Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, $0.01 par value | |
Trading Symbol | GDEN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,948,741 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001071255 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 404,338 | $ 157,550 |
Accounts receivable, net of allowance for credit losses of $257 and $696 at March 31, 2024 and December 31, 2023, respectively | 17,691 | 16,951 |
Prepaid expenses | 19,931 | 22,042 |
Inventories | 7,277 | 8,097 |
Other | 530 | 531 |
Assets held for sale | 0 | 204,271 |
Total current assets | 449,767 | 409,442 |
Property and equipment, net | 789,557 | 786,145 |
Operating lease right-of-use assets, net | 79,175 | 79,396 |
Goodwill | 84,325 | 84,325 |
Intangible assets, net | 53,469 | 53,935 |
Deferred income tax assets | 37,351 | 29,508 |
Other assets | 8,287 | 9,532 |
Total assets | 1,501,931 | 1,452,283 |
Current liabilities | ||
Current portion of long-term debt and finance leases | 5,199 | 4,596 |
Current portion of operating leases | 13,766 | 13,745 |
Accounts payable | 28,336 | 18,702 |
Income tax payable | 77,253 | 42,055 |
Accrued payroll and related | 17,484 | 21,406 |
Accrued liabilities | 48,181 | 34,639 |
Liabilities related to assets held for sale | 0 | 39,233 |
Total current liabilities | 190,219 | 174,376 |
Long-term debt, net and non-current finance leases | 660,874 | 658,521 |
Non-current operating leases | 80,927 | 81,325 |
Other long-term obligations | 289 | 328 |
Total liabilities | 932,309 | 914,550 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity | ||
Common stock, $.01 par value; authorized 100,000 shares; 28,949 and 28,669 common shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 290 | 287 |
Additional paid-in capital | 473,130 | 475,970 |
Retained earnings | 96,202 | 61,476 |
Total shareholders’ equity | 569,622 | 537,733 |
Total liabilities and shareholders’ equity | $ 1,501,931 | $ 1,452,283 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit losses | $ 257 | $ 696 |
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) | 28,949,000 | 28,669,000 |
Common stock, shares outstanding (in shares) | 28,949,000 | 28,669,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Total revenues | $ 174,047 | $ 278,051 |
Expenses | ||
Other operating | 4,080 | 3,830 |
Selling, general and administrative | 59,987 | 62,036 |
Depreciation and amortization | 22,120 | 23,508 |
Loss (gain) on disposal of assets | 14 | (86) |
Gain on sale of business | (69,736) | 0 |
Preopening expenses | 139 | 384 |
Total expenses | 93,905 | 245,401 |
Operating income | 80,142 | 32,650 |
Non-operating expense | ||
Interest expense, net | (10,686) | (18,236) |
Total non-operating expense, net | (10,686) | (18,236) |
Income before income tax provision | 69,456 | 14,414 |
Income tax provision | (27,493) | (2,784) |
Net income | $ 41,963 | $ 11,630 |
Weighted-average common shares outstanding | ||
Basic (in shares) | 28,724 | 28,308 |
Diluted (in shares) | 30,679 | 30,904 |
Net income per share | ||
Basic (USD per share) | $ 1.46 | $ 0.41 |
Diluted (USD per share) | $ 1.37 | $ 0.38 |
Gaming | ||
Revenues | ||
Total revenues | $ 86,949 | $ 188,087 |
Expenses | ||
Cost of goods and services sold | 26,891 | 106,926 |
Food and beverage | ||
Revenues | ||
Total revenues | 43,661 | 46,271 |
Expenses | ||
Cost of goods and services sold | 34,176 | 34,022 |
Rooms | ||
Revenues | ||
Total revenues | 29,400 | 30,577 |
Expenses | ||
Cost of goods and services sold | 16,234 | 14,781 |
Other | ||
Revenues | ||
Total revenues | $ 14,037 | $ 13,116 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional Paid-In Capital | Accumulated Deficit and Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2022 | 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, 2023 | 28,669 | 28,669 | ||
Beginning balance at Dec. 31, 2023 | $ 537,733 | $ 287 | 475,970 | 61,476 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of stock on options exercised and restricted stock units vested (in shares) | 280 | |||
Issuance of stock on options exercised and restricted stock units vested | 3 | $ 3 | ||
Share-based compensation | 3,041 | 3,041 | ||
Tax benefit from share-based compensation | (5,881) | (5,881) | ||
Dividend payable | (7,237) | (7,237) | ||
Net income | $ 41,963 | 41,963 | ||
Ending balance (in shares) at Mar. 31, 2024 | 28,949 | 28,949 | ||
Ending balance at Mar. 31, 2024 | $ 569,622 | $ 290 | $ 473,130 | $ 96,202 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 41,963 | $ 11,630 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 22,120 | 23,508 |
Non-cash lease expense | (85) | 33 |
Share-based compensation | 3,041 | 3,290 |
Amortization of debt issuance costs and discounts on debt | 937 | 1,079 |
Loss (gain) on disposal of assets | 14 | (86) |
Gain on sale of business | (69,736) | 0 |
Provision for credit losses | 59 | 232 |
Deferred income taxes | (7,843) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (251) | 2,691 |
Prepaid expenses, inventories and other current assets | 53 | 6,690 |
Other assets | (2,492) | 144 |
Accounts payable and other accrued expenses | 3,263 | 5,434 |
Income tax payable | 35,198 | 0 |
Other liabilities | (446) | (99) |
Net cash provided by operating activities | 25,795 | 54,546 |
Cash flows from investing activities | ||
Purchase of property and equipment, net of change in construction payables | (16,259) | (25,072) |
Proceeds from disposal of property and equipment | 0 | 211 |
Proceeds from sale of business, net of cash transferred | 204,858 | 0 |
Net cash provided by (used in) investing activities | 188,599 | (24,861) |
Cash flows from financing activities | ||
Repayments of term loan | (1,000) | 0 |
Repayments of notes payable | (440) | (24) |
Principal payments under finance leases | (338) | (125) |
Tax withholding on share-based payments | (5,881) | (15,373) |
Proceeds from issuance of common stock, net of costs | 3 | 6 |
Net cash used in financing activities | (7,656) | (15,516) |
Change in cash and cash equivalents | 206,738 | 14,169 |
Balance, beginning of period | 197,600 | 142,034 |
Balance, end of period | 404,338 | 156,203 |
Supplemental cash flow disclosures | ||
Cash paid for interest | 8,386 | 11,109 |
Non-cash investing and financing activities | ||
Assets acquired under finance lease obligations | 3,631 | 0 |
Payables incurred for capital expenditures | 7,421 | 2,342 |
Operating lease right-of-use assets obtained in exchange for lease obligations | $ 3,098 | $ 110 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 branded tavern operations. The Company’s portfolio includes eight casino properties located in Nevada, as well as 71 branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. Unless otherwise indicated, the term the “Company” refers to Golden Entertainment, Inc. together with its subsidiaries. As of March 31, 2024, the Company conducted its business through three reportable segments: Nevada Casino Resorts, Nevada Locals Casinos and Nevada Taverns. Each reportable segment was comprised of the following properties and operations: Reportable Segment Location Nevada Casino Resorts The STRAT Hotel, Casino & Tower (“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 Nevada Taverns 69 branded tavern locations (1) Nevada (1) Subsequent to the end of the first quarter of 2024, the Company acquired the operations of Great American Pub (“GAP”), as described below, which included the acquisition of two tavern locations. The Company completed the sales of Rocky Gap Casino Resort (“Rocky Gap”) on July 25, 2023 for aggregate cash consideration of $260.0 million and its distributed gaming operations in Montana on September 13, 2023 for cash consideration of $109.0 million plus working capital and other adjustments and net of cash transferred at closing. On January 10, 2024, the Company completed the sale of its distributed gaming operations in Nevada for cash consideration of $213.5 million plus working capital and other adjustments and net of cash transferred at closing. Prior to their sale, the operations of Rocky Gap were presented in the Company’s Maryland Casino Resort reportable segment, and the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in the Company’s Distributed Gaming reportable segment. Refer to the discussion in “ Note 2 — Divestitures ” and “ Note 11 — Segment Information ” for further information. On April 22, 2024, the Company acquired the operations of GAP, comprised of two tavern locations in Nevada, for cash consideration of $7.3 million , thus expanding the Company’s branded tavern portfolio to 71 locations. The acquired GAP taverns have been included in the Company’s Nevada Taverns reportable segment from the date of acquisition. 