Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 04, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-32583 | |
Entity Registrant Name | FULL HOUSE RESORTS INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3391527 | |
Entity Address, Address Line One | One Summerlin, 1980 Festival Plaza Drive, Suite 680 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89135 | |
City Area Code | 702 | |
Local Phone Number | 221-7800 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | FLL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,384,085 | |
Amendment Flag | false | |
Entity Central Index Key | 0000891482 | |
Document Fiscal Year End | 2022 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Net revenues | $ 44,383 | $ 47,442 | $ 85,806 | $ 89,650 |
Operating costs and expenses | ||||
Selling, general and administrative | 14,184 | 14,007 | 29,577 | 28,420 |
Project development costs | 17 | 126 | 182 | 173 |
Preopening costs | 1,534 | 2,320 | ||
Depreciation and amortization | 1,834 | 1,829 | 3,626 | 3,629 |
(Gain) loss on disposal of assets, net | (5) | 568 | 3 | 672 |
Total operating costs and expenses | 36,164 | 35,236 | 72,284 | 68,750 |
Operating income | 8,219 | 12,206 | 13,522 | 20,900 |
Other (expense) income | ||||
Interest expense, net of amounts capitalized | (6,988) | (6,670) | (13,387) | (11,126) |
(Loss) gain on modification and extinguishment of debt, net | (19) | 30 | (4,425) | (6,104) |
Adjustment to fair value of warrants | 0 | (1,347) | ||
Total other expense | (7,007) | (6,640) | (17,812) | (18,577) |
Income (loss) before income taxes | 1,212 | 5,566 | (4,290) | 2,323 |
Income tax provision (benefit) | 5,567 | 82 | (45) | 284 |
Net (loss) income | $ (4,355) | $ 5,484 | $ (4,245) | $ 2,039 |
Basic (loss) earnings per share (in dollars per share) | $ (0.13) | $ 0.16 | $ (0.12) | $ 0.07 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.13) | $ 0.15 | $ (0.12) | $ 0.06 |
Casino | ||||
Revenues | ||||
Net revenues | $ 29,488 | $ 34,647 | $ 58,572 | $ 66,711 |
Operating costs and expenses | ||||
Costs and expenses | 10,106 | 11,087 | 19,981 | 21,426 |
Food and beverage | ||||
Revenues | ||||
Net revenues | 6,933 | 7,440 | 13,444 | 13,541 |
Operating costs and expenses | ||||
Costs and expenses | 6,752 | 5,928 | 13,320 | 11,288 |
Hotel | ||||
Revenues | ||||
Net revenues | 2,407 | 2,510 | 4,586 | 4,721 |
Operating costs and expenses | ||||
Costs and expenses | 1,197 | 1,140 | 2,268 | 2,196 |
Other operations, including contracted sports wagering | ||||
Revenues | ||||
Net revenues | 5,555 | 2,845 | 9,204 | 4,677 |
Operating costs and expenses | ||||
Costs and expenses | $ 545 | $ 551 | $ 1,007 | $ 946 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and equivalents | $ 108,231 | $ 88,721 |
Restricted cash | 190,160 | 176,572 |
Accounts receivable, net | 8,889 | 4,693 |
Inventories | 1,392 | 1,660 |
Prepaid expenses and other | 5,303 | 3,726 |
Total current assets | 313,975 | 275,372 |
Other long-term assets | ||
Property and equipment, net | 217,174 | 149,540 |
Operating lease right-of-use assets, net | 14,430 | 15,814 |
Goodwill | 21,286 | 21,286 |
Other intangible assets, net | 10,884 | 10,896 |
Deposits and other | 2,010 | 934 |
Total Assets | 579,759 | 473,842 |
Current liabilities | ||
Accounts payable | 16,336 | 8,411 |
Accrued payroll and related | 4,111 | 5,473 |
Accrued interest | 12,684 | 9,861 |
Other accrued liabilities | 9,117 | 10,252 |
Current portion of operating lease obligations | 3,668 | 3,542 |
Current portion of finance lease obligation | 526 | 514 |
Total current liabilities | 46,442 | 38,053 |
Operating lease obligations, net of current portion | 11,293 | 12,903 |
Finance lease obligation, net of current portion | 2,518 | 2,783 |
Long-term debt, net | 401,001 | 301,619 |
Deferred income taxes, net | 1,010 | 1,055 |
Contract liabilities, net of current portion | 8,056 | 4,714 |
Total liabilities | 470,320 | 361,127 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 35,302,549 and 35,302,549 shares issued and 34,384,085 and 34,242,581 shares outstanding | 4 | 4 |
Additional paid-in capital | 109,708 | 108,911 |
Treasury stock, 918,464 and 1,059,968 common shares | (1,120) | (1,292) |
Retained earnings | 847 | 5,092 |
Total stockholders' equity | 109,439 | 112,715 |
Total liabilities and stockholders' equity | $ 579,759 | $ 473,842 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 35,302,549 | 35,302,549 |
Common stock, shares outstanding (in shares) | 34,384,085 | 34,242,581 |
Treasury stock, common shares (in shares) | 918,464 | 1,059,968 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Total |
Balance at Dec. 31, 2020 | $ 3 | $ 64,826 | $ (1,538) | $ (6,614) | $ 56,677 |
Balance (in shares) at Dec. 31, 2020 | 28,385 | 1,261 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity offering, net | $ 1 | 42,973 | 42,974 | ||
Equity offering, net (in shares) | 6,917 | ||||
Options exercised | 36 | $ 42 | 78 | ||
Options exercised (in shares) | (34) | ||||
Stock-based compensation | 124 | 124 | |||
Net (loss) income | (3,445) | (3,445) | |||
Balance at Mar. 31, 2021 | $ 4 | 107,959 | $ (1,496) | (10,059) | 96,408 |
Balance (in shares) at Mar. 31, 2021 | 35,302 | 1,227 | |||
Balance at Dec. 31, 2020 | $ 3 | 64,826 | $ (1,538) | (6,614) | 56,677 |
Balance (in shares) at Dec. 31, 2020 | 28,385 | 1,261 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net (loss) income | 2,039 | ||||
Balance at Jun. 30, 2021 | $ 4 | 108,262 | $ (1,311) | (4,575) | 102,380 |
Balance (in shares) at Jun. 30, 2021 | 35,302 | 1,075 | |||
Balance at Mar. 31, 2021 | $ 4 | 107,959 | $ (1,496) | (10,059) | 96,408 |
Balance (in shares) at Mar. 31, 2021 | 35,302 | 1,227 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Options exercised and restricted stocks vested | 104 | $ 185 | 289 | ||
Options exercised and restricted stocks vested (in shares) | (152) | ||||
Stock-based compensation | 199 | 199 | |||
Net (loss) income | 5,484 | 5,484 | |||
Balance at Jun. 30, 2021 | $ 4 | 108,262 | $ (1,311) | (4,575) | 102,380 |
Balance (in shares) at Jun. 30, 2021 | 35,302 | 1,075 | |||
Balance at Dec. 31, 2021 | $ 4 | 108,911 | $ (1,292) | 5,092 | 112,715 |
Balance (in shares) at Dec. 31, 2021 | 35,302 | 1,060 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Options exercised and restricted stocks vested | 14 | $ 125 | 139 | ||
Options exercised and restricted stocks vested (in shares) | (103) | ||||
Stock-based compensation | 343 | 343 | |||
Net (loss) income | 110 | 110 | |||
Balance at Mar. 31, 2022 | $ 4 | 109,268 | $ (1,167) | 5,202 | 113,307 |
Balance (in shares) at Mar. 31, 2022 | 35,302 | 957 | |||
Balance at Dec. 31, 2021 | $ 4 | 108,911 | $ (1,292) | 5,092 | 112,715 |
Balance (in shares) at Dec. 31, 2021 | 35,302 | 1,060 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net (loss) income | (4,245) | ||||
Balance at Jun. 30, 2022 | $ 4 | 109,708 | $ (1,120) | 847 | 109,439 |
Balance (in shares) at Jun. 30, 2022 | 35,302 | 918 | |||
Balance at Mar. 31, 2022 | $ 4 | 109,268 | $ (1,167) | 5,202 | 113,307 |
Balance (in shares) at Mar. 31, 2022 | 35,302 | 957 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Options exercised and restricted stocks vested | (47) | $ 47 | |||
Options exercised and restricted stocks vested (in shares) | (39) | ||||
Stock-based compensation | 487 | 487 | |||
Net (loss) income | (4,355) | (4,355) | |||
Balance at Jun. 30, 2022 | $ 4 | $ 109,708 | $ (1,120) | $ 847 | $ 109,439 |
Balance (in shares) at Jun. 30, 2022 | 35,302 | 918 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (4,245) | $ 2,039 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,626 | 3,629 |
Amortization of debt issuance costs and discounts (premium) on debt | 797 | 634 |
Stock-based compensation | 830 | 323 |
Change in fair value of stock warrants | 0 | 1,347 |
Loss on disposal of assets, net | 3 | 672 |
Proceeds from insurance related to property damage | 0 | 1,334 |
Loss on modification and extinguishment of debt, net | 4,425 | 6,104 |
Increases and decreases in operating assets and liabilities: | ||
Accounts receivable | (4,196) | 1,506 |
Prepaid expenses, inventories and other | (1,309) | (4,209) |
Deferred taxes | (45) | 284 |
Common stock warrant liability | 0 | (4,000) |
Contract liabilities | 3,238 | 25 |
Accounts payable and accrued expenses | 1,064 | 9,094 |
Net cash provided by operating activities | 4,188 | 18,782 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (64,061) | (10,539) |
Other | (965) | (32) |
Net cash used in investing activities | (65,026) | (10,571) |
Cash flows from financing activities: | ||
Proceeds from Senior Secured Notes due 2028 borrowings | 100,000 | 310,000 |
Proceeds from premium on Senior Secured Notes due 2028 borrowings | 2,000 | 0 |
Proceeds from equity offering, net of issuance costs | 0 | 42,974 |
Payment of debt discount and issuance costs | (7,841) | (9,405) |
Repayment of Senior Secured Notes due 2024 | 0 | (106,825) |
Prepayment premiums of Senior Secured Notes due 2024 | 0 | (1,261) |
Repayment of finance lease obligation | (254) | (242) |
Proceeds from exercise of stock options | 139 | 367 |
Other | (108) | 24 |
Net cash provided by financing activities | 93,936 | 235,632 |
Net increase in cash, cash equivalents and restricted cash | 33,098 | 243,843 |
Cash, cash equivalents and restricted cash, beginning of period | 265,293 | 37,698 |
Cash, cash equivalents and restricted cash, end of period | 298,391 | 281,541 |
Supplemental Cash Flow Information: | ||
Cash paid for interest, net of amounts capitalized | 13,745 | 891 |
Non-Cash Investing Activities: | ||
Accounts payable related capital expenditures | $ 12,089 | $ 2,681 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2022 | |
ORGANIZATION | |
