assets.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company tests goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. Finite-lived intangible assets are evaluated for potential impairment whenever there is an indicator that the carrying value of an asset group may not be recoverable. Based on the results of its interim impairment assessments conducted during the three months ended March 31, 2023 and 2022, the Company concluded that there was no impairment of the Company’s goodwill and intangible assets. The following table summarizes goodwill balances by reportable segment: (In thousands) Nevada Casino Resorts Nevada Locals Casinos Maryland Casino Resort Nevada Taverns Distributed Gaming Total Goodwill Balance, December 31, 2022 $ 22,105 $ 38,187 $ — $ 20,459 $ 77,645 $ 158,396 Balance, March 31, 2023 $ 22,105 $ 38,187 $ — $ 20,459 $ — $ 80,751 Intangible assets, net, consisted of the following: March 31, 2023 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 53,690 $ — $ (6,890) $ 46,800 53,690 — (6,890) 46,800 Amortizing intangible assets Player relationships 2-14 42,990 (40,616) — 2,374 Non-compete agreements 2-5 3,957 (3,413) — 544 In-place lease value 4 1,170 (1,170) — — Leasehold interest 4 570 (570) — — Other 4-25 45 (45) — — 48,732 (45,814) — 2,918 Balance, March 31, 2023 $ 102,422 $ (45,814) $ (6,890) $ 49,718 December 31, 2022 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 53,690 $ — $ (6,890) $ 46,800 53,690 — (6,890) 46,800 Amortizing intangible assets Customer relationships 4-16 81,105 (41,743) — 39,362 Player relationships 2-14 42,990 (40,455) — 2,535 Non-compete agreements 2-5 9,840 (9,114) — 726 In-place lease value 4 1,170 (1,170) — — Leasehold interest 4 570 (570) — — Other 4-25 1,366 (1,237) — 129 137,041 (94,289) — 42,752 Balance, December 31, 2022 $ 190,731 $ (94,289) $ (6,890) $ 89,552 Total amortization expense related to intangible assets was $1.3 million and $1.9 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following: (In thousands) March 31, 2023 December 31, 2022 Interest $ 12,089 $ 6,036 Gaming liabilities 10,632 10,952 Other accrued liabilities 5,833 5,027 Accrued taxes, other than income taxes 5,738 9,291 Deposits 2,388 2,059 Total current accrued liabilities $ 36,680 $ 33,365

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt, net, consisted of the following: (In thousands) March 31, 2023 December 31, 2022 Term Loan $ 575,000 $ 575,000 2026 Unsecured Notes 335,461 335,461 Finance lease liabilities 2,041 2,157 Notes payable 66 90 Total long-term debt and finance leases 912,568 912,708 Unamortized discount (7,176) (7,899) Unamortized debt issuance costs (3,510) (3,790) Total long-term debt and finance leases after debt issuance costs and discount 901,882 901,019 Current portion of long-term debt and finance leases (477) (555) Long-term debt, net and finance leases $ 901,405 $ 900,464 Senior Secured Credit Facility In October 2017, the Company entered into a senior secured credit facility consisting of a $900 million senior secured first lien credit facility (consisting of an $800 million term loan (the “Term Loan”) maturing on October 20, 2024 and a $100 million revolving credit facility (the “Revolving Credit Facility”)) with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto (the “Credit Facility”). The Revolving Credit Facility was subsequently increased from $100 million to $200 million in 2018, increasing the total Credit Facility capacity to $1 billion. On October 12, 2021, the Company further modified the terms of the Revolving Credit Facility by increasing its size to $240 million and extending the maturity date from October 20, 2022 to April 20, 2024. The Company incurred $0.7 million in debt modification costs and fees related to this modification of the Revolving Credit Facility that have been deferred and are being amortized over the term of the Revolving Credit Facility using the straight-line method. As of March 31, 2023, the Company had $575 million in principal amount of outstanding Term Loan borrowings under its Credit Facility, no outstanding letters of credit and no borrowings under the Revolving Credit Facility, such that the full borrowing availability of $240 million under the Revolving Credit Facility was available to the Company. The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was 7.53% for the three months ended March 31, 2023. The Company made multiple prepayments of the principal under the Term Loan during the years ended December 31, 2022 and 2021, thereby eliminating the requirement to make any further quarterly installment payments prior to maturity. As of March 31, 2023, t he final installment payment due at the maturity date of October 20, 2024 is $575 million. The Company recorded a non-cash charge of $0.2 million for the accelerated amortization of the debt issuance costs and discount related to the prepayment of the Term Loan for the three months ended March 31, 2022. The Company was in compliance with its financial and other covenants under the Credit Facility as of March 31, 2023. Senior Unsecured Notes On April 15, 2019, the Company issued $375 million in principal amount of 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”) in a private placement to institutional buyers at face value. The 2026 Unsecured Notes bear interest at 7.625%, payable semi-annually on April 15 th and October 15 th of each year.

Shareholders_ Equity and Stock

Shareholders’ Equity and Stock Incentive Plans	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Shareholders’ Equity and Stock Incentive Plans	Shareholders’ Equity and Stock Incentive Plans Share Repurchase Program On August 3, 2021, the Company’s Board of Directors authorized a share repurchase program of $50 million, which was re-authorized on May 3, 2022 and subsequently increased to $75 million on November 1, 2022. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with the Company’s finance agreements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. As of March 31, 2023, the Company had $61.5 million of remaining share repurchase availability under its November 1, 2022 authorization. The Company did not repurchase any of its shares during the three months ended March 31, 2023. The following table includes the Company’s share repurchase activity for the three months ended March 31, 2022: Three Months Ended March 31, 2022 (In thousands, except per share data) Shares repurchased (1) 269 Total cost, including brokerage fees $ 15,196 Average repurchase price per share (2) $ 56.54 (1) All repurchased shares were retired and constitute authorized but unissued shares. (2) Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers. Stock Options The following table summarizes the Company’s stock option activity: Stock Options Shares Weighted-Average Exercise Price Outstanding at January 1, 2023 2,071,994 $ 11.35 Granted — $ — Exercised (41,140) $ 16.37 Cancelled — $ — Expired — $ — Outstanding at March 31, 2023 2,030,854 $ 11.25 Exercisable at March 31, 2023 2,030,854 $ 11.25 There was no share-based compensation expense related to stock options for the three months ended March 31, 2023 and 2022. The Company did not have any remaining unrecognized share-based compensation expense related to stock options as of March 31, 2023 and 2022. Restricted Stock Units The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”): RSUs PSUs Shares Weighted-Average Grant Date Fair Value Shares (1) Weighted-Average Grant Date Fair Value Outstanding at January 1, 2023 547,671 $ 26.09 1,076,159 (2) $ 17.17 Granted 137,126 $ 41.92 114,898 (1) $ 41.92 Vested (265,689) $ 20.98 (733,574) (3) $ 8.86 Cancelled — $ — (8,699) (4) $ 53.51 Outstanding at March 31, 2023 419,108 $ 34.50 448,784 $ 36.40 (1) The number of shares for the PSUs listed as granted represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. (2) Includes PSUs granted in March 2020 and March 2021 at 200% of the target and PSUs granted in March 2022 at target. (3) Represents PSUs granted in March 2020 that vested in March 2023 at 200% of the target PSUs. (4) The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2023 and 89.6% of the target PSUs granted in March 2022 were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2022 to the number of PSUs eligible to vest from 83,579 to 74,880. Share-based compensation expense related to RSUs was $1.8 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively. Share-based compensation expense related to PSUs was $1.5 million for each of the three months ended March 31, 2023 and 2022. As of March 31, 2023, there was $12.2 million and $9.7 million of unrecognized share-based compensati on expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 1.8 years and 1.6 years for RSUs and PSUs, respectively. As of March 31, 2022, there was $12.5 million and $11.3 million of unrecognized share-based compensation expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 2.2 years for both RSUs and PSUs. As of March 31, 2023, a total of 4,010,605 shares of the Company’s common stock remained available for grants of awards under the Golden Entertainment, Inc. 2015 Incentive Award Plan, which includes the annual increase in the number of shares available for grant on January 1, 2023 of 1,127,160 shares.