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, 2023 and the notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) previously filed with the SEC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which included only normal recurring adjustments, necessary to present fairly the Company’s results for the periods presented. Results for interim periods should not be considered indicative of the results to be expected for the full year and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Reclassifications were made to the Company’s prior period consolidated financial statements to conform to the current period presentation, where applicable. These reclassifications had no effect on previously reported net income. Significant Accounting Policies There have been no changes to the significant accounting policies disclosed in the Company’s Annual Report. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and in banks and highly liquid investments with original maturities of three months or less. As of March 31, 2024, the Company had $404.3 million in cash and cash equivalents. 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. No shares of common stock related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) were anti-dilutive for the three months ended March 31, 2024. For the three months ended March 31, 2023, diluted net income per share excluded the weighted average effect of 51,819 shares of common stock, related to time-based and performance-based restricted stock units due to such shares being anti-dilutive. 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. The Company considers the applicability and impact of all ASUs. While management continues to assess the possible impact of the adoption of new accounting standards and the future adoption of the new accounting standards that are not yet effective on the Company’s financial statements, management currently believes that the following new standards have or may have an impact on the Company’s consolidated financial statements and disclosures: Accounting Standards Issued and Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company adopted this standard effective January 1, 2024 and will include the required disclosures in its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption of this ASU did not have a material impact on the Company’s financial statements or disclosures. Accounting Standards Issued But Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The provisions of this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures to address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company does not expect the impact of the adoption of this ASU to be material to its 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. |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures As discussed in “ Note 1 — Nature of Business and Basis of Presentation ,” the Company completed the sales of Rocky Gap and its distributed gaming operations in Montana and Nevada on July 25, 2023, September 13, 2023 and January 10, 2024, respectively. Operations of Rocky Gap had historically been presented in the Company’s Maryland Casino Resort reportable segment. The Company incurred $8.5 million in transaction costs since the announcement of the Rocky Gap sale on August 25, 2022, $0.2 million of which were incurred in 2022 and $8.3 million of which were incurred in 2023. The results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and had historically been presented in the Company’s Distributed Gaming reportable segment. Since the announcement of the distributed gaming operations sale on March 3, 2023, the Company incurred $0.8 million and $0.4 million in transaction costs related to the sales of the distributed gaming operations in Montana and Nevada, respectively, during the year ended December 31, 2023. The Company incurred an additional $2.0 million in transaction costs related to the sale of the distributed gaming operations in Nevada upon completion of the divestiture during the first quarter of 2024. The Company recorded transaction costs in selling, general and administrative expenses as incurred. The Company classifies assets as held for sale when a sale is probable, is expected to be completed within one year, and the asset group meets all of the accounting criteria to be classified as held for sale. Gains or losses associated with the disposal of assets held for sale are recorded within operating expenses, and the Company ceases recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreement for the sale. The assets and liabilities of the distributed gaming operations in Nevada classified as held for sale as of December 31, 2023, and subsequently sold on January 10, 2024, are presented in the table below: December 31, 2023 (In thousands) Distributed Gaming- Nevada ASSETS Current assets Cash and cash equivalents $ 40,050 Accounts receivables, net 1,945 Prepaid expenses 1,018 Other 2,298 Total current assets held for sale 45,311 Property and equipment, net 21,221 Operating lease right-of-use assets, net 33,601 Goodwill 69,452 Intangible assets, net 28,379 Other assets 6,307 Total assets held for sale $ 204,271 LIABILITIES Current liabilities Current portion of long-term debt and finance leases $ 1,131 Current portion of operating leases 23,323 Accounts payable 1,826 Accrued payroll and related 1,123 Other accrued liabilities 1,151 Total current liabilities related to assets held for sale 28,554 Non-current operating leases 10,614 Other long-term obligations 65 Total liabilities related to assets held for sale $ 39,233 The following information presents the revenues and pretax income generated by Rocky Gap and the Company’s distributed gaming operations in Montana and Nevada previously reported as held for sale and divested on July 25, 2023, September 13, 2023 and January 10, 2024, respectively: Three Months Ended March 31, (In thousands) 2024 2023 Maryland Casino Resort Revenues $ — $ 18,128 Pretax income — 5,117 Distributed Gaming- Montana Revenues $ — $ 28,553 Pretax income — 2,459 Distributed Gaming- Nevada Revenues $ 6,019 $ 61,848 Pretax income 476 5,084 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, net, consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Land $ 125,240 $ 125,240 Building and improvements 966,105 955,859 Furniture and equipment 199,505 190,048 Construction in process 14,223 10,561 Property and equipment 1,305,073 1,281,708 Accumulated depreciation (515,516) (495,563) Property and equipment, net $ 789,557 $ 786,145 Depreciation expense for property and equipment, includ ing finance leases, was $21.6 million and $22.2 million for the three months ended March 31, 2024 and 2023, 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. The Company concluded that there was no impairment of the Company’s long-lived assets for the three months ended March 31, 2024 and 2023. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company tests goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. Finite-lived intangible assets are evaluated for potential impairment whenever there is an indicator that the carrying value of an asset group may not be recoverable. Based on the results of its interim impairment assessments conducted during the three months ended March 31, 2024 and 2023, 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 Nevada Taverns Total Goodwill Balance, December 31, 2023 $ 22,105 $ 38,187 $ 24,033 $ 84,325 Balance, March 31, 2024 $ 22,105 $ 38,187 $ 24,033 $ 84,325 Intangible assets, net, consisted of the following: March 31, 2024 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 54,790 $ — $ (6,890) $ 47,900 54,790 — (6,890) 47,900 Amortizing intangible assets Player relationships 2-14 43,916 (41,245) — 2,671 Non-compete agreements 2-5 5,747 (2,849) — 2,898 49,663 (44,094) — 5,569 Balance, March 31, 2024 $ 104,453 $ (44,094) $ (6,890) $ 53,469 December 31, 2023 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 54,790 $ — $ (6,890) $ 47,900 54,790 — (6,890) 47,900 Amortizing intangible assets Player relationships 2-14 43,916 (41,050) — 2,866 Non-compete agreements 2-5 5,747 (2,578) — 3,169 49,663 (43,628) — 6,035 Balance, December 31, 2023 $ 104,453 $ (43,628) $ (6,890) $ 53,935 Total amortization expense related to intangible assets was $0.5 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Gaming