Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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, $0.01 par value | |
Trading Symbol | GDEN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,863,577 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001071255 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 120,823 | $ 136,889 |
Accounts receivable, net of allowance for credit losses of $1,090 and $775 at June 30, 2023 and December 31, 2022, respectively | 12,616 | 20,495 |
Prepaid expenses | 18,391 | 25,900 |
Inventories | 7,778 | 8,117 |
Other | 565 | 13,610 |
Assets held for sale | 289,810 | 39,562 |
Total current assets | 449,983 | 244,573 |
Property and equipment, net | 815,239 | 840,731 |
Operating lease right-of-use assets, net | 77,717 | 147,893 |
Goodwill | 80,751 | 158,396 |
Intangible assets, net | 49,376 | 89,552 |
Deferred income tax assets | 11,822 | 11,822 |
Other assets | 9,358 | 15,703 |
Total assets | 1,494,246 | 1,508,670 |
Current liabilities | ||
Current portion of long-term debt and finance leases | 1,296 | 555 |
Current portion of operating leases | 13,074 | 42,200 |
Accounts payable | 18,521 | 25,168 |
Accrued payroll and related | 17,968 | 21,227 |
Accrued liabilities | 28,832 | 33,365 |
Liabilities related to assets held for sale | 69,932 | 10,187 |
Total current liabilities | 149,623 | 132,702 |
Long-term debt, net and non-current finance leases | 895,602 | 900,464 |
Non-current operating leases | 80,517 | 121,979 |
Deferred income tax liabilities | 53 | 53 |
Other long-term obligations | 407 | 552 |
Total liabilities | 1,126,202 | 1,155,750 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity | ||
Common stock, $.01 par value; authorized 100,000 shares; 28,857 and 28,179 common shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 289 | 282 |
Additional paid-in capital | 471,265 | 480,060 |
Accumulated deficit | (103,510) | (127,422) |
Total shareholders’ equity | 368,044 | 352,920 |
Total liabilities and shareholders’ equity | $ 1,494,246 | $ 1,508,670 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance | $ 1,090 | $ 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) | 28,857,000 | 28,179,000 |
Common stock, shares outstanding (in shares) | 28,857,000 | 28,179,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Total revenues | $ 286,681 | $ 289,372 | $ 564,732 | $ 563,016 |
Expenses | ||||
Other operating | 7,905 | 5,346 | 11,735 | 9,322 |
Selling, general and administrative | 67,093 | 57,287 | 129,129 | 118,197 |
Depreciation and amortization | 21,454 | 25,332 | 44,962 | 51,608 |
(Gain) loss on disposal of assets | (34) | 710 | (120) | 669 |
Preopening expenses | 141 | 4 | 525 | 59 |
Total expenses | 250,943 | 244,781 | 496,344 | 485,539 |
Operating income | 35,738 | 44,591 | 68,388 | 77,477 |
Non-operating expense | ||||
Interest expense, net | (18,803) | (14,738) | (37,039) | (29,856) |
Loss on debt extinguishment and modification | (405) | (1,073) | (405) | (1,254) |
Total non-operating expense, net | (19,208) | (15,811) | (37,444) | (31,110) |
Income before income tax (provision) benefit | 16,530 | 28,780 | 30,944 | 46,367 |
Income tax (provision) benefit | (4,248) | (7,560) | (7,032) | 10,919 |
Net income | $ 12,282 | $ 21,220 | $ 23,912 | $ 57,286 |
Weighted-average common shares outstanding | ||||
Basic (in shares) | 28,845 | 28,877 | 28,578 | 28,885 |
Diluted (in shares) | 30,717 | 31,633 | 30,831 | 31,889 |
Net income per share | ||||
Basic (USD per share) | $ 0.43 | $ 0.73 | $ 0.84 | $ 1.98 |
Diluted (USD per share) | $ 0.40 | $ 0.67 | $ 0.78 | $ 1.80 |
Gaming | ||||
Revenues | ||||
Total revenues | $ 182,355 | $ 196,679 | $ 370,442 | $ 387,466 |
Expenses | ||||
Cost of goods and services sold | 105,380 | 109,740 | 212,306 | 215,391 |
Food and beverage | ||||
Revenues | ||||
Total revenues | 46,534 | 44,451 | 92,805 | 86,907 |
Expenses | ||||
Cost of goods and services sold | 33,645 | 32,546 | 67,667 | 64,003 |
Rooms | ||||
Revenues | ||||
Total revenues | 30,918 | 33,174 | 61,495 | 58,920 |
Expenses | ||||
Cost of goods and services sold | 15,359 | 13,816 | 30,140 | 26,290 |
Other | ||||
Revenues | ||||
Total revenues | $ 26,874 | $ 15,068 | $ 39,990 | $ 29,723 |
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) | |||
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, 2021 | 28,830 | |||
Beginning balance at Dec. 31, 2021 | $ 319,541 | $ 288 | 477,829 | (158,576) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Repurchases of common stock (in shares) | (784) | |||
Repurchase of common stock | $ (37,670) | |||
Net income | 57,286 | |||
Ending balance (in shares) at Jun. 30, 2022 | 28,501 | |||
Ending balance at Jun. 30, 2022 | 335,028 | $ 285 | 473,696 | (138,953) |
Beginning balance (in shares) at Mar. 31, 2022 | 28,980 | |||
Beginning balance at Mar. 31, 2022 | $ 333,258 | $ 290 | 470,672 | (137,704) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of stock on options exercised and restricted stock units vested (in shares) | 36 | |||
Repurchases of common stock (in shares) | (515) | (515) | ||
Repurchase of common stock | $ (22,474) | $ (5) | (22,469) | |
Share-based compensation | 3,295 | 3,295 | ||
Tax benefit from share-based compensation | (271) | (271) | ||
Net income | 21,220 | 21,220 | ||
Ending balance (in shares) at Jun. 30, 2022 | 28,501 | |||
Ending balance at Jun. 30, 2022 | $ 335,028 | $ 285 | 473,696 | (138,953) |
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 | |||
Ending balance at Mar. 31, 2023 | $ 352,473 | $ 288 | 467,977 | (115,792) |
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] | ||||
Net income | $ 23,912 | |||
Ending balance (in shares) at Jun. 30, 2023 | 28,857 | 28,857 | ||
Ending balance at Jun. 30, 2023 | $ 368,044 | $ 289 | 471,265 | (103,510) |
Beginning balance (in shares) at Mar. 31, 2023 | 28,837 | |||
Beginning balance at Mar. 31, 2023 | 352,473 | $ 288 | 467,977 | (115,792) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of stock on options exercised and restricted stock units vested (in shares) | 20 | |||
Issuance of stock on options exercised and restricted stock units vested | 1 | $ 1 | ||
Share-based compensation | 3,288 | 3,288 | ||
Net income | $ 12,282 | 12,282 | ||
Ending balance (in shares) at Jun. 30, 2023 | 28,857 | 28,857 | ||
Ending balance at Jun. 30, 2023 | $ 368,044 | $ 289 | $ 471,265 | $ (103,510) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Cash flows from operating activities | |||||||
Net income | $ 12,282 | $ 11,630 | $ 21,220 | $ 36,066 | $ 23,912 | $ 57,286 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 21,454 | 25,332 | 44,962 | 51,608 | |||
Non-cash lease expense | (9) | 230 | 24 | 411 | |||
Share-based compensation | 6,578 | 6,436 | |||||
Amortization of debt issuance costs and discounts on debt | 2,133 | 2,236 | |||||
(Gain) loss on disposal of assets | (34) | 710 | (120) | 669 | |||
Provision for credit losses | 501 | 300 | |||||
Deferred income taxes | 0 | (16,914) | |||||
Loss on debt extinguishment and modification | 405 | 1,073 | 405 | 1,254 | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 4,652 | (139) | |||||
Prepaid expenses, inventories and other current assets | 16,364 | (5,727) | |||||
Other assets | 515 | (1,985) | |||||
Accounts payable and other accrued expenses | 1,139 | (3,279) | |||||
Other liabilities | (202) | (1,104) | |||||
Net cash provided by operating activities | 100,863 | 91,052 | |||||
Cash flows from investing activities | |||||||
Purchase of property and equipment, net of change in accounts payables | (53,946) | (21,015) | |||||
Proceeds from disposal of property and equipment | 291 | 102 | |||||
Net cash used in investing activities | (53,655) | (20,913) | |||||
Cash flows from financing activities | |||||||
Repayments of term loan | (400,000) | (25,000) | |||||
Issuance of new term loan | 400,000 | 0 | |||||
Repurchases of senior notes | 0 | (37,539) | |||||
Repayments of notes payable | (260) | (464) | |||||
Principal payments under finance leases | (280) | (266) | |||||