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The Company’s effective income tax rates were 19.3% and (105.1)% for the three months ended March 31, 2023 and 2022, respectively. The Company recorded income tax expense of $2.8 million for the three months ended March 31, 2023 and income tax benefit of $18.5 million for the three months ended March 31, 2022. The Company performs a continuing evaluation of its deferred tax asset valuation allowance on a quarterly basis. During the three months ended March 31, 2022, the Company concluded that it was more likely than not that the Company would generate sufficient taxable income within the applicable net operating loss carry-forward periods to realize a portion of its deferred tax assets, which resulted in a partial reversal of the deferred tax asset valuation allowance in that period. The partial reversal of the deferred tax asset valuation allowance during the three months ended March 31, 2022 resulted in the negative effective income tax rate and income tax benefit for that period. The effective income tax rate and the income tax expense for the three months ended March 31, 2023 differed from the federal tax rate of 21% primarily due to the limitation on tax deductions for executive compensation in excess of $1 million under Section 162(m) of the Internal Revenue Code. As of March 31, 2023, the Company’s 2017 and 2018 federal tax returns were under audit by the IRS. As of March 31, 2023 and December 31, 2022, the Company had no material uncertain tax positions.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. Financial Instruments The carrying values of the Company’s cash and cash equivalents, accounts receivable, other current assets and accounts payable approximate fair value because of the short duration of these financial instruments. The following table summarizes the fair value measurement of the Company’s long-term debt: March 31, 2023 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan $ 575,000 $ 575,000 Level 2 2026 Unsecured Notes 335,461 338,312 Level 2 Finance lease liabilities 2,041 2,041 Level 3 Notes payable 66 66 Level 3 Total debt $ 912,568 $ 915,419 December 31, 2022 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan $ 575,000 $ 575,000 Level 2 2026 Unsecured Notes 335,461 330,630 Level 2 Finance lease liabilities 2,157 2,157 Level 3 Notes payable 90 90 Level 3 Total debt $ 912,708 $ 907,877 The estimated fair value of the Company’s Term Loan and 2026 Unsecured Notes is based on a relative value analysis performed as of March 31, 2023 and December 31, 2022. The finance lease liabilities and notes payable are fixed-rate debt, are not traded and do not have observable market inputs, and therefore, their fair value is estimated to be equal to the carrying value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Participation Agreements The Company enters into certain slot placement contracts in the form of participation agreements. Under participation agreements, the Company and the business location each hold a state issued gaming license in order to be able to receive a percentage of gaming revenue earned on the Company’s slot machines. The business location retains a percentage of the gaming revenue generated from the Company’s slot machines. The Company is considered to be the principal in these arrangements and therefore, records its share of revenue generated under participation agreements on a gross basis with the business location’s share of revenue recorded as gaming expenses. The aggregate contingent payments recognized by the Company as gaming expenses under participation agreements were $53.3 million and $52.8 million for the three months ended March 31, 2023 and 2022, respectively. Legal Matters and Other From time to time, the Company is involved in a variety of lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of business, including proceedings concerning labor and employment matters, personal injury claims, breach of contract claims, commercial disputes, business practices, intellectual property, tax and other matters for which the Company records reserves. Although lawsuits, claims, investigations and other legal proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its currently pending matters should not have a material adverse effect on its business, financial condition, results of operations or liquidity. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense costs, diversion of management resources and other factors. In addition, it is possible that an unfavorable resolution of one or more such proceedings could in the future materially and adversely affect the Company’s business, financial condition, results of operations or liquidity in a particular period.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company conducts its business through five reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino Resort, Nevada Taverns, and Distributed Gaming. The Nevada Casino Resorts segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities. The casino resort properties in this segment cater primarily to a regional drive-in customer base seeking a value-oriented vacation experience, with guests typically traveling from Southern California or Arizona. The Company’s casino resort properties in Nevada have a significantly larger number of hotel rooms compared to the other casino properties in its portfolio. While hotel stays at these casino resorts are typically longer, the overall frequency of visitation from guests is lower when compared to the Nevada Locals Casinos. The Nevada Locals Casinos segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius. The Company’s locals casino properties typically experience a higher frequency of customer visits compared to its casino resort properties in Nevada and Maryland, with many of the customers visiting the Company’s Nevada Locals Casinos on a weekly basis. The casino properties within this reportable segment have no or a limited number of hotel rooms and offer fewer food and beverage outlets or other amenities, with revenues primarily generated from slot machine play. The Maryland Casino Resort segment is comprised of the Rocky Gap casino resort, which is geographically disparate from the Company’s Nevada properties, operates in a separate regulatory jurisdiction and has only a limited number of hotel rooms compared to the Nevada Casino Resorts. Rocky Gap caters to a regional drive-in customer base traveling from mid-Atlantic areas (Maryland, Virginia, Washington DC, Pennsylvania, West Virginia) and offers a full range of amenities, including various food and beverage outlets, signature golf course, spa and pool. As discussed in “ Note 1 — Nature of Business and Basis of Presentation ” and “ Note 2 — Assets Held for Sale ,” on August 24, 2022, the Company entered into definitive agreements to sell Rocky Gap. The Rocky Gap Transactions are required by their terms to close concurrently and the Company expects the Rocky Gap Transactions to close during the second quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions. The Nevada Taverns segment is comprised of branded tavern locations, where the Company controls the food and beverage operations as well as the slot machines located within the tavern. The Company’s branded taverns offer a casual, upscale environment catering to local patrons offering superior food, craft beer and other alcoholic beverages, and are typically limited to 15 slot machines. The Distributed Gaming segment is comprised of the operation of slot machines and amusement devices in nearly 1,000 third party non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores, across Nevada and Montana with a limited number of slot machines in each location. Distributed Gaming operations cater to local residents with high frequency visitation to these locations. The Company places its slot machines and amusement devices in locations where it believes they will receive maximum customer traffic. As discussed in “ Note 1 — Nature of Business and Basis of Presentation ” and “ Note 2 — Assets Held for Sale ,” on March 3, 2023, the Company entered into definitive agreements to sell the Distributed Gaming Operations and classified the assets related to Distributed Gaming as held for sale as of March 31, 2023. The sale of the Nevada Distributed Gaming Operations is contingent upon the closing of the sale of the Montana Distributed Gaming Operations. The Company expects the Distributed Gaming Transactions to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions. The Corporate and Other segment includes the Company’s cash and cash equivalents, miscellaneous receivables and corporate overhead. Costs recorded in the Corporate and Other segment have not been allocated to the Company’s reportable segments because these costs are not easily allocable and to do so would not be practical. The Company presents Adjusted EBITDA in its segment disclosures because it is the primary metric used by the Company’s chief operating decision makers in measuring both the Company’s past and future expectations of performance. Further, the Company’s annual performance plan used to determine compensation of its executive officers and employees is tied to the Adjusted EBITDA metric. Adjusted EBITDA represents each segment’s earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, impairment of goodwill and intangible assets, severance expenses, preopening and related expenses, gain or loss on disposal of assets, share-based compensation expenses, non-cash lease expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results, calculated before corporate overhead (which is not allocated to each reportable segment). Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below: Three Months Ended March 31, (In thousands) 2023 2022 Revenues Nevada Casino Resorts Gaming $ 42,293 $ 44,230 Food and beverage 24,231 21,384 Rooms 26,210 22,029 Other 7,442 8,792 Nevada Casino Resorts revenues $ 100,176 $ 96,435 Nevada Locals Casinos Gaming $ 29,649 $ 29,381 Food and beverage 6,691 6,179 Rooms 2,822 2,244 Other 2,076 2,085 Nevada Locals Casinos revenues $ 41,238 $ 39,889 Maryland Casino Resort Gaming $ 14,514 $ 14,457 Food and beverage 1,866 1,648 Rooms 1,545 1,473 Other 203 314 Maryland Casino Resort revenues $ 18,128 $ 17,892 Nevada Taverns Gaming $ 13,025 $ 14,322 Food and beverage 13,305 13,053 Other 1,263 1,079 Nevada Taverns revenue $ 27,593 $ 28,454 Distributed Gaming Gaming $ 88,606 $ 88,397 Food and beverage 178 192 Other 1,617 2,179 Distributed Gaming revenues $ 90,401 $ 90,768 Corporate and other 515 206 Total revenues $ 278,051 $ 273,644 Three Months Ended March 31, (In thousands) 2023 2022 Adjusted EBITDA Nevada Casino Resorts $ 31,711 $ 33,575 Nevada Locals Casinos 20,160 20,038 Maryland Casino Resort 5,128 5,572 Nevada Taverns 8,538 10,778 Distributed Gaming 9,784 11,275 Corporate and other (13,154) (13,913) Total Adjusted EBITDA 62,167 67,325 Adjustments Depreciation and amortization (23,508) (26,276) Non-cash lease expense (33) (181) Share-based compensation (3,893) (3,672) Gain on disposal of assets 86 41 Loss on debt extinguishment — (181) Preopening and related expenses (1) (384) (55) Other, net (1,785) (4,296) Interest expense, net (18,236) (15,118) Income tax (provision) benefit (2,784) 18,479 Net Income $ 11,630 $ 36,066 (1) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and casino locations as well as food and beverage and other venues within the casino locations. Assets The Company’s assets by reportable segment consisted of the following amounts: (In thousands) Nevada Casino Resorts Nevada Locals Casinos Maryland Casino Resort Nevada Taverns Distributed Gaming Corporate and Other Consolidated Balance at March 31, 2023 $ 782,939 $ 160,393 $ 40,486 $ 137,853 $ 252,879 $ 125,334 $ 1,499,884 Balance at December 31, 2022 $ 784,242 $ 164,580 $ 39,562 $ 145,065 $ 258,260 $ 116,961 $ 1,508,670