liabilities $ 10,838 $ 10,726 Interest 9,931 4,572 Uncertain tax positions payable 7,893 7,755 Dividend payable 7,237 — Accrued taxes, other than income taxes 5,780 5,193 Other accrued liabilities 4,384 4,538 Deposits 2,118 1,855 Total current accrued liabilities $ 48,181 $ 34,639 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt, net, consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Term Loan B-1 $ 397,000 $ 398,000 2026 Unsecured Notes 276,453 276,453 Finance lease liabilities 4,983 1,691 Notes payable 222 438 Total long-term debt and finance leases 678,658 676,582 Unamortized discount (6,921) (7,423) Unamortized debt issuance costs (5,664) (6,042) Total long-term debt and finance leases after debt issuance costs and discount 666,073 663,117 Current portion of long-term debt and finance leases (5,199) (4,596) Long-term debt, net and finance leases $ 660,874 $ 658,521 Senior Secured Credit Facility The Company’s senior secured credit facility with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) (the “Credit Facility”) comprises a $400 million term loan B-1 facility (the “Term Loan B-1”) and a $240 million revolving credit facility (the “Revolving Credit Facility”). As of March 31, 2024, the Company had $397 million in principal amount of outstanding Term Loan B-1 borrowings under its Credit Facility, no outstanding letters of credit and no borrowings under the Revolving Credit Facility, such that the full borrowing availability of $240 million under the Revolving Credit Facility was available to the Company. On May 26, 2023, the Company modified the terms of the Credit Facility by (1) extending the maturity date of the 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 Term Loan B-1 with a maturity date of the earlier of May 26, 2030 and the Springing Maturity Date. Term Loan B-1 was fully drawn at the time of such modification, with the proceeds thereof used to repay a portion of the Company’s then-existing term loan B borrowings under the Credit Facility (the “Term Loan B”). The remainder of the Term Loan B was repaid in full in July 2023 using a portion of the proceeds from the sale of Rocky Gap. On April 15, 2024, the Company redeemed and repaid in full all of its 2026 Unsecured Notes, thereby eliminating the Springing Maturity Date provision, meaning that the maturity date of the Revolving Credit Facility is now fixed at May 26, 2028 and the maturity date of the Term Loan B-1 is now fixed at May 26, 2030. Refer to “ Note 13 — Subsequent Events ” for further information. Under the Credit Facility, 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%. 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 for the three months ended March 31, 2024 was 8.19%. The Term Loan B-1 is repayable in 27 quarterly installments of $1 million each, which commenced in September 2023, followed by a final installment of $373 million due at maturity. The Company was in compliance with its financial and other covenants under the Credit Facility as of March 31, 2024. 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, of which $276.5 million were outstanding as of March 31, 2024. The 2026 Unsecured Notes bore interest at 7.625%, payable semi-annually on April 15 th and October 15 th of each year. On April 15, 2024, the Company redeemed and repaid in full all of its 2026 Unsecured Notes. Refer to “ Note 13 — Subsequent Events ” for further information. |
Shareholders_ Equity and Stock
Shareholders’ Equity and Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Shareholders’ Equity and Stock Incentive Plans | Shareholders’ Equity and Stock Incentive Plans Share Repurchase Program On July 27, 2023, the Company’s Board of Directors increased its share repurchase program to $100 million. 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. The Company did not repurchase any of its shares during the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company had $90.9 million of remaining share repurchase availability under its July 27, 2023 authorization. Dividends On February 27, 2024, the Company’s Board of Directors declared a recurring quarterly cash dividend of $0.25 per share of the Company’s common stock, the first of which was paid on April 4, 2024 to shareholders of record as of March 18, 2024 in the amount of $7.2 million in the aggregate. Stock Options The following table summarizes the Company’s stock option activity: Stock Options Shares Weighted-Average Exercise Price Outstanding at January 1, 2024 1,911,354 $ 9.19 Granted — $ — Exercised (13,000) $ 10.51 Cancelled — $ — Expired — $ — Outstanding at March 31, 2024 1,898,354 $ 9.18 Exercisable at March 31, 2024 1,898,354 $ 9.18 There was no share-based compensation expense related to stock options for the three months ended March 31, 2024 and 2023. The Company did not have any remaining unrecognized share-based compensation expense related to stock options as of March 31, 2024 and 2023. Restricted Stock Units The following table summarizes the Company’s activity related to RSUs and PSUs: RSUs PSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 428,762 $ 34.09 471,935 (1) $ 36.40 Granted (2) 202,826 $ 34.22 131,906 $ 34.06 Vested (170,783) $ 37.40 (272,362) (3) $ 29.00 Cancelled — $ — (37,101) (4) $ 41.92 Outstanding at March 31, 2024 460,805 $ 32.95 294,378 $ 41.33 ( 1) Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target, PSUs granted in March 2022 at 89.6% of the target and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target. (2) 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. (3) Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs. (4) The Company’s financi al results for the applicable performance goals were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724. Share-based compensation expense related to RSUs was $1.8 million for each of the three months ended March 31, 2024 and 2023. Share-based compensation expense related to PSUs was $1.2 million and $1.5 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $12.4 million and $7.9 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 1.7 years and 2.2 years for RSUs and PSUs, respectively. As of March 31, 2023, there was $12.2 million and $9.7 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 1.8 years and 1.6 years for RSUs and PSUs, respectively. As of March 31, 2024, a total of 4,348,412 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, 2024 of 1,146,766 shares. |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company’s effective income tax rates were 39.6% and 19.3% for the three months ended March 31, 2024 and 2023, respectively. The Company recorded income tax expense of $27.5 million and $2.8 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company’s 2017 and 2018 federal tax returns were under audit by the IRS. The IRS has proposed adjustments to the Company’s fixed asset classification, which resulted in recording $7.2 million in uncertain tax positions (“UTP”) with an additional $0.7 million of UTP payable related to interest as of December 31, 2023. As of March 31, 2024, the Company’s UTP payable was $7.9 million, which was comprised of $7.2 million in UTP and $0.7 million in accrued interest. The Company anticipates that it is reasonably possible that the Company will reach a resolution with the IRS such that no UTP will remain by December 31, 2024. The resolution of the UTP would result in a reclassification of the existing deferred tax assets or a cash tax payment with little or no impact on the effective income tax rate. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan B-1 $ 397,000 $ 397,993 Level 2 2026 Unsecured Notes 276,453 275,762 Level 2 Finance lease liabilities 4,983 4,983 Level 3 Notes payable 222 222 Level 3 Total debt $ 678,658 $ 678,960 December 31, 2023 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan B-1 $ 398,000 $ 399,493 Level 2 2026 Unsecured Notes 276,453 277,144 Level 2 Finance lease liabilities 1,691 1,691 Level 3 Notes payable 438 438 Level 3 Total debt $ 676,582 $ 678,766 The estimated fair value of the Company’s Term Loan B-1 and 2026 Unsecured Notes is based on a relative value analysis performed as of March 31, 2024 and December 31, 2023. The finance lease liabilities and notes payable are fixed-rate debt, are not traded and do not have observable market inputs, and therefore, their fair value is estimated to be equal to the carrying value. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Participation Agreements Prior to their sale, the Company’s distributed gaming operations included slot placement contracts in the form of participation agreements. Under participation agreements, the Company and the business location each held 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 retained a percentage of the gaming revenue generated from the Company’s slot machines. The Company was considered to be the principal in these arrangements and therefore, recorded 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 $3.9 million and $53.3 million for the three months ended March 31, 2024 and 2023, respectively. Legal Matters and Other From time to time, the Company is involved in a variety of lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of business, including proceedings concerning labor and employment matters, personal injury claims, breach of contract claims, commercial disputes, business practices, intellectual property, tax and other matters for which the Company records reserves. Although lawsuits, claims, investigations and other legal proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its currently pending matters should not have a material adverse effect on its business, financial condition, results of operations or liquidity. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense costs, diversion of management resources and other factors. In addition, it is possible that an unfavorable resolution of one or more such proceedings could in the future materially and adversely affect the Company’s business, financial condition, results of operations or liquidity in a particular period. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As of March 31, 2024, the Company conducted its business through three reportable segments: Nevada Casino Resorts, Nevada Locals Casinos and Nevada Taverns. 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 of these properties. The Company’s locals casino properties typically experience a higher frequency of customer visits compared to its casino resort properties, 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 Nevada Taverns segment is comprised of branded tavern locations that 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. Prior to the sale of the Company’s distributed gaming operations in Nevada, the Company owned and operated the slot machines located within each tavern. Following the sale, slot machines at the Company’s branded tavern locations are owned and operated by the independent third party that acquired the distributed gaming operations from the Company. As discussed in “ Note 1 — Nature of Business and Basis of Presentation ,” the Company completed the sales of Rocky Gap and its distributed gaming operations in Montana and Nevada on July 25, 2023, September 13, 2023 and January 10, 2024, respectively. Prior to its sale, the operations of Rocky Gap were presented in the Company’s Maryland Casino Resort reportable segment. Prior to their sale, the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in the Company’s Distributed Gaming reportable segment. 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 assets, severance expenses, preopening and related expenses, gain or loss on disposal of assets and businesses, share-based compensation expenses, non-cash lease expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results, calculated before corporate overhead (which is not allocated to each reportable segment). Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below: Three Months Ended March 31, (In thousands) 2024 2023 Revenues Nevada Casino Resorts Gaming $ 40,289 $ 42,293 Food and beverage 24,263 24,231 Rooms 26,949 26,210 Other 9,511 7,442 Nevada Casino Resorts revenues $ 101,012 $ 100,176 Nevada Locals Casinos Gaming $ 27,820 $ 29,649 Food and beverage 6,653 6,691 Rooms 2,451 2,822 Other 2,067 2,076 Nevada Locals Casinos revenues $ 38,991 $ 41,238 Maryland Casino Resort (1) Gaming $ — $ 14,514 Food and beverage — 1,866 Rooms — 1,545 Other — 203 Maryland Casino Resort revenues $ — $ 18,128 Nevada Taverns Gaming $ 12,859 $ 13,025 Food and beverage 12,728 13,305 Other 2,220 1,263 Nevada Taverns revenue $ 27,807 $ 27,593 Distributed Gaming (2) Gaming $ 5,981 $ 88,606 Food and beverage 17 178 Other 21 1,617 Distributed Gaming revenues $ 6,019 $ 90,401 Corporate and other 218 515 Total revenues $ 174,047 $ 278,051 (1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023. (2) Comprised of distributed gaming operations in Montana (for the three months ended March 31, 2023 only) and Nevada, which were sold on September 13, 2023 and January 10, 2024, respectively. Three Months Ended March 31, (In thousands) 2024 2023 Adjusted EBITDA Nevada Casino Resorts $ 26,891 $ 31,711 Nevada Locals Casinos 17,536 20,160 Maryland Casino Resort (1) — 5,128 Nevada Taverns 7,561 8,538 Distributed Gaming (2) 484 9,784 Corporate and other (11,480) (13,154) Total Adjusted EBITDA 40,992 62,167 Adjustments Depreciation and amortization (22,120) (23,508) Non-cash lease expense 85 (33) Share-based compensation (3,269) (3,893) (Loss) gain on disposal of assets (14) 86 Gain on sale of business 69,736 — Preopening and related expenses (3) (139) (384) Other, net (5,129) (1,785) Interest expense, net (10,686) (18,236) Income tax provision (27,493) (2,784) Net Income $ 41,963 $ 11,630 (1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023. (2) Comprised of distributed gaming operations in Montana (for the three months ended March 31, 2023 only) and Nevada, which were sold on September 13, 2023 and January 10, 2024, respectively. (3) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded taverns and 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 Nevada Taverns Distributed Gaming Corporate and Other Consolidated Balance at March 31, 2024 $ 755,685 $ 161,253 $ 146,598 $ — $ 438,395 $ 1,501,931 Balance at December 31, 2023 $ 758,622 $ 160,059 $ 148,250 $ 204,271 $ 181,081 $ 1,452,283 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
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 Blake L. 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 Company’s Chief Development Officer. The lease commenced in August 2020 and expires on December 31, 2030. The rent expense for the space was $0.1 million for each of the three months ended March 31, 2024 and 2023. 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 months ended March 31, 2024 and 2023 for the sublet portion of the office headquarters building was less than $0.1 million. No amount was owed to the Company under such sublease as of March 31, 2024 and December 31, 2023. 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 various cost-sharing agreements between the Company and Sartini Enterprises, Inc., all of which have been approved by the Audit Committee of the Board of Directors. The aircraft time-sharing, co-user and cost-sharing agreements specify the maximum expense reimbursement that Sartini Enterprises, Inc. can charge the Company under the applicable regulations of the Federal Aviation Administration for the use of the aircraft and the flight crew. Such costs include fuel, landing fees, hangar and tie-down costs away from the aircraft’s operating base, flight planning and weather contract services, crew costs and other related expenses. The Company’s compliance department reviews the cost-sharing arrangements and reimbursements on a regular basis. The Company did not incur any costs under the aircraft time-sharing, co-user and various cost-sharing agreements with Sartini Enterprises, Inc. for the three months ended March 31, 2024 and the Company incurred $0.1 million under the aircraft time-sharing, co-user and various cost-sharing agreements with Sartini Enterprises, Inc. for the three ended March 31, 2023 . The Company was owed $0.1 million under such agreements as of each of March 31, 2024 and December 31, 2023. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company’s management evaluates subsequent events through the date of issuance of the consolidated financial statements. On April 15, 2024, the Company redeemed and repaid in full all of its 2026 Unsecured Notes for an aggregate amount equal to $287.0 million, consisting of $276.5 million in principal and $10.5 million in accrued and unpaid interest, and discharged all of the Company’s obligations under the indenture governing the 2026 Unsecured Notes. The Company recorded a $4.4 million loss on debt extinguishment related to the redemption of the 2026 Unsecured Notes. As discussed in “ Note 1 — Nature of Business and Basis of Presentation ,” subsequent to the end of the first quarter of 2024, on April 22, 2024, the Company acquired the operations of GAP, comprised of two tavern locations in Nevada, for cash consideration of $7.3 million . The acquired GAP taverns have been included in the Company’s Nevada Taverns reportable segment from the date of acquisition. On May 2, 2024, the Company’s Board of Directors authorized its second recurring quarterly cash dividend as discussed in “ Liquidity and Capital Resources ” in Part I, Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations. There were no additional subsequent events that occurred after March 31, 2024 but prior to the date of issuance of the consolidated financial statements that would require adjustment to or disclosure in the consolidated financial statements as of and for the three months ended March 31, 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 41,963 | $ 11,630 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 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 Equivalents |