ORGANIZATION | 1. ORGANIZATION Organization. The Company currently operates five casinos: four on real estate that we own or lease and one located within a hotel owned by a third party. We are currently constructing two additional properties: Chamonix Casino Hotel (“Chamonix”), adjacent to the Company’s existing Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; and The Temporary by American Place (“The Temporary”) in Waukegan, Illinois. We also benefit from seven permitted sports wagering “skins,” three in Colorado, three in Indiana, and one in Illinois that we expect to receive upon the opening of The Temporary. As of June 30, 2022, five of our seven online skins are contracted with other companies, and four are currently in operation. These contracts allow the counterparties to operate online sports wagering sites under their brands, paying us a percentage of revenues, as defined in each respective agreement, subject to annual minimum amounts. In December 2021, Full House was selected by the Illinois Gaming Board (“IGB”) to develop its American Place project in Waukegan, Illinois, a northern suburb of Chicago. During the period that the permanent American Place facility is under construction, we intend to operate a temporary casino facility named The Temporary. In May 2022, we commenced construction of The Temporary, which is expected to open in the fourth quarter of 2022, subject to customary regulatory approvals. The following table identifies our segments, along with properties and their locations: Segments and Properties Locations Colorado Bronco Billy’s Casino and Hotel Cripple Creek, CO (near Colorado Springs) Chamonix Casino Hotel (under construction) Cripple Creek, CO (near Colorado Springs) Illinois The Temporary and American Place (under construction) Waukegan, IL (northern suburb of Chicago) Indiana Rising Star Casino Resort Rising Sun, IN (near Cincinnati) Mississippi Silver Slipper Casino and Hotel Hancock County, MS (near New Orleans) Nevada Grand Lodge Casino Incline Village, NV Stockman’s Casino Fallon, NV (one hour east of Reno) Contracted Sports Wagering Three sports wagering websites (“skins”) Colorado Three sports wagering websites (“skins”) Indiana One sports wagering website (“skin”) upon opening of The Temporary Illinois The Company manages its casinos based primarily on geographic regions within the United States and type of income. See Note 11 for further information. COVID-19 Pandemic Update. However, the COVID-19 pandemic, and certain precautionary measures, have created economic uncertainty both in the United States and globally, as well as significant volatility in, and disruption to, financial markets, labor markets and supply chains. Global supply chain disruptions have resulted in shipping delays, increased shipping costs, supply shortages, and inflationary pressures, including increases in prices for fuel, food, building materials, and other items. These increased costs, labor shortages, and supply shortages continued to put additional constraints on our operating business and our construction projects for the six-months ended June 30, 2022. We do not know when these cost, labor and supply chain issues will materially alleviate and, accordingly, they may continue to impact our existing business and our construction projects in the near term. We believe that as the COVID-19 pandemic evolves, the direct and indirect impacts on global macro-economic conditions, as well as conditions specific to us, are becoming more difficult to isolate or quantify. In addition, these direct and indirect factors can make it difficult to isolate and quantify the portion of our costs that are a direct result of the pandemic versus costs arising from factors that may have been influenced by the pandemic, including supply chain constraints, increased prices and inflationary pressures, labor shortages, and changes in the spending patterns of customers. These factors and their effects on our operations may persist for a longer period, even after the COVID-19 pandemic has subsided. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The interim consolidated financial statements of the Company included herein reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of annualized results for an entire year. The consolidated financial statements include the accounts of Full House and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Fair Value and the Fair Value Input Hierarchy. GAAP categorizes the inputs used for fair value into a three-level hierarchy: ● Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities; ● Level 2: Comparable inputs other than quoted prices that are observable for similar assets or liabilities in less active markets; and ● Level 3: Unobservable inputs which may include metrics that market participants would use to estimate values, such as revenue and earnings multiples and relative rates of return. The Company utilizes Level 1 inputs when measuring the fair value of its 2028 Notes (see Note 6). The Company utilizes Level 2 inputs when measuring the fair value of its asset purchases and acquisitions (see Note 5). The Company utilizes Level 3 inputs when measuring the fair value of net assets acquired in business combination transactions, subsequent assessments for impairment, and most financial instruments, including but not limited to the estimated fair value of common stock warrants at issuance and for recurring changes in the related warrant liability. Cash Equivalents and Restricted Cash. Restricted cash balances consist of funds placed into a construction reserve account for the completion of the Chamonix construction project. Accounts Receivable. Revenue Recognition: Accrued Club Points and Customer Loyalty Programs: Operating Revenues and Related Costs and Expenses. Gaming revenue is the difference between gaming wins and losses, not the total amount wagered. The Company accounts for its gaming transactions on a portfolio basis as such wagers have similar characteristics and it would not be practical to view each wager on an individual basis. The Company sometimes provides discretionary complimentary goods and services (“discretionary comps”). For these types of transactions, the Company allocates revenue to the department providing the complimentary goods or services based upon its estimated standalone selling price, offset by a reduction in casino revenues. Many of the Company’s casino customers choose to earn points under its customer loyalty programs. As points are accrued, the Company defers a portion of its gaming revenue based on the estimated standalone value of loyalty points being earned by the customer. The standalone value of loyalty points is derived from the retail value of food, beverages, hotel rooms, and other goods or services for which such points may be redeemed. A liability related to these customer loyalty points is recorded, net of estimated breakage and other factors, until the customer redeems these points under loyalty programs by property for various benefits, primarily for “free casino play,” complimentary dining, or hotel stays, among others, depending on each property’s specific offers. Upon redemption, the related revenue is recognized at retail value within the department providing the goods or services. Unredeemed points are forfeited if the customer becomes and remains inactive for a specified period of time. Such liabilities were approximately $0.8 million for each of June 30, 2022 and December 31, 2021, and these amounts are included in “other accrued liabilities” on the consolidated balance sheets. Revenue for food and beverage, hotel, and other revenue transactions is typically the net amount collected from customers for such goods and services, plus the retail value of (i) discretionary comps and (ii) comps provided in return for redemption of loyalty points. The Company records such revenue as the good or service is transferred to the customer. Additionally, the Company may collect deposits in advance for future hotel reservations or entertainment, among other services, which represent obligations of the Company until the service is provided to the customer. Deferred Revenues: Market Access Fees from Sports Wagering Agreements. Indiana. Colorado. Illinois. In addition to the market access fees, deferred revenue includes the annual prepayment of contracted revenue, as required in two of the Sports Agreements. As of June 30, 2022, $1.0 million of such deferred revenue has been recognized during the year. Deferred revenues consisted of the following, as discussed above: (In thousands) June 30, December 31, Balance Sheet Location 2022 2021 Deferred revenue, current Other accrued liabilities $ 1,718 $ 1,822 Deferred revenue, net of current portion Contract liabilities, net of current portion 8,056 4,714 $ 9,774 $ 6,536 In February 2022, one of the Company’s contracted parties for sports wagering gave notice of its intent to cease operations on May 15, 2022, which created one available skin in each of Colorado and Indiana. Accordingly, this accelerated the recognition of $1.6 million of deferred revenue, which was recognized through the May 2022 termination date, as opposed to the remaining eight years of the original 10-year Other Revenues. Revenue by Source. Income Taxes. Reclassifications. Earnings (Loss) Per Share. Leases. For material leases with terms greater than a year, the Company records right-of-use (“ROU”) assets and lease liabilities on the balance sheet, as measured on a discounted basis. For finance leases, the Company recognizes interest expense associated with the lease liability and depreciation expense associated with the ROU asset; for operating leases, the Company recognizes straight-line rent expense. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. However, costs related to short-term leases with terms greater than one month, which the Company deems material, are disclosed as a component of lease expenses when applicable. Additionally, the Company accounts for new and existing leases containing both lease and non-lease components (“embedded leases”) together as a single lease component Finance and operating lease ROU assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate as estimated by third-party valuation specialists in determining the present value of future payments based on the information available at the commencement date and/or modification date. The expected lease terms include options to extend the lease when it is reasonably certain that the Company will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term for operating leases. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. Preopening costs. Recently Issued Accounting Pronouncements Not Yet Adopted. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 6 Months Ended |
Jun. 30, 2022 | |
ACCOUNTS RECEIVABLE | |
ACCOUNTS RECEIVABLE | 3. ACCOUNTS RECEIVABLE Accounts receivable, net, consists of the following: (In thousands) June 30, December 31, 2022 2021 Casino $ 511 $ 398 Hotel 24 70 Trade Accounts 473 821 Other Operations, excluding Contracted Sports Wagering (1) 2,315 190 Contracted Sports Wagering 4,530 2,261 Other 1,301 1,210 9,154 4,950 Less: Reserves (265) (257) $ 8,889 $ 4,693 _________ (1) Includes the sale of “free play” at Rising Star for $2.1 million in May 2022, with such amount expected to be received in the third quarter of 2022. Because Indiana has a progressive gaming tax system and Rising Star is one of the smaller casinos in the state, the property has consistently sold its ability to deduct “free play” in computing gaming taxes to operators in higher tax tiers (though not sold until the third quarter in 2021). Management believes that, as of June 30, 2022, no significant concentrations of credit risk existed for which a reserve had not already been recorded. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2022 | |
LEASES | |
