Financial Reporting By Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

Financial Reporting By Business Segments

Segments' Internal Financial Reports

The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used for corporate management purposes.

	2020		2019		2018
Revenues:
Hospitality	$	466,045	$	1,421,446	$	1,127,903
Entertainment		58,430		183,120		147,215
Corporate and Other		—		—		—
Total	$	524,475	$	1,604,566	$	1,275,118
Depreciation and amortization:
Hospitality	$	198,073	$	201,068	$	108,779
Entertainment		14,371		11,150		10,280
Corporate and Other		2,638		1,629		1,817
Total	$	215,082	$	213,847	$	120,876
Operating income (loss):
Hospitality	$	(204,868)	$	263,203	$	247,885
Entertainment		(34,242)		45,361		27,686
Corporate and Other		(31,433)		(37,911)		(32,650)
Preopening costs (1)		(1,665)		(3,122)		(4,869)
Gain on sale of assets (2)		1,161		—		—
Credit loss on held-to-maturity securities (3)		(32,784)		—		—
Impairment charges (4)		—		—		(23,783)
Total operating income (loss)		(303,831)		267,531		214,269
Interest expense		(115,783)		(131,620)		(74,961)
Interest income		7,304		11,769		10,469
Loss from extinguishment of debt		—		(494)		—
Income (loss) from unconsolidated joint ventures (5)		(6,451)		(1,110)		125,005
Other gains and (losses), net		(14,976)		693		1,633
Income (loss) before income taxes	$	(433,737)	$	146,769	$	276,415

(1) Preopening costs for 2020 include $0.3 million and $1.4 million for the Hospitality and Entertainment segments, respectively. Preopening costs for 2019 include $1.3 million and $1.9 million for the Hospitality and Entertainment segments, respectively. Preopening costs for 2018 include $2.9 million and $1.9 million for the Hospitality and Entertainment segments, respectively.

(2) Gain on sale of assets for 2020 relates to the Hospitality segment.

(3) Credit loss on held-to-maturity securities for 2020 relates to the Hospitality segment.

(4) Impairment charges for 2018 relate to the Entertainment segment.

(5) Loss from unconsolidated joint ventures for 2020 and 2019 relates to the Entertainment segment. Income from unconsolidated joint ventures for 2018 includes $124.4 million (which includes the gain discussed in Note 4) and $0.6 million for the Hospitality and Entertainment segments, respectively.

	December 31,		December 31,
	2020		2019
Identifiable assets:
Hospitality	$	3,279,238	$	3,494,084
Entertainment		185,178		181,036
Corporate and Other		92,079		413,348
Total identifiable assets	$	3,556,495	$	4,088,468

Capital Expenditures for Continuing Operations

The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):

	2020		2019		2018
Hospitality	$	146,654	$	120,899	$	142,738
Entertainment		13,697		25,000		44,863
Corporate and other		5,112		6,642		616
Total capital expenditures	$	165,463	$	152,541	$	188,217