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A portion of the Company’s office headquarters building is sublet to Sartini Enterprises, Inc., a company controlled by Mr. Sartini. Rental income for each of the three months ended March 31, 2023 and 2022 for the sublet portion of the office headquarters building was less than $0.1 million. No amount was owed to the Company under such sublease as of March 31, 2023 and December 31, 2022. In addition, the Company and Sartini Enterprises, Inc. participate in certain cost-sharing arrangements. No amount was due and payable by the Company or to the Company under such arrangements as of March 31, 2023 and December 31, 2022. Mr. Sartini serves as the Chairman of the Board and Chief Executive Officer of the Company and is co-trustee of The Blake L. Sartini and Delise F. Sartini Family Trust, which is a significant shareholder of the Company. Mr. Arcana serves as the Executive Vice President and Chief Operating Officer of the Company. In November 2018, the Company entered into a lease agreement for office space in a building adjacent to the Company’s office headquarters building to be constructed and owned by a company 33% beneficially owned by Mr. Sartini, 3% beneficially owned by Mr. Arcana, and 1.67% beneficially owned by each of Mr. Sartini’s three children (including Blake L. Sartini II). The lease commenced in August 2020 and expires on December 31, 2030. The rent expense for the space was $0.1 million for each of the three months ended March 31, 2023 and 2022. Additionally, the lease agreement includes a right of first refusal for additional space on the second floor of the building. From time to time, the Company’s executive officers and employees use a private aircraft leased to Sartini Enterprises, Inc. for Company business purposes pursuant to aircraft time-sharing, co-user and cost-sharing agreements between the Company and Sartini Enterprises, Inc., all of which have been approved by the Audit Committee of the Board of Directors. The aircraft time-sharing, co-user and cost-sharing agreements specify the maximum expense reimbursement that Sartini Enterprises, Inc. can charge the Company under the applicable regulations of the Federal Aviation Administration for the use of the aircraft and the flight crew. Such costs include fuel, landing fees, hangar and tie-down costs away from the aircraft’s operating base, flight planning and weather contract services, crew costs and other related expenses. The Company’s compliance department regularly reviews these reimbursements. The Company incurred $0.1 million under the aircraft time-sharing, co-user and cost-sharing agreements with Sartini Enterprises, Inc. for the three months ended March 31, 2023 and the Company did not incur any costs under the aircraft time-sharing, co-user and cost-sharing agreements with Sartini Enterprises, Inc. for the three months ended March 31, 2022. The Company is owed less than $0.1 million under such agreements as of March 31, 2023 and t