LEASES | 4. LEASES The Company has no leases in which it is the lessor. As lessee, the Company has one finance lease for a hotel and various operating leases for land, casino and office space, equipment, buildings, and signage. The Company’s lease terms, including extensions, range from one month to approximately 36 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants, but the land lease at Silver Slipper does include contingent rent, as further discussed below. Operating Leases Silver Slipper Casino Land Lease through April 2058 and Options to Purchase. From April 1, 2022 through October 1, 2027, the Company may buy out the lease for $15.5 million plus a seller-retained interest in Silver Slipper Casino and Hotel’s operations of 3% of net income (as defined) for 10 years following the purchase date. Bronco Billy’s / Chamonix Lease through January 2035 and Option to Purchase. three-year Third Street Corner Building through August 2023 and Option to Purchase. As part of the Chamonix development project, this building is currently used as office space for construction personnel, obviating the need for construction trailers. The lease had an initial three-year term with annual lease payments of $0.2 million, and was subsequently extended to August 13, 2023, with current annual lease payments of $0.3 million. Grand Lodge Casino Lease through August 2023. twelve Corporate Office Lease through January 2025. Finance Lease Rising Star Casino Hotel Lease through October 2027 and Option to Purchase. The components of lease expense are as follows: (In thousands) Three Months Ended Six Months Ended Classification within June 30, June 30, Lease Costs Statement of Operations 2022 2021 2022 2021 Operating leases: Fixed/base rent Selling, General and Administrative Expenses $ 1,172 $ 1,086 $ 2,337 $ 2,245 Short-term payments Selling, General and Administrative Expenses 33 — 70 — Variable payments Selling, General and Administrative Expenses 352 418 738 820 Finance lease: Amortization of leased assets Depreciation and Amortization 39 39 78 78 Interest on lease liabilities Interest Expense, Net 35 41 72 84 Total lease costs $ 1,631 $ 1,584 $ 3,295 $ 3,227 Leases recorded on the balance sheet consist of the following: (In thousands) June 30, December 31, Leases Balance Sheet Classification 2022 2021 Assets Operating lease assets Operating Lease Right-of-Use Assets, Net $ 14,430 $ 15,814 Finance lease assets Property and Equipment, Net (1) 4,644 4,722 Total lease assets $ 19,074 $ 20,536 Liabilities Current Operating Current Portion of Operating Lease Obligations $ 3,668 $ 3,542 Finance Current Portion of Finance Lease Obligation 526 514 Noncurrent Operating Operating Lease Obligations, Net of Current Portion 11,293 12,903 Finance Finance Lease Obligation, Net of Current Portion 2,518 2,783 Total lease liabilities $ 18,005 $ 19,742 __________ (1) Finance lease assets are recorded net of accumulated amortization of $3.1 million and $3.0 million as of June 30, 2022 and December 31, 2021, respectively. Maturities of lease liabilities as of June 30, 2022 are summarized as follows: (In thousands) Operating Financing Years Ending December 31, Leases Lease (1) 2022 (excluding the six months ended June 30, 2022) $ 2,450 $ 272 2023 3,641 652 2024 1,768 652 2025 1,538 652 2026 965 652 Thereafter 29,140 543 Total future minimum lease payments 39,502 3,423 Less: Amount representing interest (24,541) (379) Present value of lease liabilities 14,961 3,044 Less: Current lease obligations (3,668) (526) Long-term lease obligations $ 11,293 $ 2,518 __________ (1) Other information related to lease term and discount rate is as follows: Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted-average remaining lease term Operating leases 22.9 years 21.5 years Finance lease 5.3 years 5.8 years Weighted-average discount rate Operating leases 9.39 % 9.32 % Finance lease 4.50 % 4.50 % Supplemental cash flow information related to leases is as follows: (In thousands) Six Months Ended June 30, Cash paid for amounts included in the measurement of lease liabilities: 2022 2021 Operating cash flows for operating leases $ 2,436 $ 2,439 Operating cash flows for finance lease $ 72 $ 84 Financing cash flows for finance lease $ 254 $ 242 |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2022 | |
ACQUISITIONS | |
ACQUISITIONS | 5 . ACQUISITIONS Fountain Square of Waukegan Land Purchase. |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | 6 . LONG-TERM DEBT Long-term debt, related premium (discount) and issuance costs consist of the following: (In thousands) June 30, December 31, 2022 2021 Revolving Credit Facility due 2026 $ — $ — Senior Secured Notes due 2028 (1) 410,000 310,000 Less: Unamortized debt issuance costs and premium/(discount), net (8,999) (8,381) $ 401,001 $ 301,619 __________ (1) The estimated fair value of these notes was approximately $325.8 million for June 30, 2022 and $327.5 million for December 31, 2021. The fair value was estimated using quoted market prices for these notes. Senior Secured Notes due 2028. On February 7, 2022, the Company closed a private offering of $100 million aggregate principal amount of additional 8.25% Senior Secured Notes due 2028 (the “Additional Notes”), which sold at a price of 102.0% of such principal amount. Proceeds from the sale of the Additional Notes are being used: (i) to develop, equip and open The Temporary, which the Company intends to operate while it constructs its permanent American Place facility, (ii) to pay the transaction fees and expenses of the offer and sale of the Additional Notes and (iii) for general corporate purposes. The Additional Notes were issued pursuant to the indenture, dated as of February 12, 2021 (the “Indenture”), to which the Company issued the $310 million of 2028 Notes noted above (collectively, the “Notes”). In connection with the issuance of the Additional Notes, the Company and the subsidiary guarantors party to the Indenture entered into two Supplemental Indentures with Wilmington Trust, National Association, as trustee, dated February 1, 2022 and February 7, 2022, respectively. On March 3, 2022, the Company entered into a third Supplemental Indenture to establish a special record date for the initial interest payment for the Additional Notes. The Notes bear interest at a fixed rate of 8.25% per year and mature on February 15, 2028. There is no mandatory debt amortization prior to the maturity date. Interest on the Notes is payable on February 15 and August 15 of each year, with the next interest payment due on August 15, 2022. The Notes are guaranteed, jointly and severally (such guarantees, the “Guarantees”), by each of the Company’s restricted subsidiaries (collectively, the “Guarantors”). The Notes and the Guarantees are the Company’s and the Guarantors’ general senior secured obligations, subject to the terms of the Collateral Trust Agreement (as defined in the Indenture), ranking senior in right of payment to all of the Company’s and the Guarantors’ existing and future debt that is expressly subordinated in right of payment to the Notes and the Guarantees, if any. The Notes and the Guarantees will rank equally in right of payment with all of the Company’s and the Guarantors’ existing and future senior debt. The Notes contain representations and warranties, financial covenants, and restrictions on dividends customary for notes of this type. Mandatory prepayments, in whole or in part, of the Notes will be required upon the occurrence of certain events, including sales of certain assets, upon certain changes of control, or should the Company have certain unused funds in the construction disbursement account following the completion of Chamonix. On or prior to February 15, 2024, the Company may redeem up to 35% of the original principal amount of the Notes with proceeds of certain equity offerings at a redemption price of 108.25%, plus accrued and unpaid interest to the redemption date. In addition, the Company may redeem some or all of the Notes prior to February 15, 2024 at a redemption price of 100% of the principal amount of the Notes, plus accrued and unpaid interest to the redemption date and a “make-whole” premium. At any time on or after February 15, 2024, the Company may redeem some or all of the Notes for cash at the following redemption prices: Redemption Periods Percentage Premium February 15, 2024 to February 14, 2025 104.125 % February 15, 2025 to February 14, 2026 102.063 % February 15, 2026 and Thereafter 100.000 % Revolving Credit Facility due 2026. Under the First Amendment to Credit Agreement, the interest rate per annum applicable to loans under the Credit Facility was amended to be, at the Company’s option, either (i) the Secured Overnight Financing Rate (“SOFR”) plus a margin equal to 3.50% and a Term SOFR adjustment of 0.15%, or (ii) a base rate plus a margin equal to 2.50%. Upon completion of Chamonix (as defined in the agreement), the interest rate per annum applicable to loans under the Credit Facility will be reduced to, at the Company’s option, either (i) SOFR plus a margin equal to 3.00% and a Term SOFR adjustment of 0.15%, or (ii) a base rate plus a margin equal to 2.00%. Terms regarding the annual commitment fee, customary letter of credit fees, and repayment date of March 31, 2026, remain unchanged from the original Credit Agreement, dated as of March 31, 2021. As of this report date, there were no drawn amounts under the Credit Facility and an outstanding standby letter of credit of $1 million related to the American Place project. The Credit Facility is equally and ratably secured by the same assets and guarantees securing the Notes. The Company may make prepayments of any amounts outstanding under the Credit Facility (without any reduction of the revolving commitments) in whole or in part at any time without penalty. The Credit Facility contains a number of negative covenants that, subject to certain exceptions, are substantially similar to the covenants contained in the Notes. The Credit Facility also requires compliance with a financial covenant as of the last day of each fiscal quarter, such that Adjusted EBITDA (as defined) for the trailing twelve-month period must equal or exceed the utilized portion of the Credit Facility, if drawn. The Company was in compliance with this financial covenant as of June 30, 2022. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
INCOME TAXES | |