Payment for debt extinguishment and modification costs | (7,818) | (12) | |||||
Tax withholding on share-based payments | (15,373) | (10,569) | |||||
Proceeds from issuance of common stock, net of costs | 7 | 4 | |||||
Repurchases of common stock | 0 | (37,670) | |||||
Net cash used in financing activities | (23,724) | (111,516) | |||||
Change in cash and cash equivalents | 23,484 | (41,377) | |||||
Balance, beginning of period | $ 142,034 | $ 220,540 | 142,034 | $ 179,163 | 220,540 | ||
Balance, end of period | 165,518 | 179,163 | 165,518 | 142,034 | 179,163 | ||
Cash and cash equivalents | |||||||
Cash and cash equivalents | 120,823 | 179,163 | 120,823 | 136,889 | 179,163 | ||
Cash and cash equivalents included in assets held for sale | 44,695 | 0 | 44,695 | 0 | |||
Balance, end of period | $ 165,518 | $ 179,163 | 165,518 | $ 142,034 | 179,163 | ||
Supplemental cash flow disclosures | |||||||
Cash paid for interest | 35,518 | 27,418 | |||||
Cash paid for income taxes | 0 | 6,084 | |||||
Non-cash investing and financing activities | |||||||
Payables incurred for capital expenditures | 2,605 | 3,272 | |||||
Notes payable incurred for capital expenditures | 3,571 | 0 | |||||
Loss on debt extinguishment and modification | 405 | 1,254 | |||||
Operating lease right-of-use assets obtained in exchange for lease obligations | $ 479 | $ 6,750 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 eight casino properties located in Nevada. 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 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”) (1) Flintstone, Maryland Nevada Taverns 65 branded tavern locations Nevada Distributed Gaming Nevada distributed gaming Nevada Montana distributed gaming Montana (1) Rocky Gap was sold subsequent to the end of the second quarter, as described below. On July 25, 2023, the Company completed the sale of Rocky Gap to Century Casinos, Inc. (“Century”) and VICI Properties, L.P. (“VICI”), an affiliate of VICI Properties Inc., for aggregate consideration of $260 million (the “Rocky Gap Transactions”). Specifically, Century acquired 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), and VICI acquired the real estate assets relating to Rocky Gap from Golden for $203.9 million in cash. 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 June 30, 2023, the Company had $165.5 million in cash and cash equivalents, which included $44.7 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 and six months ended June 30, 2023, diluted net income per share excluded the weighted average effect of 74,231 and 4,408 shares of common stock, respectively, 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 and six months ended June 30, 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 material impact on the Company’s financial statements. |
Assets Held for Sale
Assets Held for Sale | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | Assets Held for SaleThe 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 July 25, 2023, the Company sold Rocky Gap. The definitive agreements for the Rocky Gap sale were entered into in August 2022 and, 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. The Company incurred $0.3 million in transactions costs since the announcement of the sale, which were recorded in selling, general and administrative expenses during the fourth quarter of 2022 and for the six months ended June 30, 2023 . In July 2023, the Company incurred an additional $8.0 million in transaction costs, $1.9 million of which were paid upon closing. Refer to “ Note 13 — Subsequent Events ” for further information. 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: June 30, 2023 (In thousands) Maryland Casino Resort Distributed Gaming Total ASSETS Current assets Cash and cash equivalents $ 6,297 $ 38,398 $ 44,695 Accounts receivables, net 2,027 3,053 5,080 Prepaid expenses 605 1,795 2,400 Inventories 760 — 760 Other 60 2,442 2,502 Total current assets held for sale 9,749 45,688 55,437 Property and equipment, net 24,441 33,868 58,309 Operating lease right-of-use assets, net 5,980 46,326 52,306 Goodwill — 77,645 77,645 Intangible assets, net 1,064 38,506 39,570 Other assets 2 6,541 6,543 Total assets held for sale $ 41,236 $ 248,574 $ 289,810 LIABILITIES Current liabilities Current portion of long-term debt and finance leases $ 105 $ 2,433 $ 2,538 Current portion of operating leases 436 24,203 24,639 Accounts payable 1,585 3,630 5,215 Accrued payroll and related 923 1,370 2,293 Other accrued liabilities 2,631 4,758 7,389 Total current liabilities related to assets held for sale 5,680 36,394 42,074 Non-current finance leases 153 — 153 Non-current operating leases 5,206 22,433 27,639 Other long-term obligations — 66 66 Total liabilities related to assets held for sale $ 11,039 $ 58,893 $ 69,932 Revenues and pretax income generated by the assets held for sale were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Maryland Casino Resort Revenues $ 19,605 $ 20,546 $ 37,733 $ 38,438 Pretax income 5,693 6,049 10,810 10,537 Distributed Gaming Revenues $ 89,084 $ 93,225 $ 179,485 $ 183,993 Pretax income 9,400 8,191 16,943 16,555 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, net, consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Land $ 125,240 $ 125,240 Building and improvements 951,191 923,157 Furniture and equipment 187,550 244,735 Construction in process 16,294 23,224 Property and equipment 1,280,275 1,316,356 Accumulated depreciation (465,036) (475,625) Property and equipment, net $ 815,239 $ 840,731 Depreciation expense for property and equipment, includ ing finance leases, was $21.1 million and $43.3 million for the three and six months ended June 30, 2023, respectively, and $23.4 million and $47.8 million for the three and six months ended June 30, 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 and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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, June 30, 2023 $ 22,105 $ 38,187 $ — $ 20,459 $ — $ 80,751 Intangible assets, net, consisted of the following: June 30, 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 (40,777) — 2,213 Non-compete agreements 2-5 3,957 (3,594) — 363 Other 4-25 45 (45) — — 46,992 (44,416) — 2,576 Balance, June 30, 2023 $ 100,682 $ (44,416) $ (6,890) $ 49,376 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 Other 4-25 1,366 (1,237) — 129 135,301 (92,549) — 42,752 Balance, December 31, 2022 $ 188,991 $ (92,549) $ (6,890) $ 89,552 Total amortization expense related to intangible assets was $0.4 million and $1.7 million for the three and six months ended June 30, 2023, respectively, and $1.9 million and $3.8 million for the three and six months ended June 30, 2022, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Gaming liabilities $ 10,398 $ 10,952 Interest 5,890 6,036 Accrued taxes, other than income taxes 4,896 9,291 Other accrued liabilities 5,419 5,027 Deposits 2,229 2,059 Total current accrued liabilities $ 28,832 $ 33,365 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt, net, consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Term Loan B $ 175,000 $ 575,000 Term Loan B-1 400,000 — 2026 Unsecured Notes 335,461 335,461 Finance lease liabilities 1,925 2,157 Notes payable 969 90 Total long-term debt and finance leases 913,355 912,708 Unamortized discount (9,167) (7,899) Unamortized debt issuance costs (7,290) (3,790) Total long-term debt and finance leases after debt issuance costs and discount 896,898 901,019 Current portion of long-term debt and finance leases (1,296) (555) Long-term debt, net and finance leases $ 895,602 $ 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 B”) 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. On May 26, 2023, the Company further modified the terms of the Credit Facility by (1) extending the maturity date of the existing Revolving Credit Facility from April 20, 2024 to the earlier of May 26, 2028 and 91 days prior to April 15, 2026, the stated maturity date of the Company’s 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”), for so