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. Accordingly, certain information normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) has been condensed and/or omitted. For further information, refer to the audited consolidated financial statements of the Company for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) previously filed with the SEC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which included only normal recurring adjustments, necessary to present fairly the Company’s results for the periods presented. Results for interim periods should not be considered indicative of the results to be expected for the full year and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Reclassifications were made to the Company’s prior period consolidated financial statements to conform to the current period presentation, where applicable. These reclassifications had no effect on previously reported net income.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents include cash on hand and in banks and highly liquid investments with original maturities of three months or less. As of March 31, 2023, the Company had $156.2 million in cash and cash equivalents, which included $45.7 million of cash and cash equivalents related to assets held for sale. Although cash and cash equivalents balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institutions holding such deposits.
Net Income Per Share	Net Income Per Share Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net income by the weighted-average of all common and potentially dilutive shares outstanding. In the event of a net loss, diluted shares are not considered because of their anti-dilutive effect. For the three months ended March 31, 2023, diluted net income per share excluded the weighted average effect of 51,819 shares of common stock, related to time-based and performance-based restricted stock units due to such shares being anti-dilutive. No shares of common stock related to time-based and performance-based restricted stock units were anti-dilutive for the three months ended March 31, 2022.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Accounting Standards Issued and Adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The ASU improves the accounting for revenue contracts with customers acquired in a business combination by addressing diversity in practice and inconsistency related to recognition of contract assets and liabilities acquired in a business combination. The provisions of this ASU require that an acquiring entity account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. The Company adopted the standard effective January 1, 2023, and the adoption did not have a material impact on the Company’s financial statements or disclosures. Management does not believe that any other recently issued accounting standards that are not yet effective are likely to have a

Nature of Business and Basis _3

Nature of Business and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Operating Segments	Each reportable segment is comprised of the following properties and operations: Reportable Segment Location Nevada Casino Resorts The STRAT Hotel, Casino & SkyPod (“The STRAT”) Las Vegas, Nevada Aquarius Casino Resort (“Aquarius”) Laughlin, Nevada Edgewater Casino Resort (“Edgewater”) Laughlin, Nevada Colorado Belle Casino Resort (“Colorado Belle”) (1) Laughlin, Nevada Nevada Locals Casinos Arizona Charlie’s Boulder Las Vegas, Nevada Arizona Charlie’s Decatur Las Vegas, Nevada Gold Town Casino Pahrump, Nevada Lakeside Casino & RV Park Pahrump, Nevada Pahrump Nugget Hotel Casino (“Pahrump Nugget”) Pahrump, Nevada Maryland Casino Resort Rocky Gap Casino Resort (“Rocky Gap”) Flintstone, Maryland Nevada Taverns 64 branded tavern locations Nevada Distributed Gaming Nevada distributed gaming Nevada Montana distributed gaming Montana

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets Held for Sale	The carrying amounts of the assets and liabilities held for sale in the Rocky Gap Transactions and Distributed Gaming Transactions consisted of the following: March 31, 2023 (In thousands) Maryland Casino Resort Distributed Gaming Total ASSETS Current assets Cash and cash equivalents $ 6,389 $ 39,340 $ 45,729 Accounts receivables, net 1,929 2,900 4,829 Prepaid expenses 431 1,480 1,911 Inventories 642 3 645 Other 169 2,615 2,784 Total current assets held for sale 9,560 46,338 55,898 Property and equipment, net 23,877 28,087 51,964 Operating lease right-of-use assets, net 5,980 55,815 61,795 Goodwill — 77,645 77,645 Intangible assets, net 1,064 38,506 39,570 Other assets 5 6,488 6,493 Total assets held for sale $ 40,486 $ 252,879 $ 293,365 LIABILITIES Current liabilities Current portion of finance leases $ 104 $ — $ 104 Current portion of operating leases 436 27,203 27,639 Accounts payable 1,291 992 2,283 Accrued payroll and related 1,092 1,231 2,323 Other accrued liabilities 2,413 5,353 7,766 Total current liabilities related to assets held for sale 5,336 34,779 40,115 Non-current finance leases 193 — 193 Non-current operating leases 5,206 28,892 34,098 Other long-term obligations — 66 66 Total liabilities related to assets held for sale $ 10,735 $ 63,737 $ 74,472 Revenues and pretax income generated by the assets held for sale were as follows: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (In thousands) Maryland Casino Resort Distributed Gaming Maryland Casino Resort Distributed Gaming Revenues $ 18,128 $ 90,401 $ 17,892 $ 90,768 Pretax income 5,117 7,543 4,488 8,364

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Components of Property and Equipment	Property and equipment, net, consisted of the following: (In thousands) March 31, 2023 December 31, 2022 Land $ 125,240 $ 125,240 Building and improvements 924,670 923,157 Furniture and equipment 174,239 244,735 Construction in process 32,292 23,224 Property and equipment 1,256,441 1,316,356 Accumulated depreciation (444,133) (475,625) Property and equipment, net $ 812,308 $ 840,731

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Activity by Reportable Segment	The following table summarizes goodwill balances by reportable segment: (In thousands) Nevada Casino Resorts Nevada Locals Casinos Maryland Casino Resort Nevada Taverns Distributed Gaming Total Goodwill Balance, December 31, 2022 $ 22,105 $ 38,187 $ — $ 20,459 $ 77,645 $ 158,396 Balance, March 31, 2023 $ 22,105 $ 38,187 $ — $ 20,459 $ — $ 80,751
Schedule of Finite-Lived Intangible Assets	Intangible assets, net, consisted of the following: March 31, 2023 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 53,690 $ — $ (6,890) $ 46,800 53,690 — (6,890) 46,800 Amortizing intangible assets Player relationships 2-14 42,990 (40,616) — 2,374 Non-compete agreements 2-5 3,957 (3,413) — 544 In-place lease value 4 1,170 (1,170) — — Leasehold interest 4 570 (570) — — Other 4-25 45 (45) — — 48,732 (45,814) — 2,918 Balance, March 31, 2023 $ 102,422 $ (45,814) $ (6,890) $ 49,718 December 31, 2022 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 53,690 $ — $ (6,890) $ 46,800 53,690 — (6,890) 46,800 Amortizing intangible assets Customer relationships 4-16 81,105 (41,743) — 39,362 Player relationships 2-14 42,990 (40,455) — 2,535 Non-compete agreements 2-5 9,840 (9,114) — 726 In-place lease value 4 1,170 (1,170) — — Leasehold interest 4 570 (570) — — Other 4-25 1,366 (1,237) — 129 137,041 (94,289) — 42,752 Balance, December 31, 2022 $ 190,731 $ (94,289) $ (6,890) $ 89,552
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net, consisted of the following: March 31, 2023 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 53,690 $ — $ (6,890) $ 46,800 53,690 — (6,890) 46,800 Amortizing intangible assets Player relationships 2-14 42,990 (40,616) — 2,374 Non-compete agreements 2-5 3,957 (3,413) — 544 In-place lease value 4 1,170 (1,170) — — Leasehold interest 4 570 (570) — — Other 4-25 45 (45) — — 48,732 (45,814) — 2,918 Balance, March 31, 2023 $ 102,422 $ (45,814) $ (6,890) $ 49,718 December 31, 2022 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 53,690 $ — $ (6,890) $ 46,800 53,690 — (6,890) 46,800 Amortizing intangible assets Customer relationships 4-16 81,105 (41,743) — 39,362 Player relationships 2-14 42,990 (40,455) — 2,535 Non-compete agreements 2-5 9,840 (9,114) — 726 In-place lease value 4 1,170 (1,170) — — Leasehold interest 4 570 (570) — — Other 4-25 1,366 (1,237) — 129 137,041 (94,289) — 42,752 Balance, December 31, 2022 $ 190,731 $ (94,289) $ (6,890) $ 89,552