INCOME TAXES | 7. INCOME TAXES The Company’s effective income tax rates for the three and six months ended June 30, 2022 and 2021 were 459.3% and 1.0%, respectively, compared to effective income tax rates of 1.5% and 12.2% for the corresponding prior-year periods. The Company’s income tax expense or benefit for interim periods has historically been determined using an estimate of its annual effective tax rate (“AETR”), adjusted for discrete items. During the second quarter of 2022, it was determined that minor changes to the Company’s forecast caused significant changes to the AETR, resulting in tax expense that was incomparable, period-over-period. Specifically, a slight movement in year-to-date pretax book income would exaggerate the impact of items that drive tax expense, resulting in large fluctuations in AETR and the resultant tax expense/(benefit). As a result, the Company calculated the actual tax expense based on the results of operations during the three and six months ended June 30, 2022. This differs from the methodology used in the first quarter of 2022 to provide a more useful income tax expense for the current period. The Company continues to assess the realizability of deferred tax assets (“DTAs”) and concluded that it has not met the “more likely than not” threshold. As of June 30, 2022, the Company continues to provide a valuation allowance against its DTAs that cannot be offset by existing deferred tax liabilities. In accordance with Accounting Standards Codification 740 (“ASC 740”), this assessment has taken into consideration the jurisdictions in which these DTAs reside. The valuation allowance against DTAs has no effect on the actual taxes paid or owed by the Company. In the future, if it is determined that we meet the “more likely than not” threshold of utilizing our deferred tax assets, as required under ASC 740, then we may reverse some or all of our valuation allowance. We will continue to evaluate the need for the valuation allowance during each interim period in 2022. Absent any unforeseen impact to our operations, we expect that a continuing trend of net income improvements could result in the reversal of the valuation allowance by the end of 2022. Such valuation allowance and its potential reversal has no impact on the actual income taxes paid or the Company’s financial situation. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES. | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Litigation The Company is party to a number of pending legal proceedings related to matters that occurred in the normal course of business. Management does not expect that the outcome of any such proceedings, either individually or in the aggregate, will have a material effect on the Company’s financial position, results of operations and cash flows. Options to Lease Land Option Agreement for Public Trust Tidelands Lease in Mississippi. term extension six-month Upon commencement of the lease, and for the first 18 months or until the beginning of the next six-month period after the opening of commercial operations on the leased premises, whichever occurs sooner, rent would be $10,000 for each six-month Contracted Sports Wagering in Illinois In May 2022, the Company entered into an agreement with an affiliate of Circa Sports to jointly develop and manage on-site sportsbooks at both The Temporary and American Place casinos in Illinois. Circa Sports currently operates at Circa Resort & Casino in Las Vegas, and offers online sports wagering in several states. In addition to the on-site sportsbook, Circa Sports will utilize the Company’s expected mobile sports skin to conduct Internet sports wagering throughout Illinois. In exchange for such rights, the Company received a non-refundable market access fee of $5 million in May 2022, and will also receive a percentage of revenues (as defined) totaling at least $5 million per year, on an annualized basis, once Circa Sports launches operations in Illinois, which is contingent upon receipt of customary regulatory approvals in Illinois. The term of the agreement is non-cancellable under normal circumstances by Circa Sports for eight years, followed by two four-year extension opportunities at the option of Circa Sports. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
EARNINGS (LOSS) PER SHARE | |
EARNINGS (LOSS) PER SHARE | 9. EARNINGS (LOSS) PER SHARE The table below reconciles basic and diluted (loss) earnings per share of common stock: (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerator: Net (loss) income ─ basic $ (4,355) $ 5,484 $ (4,245) $ 2,039 Net (loss) income ─ diluted $ (4,355) $ 5,484 $ (4,245) $ 2,039 Denominator: Weighted-average common and common share equivalents ─ basic 34,364 34,156 34,313 30,776 Potential dilution from share-based awards 52 2,472 45 2,380 Weighted-average common and common share equivalents ─ diluted 34,416 36,628 34,358 33,156 Anti-dilutive share-based awards excluded from the calculation of diluted loss per share 3,477 172 1,944 172 |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2022 | |
SHARE BASED COMPENSATION | |
SHARE-BASED COMPENSATION | 10. SHARE-BASED COMPENSATION Performance-Based Shares. one one On March 14, 2022, due to the Company exceeding certain growth metrics in 2021, 23,325 previously-issued performance shares vested, resulting in the issuance of a similar number of shares of stock. Similarly, on May 15, 2022, an additional 6,917 performance shares vested. Restricted Stock Awards. As of June 30, 2022, the Company had 1,252,082 share-based awards authorized by shareholders and available for grant from the Company’s 2015 Equity Incentive Plan. The following table summarizes information related to the Company’s common stock options as of June 30, 2022: Weighted Number Average of Stock Exercise Options Price Options outstanding at January 1, 2022 3,221,956 $ 2.19 Granted 384,598 7.82 Exercised (79,750) 1.74 Canceled/Forfeited (50,000) 8.72 Expired — — Options outstanding at June 30, 2022 3,476,804 $ 2.73 Options exercisable at June 30, 2022 2,755,127 $ 1.86 Components of compensation expense are as follows: (In thousands) Three Months Ended Six Months Ended June 30, June 30, Compensation Expense 2022 2021 2022 2021 Stock options $ 302 $ 133 $ 520 $ 236 Restricted and performance-based shares 185 66 310 87 $ 487 $ 199 $ 830 $ 323 As of June 30, 2022, there was approximately $2.6 million of unrecognized compensation cost related to unvested stock options previously granted that is expected to be recognized over a weighted-average period of approximately 2.3 years. As of such date, there was also $1.3 million of unrecognized compensation cost related to unvested restricted and performance shares, which is expected to be recognized over a weighted-average period of 1.5 years. |
SEGMENT REPORTING AND DISAGGREG
SEGMENT REPORTING AND DISAGGREGATED REVENUE | 6 Months Ended |
Jun. 30, 2022 | |
SEGMENT REPORTING AND DISAGGREGATED REVENUE | |
SEGMENT REPORTING AND DISAGGREGATED REVENUE | 11. SEGMENT REPORTING AND DISAGGREGATED REVENUE The Company manages its reporting segments based on geographic regions within the United States and type of income. Its operating segments, as of 2022, are: Mississippi, Indiana, Colorado, Nevada, and Contracted Sports Wagering. The Company’s management views the states where each of its casino resorts are located as operating segments, in addition to its contracted sports wagering segment. Operating segments are aggregated based on geography, economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company utilizes Adjusted Segment EBITDA as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Segment EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each segment. The following tables present the Company’s segment information: (In thousands) Three Months Ended June 30, 2022 Contracted Sports Mississippi Indiana Colorado Nevada Wagering Total Revenues Casino $ 14,082 $ 7,115 $ 3,491 $ 4,800 $ — $ 29,488 Food and beverage 5,252 984 428 269 — 6,933 Hotel 1,288 974 145 — — 2,407 Other operations, including 517 2,724 48 97 2,169 5,555 $ 21,139 $ 11,797 $ 4,112 $ 5,166 $ 2,169 $ 44,383 Adjusted Segment EBITDA $ 5,255 $ 3,894 $ 236 $ 1,448 $ 2,196 $ 13,029 Other operating costs and expenses: Depreciation and amortization (1,834) Corporate expenses (943) Project development costs (17) Preopening costs (1,534) Gain on disposal of assets, net 5 Stock-based compensation (487) Operating income 8,219 Other expenses: Interest expense, net (6,988) Loss on modification of debt (19) (7,007) Income before income taxes 1,212 Income tax provision 5,567 Net loss $ (4,355) (In thousands) Three Months Ended June 30, 2021 Contracted Sports Mississippi Indiana Colorado Nevada Wagering Total Revenues Casino $ 16,872 $ 7,886 $ 5,575 $ 4,314 $ — $ 34,647 Food and beverage 5,561 939 624 316 — 7,440 Hotel 1,268 1,131 111 — — 2,510 Other operations, 538 621 72 85 1,529 2,845 $ 24,239 $ 10,577 $ 6,382 $ 4,715 $ 1,529 $ 47,442 Adjusted Segment EBITDA $ 8,983 $ 2,666 $ 1,839 $ 1,412 $ 1,500 $ 16,400 Other operating costs and expenses: Depreciation and amortization (1,829) Corporate expenses (1,472) Project development costs (126) Loss on disposal of assets, net (568) Stock-based compensation (199) Operating income 12,206 Other (expense) income: Interest expense, net (6,670) Gain on extinguishment of debt 30 (6,640) Income before income taxes 5,566 Income tax provision 82 Net income $ 5,484 (In thousands) Six Months Ended June 30, 2022 Contracted Sports Mississippi Indiana Colorado Nevada Wagering Total Revenues Casino $ 28,764 $ 13,831 $ 7,123 $ 8,854 $ — $ 58,572 Food and beverage 10,191 1,857 848 548 — 13,444 Hotel 2,509 1,796 281 — — 4,586 Other operations, 986 2,948 95 175 5,000 9,204 $ 42,450 $ 20,432 $ 8,347 $ 9,577 $ 5,000 $ 85,806 Adjusted Segment EBITDA $ 11,206 $ 5,033 $ (86) $ 2,277 $ 4,964 $ 23,394 Other operating costs and expenses: Depreciation and amortization (3,626) Corporate expenses (2,911) Project development costs (182) Preopening costs (2,320) Loss on disposal of assets, net (3) Stock-based compensation (830) Operating income 13,522 Other expenses: Interest expense, net (13,387) Loss on modification of debt (4,425) (17,812) Loss before income taxes (4,290) Income tax benefit (45) Net loss $ (4,245) (In thousands) Six Months Ended June 30, 2021 Contracted Sports Mississippi Indiana Colorado Nevada Wagering Total Revenues Casino $ 32,912 $ 14,601 $ 10,839 $ 8,359 $ — $ 66,711 Food and beverage 10,255 1,686 1,037 563 — 13,541 Hotel 2,439 2,050 232 — — 4,721 Other operations, 990 830 178 161 2,518 4,677 $ 46,596 $ 19,167 $ 12,286 $ 9,083 $ 2,518 $ 89,650 Adjusted Segment EBITDA $ 16,613 $ 3,799 $ 3,548 $ 2,636 $ 2,477 $ 29,073 Other operating costs and expenses: Depreciation and amortization (3,629) Corporate expenses (3,376) Project development costs (173) Loss on disposal of assets, net (672) Stock-based compensation (323) Operating income 20,900 Other expenses: Interest expense, net (11,126) Loss on extinguishment of debt (6,104) Adjustment to fair value of warrants (1,347) (18,577) Income before income taxes 2,323 Income tax provision 284 Net income $ 2,039 (In thousands) June 30, December 31, 2022 2021 Total Assets Mississippi $ 84,406 $ 85,838 Indiana 37,250 34,857 Colorado 318,169 258,436 Nevada 13,405 13,091 Contracted Sports Wagering 4,463 2,168 Corporate and Other (1) 122,066 79,452 $ 579,759 $ 473,842 __________ (1) |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation. The interim consolidated financial statements of the Company included herein reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of annualized results for an entire year. The consolidated financial statements include the accounts of Full House and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Fair Value and the Fair Value Input Hierarchy | Fair Value and the Fair Value Input Hierarchy. GAAP categorizes the inputs used for fair value into a three-level hierarchy: ● Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities; ● Level 2: Comparable inputs other than quoted prices that are observable for similar assets or liabilities in less active markets; and ● Level 3: Unobservable inputs which may include metrics that market participants would use to estimate values, such as revenue and earnings multiples and relative rates of return. The Company utilizes Level 1 inputs when measuring the fair value of its 2028 Notes (see Note 6). The Company utilizes Level 2 inputs when measuring the fair value of its asset purchases and acquisitions (see Note 5). The Company utilizes Level 3 inputs when measuring the fair value of net assets acquired in business combination transactions, subsequent assessments for impairment, and most financial instruments, including but not limited to the estimated fair value of common stock warrants at issuance and for recurring changes in the related warrant liability. |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash. Restricted cash balances consist of funds placed into a construction reserve account for the completion of the Chamonix construction project. |