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. No shares of common stock related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) were anti-dilutive for the three months ended March 31, 2024. For the three months ended March 31, 2023, diluted net income per share excluded the weighted average effect of 51,819 shares of common stock, related to time-based and performance-based restricted stock units due to such shares being anti-dilutive. |
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. The Company considers the applicability and impact of all ASUs. While management continues to assess the possible impact of the adoption of new accounting standards and the future adoption of the new accounting standards that are not yet effective on the Company’s financial statements, management currently believes that the following new standards have or may have an impact on the Company’s consolidated financial statements and disclosures: Accounting Standards Issued and Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company adopted this standard effective January 1, 2024 and will include the required disclosures in its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption of this ASU did not have a material impact on the Company’s financial statements or disclosures. Accounting Standards Issued But Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The provisions of this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures to address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company does not expect the impact of the adoption of this ASU to be material to its 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) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Operating Segments | Each reportable segment was comprised of the following properties and operations: Reportable Segment Location Nevada Casino Resorts The STRAT Hotel, Casino & Tower (“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 Nevada Taverns 69 branded tavern locations (1) Nevada |
Divestitures (Tables)
Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets Held for Sale | The assets and liabilities of the distributed gaming operations in Nevada classified as held for sale as of December 31, 2023, and subsequently sold on January 10, 2024, are presented in the table below: December 31, 2023 (In thousands) Distributed Gaming- Nevada ASSETS Current assets Cash and cash equivalents $ 40,050 Accounts receivables, net 1,945 Prepaid expenses 1,018 Other 2,298 Total current assets held for sale 45,311 Property and equipment, net 21,221 Operating lease right-of-use assets, net 33,601 Goodwill 69,452 Intangible assets, net 28,379 Other assets 6,307 Total assets held for sale $ 204,271 LIABILITIES Current liabilities Current portion of long-term debt and finance leases $ 1,131 Current portion of operating leases 23,323 Accounts payable 1,826 Accrued payroll and related 1,123 Other accrued liabilities 1,151 Total current liabilities related to assets held for sale 28,554 Non-current operating leases 10,614 Other long-term obligations 65 Total liabilities related to assets held for sale $ 39,233 The following information presents the revenues and pretax income generated by Rocky Gap and the Company’s distributed gaming operations in Montana and Nevada previously reported as held for sale and divested on July 25, 2023, September 13, 2023 and January 10, 2024, respectively: Three Months Ended March 31, (In thousands) 2024 2023 Maryland Casino Resort Revenues $ — $ 18,128 Pretax income — 5,117 Distributed Gaming- Montana Revenues $ — $ 28,553 Pretax income — 2,459 Distributed Gaming- Nevada Revenues $ 6,019 $ 61,848 Pretax income 476 5,084 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property and Equipment | Property and equipment, net, consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Land $ 125,240 $ 125,240 Building and improvements 966,105 955,859 Furniture and equipment 199,505 190,048 Construction in process 14,223 10,561 Property and equipment 1,305,073 1,281,708 Accumulated depreciation (515,516) (495,563) Property and equipment, net $ 789,557 $ 786,145 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Balances by Reportable Segment | The following table summarizes goodwill balances by reportable segment: (In thousands) Nevada Casino Resorts Nevada Locals Casinos Nevada Taverns Total Goodwill Balance, December 31, 2023 $ 22,105 $ 38,187 $ 24,033 $ 84,325 Balance, March 31, 2024 $ 22,105 $ 38,187 $ 24,033 $ 84,325 |
Schedule of Intangible Assets | Intangible assets, net, consisted of the following: March 31, 2024 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 54,790 $ — $ (6,890) $ 47,900 54,790 — (6,890) 47,900 Amortizing intangible assets Player relationships 2-14 43,916 (41,245) — 2,671 Non-compete agreements 2-5 5,747 (2,849) — 2,898 49,663 (44,094) — 5,569 Balance, March 31, 2024 $ 104,453 $ (44,094) $ (6,890) $ 53,469 December 31, 2023 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 54,790 $ — $ (6,890) $ 47,900 54,790 — (6,890) 47,900 Amortizing intangible assets Player relationships 2-14 43,916 (41,050) — 2,866 Non-compete agreements 2-5 5,747 (2,578) — 3,169 49,663 (43,628) — 6,035 Balance, December 31, 2023 $ 104,453 $ (43,628) $ (6,890) $ 53,935 |
Schedule of Intangible Assets | Intangible assets, net, consisted of the following: March 31, 2024 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 54,790 $ — $ (6,890) $ 47,900 54,790 — (6,890) 47,900 Amortizing intangible assets Player relationships 2-14 43,916 (41,245) — 2,671 Non-compete agreements 2-5 5,747 (2,849) — 2,898 49,663 (44,094) — 5,569 Balance, March 31, 2024 $ 104,453 $ (44,094) $ (6,890) $ 53,469 December 31, 2023 (In thousands) Useful Life (Years) Gross Carrying Value Cumulative Amortization Cumulative Impairment Intangible Assets, Net Indefinite-lived intangible assets Trade names Indefinite $ 54,790 $ — $ (6,890) $ 47,900 54,790 — (6,890) 47,900 Amortizing intangible assets Player relationships 2-14 43,916 (41,050) — 2,866 Non-compete agreements 2-5 5,747 (2,578) — 3,169 49,663 (43,628) — 6,035 Balance, December 31, 2023 $ 104,453 $ (43,628) $ (6,890) $ 53,935 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Gaming liabilities $ 10,838 $ 10,726 Interest 9,931 4,572 Uncertain tax positions payable 7,893 7,755 Dividend payable 7,237 — Accrued taxes, other than income taxes 5,780 5,193 Other accrued liabilities 4,384 4,538 Deposits 2,118 1,855 Total current accrued liabilities $ 48,181 $ 34,639 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt, net, consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Term Loan B-1 $ 397,000 $ 398,000 2026 Unsecured Notes 276,453 276,453 Finance lease liabilities 4,983 1,691 Notes payable 222 438 Total long-term debt and finance leases 678,658 676,582 Unamortized discount (6,921) (7,423) Unamortized debt issuance costs (5,664) (6,042) Total long-term debt and finance leases after debt issuance costs and discount 666,073 663,117 Current portion of long-term debt and finance leases (5,199) (4,596) Long-term debt, net and finance leases $ 660,874 $ 658,521 |
Shareholders_ Equity and Stoc_2
Shareholders’ Equity and Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
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, 2024 1,911,354 $ 9.19 Granted — $ — Exercised (13,000) $ 10.51 Cancelled — $ — Expired — $ — Outstanding at March 31, 2024 1,898,354 $ 9.18 Exercisable at March 31, 2024 1,898,354 $ 9.18 |