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: (In thousands) March 31, 2023 December 31, 2022 Interest $ 12,089 $ 6,036 Gaming liabilities 10,632 10,952 Other accrued liabilities 5,833 5,027 Accrued taxes, other than income taxes 5,738 9,291 Deposits 2,388 2,059 Total current accrued liabilities $ 36,680 $ 33,365

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt, net, consisted of the following: (In thousands) March 31, 2023 December 31, 2022 Term Loan $ 575,000 $ 575,000 2026 Unsecured Notes 335,461 335,461 Finance lease liabilities 2,041 2,157 Notes payable 66 90 Total long-term debt and finance leases 912,568 912,708 Unamortized discount (7,176) (7,899) Unamortized debt issuance costs (3,510) (3,790) Total long-term debt and finance leases after debt issuance costs and discount 901,882 901,019 Current portion of long-term debt and finance leases (477) (555) Long-term debt, net and finance leases $ 901,405 $ 900,464

Shareholders_ Equity and Stoc_2

Shareholders’ Equity and Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share Repurchase Activity	The following table includes the Company’s share repurchase activity for the three months ended March 31, 2022: Three Months Ended March 31, 2022 (In thousands, except per share data) Shares repurchased (1) 269 Total cost, including brokerage fees $ 15,196 Average repurchase price per share (2) $ 56.54 (1) All repurchased shares were retired and constitute authorized but unissued shares. (2) Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.
Schedule of Stock Option Activity	The following table summarizes the Company’s stock option activity: Stock Options Shares Weighted-Average Exercise Price Outstanding at January 1, 2023 2,071,994 $ 11.35 Granted — $ — Exercised (41,140) $ 16.37 Cancelled — $ — Expired — $ — Outstanding at March 31, 2023 2,030,854 $ 11.25 Exercisable at March 31, 2023 2,030,854 $ 11.25
Schedule of Activity Related To Time-based Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)	The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”): RSUs PSUs Shares Weighted-Average Grant Date Fair Value Shares (1) Weighted-Average Grant Date Fair Value Outstanding at January 1, 2023 547,671 $ 26.09 1,076,159 (2) $ 17.17 Granted 137,126 $ 41.92 114,898 (1) $ 41.92 Vested (265,689) $ 20.98 (733,574) (3) $ 8.86 Cancelled — $ — (8,699) (4) $ 53.51 Outstanding at March 31, 2023 419,108 $ 34.50 448,784 $ 36.40 (1) The number of shares for the PSUs listed as granted represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels. (2) Includes PSUs granted in March 2020 and March 2021 at 200% of the target and PSUs granted in March 2022 at target. (3) Represents PSUs granted in March 2020 that vested in March 2023 at 200% of the target PSUs. (4) The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2023 and 89.6% of the target PSUs granted in March 2022 were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2022 to the number of PSUs eligible to vest from 83,579 to 74,880.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement of Long-term Debt	The following table summarizes the fair value measurement of the Company’s long-term debt: March 31, 2023 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan $ 575,000 $ 575,000 Level 2 2026 Unsecured Notes 335,461 338,312 Level 2 Finance lease liabilities 2,041 2,041 Level 3 Notes payable 66 66 Level 3 Total debt $ 912,568 $ 915,419 December 31, 2022 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan $ 575,000 $ 575,000 Level 2 2026 Unsecured Notes 335,461 330,630 Level 2 Finance lease liabilities 2,157 2,157 Level 3 Notes payable 90 90 Level 3 Total debt $ 912,708 $ 907,877

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below: Three Months Ended March 31, (In thousands) 2023 2022 Revenues Nevada Casino Resorts Gaming $ 42,293 $ 44,230 Food and beverage 24,231 21,384 Rooms 26,210 22,029 Other 7,442 8,792 Nevada Casino Resorts revenues $ 100,176 $ 96,435 Nevada Locals Casinos Gaming $ 29,649 $ 29,381 Food and beverage 6,691 6,179 Rooms 2,822 2,244 Other 2,076 2,085 Nevada Locals Casinos revenues $ 41,238 $ 39,889 Maryland Casino Resort Gaming $ 14,514 $ 14,457 Food and beverage 1,866 1,648 Rooms 1,545 1,473 Other 203 314 Maryland Casino Resort revenues $ 18,128 $ 17,892 Nevada Taverns Gaming $ 13,025 $ 14,322 Food and beverage 13,305 13,053 Other 1,263 1,079 Nevada Taverns revenue $ 27,593 $ 28,454 Distributed Gaming Gaming $ 88,606 $ 88,397 Food and beverage 178 192 Other 1,617 2,179 Distributed Gaming revenues $ 90,401 $ 90,768 Corporate and other 515 206 Total revenues $ 278,051 $ 273,644 Three Months Ended March 31, (In thousands) 2023 2022 Adjusted EBITDA Nevada Casino Resorts $ 31,711 $ 33,575 Nevada Locals Casinos 20,160 20,038 Maryland Casino Resort 5,128 5,572 Nevada Taverns 8,538 10,778 Distributed Gaming 9,784 11,275 Corporate and other (13,154) (13,913) Total Adjusted EBITDA 62,167 67,325 Adjustments Depreciation and amortization (23,508) (26,276) Non-cash lease expense (33) (181) Share-based compensation (3,893) (3,672) Gain on disposal of assets 86 41 Loss on debt extinguishment — (181) Preopening and related expenses (1) (384) (55) Other, net (1,785) (4,296) Interest expense, net (18,236) (15,118) Income tax (provision) benefit (2,784) 18,479 Net Income $ 11,630 $ 36,066 (1) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and casino locations as well as food and beverage and other venues within the casino locations. Assets The Company’s assets by reportable segment consisted of the following amounts: (In thousands) Nevada Casino Resorts Nevada Locals Casinos Maryland Casino Resort Nevada Taverns Distributed Gaming Corporate and Other Consolidated Balance at March 31, 2023 $ 782,939 $ 160,393 $ 40,486 $ 137,853 $ 252,879 $ 125,334 $ 1,499,884 Balance at December 31, 2022 $ 784,242 $ 164,580 $ 39,562 $ 145,065 $ 258,260 $ 116,961 $ 1,508,670