long as any indebtedness remains outstanding under the 2026 Unsecured Notes (the “Springing Maturity Date”), and (2) establishing a new senior secured term loan B-1 credit facility (the “Term Loan B-1”) in the amount of $400 million with a maturity date of the earlier of May 26, 2030 and the Springing Maturity Date, which was fully drawn at closing with the proceeds thereof used to repay a portion of the Company’s existing Term Loan B. The Company incurred $10 million in fees and recorded a non-cash charge of $0.4 million for the debt issuance costs and discount related to the Term Loan B as a result of the 2023 modification of the Credit Facility. The Company recognized $8 million of the debt issuance costs for the 2023 modification of the Credit Facility, which will be amortized over the terms of the Term Loan B-1 facility and Revolving Credit Facility. Under the Credit Facility, as amended in May 2023: (a) the Term Loan B bears interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.75%), plus a margin of 2.00% or (2) the LIBOR rate for the applicable interest period (subject to a floor of 0.75%), plus a margin of 3.00%, (b) the Term Loan B-1 bears interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.50%), plus a margin of 1.75% or (2) the Term SOFR rate for the applicable interest period plus a credit spread adjustment of 0.10% (subject to a floor of 0.50%), plus a margin of 2.75%, and (c) borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.00%), plus a margin ranging from 1.00% to 1.50% based on the Company’s net leverage ratio, or (2) the Term SOFR rate for the applicable interest period plus a credit spread adjustment of 0.10%, plus a margin ranging from 2.00% to 2.50% based on the Company’s net leverage ratio. The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was 7.97% and 7.75% for the three and six months ended June 30, 2023, respectively. As of June 30, 2023, the Company had $175 million in principal amount of outstanding Term Loan B borrowings, $400 million in principal amount of outstanding Term Loan B-1 borrowings, 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. O n July 26, 2023, the Company used a portion of the net cash proceeds from the sale of Rocky Gap to repay in full and discharge the Term Loan B under the Credit Facility. Due to multiple prepayments of the Term Loan B principal made by the Company under the Credit Facility, the Company is not required to make any quarterly installment payments under the Term Loan B-1 facility prior to maturity. 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 B for the six months ended June 30, 2022. The Company was in compliance with its financial and other covenants under the Credit Facility as of June 30, 2023. Senior Unsecured Notes On April 15, 2019, the Company issued $375 million in principal amount of 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2023, the Company had $61.5 million of remaining share repurchase availability under its November 1, 2022 authorization. On July 27, 2023, the Company’s Board of Directors increased its share repurchase program to $100 million. The Company did not repurchase any of its shares during the three and six months ended June 30, 2023. The following table includes the Company’s share repurchase activity for the three and six months ended June 30, 2022: Three Months Ended June 30, Six Months Ended June 30, 2022 2022 (In thousands, except per share data) Shares repurchased (1) 515 784 Total cost, including brokerage fees $ 22,474 $ 37,670 Average repurchase price per share (2) $ 43.63 $ 50.08 (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 June 30, 2023 2,030,854 $ 11.25 Exercisable at June 30, 2023 2,030,854 $ 11.25 There was no share-based compensation expense related to stock options for the three and six months ended June 30, 2023 and 2022. The Company did not have any remaining unrecognized share-based compensation expense related to stock options as of June 30, 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 159,043 $ 42.17 114,898 (1) $ 41.92 Vested (285,179) $ 22.79 (733,574) (3) $ 8.86 Cancelled — $ — (8,699) (4) $ 53.51 Outstanding at June 30, 2023 421,535 $ 34.38 448,784 $ 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 $1.9 million and $3.7 million for the three and six months ended June 30, 2023, respectively, and $1.8 million and $3.3 million for the three and six months ended June 30, 2022, respectively. Share-based compensation expense related to PSUs was $1.4 million and $2.9 million for the three and six months ended June 30, 2023, respectively, and $1.5 million and $3.1 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, there was $11.2 million and $8.4 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 1.6 years and 1.4 years for RSUs and PSUs, respectively. As of June 30, 2022, there was $11.8 million and $9.8 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 2.0 years for both RSUs and PSUs. As of June 30, 2023, a total of 3,988,688 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 | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company’s effective income tax rates were 25.7% and 22.7% for the three and six months ended June 30, 2023, respectively, and 26.3% and (23.5)% for the three and six months ended June 30, 2022, respectively. The Company recorded income tax expense of $4.2 million and $7.0 million for the three and six months ended June 30, 2023, respectively. The Company recorded income tax expense of $7.6 million for the three months ended June 30, 2022 and income tax benefit of $10.9 million for the six months ended June 30, 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 the six months ended June 30, 2022. The effective income tax rate and the income tax expense for the three and six months ended June 30, 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 June 30, 2023, the Company’s 2017 and 2018 federal tax returns were under audit by the IRS. As of June 30, 2023 and December 31, 2022, the Company had no material uncertain tax positions. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 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: June 30, 2023 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan B $ 175,000 $ 175,438 Level 2 Term Loan B-1 400,000 400,000 Level 2 2026 Unsecured Notes 335,461 335,998 Level 2 Finance lease liabilities 1,925 1,925 Level 3 Notes payable 969 969 Level 3 Total debt $ 913,355 $ 914,330 December 31, 2022 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan B $ 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 B, Term Loan B-1 and 2026 Unsecured Notes is based on a relative value analysis performed as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 $52.9 million and $106.2 million for the three and six months ended June 30, 2023, respectively, and $55.2 million and $108.0 million for the three and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 was 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. On July 25, 2023, Rocky Gap was sold for aggregate cash consideration of $260 million, subject to adjustments. Refer to “ Note 13 — Subsequent Events ” for further information. 