Accounts Receivable | Accounts Receivable. |
Revenue Recognition | Revenue Recognition: Accrued Club Points and Customer Loyalty Programs: Operating Revenues and Related Costs and Expenses. Gaming revenue is the difference between gaming wins and losses, not the total amount wagered. The Company accounts for its gaming transactions on a portfolio basis as such wagers have similar characteristics and it would not be practical to view each wager on an individual basis. The Company sometimes provides discretionary complimentary goods and services (“discretionary comps”). For these types of transactions, the Company allocates revenue to the department providing the complimentary goods or services based upon its estimated standalone selling price, offset by a reduction in casino revenues. Many of the Company’s casino customers choose to earn points under its customer loyalty programs. As points are accrued, the Company defers a portion of its gaming revenue based on the estimated standalone value of loyalty points being earned by the customer. The standalone value of loyalty points is derived from the retail value of food, beverages, hotel rooms, and other goods or services for which such points may be redeemed. A liability related to these customer loyalty points is recorded, net of estimated breakage and other factors, until the customer redeems these points under loyalty programs by property for various benefits, primarily for “free casino play,” complimentary dining, or hotel stays, among others, depending on each property’s specific offers. Upon redemption, the related revenue is recognized at retail value within the department providing the goods or services. Unredeemed points are forfeited if the customer becomes and remains inactive for a specified period of time. Such liabilities were approximately $0.8 million for each of June 30, 2022 and December 31, 2021, and these amounts are included in “other accrued liabilities” on the consolidated balance sheets. Revenue for food and beverage, hotel, and other revenue transactions is typically the net amount collected from customers for such goods and services, plus the retail value of (i) discretionary comps and (ii) comps provided in return for redemption of loyalty points. The Company records such revenue as the good or service is transferred to the customer. Additionally, the Company may collect deposits in advance for future hotel reservations or entertainment, among other services, which represent obligations of the Company until the service is provided to the customer. Deferred Revenues: Market Access Fees from Sports Wagering Agreements. Indiana. Colorado. Illinois. In addition to the market access fees, deferred revenue includes the annual prepayment of contracted revenue, as required in two of the Sports Agreements. As of June 30, 2022, $1.0 million of such deferred revenue has been recognized during the year. Deferred revenues consisted of the following, as discussed above: (In thousands) June 30, December 31, Balance Sheet Location 2022 2021 Deferred revenue, current Other accrued liabilities $ 1,718 $ 1,822 Deferred revenue, net of current portion Contract liabilities, net of current portion 8,056 4,714 $ 9,774 $ 6,536 In February 2022, one of the Company’s contracted parties for sports wagering gave notice of its intent to cease operations on May 15, 2022, which created one available skin in each of Colorado and Indiana. Accordingly, this accelerated the recognition of $1.6 million of deferred revenue, which was recognized through the May 2022 termination date, as opposed to the remaining eight years of the original 10-year Other Revenues. Revenue by Source. |
Income Taxes | Income Taxes. |
Reclassifications | Reclassifications. |
Earnings (loss) per share | Earnings (Loss) Per Share. |
Leases | Leases. For material leases with terms greater than a year, the Company records right-of-use (“ROU”) assets and lease liabilities on the balance sheet, as measured on a discounted basis. For finance leases, the Company recognizes interest expense associated with the lease liability and depreciation expense associated with the ROU asset; for operating leases, the Company recognizes straight-line rent expense. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. However, costs related to short-term leases with terms greater than one month, which the Company deems material, are disclosed as a component of lease expenses when applicable. Additionally, the Company accounts for new and existing leases containing both lease and non-lease components (“embedded leases”) together as a single lease component Finance and operating lease ROU assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate as estimated by third-party valuation specialists in determining the present value of future payments based on the information available at the commencement date and/or modification date. The expected lease terms include options to extend the lease when it is reasonably certain that the Company will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term for operating leases. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. |
Preopening costs | Preopening costs. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted. |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
ORGANIZATION | |
Schedule of Properties | Segments and Properties Locations Colorado Bronco Billy’s Casino and Hotel Cripple Creek, CO (near Colorado Springs) Chamonix Casino Hotel (under construction) Cripple Creek, CO (near Colorado Springs) Illinois The Temporary and American Place (under construction) Waukegan, IL (northern suburb of Chicago) Indiana Rising Star Casino Resort Rising Sun, IN (near Cincinnati) Mississippi Silver Slipper Casino and Hotel Hancock County, MS (near New Orleans) Nevada Grand Lodge Casino Incline Village, NV Stockman’s Casino Fallon, NV (one hour east of Reno) Contracted Sports Wagering Three sports wagering websites (“skins”) Colorado Three sports wagering websites (“skins”) Indiana One sports wagering website (“skin”) upon opening of The Temporary Illinois |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of Deferred revenues | (In thousands) June 30, December 31, Balance Sheet Location 2022 2021 Deferred revenue, current Other accrued liabilities $ 1,718 $ 1,822 Deferred revenue, net of current portion Contract liabilities, net of current portion 8,056 4,714 $ 9,774 $ 6,536 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
ACCOUNTS RECEIVABLE | |
Schedule of Accounts receivable | Accounts receivable, net, consists of the following: (In thousands) June 30, December 31, 2022 2021 Casino $ 511 $ 398 Hotel 24 70 Trade Accounts 473 821 Other Operations, excluding Contracted Sports Wagering (1) 2,315 190 Contracted Sports Wagering 4,530 2,261 Other 1,301 1,210 9,154 4,950 Less: Reserves (265) (257) $ 8,889 $ 4,693 _________ (1) Includes the sale of “free play” at Rising Star for $2.1 million in May 2022, with such amount expected to be received in the third quarter of 2022. Because Indiana has a progressive gaming tax system and Rising Star is one of the smaller casinos in the state, the property has consistently sold its ability to deduct “free play” in computing gaming taxes to operators in higher tax tiers (though not sold until the third quarter in 2021). |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
LEASES | |
Components of Lease Expense | The components of lease expense are as follows: (In thousands) Three Months Ended Six Months Ended Classification within June 30, June 30, Lease Costs Statement of Operations 2022 2021 2022 2021 Operating leases: Fixed/base rent Selling, General and Administrative Expenses $ 1,172 $ 1,086 $ 2,337 $ 2,245 Short-term payments Selling, General and Administrative Expenses 33 — 70 — Variable payments Selling, General and Administrative Expenses 352 418 738 820 Finance lease: Amortization of leased assets Depreciation and Amortization 39 39 78 78 Interest on lease liabilities Interest Expense, Net 35 41 72 84 Total lease costs $ 1,631 $ 1,584 $ 3,295 $ 3,227 |
Balance Sheet Information For Leases | Leases recorded on the balance sheet consist of the following: (In thousands) June 30, December 31, Leases Balance Sheet Classification 2022 2021 Assets Operating lease assets Operating Lease Right-of-Use Assets, Net $ 14,430 $ 15,814 Finance lease assets Property and Equipment, Net (1) 4,644 4,722 Total lease assets $ 19,074 $ 20,536 Liabilities Current Operating Current Portion of Operating Lease Obligations $ 3,668 $ 3,542 Finance Current Portion of Finance Lease Obligation 526 514 Noncurrent Operating Operating Lease Obligations, Net of Current Portion 11,293 12,903 Finance Finance Lease Obligation, Net of Current Portion 2,518 2,783 Total lease liabilities $ 18,005 $ 19,742 __________ (1) Finance lease assets are recorded net of accumulated amortization of $3.1 million and $3.0 million as of June 30, 2022 and December 31, 2021, respectively. |
Operating Lease, Liability, Maturity | (In thousands) Operating Financing Years Ending December 31, Leases Lease (1) 2022 (excluding the six months ended June 30, 2022) $ 2,450 $ 272 2023 3,641 652 2024 1,768 652 2025 1,538 652 2026 965 652 Thereafter 29,140 543 Total future minimum lease payments 39,502 3,423 Less: Amount representing interest (24,541) (379) Present value of lease liabilities 14,961 3,044 Less: Current lease obligations (3,668) (526) Long-term lease obligations $ 11,293 $ 2,518 __________ (1) |