Nature of Business and Basis _4

Nature of Business and Basis of Presentation - Additional Information (Details) $ in Thousands			3 Months Ended
	Mar. 03, 2023 USD ($)	Aug. 24, 2022 USD ($)	Mar. 31, 2023 USD ($) location segment property shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Nature Of Business And Basis Of Presentation [Line Items]
Number of reportable segments | segment			5
Cash and cash equivalents			$ 156,203	$ 202,283	$ 142,034	$ 220,540
Cash and cash equivalents included in assets held for sale			$ 45,729	$ 0
Anti-dilutive potential common share equivalents excluded (in shares) | shares			51,819	0
Rocky Gap Property | Disposal Group, Held-for-sale, Not Discontinued Operations
Nature Of Business And Basis Of Presentation [Line Items]
Aggregate consideration		$ 260,000
Rocky Gap Property | Disposal Group, Held-for-sale, Not Discontinued Operations | Century Casinos, Inc.
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from divestiture of businesses		56,100
Rocky Gap Property | Disposal Group, Held-for-sale, Not Discontinued Operations | VICI Properties, L.P.
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from divestiture of businesses		$ 203,900
Distributed Gaming | Disposal Group, Held-for-sale, Not Discontinued Operations
Nature Of Business And Basis Of Presentation [Line Items]
Aggregate consideration	$ 322,500
Nevada and Maryland
Nature Of Business And Basis Of Presentation [Line Items]
Number of resort casino properties | property			10
Nevada | Nevada Taverns
Nature Of Business And Basis Of Presentation [Line Items]
Number of tavern locations | location			64
Nevada | Distributed Gaming | Disposal Group, Held-for-sale, Not Discontinued Operations | J&J Gaming
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from divestiture of businesses	213,500
Montana | Distributed Gaming | Disposal Group, Held-for-sale, Not Discontinued Operations | J&J Gaming
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from divestiture of businesses	$ 109,000

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Components of Assets and Liabilities Held for Sate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Current assets
Total current assets held for sale	$ 293,365		$ 39,562
Current liabilities
Total current liabilities related to assets held for sale	74,472		$ 10,187
Disposal Group, Held-for-sale, Not Discontinued Operations
Current assets
Cash and cash equivalents	45,729
Accounts receivables, net	4,829
Prepaid expenses	1,911
Inventories	645
Other	2,784
Total current assets held for sale	55,898
Property and equipment, net	51,964
Operating lease right-of-use assets, net	61,795
Goodwill	77,645
Intangible assets, net	39,570
Other assets	6,493
Total assets held for sale	293,365
Current liabilities
Current portion of finance leases	104
Current portion of operating leases	27,639
Accounts payable	2,283
Accrued payroll and related	2,323
Other accrued liabilities	7,766
Total current liabilities related to assets held for sale	40,115
Non-current finance leases	193
Non-current operating leases	34,098
Other long-term obligations	66
Total liabilities related to assets held for sale	74,472
Disposal Group, Held-for-sale, Not Discontinued Operations | Maryland Casino Resort
Current assets
Cash and cash equivalents	6,389
Accounts receivables, net	1,929
Prepaid expenses	431
Inventories	642
Other	169
Total current assets held for sale	9,560
Property and equipment, net	23,877
Operating lease right-of-use assets, net	5,980
Goodwill	0
Intangible assets, net	1,064
Other assets	5
Total assets held for sale	40,486
Current liabilities
Current portion of finance leases	104
Current portion of operating leases	436
Accounts payable	1,291
Accrued payroll and related	1,092
Other accrued liabilities	2,413
Total current liabilities related to assets held for sale	5,336
Non-current finance leases	193
Non-current operating leases	5,206
Other long-term obligations	0
Total liabilities related to assets held for sale	10,735
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	18,128	$ 17,892
Pretax income	5,117	4,488
Disposal Group, Held-for-sale, Not Discontinued Operations | Distributed Gaming
Current assets
Cash and cash equivalents	39,340
Accounts receivables, net	2,900
Prepaid expenses	1,480
Inventories	3
Other	2,615
Total current assets held for sale	46,338
Property and equipment, net	28,087
Operating lease right-of-use assets, net	55,815
Goodwill	77,645
Intangible assets, net	38,506
Other assets	6,488
Total assets held for sale	252,879
Current liabilities
Current portion of finance leases	0
Current portion of operating leases	27,203
Accounts payable	992
Accrued payroll and related	1,231
Other accrued liabilities	5,353
Total current liabilities related to assets held for sale	34,779
Non-current finance leases	0
Non-current operating leases	28,892
Other long-term obligations	66
Total liabilities related to assets held for sale	63,737
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	90,401	90,768
Pretax income	$ 7,543	$ 8,364

Property and Equipment - Schedu

Property and Equipment - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land	$ 125,240	$ 125,240
Building and improvements	924,670	923,157
Furniture and equipment	174,239	244,735
Construction in process	32,292	23,224
Property and equipment	1,256,441	1,316,356
Accumulated depreciation	(444,133)	(475,625)
Property and equipment, net	$ 812,308	$ 840,731

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 22,200,000	$ 24,400,000
Impairment on goodwill and intangible assets	$ 0	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment on goodwill and intangible assets	$ 0	$ 0
Amortization of intangible assets	$ 1,300,000	$ 1,900,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill Activity by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 80,751	$ 158,396
Nevada Casino Resorts
Goodwill [Line Items]
Goodwill	22,105	22,105
Nevada Locals Casinos
Goodwill [Line Items]
Goodwill	38,187	38,187
Maryland Casino Resort
Goodwill [Line Items]
Goodwill	0	0
Nevada Taverns
Goodwill [Line Items]
Goodwill	20,459	20,459
Distributed Gaming
Goodwill [Line Items]
Goodwill	$ 0	$ 77,645

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Indefinite-lived intangible assets
Gross Carrying Value	$ 53,690	$ 53,690
Cumulative Impairment	(6,890)	(6,890)
Intangible Assets, Net	46,800	46,800
Amortizing intangible assets
Gross Carrying Value	48,732	137,041
Cumulative Amortization	(45,814)	(94,289)
Intangible Assets, Net	2,918	42,752
Gross Carrying Value	102,422	190,731
Intangible Assets, Net	49,718	89,552
Customer relationships
Amortizing intangible assets
Gross Carrying Value		81,105
Cumulative Amortization		(41,743)
Intangible Assets, Net		$ 39,362
Customer relationships | Minimum
Amortizing intangible assets
Intangible assets, useful life (in years)		4 years
Customer relationships | Maximum
Amortizing intangible assets
Intangible assets, useful life (in years)		16 years
Player relationships
Amortizing intangible assets
Gross Carrying Value	42,990	$ 42,990
Cumulative Amortization	(40,616)	(40,455)
Intangible Assets, Net	$ 2,374	$ 2,535
Player relationships | Minimum
Amortizing intangible assets
Intangible assets, useful life (in years)	2 years	2 years
Player relationships | Maximum
Amortizing intangible assets
Intangible assets, useful life (in years)	14 years	14 years
Non-compete agreements
Amortizing intangible assets
Gross Carrying Value	$ 3,957	$ 9,840
Cumulative Amortization	(3,413)	(9,114)
Intangible Assets, Net	$ 544	$ 726
Non-compete agreements | Minimum
Amortizing intangible assets
Intangible assets, useful life (in years)	2 years	2 years
Non-compete agreements | Maximum
Amortizing intangible assets
Intangible assets, useful life (in years)	5 years	5 years
In-place lease value
Amortizing intangible assets
Intangible assets, useful life (in years)	4 years	4 years
Gross Carrying Value	$ 1,170	$ 1,170
Cumulative Amortization	(1,170)	(1,170)
Intangible Assets, Net	$ 0	$ 0
Leasehold interest
Amortizing intangible assets
Intangible assets, useful life (in years)	4 years	4 years
Gross Carrying Value	$ 570	$ 570
Cumulative Amortization	(570)	(570)
Intangible Assets, Net	0	0
Other
Amortizing intangible assets
Gross Carrying Value	45	1,366
Cumulative Amortization	(45)	(1,237)
Intangible Assets, Net	$ 0	$ 129
Other | Minimum
Amortizing intangible assets
Intangible assets, useful life (in years)	4 years	4 years
Other | Maximum
Amortizing intangible assets
Intangible assets, useful life (in years)	25 years	25 years
Trade names
Indefinite-lived intangible assets
Gross Carrying Value	$ 53,690	$ 53,690
Cumulative Impairment	(6,890)	(6,890)
Intangible Assets, Net	$ 46,800	$ 46,800