Schedule of RSU Activity | The following table summarizes the Company’s activity related to RSUs and PSUs: RSUs PSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 428,762 $ 34.09 471,935 (1) $ 36.40 Granted (2) 202,826 $ 34.22 131,906 $ 34.06 Vested (170,783) $ 37.40 (272,362) (3) $ 29.00 Cancelled — $ — (37,101) (4) $ 41.92 Outstanding at March 31, 2024 460,805 $ 32.95 294,378 $ 41.33 ( 1) Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target, PSUs granted in March 2022 at 89.6% of the target and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target. (2) 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. (3) Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs. (4) The Company’s financi al results for the applicable performance goals were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724. |
Schedule of PSU Activity | The following table summarizes the Company’s activity related to RSUs and PSUs: RSUs PSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 428,762 $ 34.09 471,935 (1) $ 36.40 Granted (2) 202,826 $ 34.22 131,906 $ 34.06 Vested (170,783) $ 37.40 (272,362) (3) $ 29.00 Cancelled — $ — (37,101) (4) $ 41.92 Outstanding at March 31, 2024 460,805 $ 32.95 294,378 $ 41.33 ( 1) Includes PSUs granted in March 2021 (“2021 PSU Awards”) at 200% of the target, PSUs granted in March 2022 at 89.6% of the target and PSUs granted in March 2023 (“2023 PSU Awards”) at 100% of the target. (2) 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. (3) Represents 2021 PSU Awards that vested in March 2024 at 200% of the target PSUs. (4) The Company’s financi al results for the applicable performance goals were certified during the three months ended March 31, 2024 and 69.3% of the target 2023 PSU Awards were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2023 to the number of PSUs eligible to vest from 120,825 to 83,724. |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement Information about Long-term Debt | The following table summarizes the fair value measurement of the Company’s long-term debt: March 31, 2024 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan B-1 $ 397,000 $ 397,993 Level 2 2026 Unsecured Notes 276,453 275,762 Level 2 Finance lease liabilities 4,983 4,983 Level 3 Notes payable 222 222 Level 3 Total debt $ 678,658 $ 678,960 December 31, 2023 (In thousands) Carrying Amount Fair Value Fair Value Hierarchy Term Loan B-1 $ 398,000 $ 399,493 Level 2 2026 Unsecured Notes 276,453 277,144 Level 2 Finance lease liabilities 1,691 1,691 Level 3 Notes payable 438 438 Level 3 Total debt $ 676,582 $ 678,766 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below: Three Months Ended March 31, (In thousands) 2024 2023 Revenues Nevada Casino Resorts Gaming $ 40,289 $ 42,293 Food and beverage 24,263 24,231 Rooms 26,949 26,210 Other 9,511 7,442 Nevada Casino Resorts revenues $ 101,012 $ 100,176 Nevada Locals Casinos Gaming $ 27,820 $ 29,649 Food and beverage 6,653 6,691 Rooms 2,451 2,822 Other 2,067 2,076 Nevada Locals Casinos revenues $ 38,991 $ 41,238 Maryland Casino Resort (1) Gaming $ — $ 14,514 Food and beverage — 1,866 Rooms — 1,545 Other — 203 Maryland Casino Resort revenues $ — $ 18,128 Nevada Taverns Gaming $ 12,859 $ 13,025 Food and beverage 12,728 13,305 Other 2,220 1,263 Nevada Taverns revenue $ 27,807 $ 27,593 Distributed Gaming (2) Gaming $ 5,981 $ 88,606 Food and beverage 17 178 Other 21 1,617 Distributed Gaming revenues $ 6,019 $ 90,401 Corporate and other 218 515 Total revenues $ 174,047 $ 278,051 (1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023. (2) Comprised of distributed gaming operations in Montana (for the three months ended March 31, 2023 only) and Nevada, which were sold on September 13, 2023 and January 10, 2024, respectively. Three Months Ended March 31, (In thousands) 2024 2023 Adjusted EBITDA Nevada Casino Resorts $ 26,891 $ 31,711 Nevada Locals Casinos 17,536 20,160 Maryland Casino Resort (1) — 5,128 Nevada Taverns 7,561 8,538 Distributed Gaming (2) 484 9,784 Corporate and other (11,480) (13,154) Total Adjusted EBITDA 40,992 62,167 Adjustments Depreciation and amortization (22,120) (23,508) Non-cash lease expense 85 (33) Share-based compensation (3,269) (3,893) (Loss) gain on disposal of assets (14) 86 Gain on sale of business 69,736 — Preopening and related expenses (3) (139) (384) Other, net (5,129) (1,785) Interest expense, net (10,686) (18,236) Income tax provision (27,493) (2,784) Net Income $ 41,963 $ 11,630 (1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023. (2) Comprised of distributed gaming operations in Montana (for the three months ended March 31, 2023 only) and Nevada, which were sold on September 13, 2023 and January 10, 2024, respectively. (3) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded taverns and 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 Nevada Taverns Distributed Gaming Corporate and Other Consolidated Balance at March 31, 2024 $ 755,685 $ 161,253 $ 146,598 $ — $ 438,395 $ 1,501,931 Balance at December 31, 2023 $ 758,622 $ 160,059 $ 148,250 $ 204,271 $ 181,081 $ 1,452,283 |
Nature of Business and Basis _4
Nature of Business and Basis of Presentation (Details) $ in Thousands | 3 Months Ended | |||||||
Apr. 22, 2024 USD ($) location | Jan. 10, 2024 USD ($) | Sep. 13, 2023 USD ($) | Jul. 25, 2023 USD ($) | Mar. 31, 2024 USD ($) location segment property shares | Mar. 31, 2023 USD ($) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of reportable segments | segment | 3 | |||||||
Proceeds from sale of business, net of cash transferred | $ 204,858 | $ 0 | ||||||
Cash and cash equivalents | $ 404,338 | $ 156,203 | $ 197,600 | $ 142,034 | ||||
Anti-dilutive potential common share equivalents excluded (in shares) | shares | 0 | 51,819 | ||||||
Disposed of by Sale | Distributed Gaming- Nevada | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Proceeds from sale of business, net of cash transferred | $ 213,500 | |||||||
Disposed of by Sale | Rocky Gap Property | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Proceeds from sale of business, net of cash transferred | $ 260,000 | |||||||
Disposed of by Sale | Distributed Gaming- Montana | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Proceeds from sale of business, net of cash transferred | $ 109,000 | |||||||
Subsequent Event | Great American Pub | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Payments to acquire businesses, net of cash acquired | $ 7,300 | |||||||
Nevada | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of resort casino properties | property | 8 | |||||||
Number of tavern locations | location | 69 | |||||||
Nevada | Subsequent Event | Great American Pub | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of tavern locations | location | 2 | |||||||
Nevada | Nevada Taverns | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of tavern locations | location | 71 | |||||||
Nevada | Nevada Taverns | Subsequent Event | ||||||||
Nature Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of tavern locations | location | 71 |
Divestitures - Additional Infor
Divestitures - Additional Information (Details) - Disposed of by Sale - USD ($) $ in Millions | 3 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Jul. 25, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Rocky Gap Property | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Transactions costs | $ 8.5 | $ 8.3 | $ 0.2 | ||
Distributed Gaming- Montana | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Transactions costs | $ 0.8 | ||||
Distributed Gaming- Nevada | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Transactions costs | $ 2 | $ 0.4 |
Divestitures - Schedule of Comp
Divestitures - Schedule of Components of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Total current assets held for sale | $ 0 | $ 204,271 |
Current liabilities | ||
Total current liabilities related to assets held for sale | $ 0 | 39,233 |
Held-for-sale | Distributed Gaming- Nevada | ||
Current assets | ||
Cash and cash equivalents | 40,050 | |
Accounts receivables, net | 1,945 | |
Prepaid expenses | 1,018 | |
Other | 2,298 | |
Total current assets held for sale | 45,311 | |
Property and equipment, net | 21,221 | |
Operating lease right-of-use assets, net | 33,601 | |
Goodwill | 69,452 | |
Intangible assets, net | 28,379 | |
Other assets | 6,307 | |
Total assets held for sale | 204,271 | |
Current liabilities | ||
Current portion of long-term debt and finance leases | 1,131 | |
Current portion of operating leases | 23,323 | |
Accounts payable | 1,826 | |
Accrued payroll and related | 1,123 | |
Other accrued liabilities | 1,151 | |