Finance Lease, Liability, Maturity | (In thousands) Operating Financing Years Ending December 31, Leases Lease (1) 2022 (excluding the six months ended June 30, 2022) $ 2,450 $ 272 2023 3,641 652 2024 1,768 652 2025 1,538 652 2026 965 652 Thereafter 29,140 543 Total future minimum lease payments 39,502 3,423 Less: Amount representing interest (24,541) (379) Present value of lease liabilities 14,961 3,044 Less: Current lease obligations (3,668) (526) Long-term lease obligations $ 11,293 $ 2,518 __________ (1) |
Other Information Related To Lease Term And Discount Rate | Other information related to lease term and discount rate is as follows: Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted-average remaining lease term Operating leases 22.9 years 21.5 years Finance lease 5.3 years 5.8 years Weighted-average discount rate Operating leases 9.39 % 9.32 % Finance lease 4.50 % 4.50 % |
Supplemental Cash Flow Information Related To Leases | (In thousands) Six Months Ended June 30, Cash paid for amounts included in the measurement of lease liabilities: 2022 2021 Operating cash flows for operating leases $ 2,436 $ 2,439 Operating cash flows for finance lease $ 72 $ 84 Financing cash flows for finance lease $ 254 $ 242 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Related Discounts and Issuance Costs | (In thousands) June 30, December 31, 2022 2021 Revolving Credit Facility due 2026 $ — $ — Senior Secured Notes due 2028 (1) 410,000 310,000 Less: Unamortized debt issuance costs and premium/(discount), net (8,999) (8,381) $ 401,001 $ 301,619 __________ (1) The estimated fair value of these notes was approximately $325.8 million for June 30, 2022 and $327.5 million for December 31, 2021. The fair value was estimated using quoted market prices for these notes. |
Debt Instrument Redemption | At any time on or after February 15, 2024, the Company may redeem some or all of the Notes for cash at the following redemption prices: Redemption Periods Percentage Premium February 15, 2024 to February 14, 2025 104.125 % February 15, 2025 to February 14, 2026 102.063 % February 15, 2026 and Thereafter 100.000 % |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
EARNINGS (LOSS) PER SHARE | |
Schedule of Earnings Per Share, Basic and Diluted | The table below reconciles basic and diluted (loss) earnings per share of common stock: (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerator: Net (loss) income ─ basic $ (4,355) $ 5,484 $ (4,245) $ 2,039 Net (loss) income ─ diluted $ (4,355) $ 5,484 $ (4,245) $ 2,039 Denominator: Weighted-average common and common share equivalents ─ basic 34,364 34,156 34,313 30,776 Potential dilution from share-based awards 52 2,472 45 2,380 Weighted-average common and common share equivalents ─ diluted 34,416 36,628 34,358 33,156 Anti-dilutive share-based awards excluded from the calculation of diluted loss per share 3,477 172 1,944 172 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SHARE BASED COMPENSATION | |
Schedule of Common Stock Options | The following table summarizes information related to the Company’s common stock options as of June 30, 2022: Weighted Number Average of Stock Exercise Options Price Options outstanding at January 1, 2022 3,221,956 $ 2.19 Granted 384,598 7.82 Exercised (79,750) 1.74 Canceled/Forfeited (50,000) 8.72 Expired — — Options outstanding at June 30, 2022 3,476,804 $ 2.73 Options exercisable at June 30, 2022 2,755,127 $ 1.86 |
Schedule of compensation expense | (In thousands) Three Months Ended Six Months Ended June 30, June 30, Compensation Expense 2022 2021 2022 2021 Stock options $ 302 $ 133 $ 520 $ 236 Restricted and performance-based shares 185 66 310 87 $ 487 $ 199 $ 830 $ 323 |
SEGMENT REPORTING AND DISAGGR_2
SEGMENT REPORTING AND DISAGGREGATED REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SEGMENT REPORTING AND DISAGGREGATED REVENUE | |
Schedule of Total Revenues By Segment | The following tables present the Company’s segment information: (In thousands) Three Months Ended June 30, 2022 Contracted Sports Mississippi Indiana Colorado Nevada Wagering Total Revenues Casino $ 14,082 $ 7,115 $ 3,491 $ 4,800 $ — $ 29,488 Food and beverage 5,252 984 428 269 — 6,933 Hotel 1,288 974 145 — — 2,407 Other operations, including 517 2,724 48 97 2,169 5,555 $ 21,139 $ 11,797 $ 4,112 $ 5,166 $ 2,169 $ 44,383 Adjusted Segment EBITDA $ 5,255 $ 3,894 $ 236 $ 1,448 $ 2,196 $ 13,029 Other operating costs and expenses: Depreciation and amortization (1,834) Corporate expenses (943) Project development costs (17) Preopening costs (1,534) Gain on disposal of assets, net 5 Stock-based compensation (487) Operating income 8,219 Other expenses: Interest expense, net (6,988) Loss on modification of debt (19) (7,007) Income before income taxes 1,212 Income tax provision 5,567 Net loss $ (4,355) (In thousands) Three Months Ended June 30, 2021 Contracted Sports Mississippi Indiana Colorado Nevada Wagering Total Revenues Casino $ 16,872 $ 7,886 $ 5,575 $ 4,314 $ — $ 34,647 Food and beverage 5,561 939 624 316 — 7,440 Hotel 1,268 1,131 111 — — 2,510 Other operations, 538 621 72 85 1,529 2,845 $ 24,239 $ 10,577 $ 6,382 $ 4,715 $ 1,529 $ 47,442 Adjusted Segment EBITDA $ 8,983 $ 2,666 $ 1,839 $ 1,412 $ 1,500 $ 16,400 Other operating costs and expenses: Depreciation and amortization (1,829) Corporate expenses (1,472) Project development costs (126) Loss on disposal of assets, net (568) Stock-based compensation (199) Operating income 12,206 Other (expense) income: Interest expense, net (6,670) Gain on extinguishment of debt 30 (6,640) Income before income taxes 5,566 Income tax provision 82 Net income $ 5,484 (In thousands) Six Months Ended June 30, 2022 Contracted Sports Mississippi Indiana Colorado Nevada Wagering Total Revenues Casino $ 28,764 $ 13,831 $ 7,123 $ 8,854 $ — $ 58,572 Food and beverage 10,191 1,857 848 548 — 13,444 Hotel 2,509 1,796 281 — — 4,586 Other operations, 986 2,948 95 175 5,000 9,204 $ 42,450 $ 20,432 $ 8,347 $ 9,577 $ 5,000 $ 85,806 Adjusted Segment EBITDA $ 11,206 $ 5,033 $ (86) $ 2,277 $ 4,964 $ 23,394 Other operating costs and expenses: Depreciation and amortization (3,626) Corporate expenses (2,911) Project development costs (182) Preopening costs (2,320) Loss on disposal of assets, net (3) Stock-based compensation (830) Operating income 13,522 Other expenses: Interest expense, net (13,387) Loss on modification of debt (4,425) (17,812) Loss before income taxes (4,290) Income tax benefit (45) Net loss $ (4,245) (In thousands) Six Months Ended June 30, 2021 Contracted Sports Mississippi Indiana Colorado Nevada Wagering Total Revenues Casino $ 32,912 $ 14,601 $ 10,839 $ 8,359 $ — $ 66,711 Food and beverage 10,255 1,686 1,037 563 — 13,541 Hotel 2,439 2,050 232 — — 4,721 Other operations, 990 830 178 161 2,518 4,677 $ 46,596 $ 19,167 $ 12,286 $ 9,083 $ 2,518 $ 89,650 Adjusted Segment EBITDA $ 16,613 $ 3,799 $ 3,548 $ 2,636 $ 2,477 $ 29,073 Other operating costs and expenses: Depreciation and amortization (3,629) Corporate expenses (3,376) Project development costs (173) Loss on disposal of assets, net (672) Stock-based compensation (323) Operating income 20,900 Other expenses: Interest expense, net (11,126) Loss on extinguishment of debt (6,104) Adjustment to fair value of warrants (1,347) (18,577) Income before income taxes 2,323 Income tax provision 284 Net income $ 2,039 |
Schedule of Total Assets By Segment | (In thousands) June 30, December 31, 2022 2021 Total Assets Mississippi $ 84,406 $ 85,838 Indiana 37,250 34,857 Colorado 318,169 258,436 Nevada 13,405 13,091 Contracted Sports Wagering 4,463 2,168 Corporate and Other (1) 122,066 79,452 $ 579,759 $ 473,842 __________ (1) |
ORGANIZATION - Resort (Details)
ORGANIZATION - Resort (Details) | Jun. 30, 2022 item property |
Number of casinos operated | 5 |
Number of casinos owned or leased | 4 |
Number of casinos located within a hotel owned by a third party | 1 |
Number of properties under construction | property | 2 |
Number of sports skins operating | 7 |
INDIANA | |
Number of sports skins operating | 3 |
COLORADO | |
Number of sports skins operating | 3 |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenues (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ||
Deferred revenue, current | $ 1,718 | $ 1,822 |
Deferred revenue, net of current portion | 8,056 | 4,714 |
Contract with Customer, Liability, Total | $ 9,774 | $ 6,536 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenues: Market Access Fees from Sports Wagering Agreements (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 15, 2022 USD ($) item | May 31, 2022 USD ($) | Jun. 30, 2022 USD ($) item | Dec. 31, 2020 item | Dec. 31, 2021 USD ($) | Nov. 30, 2019 USD ($) | |
Basis Of Presentation [Line Items] | ||||||
Deferred revenues | $ 9,774 | $ 6,536 | ||||
Liabilities in other accrued expenses | $ 800 | $ 800 | ||||
Sports Wagering Agreements | ||||||
Basis Of Presentation [Line Items] | ||||||
Deferred revenues | $ 6,000 | |||||
Remaining Term | 8 years | |||||
Term of agreement | 8 years | 10 years | ||||
Market access fees | $ 1,600 | $ 5,000 | ||||
Number of contracted mobile sports operators in operations | item | 2 | |||||
Number of contracted mobile sports operators intended to cease operations | item | 1 | |||||
Additional revenue receivable | $ 5,000 | |||||
Sports Wagering Agreements | COLORADO | ||||||
Basis Of Presentation [Line Items] | ||||||
Deferred revenues | $ 1,000 | |||||
Number of contracted mobile sports operators in operations | item | 3 | |||||
Number of available contracted mobile sports operators | item | 1 | |||||
Sports Wagering Agreements | INDIANA | ||||||
Basis Of Presentation [Line Items] | ||||||
Number of contracted mobile sports operators in operations | item | 3 | |||||
Sports Wagering Agreements | ILLINOIS | ||||||
Basis Of Presentation [Line Items] | ||||||
Additional market fee | $ 5,000 |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) | Jun. 30, 2022 |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
Lease, Practical Expedient, Lessor Single Lease Component [true false] | true |
ACCOUNTS RECEIVABLE - Accounts
ACCOUNTS RECEIVABLE - Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | May 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 9,154 | $ 4,950 | |
Less: Reserves | (265) | (257) | |
Accounts receivable, net | 8,889 | 4,693 | |
Casino | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 511 | 398 | |
Hotel | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 24 | 70 | |
Trade Accounts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 473 | 821 | |
Other Operations, excluding Contracted Sports Wagering | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 2,315 | 190 | |