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Interest	$ 12,089	$ 6,036
Gaming liabilities	10,632	10,952
Other accrued liabilities	5,833	5,027
Accrued taxes, other than income taxes	5,738	9,291
Deposits	2,388	2,059
Total current accrued liabilities	$ 36,680	$ 33,365

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Term Loan	$ 575,000	$ 575,000
2026 Unsecured Notes	335,461	335,461
Finance lease liabilities	2,041	2,157
Notes payable	66	90
Total long-term debt and finance leases	912,568	912,708
Unamortized discount	(7,176)	(7,899)
Unamortized debt issuance costs	(3,510)	(3,790)
Total long-term debt and finance leases after debt issuance costs and discount	901,882	901,019
Current portion of long-term debt and finance leases	(477)	(555)
Long-term debt, net and finance leases	$ 901,405	$ 900,464

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)		3 Months Ended		12 Months Ended
	Oct. 12, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Apr. 15, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2017
Debt Instrument [Line Items]
Term loan		$ 575,000,000		$ 575,000,000
Letters of credit outstanding		0
Loss on debt extinguishment		0	$ 181,000
Unsecured notes		335,461,000		335,461,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility		0
Line of credit facility, maximum amount outstanding during period		$ 240,000,000
Senior Secured First Lien Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount						$ 1,000,000,000		$ 900,000,000
Debt, weighted average interest rate		7.53%
Senior Secured First Lien Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 240,000,000					$ 200,000,000	$ 100,000,000	100,000,000
Debt modification costs	$ 700,000
Senior Secured First Lien Credit Facility | Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount								$ 800,000,000
Credit Facility | Term Loan
Debt Instrument [Line Items]
Term loan		$ 575,000,000
Loss on debt extinguishment			$ 200,000
Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Debt instrument, face amount					$ 375,000,000
Debt instrument interest stated percentage					7.625%
Repurchases of senior notes				$ 39,500,000

Shareholders_ Equity and Stoc_3

Shareholders’ Equity and Stock Incentive Plans - Additional Information (Details) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 01, 2022	Aug. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase, remaining authorized repurchase amount		$ 61,500,000
Common stock available for grants of awards (in shares)		4,010,605
Number of shares available for grant annual increase (in shares)	1,127,160
Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net		$ 0	$ 0
Stock options, unrecognized share-based compensation expense		0	0
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net		$ 1,500,000	1,500,000
Percentage of target number of PSU's eligible to vest at "maximum" performance level		200%
Unamortized share-based compensation expense		$ 9,700,000	$ 11,300,000
Share-based compensation expense not yet recognized, weighted-average period for recognition		1 year 7 months 6 days	2 years 2 months 12 days
PSUs | Award Date, March 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of PSU's eligible to vest at "maximum" performance level		200%
PSUs | Award Date, March 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of PSU's eligible to vest at "maximum" performance level		200%
PSUs | Award Date, March 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of PSU's eligible to vest at "maximum" performance level		200%
PSUs | Award Date, March 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of PSU's eligible to vest at "maximum" performance level		89.60%
Actual number of PSUs granted to each recipient, eligible to vest (in shares)		74,880		83,579
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net		$ 1,800,000	$ 1,600,000
Unamortized share-based compensation expense		$ 12,200,000	$ 12,500,000
Share-based compensation expense not yet recognized, weighted-average period for recognition		1 year 9 months 18 days	2 years 2 months 12 days
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock repurchase, authorized					$ 75,000,000	$ 50,000,000

Shareholders_ Equity and Stoc_4

Shareholders’ Equity and Stock Incentive Plans - Schedule of Share Repurchase Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares repurchased (in shares) | shares	269
Shares repurchased | $	$ 15,196
Average repurchase price per share (USD per share) | $ / shares	$ 56.54

Shareholders_ Equity and Stoc_5

Shareholders’ Equity and Stock Incentive Plans - Schedule of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Shares
Outstanding, beginning of year (in shares) | shares	2,071,994
Granted (in shares) | shares	0
Exercised (in shares) | shares	(41,140)
Cancelled (in shares) | shares	0
Expired (in shares) | shares	0
Outstanding, end of year (in shares) | shares	2,030,854
Exercisable (in shares) | shares	2,030,854
Weighted-Average Exercise Price
Outstanding, beginning of year (USD per share) | $ / shares	$ 11.35
Granted (USD per share) | $ / shares	0
Exercised (USD per share) | $ / shares	16.37
Cancelled (USD per share) | $ / shares	0
Expired (USD per share) | $ / shares	0
Outstanding, end of year (USD per share) | $ / shares	11.25
Exercisable (USD per share) | $ / shares	$ 11.25

Shareholders_ Equity and Stoc_6

Shareholders’ Equity and Stock Incentive Plans - Schedule of Activity Related To Time-based Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs) (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
RSUs
Shares
Outstanding, beginning of year (in shares) | shares	547,671
Granted (in shares) | shares	137,126
Vested (in shares) | shares	(265,689)
Cancelled (in shares) | shares	0
Outstanding, end of year (in shares) | shares	419,108
Weighted-Average Grant Date Fair Value
Outstanding, beginning of year (USD per share) | $ / shares	$ 26.09
Granted (USD per share) | $ / shares	41.92
Vested (USD per share) | $ / shares	20.98
Cancelled (USD per share) | $ / shares	0
Outstanding, end of year (USD per share) | $ / shares	$ 34.50
PSUs
Shares
Outstanding, beginning of year (in shares) | shares	1,076,159
Granted (in shares) | shares	114,898
Vested (in shares) | shares	(733,574)
Cancelled (in shares) | shares	(8,699)
Outstanding, end of year (in shares) | shares	448,784
Weighted-Average Grant Date Fair Value
Outstanding, beginning of year (USD per share) | $ / shares	$ 17.17
Granted (USD per share) | $ / shares	41.92
Vested (USD per share) | $ / shares	8.86
Cancelled (USD per share) | $ / shares	53.51
Outstanding, end of year (USD per share) | $ / shares	$ 36.40