Total current liabilities related to assets held for sale | 28,554 | |
Non-current operating leases | 10,614 | |
Other long-term obligations | 65 | |
Total liabilities related to assets held for sale | $ 39,233 |
Divestitures - Schedule of Reve
Divestitures - Schedule of Revenues and Pretax Income (Details) - Disposed of by Sale - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Maryland Casino Resort | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | $ 0 | $ 18,128 |
Pretax income | 0 | 5,117 |
Distributed Gaming- Montana | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 0 | 28,553 |
Pretax income | 0 | 2,459 |
Distributed Gaming- Nevada | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 6,019 | 61,848 |
Pretax income | $ 476 | $ 5,084 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 1,305,073 | $ 1,281,708 |
Accumulated depreciation | (515,516) | (495,563) |
Property and equipment, net | 789,557 | 786,145 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 125,240 | 125,240 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 966,105 | 955,859 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 199,505 | 190,048 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 14,223 | $ 10,561 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 21,600,000 | $ 22,200,000 |
Impairment on long-lived assets | $ 0 | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill and intangibles | $ 0 | $ 0 |
Amortization of intangible assets | $ 500,000 | $ 1,300,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill Activity by Reportable Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill [Line Items] | ||
Goodwill | $ 84,325 | $ 84,325 |
Nevada Casino Resorts | ||
Goodwill [Line Items] | ||
Goodwill | 22,105 | 22,105 |
Nevada Locals Casinos | ||
Goodwill [Line Items] | ||
Goodwill | 38,187 | 38,187 |
Nevada Taverns | ||
Goodwill [Line Items] | ||
Goodwill | $ 24,033 | $ 24,033 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Indefinite-lived intangible assets | ||
Gross Carrying Value | $ 54,790 | $ 54,790 |
Cumulative Impairment | (6,890) | (6,890) |
Intangible Assets, Net | 47,900 | 47,900 |
Amortizing intangible assets | ||
Gross Carrying Value | 49,663 | 49,663 |
Cumulative Amortization | (44,094) | (43,628) |
Intangible Assets, Net | 5,569 | 6,035 |
Gross Carrying Value | 104,453 | 104,453 |
Intangible Assets, Net | 53,469 | 53,935 |
Player relationships | ||
Amortizing intangible assets | ||
Gross Carrying Value | 43,916 | 43,916 |
Cumulative Amortization | (41,245) | (41,050) |
Intangible Assets, Net | $ 2,671 | $ 2,866 |
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 | $ 5,747 | $ 5,747 |
Cumulative Amortization | (2,849) | (2,578) |
Intangible Assets, Net | $ 2,898 | $ 3,169 |
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 |
Trade names | ||
Indefinite-lived intangible assets | ||
Gross Carrying Value | $ 54,790 | $ 54,790 |
Cumulative Impairment | (6,890) | (6,890) |
Intangible Assets, Net | $ 47,900 | $ 47,900 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Gaming liabilities | $ 10,838 | $ 10,726 |
Interest | 9,931 | 4,572 |
Uncertain tax positions payable | 7,893 | 7,755 |
Dividend payable | 7,237 | 0 |
Accrued taxes, other than income taxes | 5,780 | 5,193 |
Other accrued liabilities | 4,384 | 4,538 |
Deposits | 2,118 | 1,855 |
Total current accrued liabilities | $ 48,181 | $ 34,639 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
2026 Unsecured Notes | $ 276,453,000 | $ 276,453,000 |
Finance lease liabilities | 4,983,000 | 1,691,000 |
Notes payable | 222,000 | 438,000 |
Total long-term debt and finance leases | 678,658,000 | 676,582,000 |
Unamortized discount | (6,921,000) | (7,423,000) |
Unamortized debt issuance costs | (5,664,000) | (6,042,000) |
Total long-term debt and finance leases after debt issuance costs and discount | 666,073,000 | 663,117,000 |
Current portion of long-term debt and finance leases | (5,199,000) | (4,596,000) |
Long-term debt, net and finance leases | 660,874,000 | 658,521,000 |
Term Loan B-1 | ||
Debt Instrument [Line Items] | ||
Term loan | $ 397,000,000 | $ 398,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | 3 Months Ended | |||
May 26, 2023 | Mar. 31, 2024 USD ($) installment | Dec. 31, 2023 USD ($) | Apr. 15, 2019 USD ($) | |
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | $ 0 | |||
Outstanding | $ 276,453,000 | $ 276,453,000 | ||
Senior Secured First Lien Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate during period | 8.19% | |||
Senior Secured First Lien Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 240,000,000 | |||
Revolving credit facility | 0 | |||
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% | |||
Term Loan B-1 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 400,000,000 | |||
Term loan | $ 397,000,000 | $ 398,000,000 | ||
Debt instrument, period payments, number of installments | installment | 27 | |||
Debt instrument, periodic payment | $ 1,000,000 | |||
Debt instrument, final installment | $ 373,000,000 | |||
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% | |||
Term Loan B-1 | 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% | |||
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% |
Shareholders_ Equity and Stoc_3
Shareholders’ Equity and Stock Incentive Plans - Additional Information (Details) - USD ($) | 3 Months Ended | |||||
Apr. 04, 2024 | Feb. 27, 2024 | Jan. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Jul. 27, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares repurchased (in shares) | 0 | 0 | ||||
Stock repurchase, remaining authorized repurchase amount | $ 90,900,000 | |||||
Common stock, dividends (USD per share) | $ 0.25 | |||||
Common stock available for grants of awards (in shares) | 4,348,412 | |||||
Number of shares available for grant annual increase (in shares) | 1,146,766 | |||||
Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash dividend paid | $ 7,200,000 | |||||
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 | ||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense, net | 1,800,000 | 1,800,000 | ||||
Stock options, unrecognized share-based compensation expense | $ 12,400,000 | $ 12,200,000 | ||||
Share-based compensation expense not yet recognized, weighted-average period for recognition (in years) | 1 year 8 months 12 days | 1 year 9 months 18 days | ||||
PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense, net | $ 1,200,000 | $ 1,500,000 | ||||
Stock options, unrecognized share-based compensation expense | $ 7,900,000 | $ 9,700,000 | ||||
Share-based compensation expense not yet recognized, weighted-average period for recognition (in years) | 2 years 2 months 12 days | 1 year 7 months 6 days | ||||
Common stock | ||||||
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 Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Shares | |
Outstanding, beginning of year (in shares) | shares | 1,911,354 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (13,000) |
Cancelled (in shares) | shares | 0 |
Expired (in shares) | shares | 0 |
Outstanding, end of year (in shares) | shares | 1,898,354 |
Exercisable (in shares) | shares | 1,898,354 |
Weighted-Average Exercise Price | |
Outstanding, beginning of year (USD per share) | $ / shares | $ 9.19 |
Granted (USD per share) | $ / shares | 0 |
Exercised (USD per share) | $ / shares | 10.51 |
Cancelled (USD per share) | $ / shares | 0 |
Expired (USD per share) | $ / shares | 0 |
Outstanding, end of year (USD per share) | $ / shares | 9.18 |
Exercisable (USD per share) | $ / shares | $ 9.18 |
Shareholders_ Equity and Stoc_5
Shareholders’ Equity and Stock Incentive Plans - Schedule of Activity Related To RSUs and PSUs (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
RSUs | ||
Shares | ||
Outstanding, beginning of year (in shares) | 428,762 | |
Granted (in shares) | 202,826 | |
Vested (in shares) | (170,783) | |
Cancelled (in shares) | 0 | |
Outstanding, end of year (in shares) | 460,805 | 428,762 |
Weighted-Average Grant Date Fair Value | ||
Outstanding, beginning of year (USD per share) | $ 34.09 | |
Granted (USD per share) | 34.22 | |
Vested (USD per share) | 37.40 | |
Cancelled (USD per share) | 0 | |
Outstanding, end of year (USD per share) | $ 32.95 | $ 34.09 |
PSUs | ||
Shares | ||
Outstanding, beginning of year (in shares) | 471,935 | |
Granted (in shares) | 131,906 | |
Vested (in shares) | (272,362) | |
Cancelled (in shares) | (37,101) | |
Outstanding, end of year (in shares) | 294,378 | 471,935 |
Weighted-Average Grant Date Fair Value | ||