Contracted Sports Wagering | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | 4,530 | 2,261 | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 1,301 | $ 1,210 | |
Free play | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable from sale of free play | $ 2,100 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 13, 2018 USD ($) | Jan. 01, 2018 USD ($) | Jun. 30, 2017 USD ($) ft² | Jun. 30, 2022 USD ($) a Option lease room | Dec. 31, 2004 USD ($) a | Mar. 31, 2020 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||||
Number of finance leases | lease | 1 | |||||
Grand Lodge Casino facility | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Rent | $ 166,667 | |||||
Lessor acquisition price, EBITDA measurement period | 12 months | |||||
Corporate Office Lease | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Rent | $ 200,000 | |||||
Office lease, square feet | ft² | 4,479 | |||||
Land lease | Land Lease Of Silver Slipper Casino Site | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Rent | $ 77,500 | |||||
Percentage of gross gaming revenue | 3% | |||||
Gross gaming revenue (in excess of) | $ 3,650,000 | |||||
Cost to exercise purchase option | $ 15,500,000 | |||||
Retained interest in percentages of net income | 3% | |||||
Retained interest in percentages of net income, term | 10 years | |||||
Land lease | Land Lease Of Silver Slipper Casino Site | Marshland | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Area of land subject to ground lease | a | 31 | |||||
Land lease | Land Lease Of Silver Slipper Casino Site | Parcel | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Area of land subject to ground lease | a | 7 | |||||
Certain parking lots and buildings | Bronco Billy's Casino and Hotel | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Cost to exercise purchase option | $ 7,600,000 | |||||
Number of original renewal options | Option | 6 | |||||
Certain parking lots and buildings | Lease Terms, Option One | Bronco Billy's Casino and Hotel | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease extension term | 3 years | |||||
Certain parking lots and buildings | Lease Terms, Option Two | Bronco Billy's Casino and Hotel | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating Leases Annual Rent Payment | $ 400,000 | |||||
Land, buildings and improvements | Various Buildings And Land In Cripple Creak, Colorado | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Maximum purchase price on purchase option | 2,800,000 | |||||
Land, buildings and improvements | Various Buildings And Land In Cripple Creak, Colorado | Purchase dates thereafter | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Cost to exercise purchase option | 2,800,000 | |||||
Land, buildings and improvements | Lease Terms, Option One | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease terms | 3 years | |||||
Land, buildings and improvements | Lease Terms, Option One | Various Buildings And Land In Cripple Creak, Colorado | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lessee Leasing Arrangements Operating Leases Annual Rent Expense | $ 200,000 | |||||
Annual lease payments | $ 300,000 | |||||
Rising Star Casino Resort | Rising Sun/Ohio County First, Inc | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of hotel rooms | room | 104 | |||||
Project actual cost | $ 7,700,000 | |||||
Potential purchase price | $ 3,000,000 | |||||
Option to purchase land area | a | 3.01 | |||||
Option price at lease maturity | $ 1 | |||||
Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease terms | 1 month | |||||
Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease terms | 36 years |
LEASES - Lease Expense (Details
LEASES - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
LEASES | ||||
Fixed/base rent | $ 1,172 | $ 1,086 | $ 2,337 | $ 2,245 |
Short-term payments | 33 | 70 | ||
Variable payments | 352 | 418 | 738 | 820 |
Amortization of leased assets | 39 | 39 | 78 | 78 |
Interest on lease liabilities | 35 | 41 | 72 | 84 |
Total lease costs | $ 1,631 | $ 1,584 | $ 3,295 | $ 3,227 |
LEASES - Balance Sheet Details
LEASES - Balance Sheet Details (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
LEASES | ||
Operating lease assets | $ 14,430 | $ 15,814 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating lease assets | Operating lease assets |
Finance lease assets | $ 4,644 | $ 4,722 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization |
Total lease assets | $ 19,074 | $ 20,536 |
Current operating lease liability | $ 3,668 | $ 3,542 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current operating lease liability | Current operating lease liability |
Current finance lease liability | $ 526 | $ 514 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current finance lease liability | Current finance lease liability |
Noncurrent operating lease liability | $ 11,293 | $ 12,903 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Noncurrent operating lease liability | Noncurrent operating lease liability |
Noncurrent finance lease liability | $ 2,518 | $ 2,783 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Noncurrent finance lease liability | Noncurrent finance lease liability |
Total lease liabilities | $ 18,005 | $ 19,742 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 3,100 | $ 3,000 |
LEASES - Maturities of Lease Li
LEASES - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) room | Dec. 31, 2021 USD ($) |
Operating Leases | ||
2022 (excluding the six months ended June 30, 2022) | $ 2,450 | |
2023 | 3,641 | |
2024 | 1,768 | |
2025 | 1,538 | |
2026 | 965 | |
Thereafter | 29,140 | |
Total future minimum lease payments | 39,502 | |
Less: Amount representing interest | (24,541) | |
Present value of lease liabilities | 14,961 | |
Less: Current lease obligations | (3,668) | $ (3,542) |
Noncurrent operating lease liability | 11,293 | 12,903 |
Financing Lease | ||
2022 (excluding the six months ended June 30, 2022) | 272 | |
2023 | 652 | |
2024 | 652 | |
2025 | 652 | |
2026 | 652 | |
Thereafter | 543 | |
Total future minimum lease payments | 3,423 | |
Less: Amount representing interest | (379) | |
Present value of lease liabilities | 3,044 | |
Less: Current lease obligations | (526) | (514) |
Long-term lease obligations | $ 2,518 | $ 2,783 |
Rising Star Casino Resort | Rising Sun/Ohio County First, Inc | ||
Financing Lease | ||
Number of hotel rooms | room | 104 |
LEASES - Lease Term and Discoun
LEASES - Lease Term and Discount Rate (Details) | Jun. 30, 2022 | Dec. 31, 2021 |
LEASES | ||
Weighted-average remaining lease term, operating leases | 22 years 10 months 24 days | 21 years 6 months |
Weighted-average remaining lease term, finance leases | 5 years 3 months 18 days | 5 years 9 months 18 days |
Weighted-average discount rate, operating leases | 9.39% | 9.32% |
Weighted-average discount rate, finance leases | 4.50% | 4.50% |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 2,436 | $ 2,439 |
Operating cash flows for finance lease | 72 | 84 |
Financing cash flows for finance lease | $ 254 | $ 242 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) $ in Millions | 1 Months Ended |
Jan. 31, 2022 USD ($) a | |
ACQUISITIONS | |
Consideration of asset acquisition | $ | $ 7.5 |
Land Purchased | 10 |
Land Lease Agreement, Area | 30 |
LONG-TERM DEBT - Senior Secured
LONG-TERM DEBT - Senior Secured Notes Narrative (Details) $ in Thousands | Feb. 07, 2022 USD ($) item | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 12, 2021 USD ($) | Feb. 02, 2021 |
Line of Credit Facility [Line Items] | |||||
Outstanding loans | $ 401,001 | $ 301,619 | |||
Senior Secured Notes | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of prepayment Premium | 0.90% | ||||
Senior Secured Notes Due 2028 | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 8.25% | ||||
Senior Secured Notes Due 2028 | Senior Secured Notes | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate principal amount | $ 310,000 | ||||
Outstanding loans | $ 106,800 | ||||
Additional principal amount of debt issued | $ 100,000 | ||||
Issue price, percentage | 102% | ||||
Interest rate | 8.25% | ||||
Borrowed funds designated for constructing project | $ 180,000 | ||||
Number of Supplemental Indentures Entered | item | 2 |
LONG-TERM DEBT - Redemption of
LONG-TERM DEBT - Redemption of Senior Secured Notes (Details) - Senior Secured Notes | 6 Months Ended | |
Feb. 12, 2021 | Jun. 30, 2022 | |
Senior Secured Notes Due 2028 | ||
Line of Credit Facility [Line Items] | ||
Percentage of principal amount of debt redeemed | 35% | |
Percentage Premium | 100% | |
Percentage of redemption of equity offering | 108.25% | |
February 15, 2024 to February 14, 2025 | Senior Secured Notes Due 2028 | ||
Line of Credit Facility [Line Items] | ||
Percentage of principal amount of debt redeemed | 104.125% | |
February 15, 2025 to February 14, 2026 | Senior Secured Notes Due 2028 | ||
Line of Credit Facility [Line Items] | ||
Percentage of principal amount of debt redeemed | 102.063% | |
February 15, 2026 and Thereafter | Senior Secured Notes Due 2028 | ||
Line of Credit Facility [Line Items] | ||
Percentage of principal amount of debt redeemed | 100% |
LONG-TERM DEBT - Revolving Cred
LONG-TERM DEBT - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions | 6 Months Ended | ||
Feb. 07, 2022 | Jun. 30, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||
Agreement of revolving credit facility | $ 40 | $ 15 | |
Credit Facility | $ 0 | ||
Outstanding letter of credit | $ 1 | ||
SOFR | Until Completion of Chamonix Project | |||
Debt Instrument [Line Items] | |||
Applicable margin rate | 3.50% | ||
Adjustment rate | 0.15% | ||
SOFR | After Completion of Chamonix Project | |||
Debt Instrument [Line Items] | |||
Applicable margin rate | 3% | ||
Adjustment rate | 0.15% | ||
Base Rate | Until Completion of Chamonix Project | |||
Debt Instrument [Line Items] | |||
Applicable margin rate | 2.50% | ||
Base Rate | After Completion of Chamonix Project | |||
Debt Instrument [Line Items] | |||
Applicable margin rate | 2% |
LONG-TERM DEBT - Long-Term Debt
LONG-TERM DEBT - Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Feb. 12, 2021 |
Debt Instrument [Line Items] | |||
Unamortized discounts and debt issuance costs | $ (8,999) | $ (8,381) | |
Long-term debt, net | 401,001 | 301,619 | |
Long-term debt, net of current portion, unamortized discount and issuance costs | 401,001 | 301,619 | |
Senior Secured Notes Due 2028 | Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 410,000 | 310,000 | |
Long-term debt, net | $ 106,800 | ||
Estimated fair value | $ 325,800 | $ 327,500 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
INCOME TAXES | ||||
Effective income tax rate | 459.30% | 1.50% | 1% | 12.20% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 13, 2021 USD ($) | Jun. 08, 2021 USD ($) | May 31, 2022 USD ($) item | Nov. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | May 15, 2022 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Paid for option agreement | $ 2,436,000 | $ 2,439,000 | ||||||