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 June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Revenues Nevada Casino Resorts Gaming $ 38,625 $ 46,114 $ 80,918 $ 90,344 Food and beverage 24,473 23,123 48,704 44,507 Rooms 26,353 28,573 52,563 50,602 Other 13,111 9,688 20,553 18,480 Nevada Casino Resorts revenues $ 102,562 $ 107,498 $ 202,738 $ 203,933 Nevada Locals Casinos Gaming $ 28,796 $ 29,048 $ 58,445 $ 58,429 Food and beverage 6,564 6,301 13,255 12,480 Rooms 2,416 2,529 5,238 4,773 Other 2,053 1,907 4,129 3,992 Nevada Locals Casinos revenues $ 39,829 $ 39,785 $ 81,067 $ 79,674 Maryland Casino Resort Gaming $ 14,421 $ 15,456 $ 28,935 $ 29,913 Food and beverage 2,348 2,222 4,214 3,870 Rooms 2,149 2,072 3,694 3,545 Other 687 796 890 1,110 Maryland Casino Resort revenues $ 19,605 $ 20,546 $ 37,733 $ 38,438 Nevada Taverns Gaming $ 13,187 $ 14,289 $ 26,212 $ 28,611 Food and beverage 12,962 12,630 26,267 25,683 Other 1,170 1,225 2,433 2,304 Nevada Taverns revenue $ 27,319 $ 28,144 $ 54,912 $ 56,598 Distributed Gaming Gaming $ 87,326 $ 91,772 $ 175,932 $ 180,169 Food and beverage 187 175 365 367 Other 1,571 1,278 3,188 3,457 Distributed Gaming revenues $ 89,084 $ 93,225 $ 179,485 $ 183,993 Corporate and other 8,282 174 8,797 380 Total revenues $ 286,681 $ 289,372 $ 564,732 $ 563,016 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Adjusted EBITDA Nevada Casino Resorts $ 28,044 $ 38,892 $ 59,755 $ 72,467 Nevada Locals Casinos 19,471 19,795 39,631 39,833 Maryland Casino Resort 5,898 7,242 11,026 12,814 Nevada Taverns 8,450 10,654 16,988 21,430 Distributed Gaming 9,950 11,540 19,734 22,817 Corporate and other (13,403) (13,107) (26,557) (27,020) Total Adjusted EBITDA 58,410 75,016 120,577 142,341 Adjustments Depreciation and amortization (21,454) (25,332) (44,962) (51,608) Non-cash lease expense 9 (230) (24) (411) Share-based compensation (3,288) (3,311) (7,181) (6,983) Gain (loss) on disposal of assets 34 (710) 120 (669) Loss on debt extinguishment and modification (405) (1,073) (405) (1,254) Preopening and related expenses (1) (141) (4) (525) (59) Other, net 2,168 (838) 383 (5,134) Interest expense, net (18,803) (14,738) (37,039) (29,856) Income tax (provision) benefit (4,248) (7,560) (7,032) 10,919 Net Income $ 12,282 $ 21,220 $ 23,912 $ 57,286 (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 June 30, 2023 $ 780,041 $ 159,834 $ 41,236 $ 134,849 $ 248,574 $ 129,712 $ 1,494,246 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 | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions 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). 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. The lease commenced in August 2020 and expires on December 31, 2030. The rent expense for the space was $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively, and $0.1 million for each of the three and six months ended June 30, 2022. Additionally, the lease agreement includes a right of first refusal for additional space on the second floor of the building. 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 and six months ended June 30, 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 June 30, 2023 and December 31, 2022. 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. In addition, the Company and Sartini Enterprises, Inc. participate in certain cost-sharing arrangements. The Company’s compliance department reviews the cost-sharing agreements and reimbursements on a regular basis. The Company incurred less than $0.1 million under the aircraft time-sharing, co-user and various cost-sharing agreements with Sartini Enterprises, Inc. for each of the three months ended June 30, 2023 and 2022. The Company incurred $0.1 million and $0.4 million under such agreements for the six months ended June 30, 2023 and 2022, respectively. The Company is owed $0.3 million under such agreements as of June 30, 2023 and t he Company owed $0.1 million under such agreements as of December 31, 2022. During the three months ended June 30, 2022, the Company repurchased 210,000 shares of its common stock from Anthony A. Marnell III, an independent non-employee member of the Company’s Board of Directors, pursuant to its share repurchase program at a price of $42.61 per share, resulting in a charge to accumulated deficit of $8.9 million. This transaction was approved by the Audit Committee of the Board of Directors prior to being executed. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company’s management evaluates subsequent events through the date of issuance of the consolidated financial statements. O n July 25, 2023, the Company closed the Rocky Gap Transactions for aggregate cash consideration of $260 million, subject to adjustments, and incurred $0.3 million in transactions costs since the announcement of the sale, which were recorded in selling, general and administrative expenses during the fourth quarter of 2022 and for the six months ended June 30, 2023 . In July 2023, the Company incurred an additional $8.0 million in transaction costs, $1.9 million of which were paid upon closing. The Company used a portion of the net cash proceeds from the sale of Rocky Gap to repay in full and discharge the Term Loan B under the Credit Facility. The Company’s $400 million Term Loan B-1 and undrawn $240 million Revolving Credit Facility remain outstanding. On July 27, 2023, the Board of Directors re-authorized the Company’s share repurchase program as discussed in “ Note 7 — Shareholders ’ Equity and Stock Incentive Plans ” and authorized a one-time dividend as discussed in “ Liquidity and Capital Resources ” in Part I, item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations. There were no additional subsequent events that occurred after June 30, 2023 but prior to the date of issuance of the consolidated financial statements that would require adjustment to or disclosure in the consolidated financial statements as of and for the three and six months ended June 30, 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net income | $ 12,282 | $ 11,630 | $ 21,220 | $ 36,066 | $ 23,912 | $ 57,286 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 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 June 30, 2023, the Company had $165.5 million in cash and cash equivalents, which included $44.7 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 and six months ended June 30, 2023, diluted net income per share excluded the weighted average effect of 74,231 and 4,408 shares of common stock, respectively, 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 and six months ended June 30, 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 material impact on the Company’s financial statements. |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 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 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”) (1) Flintstone, Maryland Nevada Taverns 65 branded tavern locations Nevada Distributed Gaming Nevada distributed gaming Nevada Montana distributed gaming Montana |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2023 (In thousands) Maryland Casino Resort Distributed Gaming Total ASSETS Current assets Cash and cash equivalents $ 6,297 $ 38,398 $ 44,695 Accounts receivables, net 2,027 3,053 5,080 Prepaid expenses 605 1,795 2,400 Inventories 760 — 760 Other 60 2,442 2,502 Total current assets held for sale 9,749 45,688 55,437 Property and equipment, net 24,441 33,868 58,309 Operating lease right-of-use assets, net 5,980 46,326 52,306 Goodwill — 77,645 77,645 Intangible assets, net 1,064 38,506 39,570 Other assets 2 6,541 6,543 Total assets held for sale $ 41,236 $ 248,574 $ 289,810 LIABILITIES Current liabilities Current portion of long-term debt and finance leases $ 105 $ 2,433 $ 2,538 Current portion of operating leases 436 24,203 24,639 Accounts payable 1,585 3,630 5,215 Accrued payroll and related 923 1,370 2,293 Other accrued liabilities 2,631 4,758 7,389 Total current liabilities related to assets held for sale 5,680 36,394 42,074 Non-current finance leases 153 — 153 Non-current operating leases 5,206 22,433 27,639 Other long-term obligations — 66 66 Total liabilities related to assets held for sale $ 11,039 $ 58,893 $ 69,932 Revenues and pretax income generated by the assets held for sale were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Maryland Casino Resort Revenues $ 19,605 $ 20,546 $ 37,733 $ 38,438 Pretax income 5,693 6,049 10,810 10,537 Distributed Gaming Revenues $ 89,084 $ 93,225 $ 179,485 $ 183,993 Pretax income 9,400 8,191 16,943 16,555 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property and Equipment | Property and equipment, net, consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Land $ 125,240 $ 125,240 Building and improvements 951,191 923,157 Furniture and equipment 187,550 244,735 Construction in process 16,294 23,224 Property and equipment 1,280,275 1,316,356 Accumulated depreciation (465,036) (475,625) Property and equipment, net $ 815,239 $ 840,731 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 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, June 30, 2023 $ 22,105 $ 38,187 $ — $ 20,459 $ — $ 80,751 |