Outstanding, beginning of year (USD per share) | $ 36.40 | |
Granted (USD per share) | 34.06 | |
Vested (USD per share) | 29 | |
Cancelled (USD per share) | 41.92 | |
Outstanding, end of year (USD per share) | $ 41.33 | $ 36.40 |
Percentage of target number eligible to vest | 200% | |
PSUs | 2021 PSU Awards | ||
Weighted-Average Grant Date Fair Value | ||
Percentage of target number eligible to vest | 200% | |
PSUs | 2022 PSU Awards | ||
Weighted-Average Grant Date Fair Value | ||
Percentage of target number eligible to vest | 89.60% | |
PSUs | 2023 PSU Awards | ||
Weighted-Average Grant Date Fair Value | ||
Percentage of target number eligible to vest | 100% | |
Percentage of target earned | 69.30% | |
Actual number of PSUs granted to each recipient, eligible to vest (in shares) | 83,724 | 120,825 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate, percent | 39.60% | 19.30% | |
Income tax expense (benefit) | $ 27,493 | $ 2,784 | |
Unrecognized tax benefits | 7,200 | ||
Unrecognized tax benefits, interest on income taxes payable | 700 | $ 700 | |
Uncertain tax positions payable | $ 7,893 | $ 7,755 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
2026 Unsecured Notes | $ 276,453,000 | $ 276,453,000 |
Finance lease liabilities | 4,983,000 | 1,691,000 |
Notes payable | 222,000 | 438,000 |
Term Loan B-1 | ||
Debt Instrument [Line Items] | ||
Term loan | 397,000,000 | 398,000,000 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Total debt | 678,658,000 | 676,582,000 |
Carrying Amount | Level 2 | ||
Debt Instrument [Line Items] | ||
2026 Unsecured Notes | 276,453,000 | 276,453,000 |
Carrying Amount | Level 2 | Term Loan B-1 | ||
Debt Instrument [Line Items] | ||
Term loan | 397,000,000 | 398,000,000 |
Carrying Amount | Level 3 | ||
Debt Instrument [Line Items] | ||
Finance lease liabilities | 4,983,000 | 1,691,000 |
Notes payable | 222,000 | 438,000 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Total debt | 678,960,000 | 678,766,000 |
Fair Value | Level 2 | ||
Debt Instrument [Line Items] | ||
2026 Unsecured Notes | 275,762,000 | 277,144,000 |
Fair Value | Level 2 | Term Loan B-1 | ||
Debt Instrument [Line Items] | ||
Term loan | 397,993,000 | 399,493,000 |
Fair Value | Level 3 | ||
Debt Instrument [Line Items] | ||
Finance lease liabilities | 4,983,000 | 1,691,000 |
Notes payable | $ 222,000 | $ 438,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Gaming - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commitments And Contingencies [Line Items] | ||
Cost of goods and services sold | $ 26,891 | $ 106,926 |
Participation Agreements | ||
Commitments And Contingencies [Line Items] | ||
Cost of goods and services sold | $ 3,900 | $ 53,300 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 slotMachine segment mi | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 3 |
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 within tavern | slotMachine | 15 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues | |||
Total revenues | $ 174,047 | $ 278,051 | |
Adjusted EBITDA | 40,992 | 62,167 | |
Depreciation and amortization | (22,120) | (23,508) | |
Non-cash lease expense | 85 | (33) | |
Share-based compensation | (3,269) | (3,893) | |
(Loss) gain on disposal of assets | (14) | 86 | |
Gain on sale of business | 69,736 | 0 | |
Preopening and related expenses | (139) | (384) | |
Other, net | (5,129) | (1,785) | |
Interest expense, net | (10,686) | (18,236) | |
Income tax provision | (27,493) | (2,784) | |
Net income | 41,963 | 11,630 | |
Assets | 1,501,931 | $ 1,452,283 | |
Gaming | |||
Revenues | |||
Total revenues | 86,949 | 188,087 | |
Food and beverage | |||
Revenues | |||
Total revenues | 43,661 | 46,271 | |
Rooms | |||
Revenues | |||
Total revenues | 29,400 | 30,577 | |
Other | |||
Revenues | |||
Total revenues | 14,037 | 13,116 | |
Nevada Taverns | |||
Revenues | |||
Adjusted EBITDA | 7,561 | 8,538 | |
Operating Segments | Nevada Casino Resorts | |||
Revenues | |||
Total revenues | 101,012 | 100,176 | |
Adjusted EBITDA | 26,891 | 31,711 | |
Assets | 755,685 | 758,622 | |
Operating Segments | Nevada Casino Resorts | Gaming | |||
Revenues | |||
Total revenues | 40,289 | 42,293 | |
Operating Segments | Nevada Casino Resorts | Food and beverage | |||
Revenues | |||
Total revenues | 24,263 | 24,231 | |
Operating Segments | Nevada Casino Resorts | Rooms | |||
Revenues | |||
Total revenues | 26,949 | 26,210 | |
Operating Segments | Nevada Casino Resorts | Other | |||
Revenues | |||
Total revenues | 9,511 | 7,442 | |
Operating Segments | Nevada Locals Casinos | |||
Revenues | |||
Total revenues | 38,991 | 41,238 | |
Adjusted EBITDA | 17,536 | 20,160 | |
Assets | 161,253 | 160,059 | |
Operating Segments | Nevada Locals Casinos | Gaming | |||
Revenues | |||
Total revenues | 27,820 | 29,649 | |
Operating Segments | Nevada Locals Casinos | Food and beverage | |||
Revenues | |||
Total revenues | 6,653 | 6,691 | |
Operating Segments | Nevada Locals Casinos | Rooms | |||
Revenues | |||
Total revenues | 2,451 | 2,822 | |
Operating Segments | Nevada Locals Casinos | Other | |||
Revenues | |||
Total revenues | 2,067 | 2,076 | |
Operating Segments | Maryland Casino Resort | |||
Revenues | |||
Total revenues | 0 | 18,128 | |
Adjusted EBITDA | 0 | 5,128 | |
Operating Segments | Maryland Casino Resort | Gaming | |||
Revenues | |||
Total revenues | 0 | 14,514 | |
Operating Segments | Maryland Casino Resort | Food and beverage | |||
Revenues | |||
Total revenues | 0 | 1,866 | |
Operating Segments | Maryland Casino Resort | Rooms | |||
Revenues | |||
Total revenues | 0 | 1,545 | |
Operating Segments | Maryland Casino Resort | Other | |||
Revenues | |||
Total revenues | 0 | 203 | |
Operating Segments | Nevada Taverns | |||
Revenues | |||
Total revenues | 27,807 | 27,593 | |
Assets | 146,598 | 148,250 | |
Operating Segments | Nevada Taverns | Gaming | |||
Revenues | |||
Total revenues | 12,859 | 13,025 | |
Operating Segments | Nevada Taverns | Food and beverage | |||
Revenues | |||
Total revenues | 12,728 | 13,305 | |
Operating Segments | Nevada Taverns | Other | |||
Revenues | |||
Total revenues | 2,220 | 1,263 | |
Operating Segments | Distributed Gaming | |||
Revenues | |||
Total revenues | 6,019 | 90,401 | |
Adjusted EBITDA | 484 | 9,784 | |
Assets | 0 | 204,271 | |
Operating Segments | Distributed Gaming | Gaming | |||
Revenues | |||
Total revenues | 5,981 | 88,606 | |
Operating Segments | Distributed Gaming | Food and beverage | |||
Revenues | |||
Total revenues | 17 | 178 | |
Operating Segments | Distributed Gaming | Other | |||
Revenues | |||
Total revenues | 21 | 1,617 | |
Corporate and other | |||
Revenues | |||
Total revenues | 218 | 515 | |
Adjusted EBITDA | (11,480) | $ (13,154) | |
Assets | $ 438,395 | $ 181,081 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2018 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||||
Accounts receivable | $ 17,691,000 | $ 16,951,000 | ||
Accounts payable | 28,336,000 | 18,702,000 | ||
Related Party | Office Headquarters | 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 | ||
Related Party | Office Headquarters | Mr. Sartini's Immediate Family Members | ||||
Related Party Transaction [Line Items] | ||||
Percentage of counterparty ownership by related party | 1.67% | |||
Related Party | Office Headquarters | Mr. Arcana | ||||
Related Party Transaction [Line Items] | ||||
Percentage of counterparty ownership by related party | 3% | |||
Related Party | Office Headquarters, Sublet | Mr. Sartini | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 100,000 | 100,000 | ||
Accounts receivable | 0 | 0 | ||
Related Party | Aircraft Time-sharing, Co-user and Various Cost-sharing Agreements | Sartini Enterprises | ||||
Related Party Transaction [Line Items] | ||||
Reimbursement expense paid | 0 | $ 100,000 | ||
Accounts payable | $ 100,000 | $ 100,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Apr. 22, 2024 USD ($) location | Apr. 15, 2024 USD ($) | Mar. 31, 2024 location |
Nevada | |||
Subsequent Event [Line Items] | |||
Number of tavern locations | location | 69 | ||
Subsequent Event | Great American Pub | |||
Subsequent Event [Line Items] | |||
Payments to acquire businesses, net of cash acquired | $ 7.3 | ||
Subsequent Event | Nevada | Great American Pub | |||
Subsequent Event [Line Items] | |||
Number of tavern locations | location | 2 | ||
Subsequent Event | Senior Unsecured Notes Due 2026 | |||
Subsequent Event [Line Items] | |||
Repayment of debt | $ 287 | ||
Long-term debt, gross | 276.5 | ||
Interest, debt | 10.5 | ||
Loss on extinguishment of debt | $ 4.4 |