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Contingency [Line Items]
Effective income tax rate, percent	19.30%	(105.10%)
Income tax (provision) benefit	$ 2,784	$ (18,479)

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Schedule of Fair Value Measurement of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Term Loan	$ 575,000	$ 575,000
2026 Unsecured Notes	335,461	335,461
Finance lease liabilities	2,041	2,157
Notes payable	66	90
Carrying Amount
Debt Instrument [Line Items]
Total debt	912,568	912,708
Carrying Amount | Level 2
Debt Instrument [Line Items]
Term Loan	575,000	575,000
2026 Unsecured Notes	335,461	335,461
Carrying Amount | Level 3
Debt Instrument [Line Items]
Finance lease liabilities	2,041	2,157
Notes payable	66	90
Fair Value
Debt Instrument [Line Items]
Total debt	915,419	907,877
Fair Value | Level 2
Debt Instrument [Line Items]
Term Loan	575,000	575,000
2026 Unsecured Notes	338,312	330,630
Fair Value | Level 3
Debt Instrument [Line Items]
Finance lease liabilities	2,041	2,157
Notes payable	$ 66	$ 90

Commitments and Contingencies (

Commitments and Contingencies (Details) - Gaming - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments And Contingencies [Line Items]
Cost of goods and services sold	$ 106,926	$ 105,651
Participation and Revenue Share Agreements
Commitments And Contingencies [Line Items]
Cost of goods and services sold	$ 53,300	$ 52,800

Segment Information - Additiona

Segment Information - Additional Information (Details) location in Thousands	3 Months Ended
	Mar. 31, 2023 segment slotMachine location mi
Segment Reporting Information [Line Items]
Number of reportable segments | segment	5
Nevada Locals Casinos
Segment Reporting Information [Line Items]
Number of mile radius for local customers | mi	5
Taverns
Segment Reporting Information [Line Items]
Number of onsite slots | slotMachine	15
Distributed Gaming
Segment Reporting Information [Line Items]
Number of non-casino locations | location	1

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues
Total revenues	$ 278,051	$ 273,644
Adjusted EBITDA	62,167	67,325
Depreciation and amortization	(23,508)	(26,276)
Non-cash lease expense	(33)	(181)
Share-based compensation	(3,893)	(3,672)
Gain on disposal of assets	86	41
Loss on debt extinguishment	0	(181)
Preopening and related expenses	(384)	(55)
Other, net	(1,785)	(4,296)
Interest expense, net	(18,236)	(15,118)
Income tax (provision) benefit	(2,784)	18,479
Net income	11,630	36,066
Assets	1,499,884		$ 1,508,670
Gaming
Revenues
Total revenues	188,087	190,787
Food and beverage
Revenues
Total revenues	46,271	42,456
Rooms
Revenues
Total revenues	30,577	25,746
Other
Revenues
Total revenues	13,116	14,655
Nevada Taverns
Revenues
Adjusted EBITDA	8,538	10,778
Operating Segments | Nevada Casino Resorts
Revenues
Total revenues	100,176	96,435
Adjusted EBITDA	31,711	33,575
Assets	782,939		784,242
Operating Segments | Nevada Casino Resorts | Gaming
Revenues
Total revenues	42,293	44,230
Operating Segments | Nevada Casino Resorts | Food and beverage
Revenues
Total revenues	24,231	21,384
Operating Segments | Nevada Casino Resorts | Rooms
Revenues
Total revenues	26,210	22,029
Operating Segments | Nevada Casino Resorts | Other
Revenues
Total revenues	7,442	8,792
Operating Segments | Nevada Locals Casinos
Revenues
Total revenues	41,238	39,889
Adjusted EBITDA	20,160	20,038
Assets	160,393		164,580
Operating Segments | Nevada Locals Casinos | Gaming
Revenues
Total revenues	29,649	29,381
Operating Segments | Nevada Locals Casinos | Food and beverage
Revenues
Total revenues	6,691	6,179
Operating Segments | Nevada Locals Casinos | Rooms
Revenues
Total revenues	2,822	2,244
Operating Segments | Nevada Locals Casinos | Other
Revenues
Total revenues	2,076	2,085
Operating Segments | Maryland Casino Resort
Revenues
Total revenues	18,128	17,892
Adjusted EBITDA	5,128	5,572
Assets	40,486		39,562
Operating Segments | Maryland Casino Resort | Gaming
Revenues
Total revenues	14,514	14,457
Operating Segments | Maryland Casino Resort | Food and beverage
Revenues
Total revenues	1,866	1,648
Operating Segments | Maryland Casino Resort | Rooms
Revenues
Total revenues	1,545	1,473
Operating Segments | Maryland Casino Resort | Other
Revenues
Total revenues	203	314
Operating Segments | Nevada Taverns
Revenues
Total revenues	27,593	28,454
Assets	137,853		145,065
Operating Segments | Nevada Taverns | Gaming
Revenues
Total revenues	13,025	14,322
Operating Segments | Nevada Taverns | Food and beverage
Revenues
Total revenues	13,305	13,053
Operating Segments | Nevada Taverns | Other
Revenues
Total revenues	1,263	1,079
Operating Segments | Distributed Gaming
Revenues
Total revenues	90,401	90,768
Adjusted EBITDA	9,784	11,275
Assets	252,879		258,260
Operating Segments | Distributed Gaming | Gaming
Revenues
Total revenues	88,606	88,397
Operating Segments | Distributed Gaming | Food and beverage
Revenues
Total revenues	178	192
Operating Segments | Distributed Gaming | Other
Revenues
Total revenues	1,617	2,179
Corporate and other
Revenues
Total revenues	515	206
Adjusted EBITDA	(13,154)	$ (13,913)
Assets	$ 125,334		$ 116,961

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2018	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Sartini Enterprises
Related Party Transaction [Line Items]
Due from related parties		$ 100,000
Due to related parties				$ 100,000
Reimbursement expense incurred		100,000	$ 0
Office Headquarters, Sublet | Mr. Sartini
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		100,000	100,000
Due from related parties		0		0
Cost-sharing Arrangements | Sartini Enterprises
Related Party Transaction [Line Items]
Due from related parties		0		0
Due to related parties		0		$ 0
Office Space, Adjacent To Office Headquarters Lease | Mr. Sartini
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 100,000	$ 100,000
Percentage of counterparty ownership by related party	33%
Office Space, Adjacent To Office Headquarters Lease | Mr. Arcana
Related Party Transaction [Line Items]
Percentage of counterparty ownership by related party	3%
Office Space, Adjacent To Office Headquarters Lease | Mr. Sartini's Immediate Family Members
Related Party Transaction [Line Items]
Percentage of counterparty ownership by related party	1.67%