Schedule of Finite-Lived Intangible Assets | Intangible assets, net, consisted of the following: June 30, 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 (40,777) — 2,213 Non-compete agreements 2-5 3,957 (3,594) — 363 Other 4-25 45 (45) — — 46,992 (44,416) — 2,576 Balance, June 30, 2023 $ 100,682 $ (44,416) $ (6,890) $ 49,376 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 Other 4-25 1,366 (1,237) — 129 135,301 (92,549) — 42,752 Balance, December 31, 2022 $ 188,991 $ (92,549) $ (6,890) $ 89,552 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets, net, consisted of the following: June 30, 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 (40,777) — 2,213 Non-compete agreements 2-5 3,957 (3,594) — 363 Other 4-25 45 (45) — — 46,992 (44,416) — 2,576 Balance, June 30, 2023 $ 100,682 $ (44,416) $ (6,890) $ 49,376 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 Other 4-25 1,366 (1,237) — 129 135,301 (92,549) — 42,752 Balance, December 31, 2022 $ 188,991 $ (92,549) $ (6,890) $ 89,552 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Gaming liabilities $ 10,398 $ 10,952 Interest 5,890 6,036 Accrued taxes, other than income taxes 4,896 9,291 Other accrued liabilities 5,419 5,027 Deposits 2,229 2,059 Total current accrued liabilities $ 28,832 $ 33,365 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt, net, consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Term Loan B $ 175,000 $ 575,000 Term Loan B-1 400,000 — 2026 Unsecured Notes 335,461 335,461 Finance lease liabilities 1,925 2,157 Notes payable 969 90 Total long-term debt and finance leases 913,355 912,708 Unamortized discount (9,167) (7,899) Unamortized debt issuance costs (7,290) (3,790) Total long-term debt and finance leases after debt issuance costs and discount 896,898 901,019 Current portion of long-term debt and finance leases (1,296) (555) Long-term debt, net and finance leases $ 895,602 $ 900,464 |
Shareholders_ Equity and Stoc_2
Shareholders’ Equity and Stock Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share Repurchase Activity | The following table includes the Company’s share repurchase activity for the three and six months ended June 30, 2022: Three Months Ended June 30, Six Months Ended June 30, 2022 2022 (In thousands, except per share data) Shares repurchased (1) 515 784 Total cost, including brokerage fees $ 22,474 $ 37,670 Average repurchase price per share (2) $ 43.63 $ 50.08 (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 June 30, 2023 2,030,854 $ 11.25 Exercisable at June 30, 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 159,043 $ 42.17 114,898 (1) $ 41.92 Vested (285,179) $ 22.79 (733,574) (3) $ 8.86 Cancelled — $ — (8,699) (4) $ 53.51 Outstanding at June 30, 2023 421,535 $ 34.38 448,784 $ 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) | 6 Months Ended |
Jun. 30, 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: June 30, 2023 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan B $ 175,000 $ 175,438 Level 2 Term Loan B-1 400,000 400,000 Level 2 2026 Unsecured Notes 335,461 335,998 Level 2 Finance lease liabilities 1,925 1,925 Level 3 Notes payable 969 969 Level 3 Total debt $ 913,355 $ 914,330 December 31, 2022 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan B $ 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) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Revenues Nevada Casino Resorts Gaming $ 38,625 $ 46,114 $ 80,918 $ 90,344 Food and beverage 24,473 23,123 48,704 44,507 Rooms 26,353 28,573 52,563 50,602 Other 13,111 9,688 20,553 18,480 Nevada Casino Resorts revenues $ 102,562 $ 107,498 $ 202,738 $ 203,933 Nevada Locals Casinos Gaming $ 28,796 $ 29,048 $ 58,445 $ 58,429 Food and beverage 6,564 6,301 13,255 12,480 Rooms 2,416 2,529 5,238 4,773 Other 2,053 1,907 4,129 3,992 Nevada Locals Casinos revenues $ 39,829 $ 39,785 $ 81,067 $ 79,674 Maryland Casino Resort Gaming $ 14,421 $ 15,456 $ 28,935 $ 29,913 Food and beverage 2,348 2,222 4,214 3,870 Rooms 2,149 2,072 3,694 3,545 Other 687 796 890 1,110 Maryland Casino Resort revenues $ 19,605 $ 20,546 $ 37,733 $ 38,438 Nevada Taverns Gaming $ 13,187 $ 14,289 $ 26,212 $ 28,611 Food and beverage 12,962 12,630 26,267 25,683 Other 1,170 1,225 2,433 2,304 Nevada Taverns revenue $ 27,319 $ 28,144 $ 54,912 $ 56,598 Distributed Gaming Gaming $ 87,326 $ 91,772 $ 175,932 $ 180,169 Food and beverage 187 175 365 367 Other 1,571 1,278 3,188 3,457 Distributed Gaming revenues $ 89,084 $ 93,225 $ 179,485 $ 183,993 Corporate and other 8,282 174 8,797 380 Total revenues $ 286,681 $ 289,372 $ 564,732 $ 563,016 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2023 2022 2023 2022 Adjusted EBITDA Nevada Casino Resorts $ 28,044 $ 38,892 $ 59,755 $ 72,467 Nevada Locals Casinos 19,471 19,795 39,631 39,833 Maryland Casino Resort 5,898 7,242 11,026 12,814 Nevada Taverns 8,450 10,654 16,988 21,430 Distributed Gaming 9,950 11,540 19,734 22,817 Corporate and other (13,403) (13,107) (26,557) (27,020) Total Adjusted EBITDA 58,410 75,016 120,577 142,341 Adjustments Depreciation and amortization (21,454) (25,332) (44,962) (51,608) Non-cash lease expense 9 (230) (24) (411) Share-based compensation (3,288) (3,311) (7,181) (6,983) Gain (loss) on disposal of assets 34 (710) 120 (669) Loss on debt extinguishment and modification (405) (1,073) (405) (1,254) Preopening and related expenses (1) (141) (4) (525) (59) Other, net 2,168 (838) 383 (5,134) Interest expense, net (18,803) (14,738) (37,039) (29,856) Income tax (provision) benefit (4,248) (7,560) (7,032) 10,919 Net Income $ 12,282 $ 21,220 $ 23,912 $ 57,286 (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. 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 June 30, 2023 $ 780,041 $ 159,834 $ 41,236 $ 134,849 $ 248,574 $ 129,712 $ 1,494,246 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) | 3 Months Ended | 6 Months Ended | ||||||
Jul. 25, 2023 USD ($) | Mar. 03, 2023 USD ($) | Jun. 30, 2023 USD ($) location property shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2023 USD ($) segment location property shares | Jun. 30, 2022 USD ($) 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 | $ 165,518,000 | $ 179,163,000 | $ 165,518,000 | $ 179,163,000 | $ 142,034,000 | $ 220,540,000 | ||
Cash and cash equivalents included in assets held for sale | $ 44,695,000 | $ 0 | $ 44,695,000 | $ 0 | ||||
Anti-dilutive potential common share equivalents excluded (in shares) | shares | 74,231 | 0 | 4,408 | 0 | ||||
Rocky Gap Property | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Aggregate consideration | $ 260,000,000 | |||||||
Rocky Gap Property | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Century Casinos, Inc. | Subsequent Event | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Proceeds from divestiture of businesses | 56,100,000 | |||||||
Rocky Gap Property | Disposal Group, Disposed of by Sale, Not Discontinued Operations | VICI Properties, L.P. | Subsequent Event | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Proceeds from divestiture of businesses | $ 203,900,000 | |||||||
Distributed Gaming | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Aggregate consideration | $ 322,500,000 | |||||||
Nevada and Maryland | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of resort casino properties | property | 8 | 8 | ||||||
Nevada | Nevada Taverns | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of tavern locations | location | 65 | 65 | ||||||
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 | 213,500,000 | |||||||
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 | $ 109,000,000 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Details) - Subsequent Event - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Rocky Gap Property - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 25, 2023 | Jul. 31, 2023 | Jul. 25, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Transactions costs | $ 8 | $ 0.3 | |