Sports Wagering Agreements | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Market access fees | $ 5,000,000 | $ 1,600,000 | ||||||
Additional Revenue Receivable | $ 5,000,000 | |||||||
Term of agreement | 8 years | 10 years | ||||||
Number of extension | item | 2 | |||||||
Duration of extension term | 4 years | |||||||
Public Trust Tidelands Lease | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Paid for option agreement | $ 5,000 | |||||||
Lease term | 30 years | |||||||
Lease extension term | 30 years | |||||||
Option to extend | true | |||||||
Option exercise period | 6 months | |||||||
Number of additional renewals for option agreement | 3 | |||||||
Period of each addition renewals | 6 months | 6 months | 6 months | |||||
Value for each addition renewals | $ 5,000 | $ 5,000 | $ 5,000 | |||||
Public Trust Tidelands Lease | First eighteen months or until the beginning of next six months | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Rent expenses | 10,000 | |||||||
Public Trust Tidelands Lease | After eighteen months | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Rent expenses | $ 105,300 |
EARNINGS (LOSS) PER SHARE - Rec
EARNINGS (LOSS) PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net (loss) income basic | $ (4,355) | $ 5,484 | $ (4,245) | $ 2,039 |
Net (loss) income diluted | $ (4,355) | $ 5,484 | $ (4,245) | $ 2,039 |
Denominator: | ||||
Weighted-average common and common share equivalents - basic (in shares) | 34,364 | 34,156 | 34,313 | 30,776 |
Potential dilution from share-based awards (in shares) | 52 | 2,472 | 45 | 2,380 |
Weighted-average common and common share equivalents - diluted (in shares) | 34,416 | 36,628 | 34,358 | 33,156 |
Anti-dilutive share-based awards excluded from the calculation of diluted loss per share | 3,477 | 172 | 1,944 | 172 |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 19, 2022 shares | May 15, 2022 shares | Mar. 14, 2022 shares | Apr. 30, 2022 shares | Jun. 30, 2022 USD ($) item $ / shares shares | Mar. 31, 2022 individual shares | Jun. 30, 2022 USD ($) $ / shares shares | |
Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average exercise price, Options exercisable (in dollars per share) | $ / shares | $ 1.86 | $ 1.86 | |||||
Number of stock options granted (in shares) | 384,598 | ||||||
Unrecognized compensation cost | $ | $ 2.6 | $ 2.6 | |||||
Weighted-average period of unrecognized compensation cost expected to be recognized | 2 years 3 months 18 days | ||||||
Performance shares | Vest on the anniversary date of the award if the Company's annual Adjusted EBITDA for 2022 reflects at least 10% per annum growth since 2019 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Based Awards Incentive Marker 1 Percentage | 10% | ||||||
Vesting rights, percentage | 16.67% | ||||||
Performance shares | Vest on the anniversary date if the Company's annual Free Cash Flow Per Share for 2022 reflects at least 12% per annum growth since 2019 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Based Awards Incentive Marker 2 Percentage | 12% | ||||||
Vesting rights, percentage | 16.67% | ||||||
Restricted and performance shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ | $ 1.3 | $ 1.3 | |||||
Weighted-average period of unrecognized compensation cost expected to be recognized | 1 year 6 months | ||||||
2015 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for future issuance (in shares) | 1,252,082 | 1,252,082 | |||||
2015 Equity Incentive Plan | Three Company Executives | Performance shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 6,917 | 70,834 | 36,849 | ||||
Shares canceled | 5,734 | ||||||
Number Of Executives | 3 | 3 | |||||
2015 Equity Incentive Plan | One Of The Executives | Performance shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 23,325 | ||||||
2015 Equity Incentive Plan | Board of Directors | Restricted stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 51,849 | ||||||
Vesting period of remaining shares | 1 year |
SHARE BASED COMPENSATION - Summ
SHARE BASED COMPENSATION - Summarizes information related to our common stock options (Details) - Stock options | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of Stock Options | |
Options outstanding, beginning balance (in shares) | shares | 3,221,956 |
Granted (in shares) | shares | 384,598 |
Exercised (in shares) | shares | (79,750) |
Canceled/Forfeited (in shares) | shares | (50,000) |
Options outstanding, ending balance (in shares) | shares | 3,476,804 |
Options exercisable (in shares) | shares | 2,755,127 |
Weighted Average Exercise Price | |
Weighted average exercise price, Options outstanding (in dollars per share) | $ / shares | $ 2.19 |
Granted (in dollars per share) | $ / shares | 7.82 |
Exercised (in dollars per share) | $ / shares | 1.74 |
Canceled/Forfeited (in dollars per share) | $ / shares | 8.72 |
Weighted average exercise price, Options outstanding (in dollars per share) | $ / shares | 2.73 |
Weighted average exercise price, Options exercisable (in dollars per share) | $ / shares | $ 1.86 |
SHARE BASED COMPENSATION - Comp
SHARE BASED COMPENSATION - Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | $ 487 | $ 199 | $ 830 | $ 323 |
Stock options | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | 302 | 133 | 520 | 236 |
Restricted stocks and Performance-based shares | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | $ 185 | $ 66 | $ 310 | $ 87 |
SEGMENT REPORTING AND DISAGGR_3
SEGMENT REPORTING AND DISAGGREGATED REVENUE - Selected Statement of Operations Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||||
Net Revenues | $ 44,383 | $ 47,442 | $ 85,806 | $ 89,650 | ||
Adjusted Segment EBITDA | 13,029 | 16,400 | 23,394 | 29,073 | ||
Depreciation and amortization | (1,834) | (1,829) | (3,626) | (3,629) | ||
Corporate expenses | (943) | (1,472) | (2,911) | (3,376) | ||
Project development costs | (17) | (126) | (182) | (173) | ||
Preopening costs | (1,534) | (2,320) | ||||
Gain (Loss) on disposal of assets, net | 5 | (568) | (3) | (672) | ||
Stock-based compensation | (487) | (199) | (830) | (323) | ||
Operating income | 8,219 | 12,206 | 13,522 | 20,900 | ||
Other expenses: | ||||||
Interest expense, net | (6,988) | (6,670) | (13,387) | (11,126) | ||
(Loss) gain on modification and extinguishment of debt, net | (19) | 30 | (4,425) | (6,104) | ||
Adjustment to fair value of warrants | 0 | (1,347) | ||||
Nonoperating Income (Expense) | (7,007) | (6,640) | (17,812) | (18,577) | ||
Income (Loss) before income taxes | 1,212 | 5,566 | (4,290) | 2,323 | ||
Income tax provision (benefit) | 5,567 | 82 | (45) | 284 | ||
Net (loss) income | (4,355) | $ 110 | 5,484 | $ (3,445) | (4,245) | 2,039 |
Mississippi | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 21,139 | 24,239 | 42,450 | 46,596 | ||
Adjusted Segment EBITDA | 5,255 | 8,983 | 11,206 | 16,613 | ||
Indiana | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 11,797 | 10,577 | 20,432 | 19,167 | ||
Adjusted Segment EBITDA | 3,894 | 2,666 | 5,033 | 3,799 | ||
Colorado | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 4,112 | 6,382 | 8,347 | 12,286 | ||
Adjusted Segment EBITDA | 236 | 1,839 | (86) | 3,548 | ||
Nevada | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 5,166 | 4,715 | 9,577 | 9,083 | ||
Adjusted Segment EBITDA | 1,448 | 1,412 | 2,277 | 2,636 | ||
Contracted Sports Wagering | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 2,169 | 1,529 | 5,000 | 2,518 | ||
Adjusted Segment EBITDA | 2,196 | 1,500 | 4,964 | 2,477 | ||
Casino | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 29,488 | 34,647 | 58,572 | 66,711 | ||
Casino | Mississippi | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 14,082 | 16,872 | 28,764 | 32,912 | ||
Casino | Indiana | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 7,115 | 7,886 | 13,831 | 14,601 | ||
Casino | Colorado | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 3,491 | 5,575 | 7,123 | 10,839 | ||
Casino | Nevada | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 4,800 | 4,314 | 8,854 | 8,359 | ||
Food and beverage | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 6,933 | 7,440 | 13,444 | 13,541 | ||
Food and beverage | Mississippi | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 5,252 | 5,561 | 10,191 | 10,255 | ||
Food and beverage | Indiana | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 984 | 939 | 1,857 | 1,686 | ||
Food and beverage | Colorado | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 428 | 624 | 848 | 1,037 | ||
Food and beverage | Nevada | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 269 | 316 | 548 | 563 | ||
Hotel | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 2,407 | 2,510 | 4,586 | 4,721 | ||
Hotel | Mississippi | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 1,288 | 1,268 | 2,509 | 2,439 | ||
Hotel | Indiana | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 974 | 1,131 | 1,796 | 2,050 | ||
Hotel | Colorado | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 145 | 111 | 281 | 232 | ||
Other operations, including contracted sports wagering | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 5,555 | 2,845 | 9,204 | 4,677 | ||
Other operations, including contracted sports wagering | Mississippi | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 517 | 538 | 986 | 990 | ||
Other operations, including contracted sports wagering | Indiana | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 2,724 | 621 | 2,948 | 830 | ||
Other operations, including contracted sports wagering | Colorado | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 48 | 72 | 95 | 178 | ||
Other operations, including contracted sports wagering | Nevada | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | 97 | 85 | 175 | 161 | ||
Other operations, including contracted sports wagering | Contracted Sports Wagering | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Revenues | $ 2,169 | $ 1,529 | $ 5,000 | $ 2,518 |
SEGMENT REPORTING AND DISAGGR_4
SEGMENT REPORTING AND DISAGGREGATED REVENUE - Selected Balance Sheet Data (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 579,759 | $ 473,842 |
Property and Equipment, net | 217,174 | 149,540 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 579,759 | 473,842 |
Mississippi | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 84,406 | 85,838 |
Indiana | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 37,250 | 34,857 |
Colorado | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 318,169 | 258,436 |
Nevada | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 13,405 | 13,091 |
Illinois | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 24,600 | |
Illinois | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 122,066 | 79,452 |
Contracted Sports Wagering | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 4,463 | $ 2,168 |