Payment for transactions costs | $ 1.9 |
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 | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Current assets | |||||
Total current assets held for sale | $ 289,810 | $ 289,810 | $ 39,562 | ||
Current liabilities | |||||
Total current liabilities related to assets held for sale | 69,932 | 69,932 | $ 10,187 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Current assets | |||||
Cash and cash equivalents | 44,695 | 44,695 | |||
Accounts receivables, net | 5,080 | 5,080 | |||
Prepaid expenses | 2,400 | 2,400 | |||
Inventories | 760 | 760 | |||
Other | 2,502 | 2,502 | |||
Total current assets held for sale | 55,437 | 55,437 | |||
Property and equipment, net | 58,309 | 58,309 | |||
Operating lease right-of-use assets, net | 52,306 | 52,306 | |||
Goodwill | 77,645 | 77,645 | |||
Intangible assets, net | 39,570 | 39,570 | |||
Other assets | 6,543 | 6,543 | |||
Total assets held for sale | 289,810 | 289,810 | |||
Current liabilities | |||||
Current portion of long-term debt and finance leases | 2,538 | 2,538 | |||
Current portion of operating leases | 24,639 | 24,639 | |||
Accounts payable | 5,215 | 5,215 | |||
Accrued payroll and related | 2,293 | 2,293 | |||
Other accrued liabilities | 7,389 | 7,389 | |||
Total current liabilities related to assets held for sale | 42,074 | 42,074 | |||
Non-current finance leases | 153 | 153 | |||
Non-current operating leases | 27,639 | 27,639 | |||
Other long-term obligations | 66 | 66 | |||
Total liabilities related to assets held for sale | 69,932 | 69,932 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Maryland Casino Resort | |||||
Current assets | |||||
Cash and cash equivalents | 6,297 | 6,297 | |||
Accounts receivables, net | 2,027 | 2,027 | |||
Prepaid expenses | 605 | 605 | |||
Inventories | 760 | 760 | |||
Other | 60 | 60 | |||
Total current assets held for sale | 9,749 | 9,749 | |||
Property and equipment, net | 24,441 | 24,441 | |||
Operating lease right-of-use assets, net | 5,980 | 5,980 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 1,064 | 1,064 | |||
Other assets | 2 | 2 | |||
Total assets held for sale | 41,236 | 41,236 | |||
Current liabilities | |||||
Current portion of long-term debt and finance leases | 105 | 105 | |||
Current portion of operating leases | 436 | 436 | |||
Accounts payable | 1,585 | 1,585 | |||
Accrued payroll and related | 923 | 923 | |||
Other accrued liabilities | 2,631 | 2,631 | |||
Total current liabilities related to assets held for sale | 5,680 | 5,680 | |||
Non-current finance leases | 153 | 153 | |||
Non-current operating leases | 5,206 | 5,206 | |||
Other long-term obligations | 0 | 0 | |||
Total liabilities related to assets held for sale | 11,039 | 11,039 | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenues | 19,605 | $ 20,546 | 37,733 | $ 38,438 | |
Pretax income | 5,693 | 6,049 | 10,810 | 10,537 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Distributed Gaming | |||||
Current assets | |||||
Cash and cash equivalents | 38,398 | 38,398 | |||
Accounts receivables, net | 3,053 | 3,053 | |||
Prepaid expenses | 1,795 | 1,795 | |||
Inventories | 0 | 0 | |||
Other | 2,442 | 2,442 | |||
Total current assets held for sale | 45,688 | 45,688 | |||
Property and equipment, net | 33,868 | 33,868 | |||
Operating lease right-of-use assets, net | 46,326 | 46,326 | |||
Goodwill | 77,645 | 77,645 | |||
Intangible assets, net | 38,506 | 38,506 | |||
Other assets | 6,541 | 6,541 | |||
Total assets held for sale | 248,574 | 248,574 | |||
Current liabilities | |||||
Current portion of long-term debt and finance leases | 2,433 | 2,433 | |||
Current portion of operating leases | 24,203 | 24,203 | |||
Accounts payable | 3,630 | 3,630 | |||
Accrued payroll and related | 1,370 | 1,370 | |||
Other accrued liabilities | 4,758 | 4,758 | |||
Total current liabilities related to assets held for sale | 36,394 | 36,394 | |||
Non-current finance leases | 0 | 0 | |||
Non-current operating leases | 22,433 | 22,433 | |||
Other long-term obligations | 66 | 66 | |||
Total liabilities related to assets held for sale | 58,893 | 58,893 | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenues | 89,084 | 93,225 | 179,485 | 183,993 | |
Pretax income | $ 9,400 | $ 8,191 | $ 16,943 | $ 16,555 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 125,240 | $ 125,240 |
Building and improvements | 951,191 | 923,157 |
Furniture and equipment | 187,550 | 244,735 |
Construction in process | 16,294 | 23,224 |
Property and equipment | 1,280,275 | 1,316,356 |
Accumulated depreciation | (465,036) | (475,625) |
Property and equipment, net | $ 815,239 | $ 840,731 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 21,100,000 | $ 23,400,000 | $ 43,300,000 | $ 47,800,000 |
Impairment on goodwill and intangible assets | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Impairment on goodwill and intangible assets | $ 0 | $ 0 | $ 0 | $ 0 |
Amortization of intangible assets | $ 400,000 | $ 1,900,000 | $ 1,700,000 | $ 3,800,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill Activity by Reportable Segment (Details) - USD ($) $ in Thousands | Jun. 30, 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 | Jun. 30, 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 | 46,992 | 135,301 |
Cumulative Amortization | (44,416) | (92,549) |
Intangible Assets, Net | 2,576 | 42,752 |
Gross Carrying Value | 100,682 | 188,991 |
Intangible Assets, Net | 49,376 | 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 | (40,777) | (40,455) |
Intangible Assets, Net | $ 2,213 | $ 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 | (3,594) | (9,114) |
Intangible Assets, Net | $ 363 | $ 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 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Gaming liabilities | $ 10,398 | $ 10,952 |
Interest | 5,890 | 6,036 |
Accrued taxes, other than income taxes | 4,896 | 9,291 |
Other accrued liabilities | 5,419 | 5,027 |
Deposits | 2,229 | 2,059 |
Total current accrued liabilities | $ 28,832 | $ 33,365 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2026 Unsecured Notes | $ 335,461,000 | $ 335,461,000 |
Finance lease liabilities | 1,925,000 | 2,157,000 |
Notes payable | 969,000 | 90,000 |
Total long-term debt and finance leases | 913,355,000 | 912,708,000 |
Unamortized discount | (9,167,000) | (7,899,000) |
Unamortized debt issuance costs | (7,290,000) | (3,790,000) |
Total long-term debt and finance leases after debt issuance costs and discount | 896,898,000 | 901,019,000 |
Current portion of long-term debt and finance leases | (1,296,000) | (555,000) |
Long-term debt, net and finance leases | 895,602,000 | 900,464,000 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Term loan | 175,000,000 | 575,000,000 |
Term Loan B-1 | ||
Debt Instrument [Line Items] | ||
Term loan | $ 400,000,000 | $ 0 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
May 26, 2023 | May 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Oct. 12, 2021 | Apr. 15, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | |
Debt Instrument [Line Items] | ||||||||||||
Debt fees | $ 7,290,000 | $ 7,290,000 | $ 3,790,000 | |||||||||
Loss on debt extinguishment and modification | 405,000 | $ 1,073,000 | 405,000 | $ 1,254,000 | ||||||||
Letters of credit outstanding | 0 | 0 | ||||||||||
Repurchases of senior notes | 0 | 37,539,000 | ||||||||||
2026 Unsecured Notes | $ 335,461,000 | $ 335,461,000 | 335,461,000 | |||||||||
Senior Secured First Lien Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 1,000,000,000 | $ 900,000,000 | ||||||||||
Debt fees | $ 10,000,000 | |||||||||||
Loss on debt extinguishment and modification | 400,000 | |||||||||||
Debt issuance costs | 8,000,000 | |||||||||||
Debt instrument, interest rate during period | 7.97% | 7.75% | ||||||||||
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 | ||||||||
Revolving credit facility | $ 0 | $ 0 | ||||||||||
Line of credit facility, maximum amount outstanding during period | 240,000,000 | |||||||||||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | Variable Rate Component One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, floor rate | 1% | |||||||||||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | Minimum | Variable Rate Component One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1% | |||||||||||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | Maximum | Variable Rate Component One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||||||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, credit spread adjustment | 0.10% | |||||||||||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | Variable Rate Component Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2% | |||||||||||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | Variable Rate Component Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||||||
Senior Secured First Lien Credit Facility, Term Loan B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 800,000,000 | |||||||||||
Loss on debt extinguishment and modification | 200,000 | |||||||||||
Term loan | 175,000,000 | 175,000,000 | 575,000,000 | |||||||||
Senior Secured First Lien Credit Facility, Term Loan B | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, floor rate | 1.75% | |||||||||||
Debt instrument, basis spread on variable rate | 2% | |||||||||||
Senior Secured First Lien Credit Facility, Term Loan B | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, floor rate | 0.75% | |||||||||||
Debt instrument, basis spread on variable rate | 3% | |||||||||||
Senior Secured First Lien Credit Facility, Term Loan B | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, floor rate | 0.50% | |||||||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||||||||
Senior Secured First Lien Credit Facility, Term Loan B-1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||||
Term loan | $ 400,000,000 | $ 400,000,000 | 0 | |||||||||
Senior Secured First Lien Credit Facility, Term Loan B-1 | Base Rate | Variable Rate Component One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, floor rate | 1.50% | |||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||
Senior Secured First Lien Credit Facility, Term Loan B-1 | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, credit spread adjustment | 0.10% | |||||||||||
Senior Unsecured Notes Due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 375,000,000 | |||||||||||
Debt instrument interest stated percentage | 7.625% | 7.625% | ||||||||||
Loss on debt extinguishment and modification | 1,100,000 | |||||||||||
Repurchases of senior notes | $ 2,000,000 | 37,500,000 | ||||||||||
2026 Unsecured Notes | $ 335,500,000 | $ 335,500,000 |
Shareholders_ Equity and Stoc_3
Shareholders’ Equity and Stock Incentive Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jan. 01, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jul. 27, 2023 | 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 | $ 61,500,000 | ||||||||
Share-based compensation expense, net | $ 0 | $ 0 | ||||||||
Common stock available for grants of awards (in shares) | 3,988,688 | 3,988,688 | ||||||||
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 | $ 0 | 0 | ||||||
PSUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation expense, net | 1,400,000 | 1,500,000 | $ 2,900,000 | 3,100,000 | ||||||
Percentage of target number of PSU's eligible to vest at "maximum" performance level | 200% | |||||||||
Unamortized share-based compensation expense | 8,400,000 | 9,800,000 | $ 8,400,000 | $ 9,800,000 | ||||||
Share-based compensation expense not yet recognized, weighted-average period for recognition | 1 year 4 months 24 days | 2 years | ||||||||
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 | 1,900,000 | 1,800,000 | $ 3,700,000 | $ 3,300,000 | ||||||
Unamortized share-based compensation expense | $ 11,200,000 | $ 11,800,000 | $ 11,200,000 | $ 11,800,000 | ||||||
Share-based compensation expense not yet recognized, weighted-average period for recognition | 1 year 7 months 6 days | 2 years | ||||||||
Common stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock repurchase, authorized | $ 75,000,000 | $ 50,000,000 | ||||||||
Common stock | Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock repurchase, authorized | $ 100,000,000 |
Shareholders_ Equity and Stoc_4
Shareholders’ Equity and Stock Incentive Plans - Schedule of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Shares repurchased (in shares) | 515 | 784 | |
Shares repurchased | $ 22,474 | $ 15,196 | $ 37,670 |
Average repurchase price per share (USD per share) | $ 43.63 | $ 50.08 |
Shareholders_ Equity and Stoc_5
Shareholders’ Equity and Stock Incentive Plans - Schedule of Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
RSUs | |
Shares | |
Outstanding, beginning of year (in shares) | shares | 547,671 |
Granted (in shares) | shares | 159,043 |
Vested (in shares) | shares | (285,179) |
Cancelled (in shares) | shares | 0 |
Outstanding, end of year (in shares) | shares | 421,535 |
Weighted-Average Grant Date Fair Value | |
Outstanding, beginning of year (USD per share) | $ / shares | $ 26.09 |
Granted (USD per share) | $ / shares | 42.17 |
Vested (USD per share) | $ / shares | 22.79 |
Cancelled (USD per share) | $ / shares | 0 |
Outstanding, end of year (USD per share) | $ / shares | $ 34.38 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate, percent | 25.70% | 26.30% | 22.70% | (23.50%) |
Income tax (provision) benefit | $ 4,248 | $ 7,560 | $ 7,032 | $ (10,919) |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Fair Value Measurement of Long-term Debt (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2026 Unsecured Notes | $ 335,461,000 | $ 335,461,000 |
Finance lease liabilities | 1,925,000 | 2,157,000 |
Notes payable | 969,000 | 90,000 |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Term loan | 175,000,000 | 575,000,000 |
Term Loan B-1 | ||
Debt Instrument [Line Items] | ||
Term loan | 400,000,000 | 0 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Total debt | 913,355,000 | 912,708,000 |
Carrying Amount | Level 2 | ||
Debt Instrument [Line Items] | ||
2026 Unsecured Notes | 335,461,000 | 335,461,000 |
Carrying Amount | Level 2 | Term Loan B | ||
Debt Instrument [Line Items] | ||
Term loan | 175,000,000 | 575,000,000 |
Carrying Amount | Level 2 | Term Loan B-1 | ||
Debt Instrument [Line Items] | ||
Term loan | 400,000,000 | |
Carrying Amount | Level 3 | ||
Debt Instrument [Line Items] | ||
Finance lease liabilities | 1,925,000 | 2,157,000 |
Notes payable | 969,000 | 90,000 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | 914,330,000 | 907,877,000 |
Fair Value | Level 2 | ||
Debt Instrument [Line Items] | ||
2026 Unsecured Notes | 335,998,000 | 330,630,000 |
Fair Value | Level 2 | Term Loan B | ||
Debt Instrument [Line Items] | ||
Term loan | 175,438,000 | 575,000,000 |
Fair Value | Level 2 | Term Loan B-1 | ||
Debt Instrument [Line Items] | ||
Term loan | 400,000,000 | |
Fair Value | Level 3 | ||
Debt Instrument [Line Items] | ||
Finance lease liabilities | 1,925,000 | 2,157,000 |
Notes payable | $ 969,000 | $ 90,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commitments And Contingencies [Line Items] | ||||
Proceeds from sale of business interruption claims | $ 8,100 | |||
Legal fees | 2,400 | |||
Gaming | ||||
Commitments And Contingencies [Line Items] | ||||
Cost of goods and services sold | 105,380 | $ 109,740 | $ 212,306 | $ 215,391 |
Participation and Revenue Share Agreements | Gaming | ||||
Commitments And Contingencies [Line Items] | ||||
Cost of goods and services sold | $ 52,900 | $ 55,200 | $ 106,200 | $ 108,000 |
Segment Information - Additiona
Segment Information - Additional Information (Details) location in Thousands | 6 Months Ended | |
Jun. 30, 2023 segment location slotMachine mi | Jul. 25, 2023 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 5 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Rocky Gap Property | Subsequent Event | ||
Segment Reporting Information [Line Items] | ||
Aggregate consideration | $ | $ 260,000,000 | |
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 | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenues | |||||||
Total revenues | $ 286,681 | $ 289,372 | $ 564,732 | $ 563,016 | |||
Adjusted EBITDA | 58,410 | 75,016 | 120,577 | 142,341 | |||
Depreciation and amortization | (21,454) | (25,332) | (44,962) | (51,608) | |||
Non-cash lease expense | 9 | (230) | (24) | (411) | |||
Share-based compensation | (3,288) | (3,311) | (7,181) | (6,983) | |||
Gain (loss) on disposal of assets | 34 | (710) | 120 | (669) | |||
Loss on debt extinguishment and modification | (405) | (1,073) | (405) | (1,254) | |||
Preopening and related expenses | (141) | (4) | (525) | (59) | |||
Other, net | 2,168 | (838) | 383 | (5,134) | |||
Interest expense, net | (18,803) | (14,738) | (37,039) | (29,856) | |||
Income tax (provision) benefit | (4,248) | (7,560) | (7,032) | 10,919 | |||
Net income | 12,282 | $ 11,630 | 21,220 | $ 36,066 | 23,912 | 57,286 | |
Assets | 1,494,246 | 1,494,246 | $ 1,508,670 | ||||
Gaming | |||||||
Revenues | |||||||
Total revenues | 182,355 | 196,679 | 370,442 | 387,466 | |||
Food and beverage | |||||||
Revenues | |||||||
Total revenues | 46,534 | 44,451 | 92,805 | 86,907 | |||
Rooms | |||||||
Revenues | |||||||
Total revenues | 30,918 | 33,174 | 61,495 | 58,920 | |||
Other | |||||||
Revenues | |||||||
Total revenues | 26,874 | 15,068 | 39,990 | 29,723 | |||
Nevada Taverns | |||||||
Revenues | |||||||
Adjusted EBITDA | 8,450 | 10,654 | 16,988 | 21,430 | |||
Operating Segments | Nevada Casino Resorts | |||||||
Revenues | |||||||
Total revenues | 102,562 | 107,498 | 202,738 | 203,933 | |||
Adjusted EBITDA | 28,044 | 38,892 | 59,755 | 72,467 | |||
Assets | 780,041 | 780,041 | 784,242 | ||||
Operating Segments | Nevada Casino Resorts | Gaming | |||||||
Revenues | |||||||
Total revenues | 38,625 | 46,114 | 80,918 | 90,344 | |||
Operating Segments | Nevada Casino Resorts | Food and beverage | |||||||
Revenues | |||||||
Total revenues | 24,473 | 23,123 | 48,704 | 44,507 | |||
Operating Segments | Nevada Casino Resorts | Rooms | |||||||
Revenues | |||||||
Total revenues | 26,353 | 28,573 | 52,563 | 50,602 | |||
Operating Segments | Nevada Casino Resorts | Other | |||||||
Revenues | |||||||
Total revenues | 13,111 | 9,688 | 20,553 | 18,480 | |||
Operating Segments | Nevada Locals Casinos | |||||||
Revenues | |||||||
Total revenues | 39,829 | 39,785 | 81,067 | 79,674 | |||
Adjusted EBITDA | 19,471 | 19,795 | 39,631 | 39,833 | |||
Assets | 159,834 | 159,834 | 164,580 | ||||
Operating Segments | Nevada Locals Casinos | Gaming | |||||||
Revenues | |||||||
Total revenues | 28,796 | 29,048 | 58,445 | 58,429 | |||
Operating Segments | Nevada Locals Casinos | Food and beverage | |||||||
Revenues | |||||||
Total revenues | 6,564 | 6,301 | 13,255 | 12,480 | |||
Operating Segments | Nevada Locals Casinos | Rooms | |||||||
Revenues | |||||||
Total revenues | 2,416 | 2,529 | 5,238 | 4,773 | |||
Operating Segments | Nevada Locals Casinos | Other | |||||||
Revenues | |||||||
Total revenues | 2,053 | 1,907 | 4,129 | 3,992 | |||
Operating Segments | Maryland Casino Resort | |||||||
Revenues | |||||||
Total revenues | 19,605 | 20,546 | 37,733 | 38,438 | |||
Adjusted EBITDA | 5,898 | 7,242 | 11,026 | 12,814 | |||
Assets | 41,236 | 41,236 | 39,562 | ||||
Operating Segments | Maryland Casino Resort | Gaming | |||||||
Revenues | |||||||
Total revenues | 14,421 | 15,456 | 28,935 | 29,913 | |||
Operating Segments | Maryland Casino Resort | Food and beverage | |||||||
Revenues | |||||||
Total revenues | 2,348 | 2,222 | 4,214 | 3,870 | |||
Operating Segments | Maryland Casino Resort | Rooms | |||||||
Revenues | |||||||
Total revenues | 2,149 | 2,072 | 3,694 | 3,545 | |||
Operating Segments | Maryland Casino Resort | Other | |||||||
Revenues | |||||||
Total revenues | 687 | 796 | 890 | 1,110 | |||
Operating Segments | Nevada Taverns | |||||||
Revenues | |||||||
Total revenues | 27,319 | 28,144 | 54,912 | 56,598 | |||
Assets | 134,849 | 134,849 | 145,065 | ||||
Operating Segments | Nevada Taverns | Gaming | |||||||
Revenues | |||||||
Total revenues | 13,187 | 14,289 | 26,212 | 28,611 | |||
Operating Segments | Nevada Taverns | Food and beverage | |||||||
Revenues | |||||||
Total revenues | 12,962 | 12,630 | 26,267 | 25,683 | |||
Operating Segments | Nevada Taverns | Other | |||||||
Revenues | |||||||
Total revenues | 1,170 | 1,225 | 2,433 | 2,304 | |||
Operating Segments | Distributed Gaming | |||||||
Revenues | |||||||
Total revenues | 89,084 | 93,225 | 179,485 | 183,993 | |||
Adjusted EBITDA | 9,950 | 11,540 | 19,734 | 22,817 | |||
Assets | 248,574 | 248,574 | 258,260 | ||||
Operating Segments | Distributed Gaming | Gaming | |||||||
Revenues | |||||||
Total revenues | 87,326 | 91,772 | 175,932 | 180,169 | |||
Operating Segments | Distributed Gaming | Food and beverage | |||||||
Revenues | |||||||
Total revenues | 187 | 175 | 365 | 367 | |||
Operating Segments | Distributed Gaming | Other | |||||||
Revenues | |||||||
Total revenues | 1,571 | 1,278 | 3,188 | 3,457 | |||
Corporate and other | |||||||
Revenues | |||||||
Total revenues | 8,282 | 174 | 8,797 | 380 | |||
Adjusted EBITDA | (13,403) | $ (13,107) | (26,557) | $ (27,020) | |||
Assets | $ 129,712 | $ 129,712 | $ 116,961 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Nov. 30, 2018 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||||
Accounts receivable | $ 12,616,000 | $ 12,616,000 | $ 20,495,000 | ||||
Accounts payable | 18,521,000 | 18,521,000 | 25,168,000 | ||||
Shares repurchased (in shares) | 515,000 | 784,000 | |||||
Shares repurchased | $ 22,474,000 | $ 15,196,000 | $ 37,670,000 | ||||
Accumulated Deficit | |||||||
Related Party Transaction [Line Items] | |||||||
Shares repurchased | $ 22,469,000 | $ 15,194,000 | |||||
Related Party | Anthony A. Marnell III | |||||||
Related Party Transaction [Line Items] | |||||||
Shares repurchased (in shares) | 210,000 | ||||||
Shares repurchased (USD per share) | $ 42.61 | $ 42.61 | |||||
Related Party | Anthony A. Marnell III | Accumulated Deficit | |||||||
Related Party Transaction [Line Items] | |||||||
Shares repurchased | $ 8,900,000 | ||||||
Related Party | Office Space, Adjacent To Office Headquarters Lease | Mr. Sartini | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of counterparty ownership by related party | 33% | ||||||
Related party transaction, amounts of transaction | 100,000 | 100,000 | 200,000 | $ 100,000 | |||
Related Party | Office Space, Adjacent To Office Headquarters Lease | Mr. Arcana | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of counterparty ownership by related party | 3% | ||||||
Related Party | 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% | ||||||
Related Party | Office Headquarters, Sublet | Mr. Sartini | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, amounts of transaction | 100,000 | 100,000 | 100,000 | 100,000 | |||
Accounts receivable | 0 | 0 | 0 | ||||
Related Party | Aircraft Time-sharing, Co-user and Various Cost-sharing Agreements | Sartini Enterprises | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts receivable | 300,000 | 300,000 | |||||
Reimbursement expense incurred | $ 100,000 | $ 100,000 | $ 100,000 | ||||
Reimbursement expense paid | $ 400,000 | ||||||
Accounts payable | $ 100,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jul. 25, 2023 | Jul. 31, 2023 | Jul. 25, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Rocky Gap Property | |||||
Subsequent Event [Line Items] | |||||
Aggregate consideration | $ 260,000,000 | $ 260,000,000 | |||
Transactions costs | $ 8,000,000 | $ 300,000 | |||
Payment for transactions costs | $ 1,900,000 | ||||
Term Loan B-1 | |||||
Subsequent Event [Line Items] | |||||
Term loan | $ 400,000,000 | $ 0 | |||
Term Loan B-1 | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Term loan | 400,000,000 | ||||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Line of credit facility, remaining borrowing capacity | $ 240,000,000 |